McEwen Inc. (NYSE: MUX)

McEwen Inc. is a gold and silver mining production and exploration company with an advanced copper development project focused on the Americas. The company owns 100 percent of the Froome mine and Stock mill in Ontario Canada 100 percent of the Gold Bar Mine Complex in Nevada and 100 percent of the El Gallo project in Sinaloa Mexico. It holds a 46.3 percent interest in McEwen Copper Inc which owns the Los Azules copper project in San Juan Argentina and a 49 percent interest in MSC which owns and operates the San José mine in Santa Cruz Argentina. In addition McEwen Inc. holds interests in advanced stage and exploration stage projects in the United States Canada Mexico and Argentina.

Revenue is generated primarily from the sale of gold and silver produced at the company's operating mines. The Gold Bar Mine Complex and the Fox Complex produce doré bars that are sold to third party refiners under purchase agreements. The El Gallo project is advancing a heap leach material reprocessing initiative that will yield doré once operational. The San José mine produces both doré and concentrate which are sold to smelters and traders. In 2025 the Gold Bar Mine Complex contributed $116.7 million the Fox Complex contributed $76.0 million the El Gallo project contributed $4.8 million and the San José mine on a 49 percent basis contributed $225.2 million in revenue. Sales are made at prevailing spot market prices with some provisionally priced concentrates subject to final adjustments.

The company operates through the following segments: Canada United States Mexico MSC and McEwen Copper.

• The Canada segment includes the Froome mine and Stock mill in Ontario Canada where gold and silver are produced from underground mining and milling activities and where the Stock Property is being developed as an underground mine with expected production start in mid 2026 and where exploration stage assets such as the Tartan Lake project are held.

• The United States segment comprises the Gold Bar Mine Complex in Nevada which extracts gold and silver via heap leaching from the Pick Ridge and Gold Bar South deposits and also includes exploration stage properties such as the Tonkin Project the Timberline Resources holdings and the Lookout Mountain project.

• The Mexico segment consists of the El Gallo project in Sinaloa Mexico where past mining and crushing ceased in the second quarter of 2018 and where the company plans to begin mill construction in the first half of 2026 for a heap leach material reprocessing project targeting an average annual output of about twenty thousand gold equivalent ounces once commercial production starts in mid 2027.

• The MSC segment represents the company's 49 percent interest in MSC which owns and operates the San José mine in Santa Cruz Argentina where an underground mine produces gold and silver doré and concentrate through a crushing grinding flotation mill with some concentrate sent to third party smelters for toll processing.

• The McEwen Copper segment reflects the 46.3 percent interest in McEwen Copper Inc which holds the Los Azules copper project in San Juan Argentina a copper development project with proven and probable copper reserves of 4.73 billion pounds and where the company is advancing studies toward eventual economic extraction.

McEwen Inc. positions itself as a mid tier precious metals producer with a diversified portfolio spanning gold silver and copper assets across the Americas. The company competes with larger established mining companies that possess greater financial resources and technical teams but it differentiates itself through a balanced mix of producing mines advanced development projects and exploration stage holdings. Its joint venture interests in the San José mine and the Los Azules project provide exposure to significant silver and copper resources while limiting sole capital commitments. The company's focus on the Americas and its ability to fund growth through equity markets and strategic partnerships support its competitive stance in the industry.

The company sells its doré and concentrate to a range of refiners smelters and traders. For the Gold Bar Mine Complex and the Fox Complex the primary customers are Asahi Refining and Auramet International LLC with approximately thirty two percent of sales going to Asahi and sixty six percent to Auramet in 2025. The San José mine sells its output to customers such as Aurubis LS Mining a Korean company and Trafigura which together accounted for fifty five percent of the mine's sales in 2025 with the remaining forty five percent spread among several other buyers. These arrangements allow the company to access spot market prices while maintaining reliable off take channels.