McEwen Mining Inc. Q1 FY2026 earnings call

• Vision: To scale to 250,000 - 300,000 gold equivalent ounces by 2030 with strong balance sheet. - Canada: Fox Complex at Timmins making progress, stock mine underground dev on budget, Gray Fox finalizing pre-feasibility study, Tartan Mine Project with updated resources. - Gold Barn Nevada: Operational optimization and exploration success driving increased outputs. - Mexico: El Gallo ongoing improvements. - Investment in McEwen Copper: Los Azules on track to be regenerative copper mine and carbon neutral by 2038, coming into production in 2030. - Strategy: Execute dev projects safely/budget, aggressively explore, self-fund growth, deliver production increases and cash flow.

Net income was $33.4 million or 56 cents per share, compared to a net loss of 6.3 million or 12 cents a share in the same period last year. Revenues from 100% owned operations more than doubled. In Canada, production expected to grow from 16,000 - 19,000 ounces this year to 105,000 - 120,000 by 2030. Gold Barn Nevada expected to reach 90 - 100,000 ounces by 2030. El Gallo in Mexico expected to boost production to 20,000 ounces by 2030. McEwen Copper stake valued at approx $456 million.

• 2026: Total capex project capex approx $50 million remaining, $35 million for stock mine, $15 million for Mexico. - 2027: CapEx profile approx double to $100 million, free cash flow from ops and dividends from MSC to exceed $200 million. - 2028 - 2029: Costs increase to approx $150 million, benefit from production from Mexico and Fox Complex, cash flow over $250 million annually.

Q: How should we be thinking about the ramp up of stock as we head into the second half of the year and throughput target by first quarter of next year?

A: Transition from prune mine will continue until end of year, ramp up of stock east mine starts early in second half, hopefully ramped up to full production by end of year, continuity of gold production in 2027.

Q: What does the permitting process look like for Tartan and expansion?

A: Currently embarking upon notice of alteration for permits, evaluating path forward, can utilize existing 500 ton per day permit and phase to 1,000 tons per day.

Q: Expected CapEx on Phase 2 of Elgayo?

A: Approximately $40 million, consisting of haul road, converting CIL to Merrill Crow, switching parts of plant.

Q: Can we assume run rate of dividends from San Jose JV in 27 and 28?

A: Ongoing discussions, on balance similar levels expected, mine can go beyond 2027.

Q: Is IPO of copper subsidiary less likely now?

A: Nothing has changed, going full steam ahead with separation required for IPO.

Q: Update on Gold Bar, visibility on study and production rate?

A: Permitting may take couple of years, strategy is heap leaching operation, keeping capital cost low.

Q: Human resources development as assets added?

A: Competing for talent is challenge, building Sudbury projects team, adding government relations and human resources capabilities, centralizing skills.

Q: Has bank been mandated for McEwen Copper IPO, which exchange targeted?

A: Haven't chosen banker, debating listing, Catalyst is completing financing to fund FID.