McEwen Inc.

McEwen Inc. Material Event: Key Updates for Investors

This guide breaks down McEwen Inc.'s recent significant announcements, filed with the SEC, to provide a clear understanding for retail investors and casual readers.

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1. What Happened?

McEwen Inc. recently filed an official 8-K report with the SEC, detailing two important updates:

• Tartan Mine Project Drill Results: The company announced promising high-grade drill results from its newly acquired Tartan Mine Project. Notably, a drill intercept in the 'Western Flank' area revealed 7.5 grams of gold per tonne (gpt) over 18.9 meters. This discovery points to substantial gold mineralization.
• Grey Fox Project Mineral Resource Estimate: McEwen also released its year-end 2025 estimate of mineral resources for its Grey Fox Project. The company increased Measured and Indicated resources by 15% to 500,000 ounces of gold, and Inferred resources by 20% to 300,000 ounces. This effectively extends the estimated mine life and confirms its long-term potential.

2. When Did It Happen?

McEwen announced the Tartan Mine drill results on January 13, 2026. The Grey Fox resource estimate followed on January 20, 2026. The company filed the 8-K on January 13, 2026, to cover the earliest material event.

3. Why Did It Happen? (Strategic Context)

Mining companies regularly update investors on their exploration and development projects, showcasing progress and future potential. For McEwen Inc., these announcements represent crucial steps in its broader strategy:

• Tartan Mine: The strong drill results from Tartan are a major step toward McEwen's ambitious goal of doubling gold production by 2030. McEwen envisions Tartan as a key growth engine, and these results validate its potential to become a lower-cost, long-life mine.
• Grey Fox Project: The updated resource estimate for Grey Fox reinforces its role as a stable, long-term asset within McEwen's portfolio. It demonstrates continued value and operational longevity, complementing Tartan's high-growth potential.

Together, these updates paint a comprehensive picture of McEwen's progress in expanding its resource base and advancing its strategic production targets.

4. Why Does This Matter? (Impact & Significance)

These updates significantly impact McEwen's future prospects:

• High-Grade Tartan Discovery: The 7.5 gpt over 18.9 meters at Tartan's 'Western Flank' stands out as a high-grade discovery in the mining industry, particularly given its substantial width. This suggests a significant amount of valuable gold, enhancing the project's economic viability and future production potential. Previous strong drill results in the same area (e.g., 12.3 gpt over 14.0 meters) further underscore its prospectivity.
• Strengthened Grey Fox Resources: Increased gold resources at Grey Fox provide greater certainty and extend the operational life of this established project. This strengthens the company's overall asset base and provides a more robust foundation for sustained production.
• Validation of Strategy: Both updates validate McEwen's strategic decisions, especially the recent acquisition of the Tartan Mine on January 5, 2026. They demonstrate tangible progress toward the company's 2030 production goals and enhance confidence in its long-term growth trajectory.

5. Who Is Affected?

These announcements affect various stakeholders:

• McEwen Inc.: The company benefits from validated exploration success and strengthened resource estimates, which boosts confidence in its project pipeline and strategic direction.
• Investors/Traders: Strong drill results and increased resource estimates typically lead to increased investor confidence and a positive impact on the company's stock price.
• Employees: Continued project success and resource growth can contribute to job security and future opportunities for employees.
• Local Communities & Partners: Successful project development can bring economic benefits, and resource updates inform future operational planning and engagement.

6. What Happens Next? (Future Outlook)

Investors should watch for these key developments:

• Tartan Mine:
  • Short-term: The market will likely react to these high-grade results. Financial analysts will update their models using this promising data.
  • Upcoming Estimate: A crucial updated Mineral Resource Estimate for Tartan is expected by the end of February 2026. This will provide a more official and comprehensive assessment of the gold in the ground, significantly influencing the company's valuation and development plans.
  • Exploration Budget: McEwen budgeted $3 million for Tartan exploration in 2026, indicating continued investment to further define and expand the resource.
• Grey Fox Project:
  • Ongoing Evaluation: The increased resource estimate will inform ongoing operational planning and potential mine plan optimizations.
  • Future Studies: Expect further infill drilling and feasibility studies to potentially convert more resources into reserves and further extend the mine life.

7. What Should Investors Know? (Key Takeaways)

For investors following McEwen Inc., here are the key takeaways:

• Dual Project Success: This 8-K highlights positive developments from two key projects: high-grade exploration success at the new Tartan Mine and a significant resource increase at the established Grey Fox Project.
• Tartan's Growth Potential: The 7.5 gpt over 18.9 meters at Tartan's 'Western Flank' is a standout result. It confirms the project's potential as a high-grade, long-life asset crucial for McEwen's goal to double gold production by 2030.
• Grey Fox's Stability: The 15% increase in Measured and Indicated resources and 20% in Inferred resources at Grey Fox strengthens its role as a consistent contributor to McEwen's production profile and extends its projected longevity.
• Upcoming Catalysts: Mark your calendar for the end of February 2026: the new Tartan Mineral Resource Estimate will be a major valuation driver.
• Strategic Alignment: Both updates underscore McEwen's successful execution of its growth strategy and justify its recent Tartan acquisition.
• Market Reaction: Observe how the market interprets these combined positive updates, as they could influence stock performance.
• Further Research: For complete details, always refer to the official press releases (Exhibit 99.1 for Tartan and 99.2 for Grey Fox) linked in the 8-K filing.

8. Important Considerations (Risks)

While these updates are positive, investors should always recognize the inherent risks in the mining sector:

• Exploration Risk: Drill results do not guarantee future success. Further drilling may not yield similar high-grade results, and converting resources to reserves requires additional technical and economic studies.
• Commodity Price Volatility: Fluctuating gold prices heavily influence the profitability of gold mining companies.
• Permitting and Development Risk: Developing a mine like Tartan requires significant capital and regulatory approvals, and can face unexpected delays or cost overruns.
• Operational Risks: Mining operations face risks such as geological challenges, equipment failures, labor disputes, and environmental incidents.
• Resource Estimates vs. Reserves: Mineral resource estimates differ from mineral reserves. Reserves are economically viable to extract, while resources require further work and favorable conditions for an upgrade.