McEwen Is Advancing Three Key Areas At Its Gold Bar Mine Complex In The Eureka Mining District Of Nevada, To Increase Resources, Extend Mine Life, And Potentially Increase Annual Gold Production

McEwen Inc. (NYSE/TSX:MUX) ("McEwen" or the "Company") is advancing three key areas at its Gold Bar Mine Complex in the Eureka Mining District of Nevada, to increase resources, extend mine life and potentially increase annual gold production: 1) Lookout Mountain 2) Windfall, and now 3) Unity Ridge (Figure 1). The Company believes that integrating these areas into the mine plan has the potential to transform the Gold Bar Mine Complex into a long-life asset. Recent drilling has delivered strong intercepts including the following, highlighting the growth potential at Gold Bar:

• 1.0 gpt gold over 89.9 meters in drillhole LM045
• 4.6 gpt gold over 26.7 meters in drillhole WF055
• 3.6 gpt gold over 48.8 meters in drillhole GB660.
  
  
  
   

Why It Matters to Our Shareholders & the Value of Our Company

The Company's objective at the Gold Bar Mine Complex is to convert our exploration success into a long-life asset as we integrate Lookout Mountain, Windfall and Unity Ridge into our production plans. Since much of the gold mineralization in these areas is oxide, McEwen will look to utilize the existing Gold Bar infrastructure where possible. It is important that we don't just add ounces but focus on return on capital and how efficiently these ounces can be developed and produced. Next year will be a pivotal period for the Gold Bar operation, as we work to advance these areas and build our future in Nevada.

1) Lookout Mountain

Drilling at Lookout Mountain focused on infilling areas of the existing deposit (resource estimate stated below) to convert Inferred Resources into the Measured and Indicated categories and obtain samples to commence metallurgical testing aimed at confirming the use of the same heap leach recovery process currently used at Gold Bar.

The 2025 drill program at Lookout Mountain is now complete (see Figure 2) and met its objectives. Next steps include publishing an updated resource estimate with McEwen's year-end financials, receiving the results from the metallurgical testing, advancing engineering work around the pit design, and permitting, to advance Lookout Mountain towards production.

Recent infill drill result highlights from Lookout Mountain are shown below in Table 1.

Table 1. Selection of assay results from Lookout Mountain

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade (gpt)
LM016	106.7	161.5	54.9	1.0
incl	108.2	115.8	7.6	2.0
LM044	41.1	80.8	39.6	0.9
incl	42.7	47.2	4.6	1.7
and including	53.3	61.0	7.6	1.5
and including	68.6	71.6	3.0	1.1
LM045	89.9	179.8	89.9	1.0

Note: Numbers may not sum due to rounding and metric conversion

Lookout Mountain was acquired by McEwen as part of the Timberline Resources acquisition in 2024. Timberline published a resource estimate for Lookout Mountain (NI43-101 and S-K1300 Technical Reports, 2023), which contains:

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  • 423,000 oz gold in the Measured and Indicated categories, from 23,423,000 tonnes grading 0.56 grams per tonne (gpt) gold (Au), or 25,819,000 tons grading 0.017 ounce per ton (oz/T) Au; and
    
    
    
     
  • 84,000 oz gold in the Inferred category, from 6,641,000 tonnes grading 0.39 gpt Au, or 7,322,000 tons grading 0.011 oz/T Au.
    
    
    
     

2) Windfall (Figures 3 & 4)

A resource estimate for Windfall is scheduled for next year. Recent results continue to indicate that there is excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer-long(1 mile) section of the north-south-trending Windfall fault zone (Figure 3). The gold mineralization at Windfall remains open for further expansion in multiple directions. The addition of Windfall into the Company's overall resource estimate at the Gold Bar Mine Complex is expected to have a meaningful impact on total ounces.

New near-surface oxide results are shown below in Table 2.

Table 2. Selection of assay results from Windfall

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade (gpt)
WF052	88.4	115.8	27.4	3.1
WF055	56.6	83.3	26.7	4.6
WF056	76.4	102.4	26.0	3.7
and	148.4	158.9	10.4	0.6
WF115	86.9	102.1	15.2	0.4
and	114.3	138.7	24.4	1.6
incl	120.4	129.5	9.1	3.4
WF119	53.3	120.4	67.1	1.1
incl	53.3	57.9	4.6	7.1

Note: Numbers may not sum due to rounding and metric conversion

The Company will continue its exploration program in 2026, focusing on the higher-grade areas of the deposit. In addition, McEwen will complete metallurgical studies and mining designs with the objective of advancing Windfall towards production. Notably, Windfall is located on private land, which could accelerate the permitting process.

3) Unity Ridge

 

At Unity Ridge, located within the current limits of the Gold Bar Mine (Figure 5), the Company is at the early stages of evaluating the potential to expand and merge three existing open pits into one larger mining area, which could increase gold resources and extend mine life (Figure 6).

McEwen has completed a series of drillholes between and below the open pits with results that intersected oxide gold mineralization highlighted below in Table 3.

Table 3. Selection of assay results from Unity Ridge

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade  (gpt)
GB274	82.3	106.7	24.4	0.7
GB660	103.6	152.4	48.8	3.6
GB670	56.4	85.3	29.0	1.8
incl	61.0	64.0	3.0	7.9
GB672	56.4	88.4	32.0	1.6
GB676	70.4	105.0	34.6	3.4
incl	84.6	93.5	9.0	6.6
GB682	85.3	105.2	19.8	1.1
GB706	45.7	82.3	36.6	0.9
GB730	129.2	138.2	9.0	1.1
GB754	97.5	123.4	25.9	1.1
GB755	30.5	50.3	19.8	3.6
GB763	33.5	48.8	15.2	1.7
GB768	50.3	65.5	15.2	1.2
GB840	64.0	85.3	21.3	1.4
GB841	61.0	85.3	24.4	2.1
GBSW002	51.2	70.0	18.8	2.1
and	76.8	89.8	13.0	2.7
PKC_002	44.2	91.4	47.2	2.9
PKC_009	59.4	80.8	21.3	3.7
RGM044M	68.0	96.3	28.3	3.4
RGM046M	76.8	95.4	18.6	2.3

Note: Numbers may not sum due to rounding and metric conversion

In 2026, the Company's focus at Unity Ridge will be a drilling program to confirm the gold grades and widths associated with historical drilling (Figure 7), expand the known mineralization, and estimate the amount of oxide gold mineralization that could potentially be leached using the current process facilities. Unity Ridge lies within the current Plan of Operations for mining activity, which could allow for permitting to be expedited.