NYSE & TSX
MUX
GOLDSILVERCOPPER
Investor Presentation · October 2026
WORLD-CLASS
COPPER PROJECT, GET GOLD UPSIDE
FOR FREE
Gold and silver mines Los Azules copper
CAUTIONARY STATEMENT
McEwen Inc. corporate presentation, September 2026, word for word
This presentation and the information included herein do not constitute an offer to buy or the solicitation of an offer to subscribe for or to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This presentation contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("Forward-looking Statements"). The Forward-looking Statements are intended to be subject to the safe harbor provided by Section 27a of the Securities Act of 1933, Section 21e of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act of 1995. The Forward-looking Statements express, as at the date of this presentation, McEwen Inc. (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. There can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the Forward-looking Statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, risk of delisting from a public exchange, and other risks. Readers should not place undue reliance on Forward-looking Statements, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update Forward-looking Statements as a result of new information or events after the date hereof, except as required by law. See McEwen Inc.'s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2025, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026, and other filings with the Securities and Exchange Commission (the “SEC”), under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the Forward-looking Statements. All Forward-looking Statements made in this presentation are qualified by this cautionary statement. Unless otherwise stated, all currency information quoted in this presentation is in U.S. dollars.
Qualified person for the technical contents of this presentation, including reserves: Channa Kumarage, P.Eng., Vice President - Operations; qualified person for the exploration technical contents of this presentation including resources content: Luke Willis, P. Geo., Director of Resource Modelling; all are Qualified Persons as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
We are subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and applicable Canadian securities laws, and as a result, we have reported our mineral reserves and mineral resources according to two different standards. U.S. reporting requirements are governed by Item 1300 of Regulation S-K (“S-K 1300”), as issued by the SEC. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as adopted from the definitions provided by the Canadian Institute of Mining, Metallurgy and Petroleum. Both sets of reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but the standards embody slightly different approaches and definitions. All disclosure of mineral resources and mineral reserves in this report are reported in accordance with S-K 1300.
Investors should be aware that the estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300 conforming reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. It is generally assumed that the majority of Inferred resources will be later upgraded to the Indicated or Measured categories with further exploration. Investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.
WHY OWN MUX
Rob McEwen's five reasons, each with the number that proves it

- 1250-300KGEO a year by 2030
HARD MONEY: AU & AG PRODUCTION
McEwen plans 250,000 to 300,000 gold equivalent ounces a year by 2030, up from 109,000 to 120,000 in 2026.
- 235.7 B lbcopper at Los Azules
CRITICAL MINERAL: SIGNIFICANT CU OPTION
Los Azules holds 35.7 billion pounds of copper, and McEwen owns 46.3% of McEwen Copper, its owner.
- 37.7 M ozgold M&I and Inferred
ASSET-RICH WITH EXPLORATION UPSIDE
McEwen holds 3.3 million ounces of gold Measured & Indicated and 4.4 million Inferred, before this year's drilling.
- 4US$293 MRob McEwen's own money
HIGH INSIDER OWNERSHIP BY CEO
Rob McEwen has invested US$293 million in McEwen, owns 16% and takes a salary of US$1 a year.
- 5US$0.95 BMUX market value
ATTRACTIVELY PRICED & LIQUID TRADER
At US$15.40 a share, MUX is valued at about what McEwen puts on its copper stake alone.
McEwen fact sheet, Sept 2026 ("Why own MUX"). Production: 2026 guidance revised Aug 5, 2026; 2030 target. Los Azules: 10.2 B lb reserves + 25.4 B lb resources, 100% basis (presentation, Sept 2026, slide 15). Gold: attributable M&I 3,292 koz + Inferred 4,434 koz (fact sheet). Market value: NYSE close October 27, 2026 x 61.4 M shares. Forward-looking; see the cautionary statement.
WHY OWN MUX · 1 OF 5
HARD MONEY: AU & AG PRODUCTION
McEwen plans 250,000 to 300,000 gold equivalent ounces a year by 2030, up from 109,000 to 120,000 in 2026

Gold equivalent ounces a year, by mine
2026 guidance by mine
- San José, Argentina (49%)59,000-64,000
- Gold Bar, Nevada30,000-33,000
- Fox Complex, Ontario20,000-23,000

