Delayed at least 15 minutes, or the latest close · Oct 27 close; copper fund Oct 28 close

McEwen Inc.

Operations · Sinaloa, Mexico

El Gallo

El Gallo is a gold and silver mine in Sinaloa, Mexico, coming back into production

Sunrise over the El Gallo site, Sinaloa
Photo: McEwen Inc.
Sept 2026
Construction began
H2 2027
Production target
20,000
GEO a year planned in Phase 1
At least 10 years
Phase 1 mine life

release, Oct 9, 2026; Q2 2026 results, Aug 5, 2026.

Gold and silverCopper

El Gallo, Sinaloa, Mexico, in McEwen’s 3D map

Sinaloa, Mexico

Construction began in September 2026

McEwen secured the key permit for the El Gallo mine in December 2025.

release, Oct 9, 2026

Production is targeted for the second half of 2027

Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEO a year once commercial production is achieved. A second phase targets 40,000-50,000 GEO a year.

Q2 2026 results, Aug 5, 2026. Forward-looking; see the cautionary statement.

Resources

Fenix project (El Gallo), 100%
DepositCategoryGradeContained
GoldMeasured and Indicated0.42 g/t199,000 oz
GoldInferred0.41 g/t4,000 oz
SilverMeasured and Indicated42 g/t20.1 million oz
SilverInferred33 g/t0.3 million oz

As of Dec 31, 2025 (S-K 1300): McEwen’s Reserves and Resources page.

Qualified persons: Channa Kumarage, P.Eng., Vice President, Operations (technical contents, including reserves) and Luke Willis, P.Geo., Director of Resource Modelling (resources), both Qualified Persons as defined by SEC S-K 1300 and NI 43-101 (presentation, Sept 2026, slide 2). Resources are exclusive of reserves. See the cautionary statement.

The Fenix mill arriving in Mocorito
Geologists logging core at El Gallo
Dusk over the El Gallo hills

Photos: McEwen Inc.