McEwen Inc. (MUX) SEC Filings & Earnings Calls

Transaction subject to TSX approval and customary closing conditions; Discovery shares subject to hold period.

“The transaction is expected to close following satisfaction of customary closing conditions, including TSX approval for the issuance of the Discovery shares.” · word for word

Project execution risk: Los Azules requires additional financing for final investment decision and construction, with commercial production not expected until 2030.

“A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals.” · word for word

Geopolitical and operational risk: Project located in San Juan, Argentina; heavy snow season may cause delays.

“This winter, the Project experienced one of the heaviest snow seasons in more than two decades. Returning to site and managing the meltwater will require additional focus.” · word for word

Loss of experienced COO with 55+ years in mining; transition risk.

“Mr. William Shaver retired as COO after 4 years at McEwen and 55+ years in mining.”

Metal price sensitivity: guidance assumes $4,000/oz gold and $50/oz silver; any decline could impact cash flow and self-funding ability.

“Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited to no share dilution, based on an average price of $4,000 per ounce of gold and $50 per ounce of silver.” · word for word

Exploration and development risks: new discoveries and mine life extensions are based on current resource estimates and may not materialize.

“There is potential to extend the life further, as additional underground drilling is completed.” · word for word

Gold Bar Mine Production Risk

“The Gold Bar Mine produced 5,842 GEOs in Q2 2026 ... representing a 31% decrease from the 8,406 GEOs produced in Q2 2025. This decline was attributable to timing and mine model factors.”

Argentine Inflation Cost Risk

“Cost increases during Q2/26 were largely attributable to high inflation in the Argentine market, which outpaced the government-controlled depreciation of the peso against the U.S. dollar.” · word for word

Guidance Revision Risk

“Due to forecasted changes in our operations, we have revised our 2026 consolidated guidance to 109,000 to 120,000 GEOs.” · word for word

No material financial or operational information disclosed

“Press release only announces annual meeting details and Q&A session”

Dependence on copper mine operations and commodity prices.

“funds for which were generated from the operation of the producing San José silver-gold mine” · word for word

Significant investee dependency

“McEwen Copper met the significant subsidiary test.” · word for word

Dependence on gold/silver prices; project execution risk.

Argentine inflation and currency risk

“Cost increases during Q1/26 were largely attributable to high inflation in the Argentine market, which outpaced the government-controlled depreciation of the peso against the U.S. dollar. This resulted in higher real costs for expenses denominated in local currency.” · word for word

Cost inflation at Gold Bar Mine

“Cash costs per GEO sold at Gold Bar Mine increased to $2,460 in Q1/26 from $1,146 in Q1/25, driven by higher mining costs at Pick III.”

Integration risk from business combination with Golden Lake Exploration.

“completed its previously disclosed business combination with Golden Lake Exploration Inc.” · word for word

Mining industry risks: precious/base metals price fluctuations, foreign operations, permitting, construction risks.

“fluctuations in the market price of precious and base metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operatio” · word for word

Related party loan concentration

“Evanachan Limited (“Evanachan”), an entity over which Mr. McEwen exercises voting and investment control participated as a lender for $25.0 million of the total $50.0 million term loan under the terms of the Credit Agreement.” · word for word

Dilution from share issuance to CEO

“If our stockholders vote to approve the issuance of Company Shares pursuant to the terms of the Arrangement Agreement, it will result in Mr. McEwen receiving 1,526,785 shares of our common stock. The issuance of such common stock will have a dilutive effect on current stockholders.” · word for word

Resource estimate is not a reserve; economic viability not demonstrated.

“Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.” · word for word

Production Decline at Core Operations

“For the full year 2025, the Gold Bar Mine Complex produced 33,227 GEOs, a 25% decrease from 44,581 GEOs in 2024. The Fox Complex produced 23,187 GEOs in full year 2025, compared to 30,151 GEOs produced in full year 2024.” · word for word

Cost Inflation and Margin Compression

“Cash cost and AISC per GEO sold were $2,014 and $2,401 for full year 2025, respectively, compared to $1,425 and $1,677 for full year 2024. Cost increases during the year were largely attributable to high inflation in the Argentine market.” · word for word

Argentina Political and Economic Risk

“Our operations in Argentina and Mexico are subject to political and social risks. With respect to our interests in McEwen Copper Inc., which owns the Los Azules copper project, and Minera Santa Cruz S.A, which owns the San José mine, there are risks relating to an uncertain or unpredictable political and economic environment in Argentina.” · word for word

Debt and Liquidity Risk

“Our indebtedness adversely affects our cash flow and may adversely affect our ability to operate our business. As of December 31, 2025, we had an outstanding credit facility with a principal amount of $20.0 million. We also had $110.0 million in convertible unsecured notes.” · word for word

Dependence on Key Personnel and Single Shareholder

“A small number of existing shareholders own a significant portion of McEwen Inc. common stock, which could limit your ability to influence the outcome of any shareholder vote. As of March 16, 2026, Mr. McEwen beneficially owned approximately 14% of the 59.5 million shares.” · word for word

Exploration and development projects subject to execution risk, permitting, and commodity price volatility.

“Factors that could cause actual results to differ materially from projections or estimates include, among others, future drilling results, metal prices, economic and market conditions, operating costs, receipt of permits” · word for word

Drilling results are exploratory; resource estimates and production decisions are uncertain.

“The Company believes there is good potential to continue expanding the mineralization with additional investment.” · word for word

Generic risk factors related to mining operations, commodity prices, and foreign operations.

“Cautionary statement referencing risks including precious/base metal price fluctuations, mining industry risks, political risks, and foreign operations.”

Resource estimate based on $3,000/oz gold price; sensitivity to gold price decline.

“calculated using a US$3,000 per ounce gold price” · word for word

Integration and execution risk from business combination; NYSE compliance amendment adds governance complexity.

“Amendment to require shareholder approval for share issuance to CEO for NYSE compliance.”

Execution risk on construction timeline and cost overruns.

“Construction start mid-2026, first gold pour mid-2027; $25M remaining capex.”

Transaction completion risk and integration risk.

“Risk that the transaction contemplated by the Exchange Agreement may not be completed on a timely basis, if at all.” · word for word

Operational execution risk at Nevada and Timmins operations.

“Encountered operational challenges; production below guidance.”

Cost inflation risk.

“Costs per ounce significantly higher than guidance.”

Permitting risk for El Gallo Phase 2.

“Permit approval of Phase 2 would materially extend mine life.”

Production Shortfall Risk

“The Company has revised and tightened its annual 2025 GEO production guidance to 112,000 to 123,000 GEOs, from prior guidance of 120,000 to 140,000 GEOs.” · word for word

Cost Inflation Risk

“Cash costs per ounce ($/GEO sold) for 100% owned operations increased to $2,366 in Q3/25 from $1,390 in Q3/24.” · word for word

Geological Model Risk

“The Company had lower production than expected driven by mine to model variances. Updated reinterpretations of historic geological data were supported by derisk drilling completed in Q3/25, and mine plans and models have been updated to reflect these findings.” · word for word