McEwen's internal estimates (presentation, Sept 2026, slide 9): totals as printed; each mine's share drawn from McEwen's chart. Assumes conversion of M&I resources and 50% of Inferred; silver at 75:1; San José at 49%. 2025 is actual. 2026 guidance revised Aug 5, 2026 (Q2 2026 results). GEO = gold equivalent ounces. Forward-looking; see the cautionary statement.
WHY OWN MUX · 1 OF 5
250-300K GEO BY 2030
Each US$1,000 on gold adds about US$130 million a year of free cash flow by 2030, McEwen estimates

Free cash flow, US$ million a year
McEwen's internal estimates (presentation, Sept 2026, slide 9), US$ million. Free cash flow = cash flow from operations less sustaining capital; San José dividends excluded. The US$4,000 line starts at 2026E (slide 9 prints no 2025A value for it). Forward-looking; see the cautionary statement.
WHY OWN MUX · 1 OF 5
AMERICAS-FOCUSED PRECIOUS METALS PRODUCER
Gold and silver from Canada, the United States, Mexico and Argentina, with copper at Los Azules

- Fox ComplexTimmins, Ontario · Au20,000-23,000 GEO in 2026
- Gold Bar ComplexNevada · Au30,000-33,000 GEO in 2026
- El Gallo-FenixSinaloa, Mexico · Au, Agconstruction began Sept 2026
- San José (49%)Santa Cruz, Argentina · Au, Ag59,000-64,000 GEO in 2026
- Los AzulesSan Juan, Argentina · Cu46.3% through McEwen Copper
McEwen Inc. McEwen Copper · column height grows with the asset's resources
McEwen presentation, Sept 2026 (slide 5); 2026 guidance revised Aug 5, 2026 (Q2 2026 results); El Gallo: Q2 2026 results. Map: Terrain Tiles (SRTM, GMTED, ETOPO1) and Natural Earth.
WHY OWN MUX · 2 OF 5
CRITICAL MINERAL: SIGNIFICANT CU OPTION
Los Azules holds 35.7 billion pounds of copper, and McEwen owns 46.3% of McEwen Copper, its owner

Los Azules Feasibility Study (release, Oct 7, 2025), 100% basis; presentation, Sept 2026 (slide 15). Rank: S&P Global 2024 data, in the Feasibility Study release. McEwen owns 46.3% of McEwen Copper (fact sheet, Sept 8, 2026), which owns 100% of Los Azules.
WHY OWN MUX · 2 OF 5
VALUE OF MUX'S INVESTMENT IN LOS AZULES
Pick a copper price. Los Azules is worth this much per MUX share.

Copper
US$4.35a pound
Feasibility Study price
Per MUX share · McEwen's 46.3%
US$23.06MUX closed at US$15.40 on Oct 27
Copper in Sept 2026 · US$6.68
↑ ↓ or tap a price
Los Azules Feasibility Study (Oct 2025) after-tax NPV at 8% at each copper price; McEwen's 46.3% per MUX share as published by McEwen (presentation, Sept 2026, slide 18). Copper in Sept 2026: presentation, slide 7. MUX: NYSE close, October 27, 2026. A project value, not a share price forecast.
WHY OWN MUX · 2 OF 5
RARE, DE-RISKED, SHOVEL READY
Los Azules has its environmental permit, its partners and its loan; the build decision is expected in mid-2027

No tailings dam
Heap leach and SX-EW make copper cathode on site.
100% renewable power
72% lower carbon intensity than the industry average; 74% less water than conventional milling.
Stellantis 18.2% · Nuton 17.2%
A carmaker and a Rio Tinto venture own McEwen Copper beside McEwen.
US$240 M term loan
Sprott US$112 M, Rob McEwen US$85 M, others US$43 M.
- Environmental permit approved
- RIGI approved
- Feasibility Study completed
- US$240 M term loan closed
- Decision and full financing
- First copper cathode
Los Azules Feasibility Study (release, Oct 7, 2025); McEwen Copper shareholders: fact sheet, Sept 8, 2026; loan: release, Aug 27, 2026; milestones: presentation, Sept 2026 (slide 22). Decision timing is forward-looking; see the cautionary statement.
WHY OWN MUX · 3 OF 5
ASSET-RICH WITH EXPLORATION UPSIDE
McEwen holds 3.3 million ounces of gold Measured & Indicated and 4.4 million Inferred, before this year's drilling

