Mr. Rob McEwen reports

MCEWEN COPPER COMPLETES US$240 MILLION TERM LOAN TO ADVANCE LOS AZULES TOWARD FINAL INVESTMENT DECISION

McEwen Inc.'s 46.3-per-cent-owned subsidiary McEwen Copper Inc. (not publicly listed) has closed a $240-million senior secured four-year term loan facility with a syndicate of lenders. Participants include Sprott Natural Resource Investment Partners for $112-million, Rob McEwen, chairman and chief owner of the company, for $85-million; and other lenders for a total of $43-million. All dollar amounts in this press release represent U.S. dollars.

The proceeds of the term loan will be used to continue advancing engineering and early works of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals. The term loan provides financing while McEwen Copper advances the broader project debt financing for Los Azules, for which Societe Generale was appointed sole financial adviser in May, 2026. Preparations for a potential initial public offering of McEwen Copper continue in parallel.

The principal amount of the term loan will bear interest at 12.0 per cent per annum, payable monthly, with a four-year term and the principal amount due on maturity. The term loan can be repaid in full or in part prior to maturity upon payment of the remaining principal and accrued interest plus a fee equal to 5 per cent of the remaining principal. In connection with the term loan, lenders also received 15,000 five-year McEwen Copper common share purchase warrants for each $1-million of principal, with an exercise price of $40 per share.

"This financing reflects our lenders' confidence in Los Azules and in the progress Argentina has made over the past 2-1/2 years. The initiatives of President Javier Milei have helped make Argentina an increasingly attractive destination for large-scale foreign investment. Economic stabilization, stronger credit ratings, lower country risk and the RIGI are bringing long-term capital back to the country. San Juan continues to demonstrate the qualities of a dependable mining jurisdiction, supported by strong institutions, rigorous processes and sound governance. We are proud to be building Los Azules here," said Michael Meding, managing director of McEwen Copper.

Los Azules project update

Work at Los Azules continues to advance toward a final investment decision. The 2025-2026 field campaign was completed with more than 5,600 metres of drilling. Geotechnical results were better than expected and will improve the open-pit design as mine planning advances. Condemnation drilling confirmed the suitability of the planned location for the North-East rock storage facility. Engineering for the final investment decision is ahead of plan. Engineering for the key process equipment packages (solvent extraction/electrowinning, sulphuric acid and crushing) has been awarded to Metso, the mining fleet tender is in final evaluation and the selection of the EPCM contractor is expected by the fourth quarter of 2026.

At the peak of the past field season, the project employed more than 500 people, with nearly 90 per cent hired from San Juan. Door-to-door household surveys in the communities near the project show trust and acceptance levels above 90 per cent. McEwen Copper continues community programs, which have trained close to 2,000 Calingasta residents in technical skills, and a community partnerships program that finances productive, social and irrigation initiatives in the local communities.

This winter, the project experienced one of the heaviest snow seasons in more than two decades. Returning to site and managing the meltwater will require additional focus, and McEwen Copper stands ready to support the response led by the government of San Juan and local communities with heavy machinery and water management works. At the same time, the snowmelt is expected to refill hydroelectric reservoirs and recharge aquifers after years of drought, a welcome development for a region that has faced prolonged water scarcity. The Los Azules team has decades of experience working in the high Andes and managing snow events of this kind.

About McEwen Inc.

McEwen shares trade on both the New York Stock Exchange and Toronto Stock Exchange under the ticker MUX.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez trend in Nevada, United States, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico.

The company has a 46.3-per-cent interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina -- a region that hosts some of the country's largest copper deposits. Based on McEwen Copper's last financing in October, 2024, the implied value of McEwen's ownership interest was $456-million. Since then, the value of Los Azules has improved for three important reasons: (1) The copper price is 50 per cent higher; (2) the company has completed a feasibility study using a $4.35-per-pound copper price; and (3) Los Azules received approval under Argentina's Large Investment Regime (RIGI), which significantly improves the economics of the project. Los Azules is a shovel-ready project designed to be one of the world's first regenerative copper mines and carbon-neutral by 2038.

McEwen also owns a 1.25-per-cent net smelter royalty on Los Azules. Based on the 2025 feasibility study and using a recent copper spot price of $6.50 per lb, McEwen's royalty is projected to generate approximately $584-million from the initial case and $860-million from the potential Nuton extension, for a combined undiscounted pretax royalty cash flow of approximately $1.4-billion.

McEwen also recently purchased 27.3 per cent of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world, a technology that the company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and chief owner Mr. McEwen has invested over $290-million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY entrepreneur of the year (energy) award. His objective is to build McEwen's profitability and share value, as he did while building Goldcorp Inc.

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