Attributable reserves and resources
| Proven & Probable | Measured & Indicated | Inferred | |
|---|---|---|---|
| Gold koz | 1,250 | 3,292 | 4,434 |
| Silver Moz | 5.2 | 35.0 | 79.0 |
| Copper B lb | 4.7 | 2.5 | 9.3 |
Resources are exclusive of reserves. Copper is McEwen's 46.3% of Los Azules.
- Gold Bar, Nevada36 km of drilling, US$10 M
- Grey Fox, Ontario5 drills, US$5.0 M
- Tartan, ManitobaUS$6 M

McEwen fact sheet, Sept 2026: attributable totals as of Dec 31, 2025 (S-K 1300), with the Tartan (Mar 23, 2026) and Lookout Mountain and Windfall (Jul 22, 2026) updates. Exploration: Q2 2026 results, Aug 5, 2026, and fact sheet. Inferred resources carry far greater uncertainty; see the cautionary statement.
WHY OWN MUX · 3 OF 5
GREY FOX MINE LIFE TO 2041
Grey Fox adds 980,300 ounces of reserves and runs the Fox Complex in Timmins to 2041


After-tax NPV (5%)
Grey Fox Pre-Feasibility Study (release, Jun 8, 2026); Probable reserve as of Mar 27, 2026; construction targeted for spring 2027. Commercial production timing: Q2 2026 results, Aug 5, 2026. Forward-looking; see the cautionary statement.
WHY OWN MUX · 4 OF 5
HIGH INSIDER OWNERSHIP BY CEO
Rob McEwen has invested US$293 million in McEwen, owns 16% and takes a salary of US$1 a year


PROVEN TRACK RECORD
- Goldcorp founder: grew its market value from US$50 million to US$8 billion
- Total investments: US$140 M MUX shares + US$20 M MUX debt + US$48.5 M McEwen Copper shares + US$85 M McEwen Copper debt
- Canadian Mining Hall of Fame, Order of Canada, EY Ontario Entrepreneur of the Year (Energy), Northern Miner Developer of the Year
McEwen presentation, Sept 2026 (slide 4): investment at cost; ownership as of Sept 22, 2026. Salary: fact sheet, Sept 2026, and release, Oct 9, 2026. Portrait: mcewenmining.com.
WHY OWN MUX · 5 OF 5
ATTRACTIVELY PRICED & LIQUID TRADER
At US$15.40 a share, MUX is valued at about what McEwen puts on its copper stake alone

GOLD FOR FREE
MUX production of gold and silver
* As of October 27, 2026
Value per 2026 ounce, against producer peers
McEwen's estimates at US$5 a pound copper and 0.45 times net asset value (presentation, Sept 23, 2026, slide 8). Market cap: NYSE close on October 27, 2026, times 61.4 million shares outstanding (Sept 22, 2026). Peers: slide 10, enterprise value per 2026E GEO at the guidance midpoint; peer average US$22,686. Liquidity: Bloomberg, Sept 22, 2026 (slide 3). Not a price target.
NEAR-TERM CATALYSTS
The next five milestones have dates



- Los Azules US$240 M term loan closedSprott, Rob McEwen and other lenders
- El Gallo construction beganSinaloa, Mexico
- Fuller and Paymaster sale signed, US$55 MUS$5 M cash + US$50 M in Discovery shares, closing after TSX approval
- Stock Mine first productionFox Complex, Timmins; commercial production Q1 2027
- Los Azules construction decision and full financingMcEwen Copper, 46.3% McEwen
- El Gallo productionPhase 1, 20,000 GEO a year
- Grey Fox commercial productionFox Complex mine life to 2041
- First copper cathode at Los Azules204,800 tonnes a year in years 1-5
Releases: Aug 27, 2026 (loan); Oct 9, 2026 (Stock timing; Fuller and Paymaster sale). Q2 2026 results, Aug 5, 2026 (El Gallo, Grey Fox). Los Azules timing: release, Aug 27, 2026. Forward-looking; see the cautionary statement.
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NYSE & TSX: MUX · mcewenmining.com · McEwen on 6ix
APPENDIX
All 24 slides of McEwen's Beaver Creek presentation, September 2026, as published
