McEwen Inc. Page 1 Successful Exploration Transforming McEwen’s Gold Bar Mine Complex Sets the Stage for Meaningful Mine Life Extension
McEwen Inc. Page 1
Successful Exploration Transforming McEwen’s Gold Bar Mine Complex
Sets the Stage for Meaningful Mine Life Extension
Toronto, December 8, 2025 – 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.
McEwen Inc. Page 2
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:
- 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.
McEwen Inc. Page 3
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.
McEwen Inc. Page 4
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.
McEwen Inc. Page 5
Unity Ridge lies within the current Plan of Operations for mining activity, which could allow for permitting
to be expedited.
Detailed tables of drill results at the Gold Bar Mine Complex which include hole locations and alignments
for Lookout Mountain, Windfall and Unity are available on the Company’s website and can be accessed
by clicking here.
About McEwen
McEwen shares trade on both the NYSE and TSX 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, USA, the Timmins district of Ontario, Canada
and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also considering reactivating a gold
and silver mine in Mexico.
The Company has a 46.4% 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. According to the last financing for McEwen Copper, the implied value of
McEwen’s ownership interest is US$456 million.
The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon
neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.
Chairman and Chief Owner Rob McEwen has invested over US$200 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 MUX’s profitability, share value and eventually implement a dividend policy, as he did while
building Goldcorp Inc.
Technical Disclosure
Technical information pertaining to the Gold Bar Complex exploration contained in this press release has been
prepared under the supervision of Robert Kastelic, MSc, CPG, Exploration Manager in Nevada, and
Luke Willis, P.Geo, Director of Resource Modelling for McEwen Inc., who are Qualified Persons (QPs) as
defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of
Disclosure for Mineral Projects."
Analyses reported herein were submitted either as half core samples or reverse circulation (RC) samples and,
for Lookout Mountain, Windfall and some Unity drillholes, assayed by the photon assay method at the Paragon
Geochemical laboratory, in Reno, Nevada. Remaining core and RC samples from the Unity Pit drilling were
assayed by the fire assay method at one of the following labs: ALS Chemex, American Assay Labs,
McEwen Inc. Page 6
Pangea Labs and Paragon Geochemical. McEwen recently signed an agreement to acquire 31% of Paragon
Geochemical Laboratories
As part of our regular QA/QC program, McEwen follows a closely controlled and documented Chain of Custody
protocol and submits certified reference materials, blanks and duplicates at regular intervals in the sample
stream for the monitoring and assessment of laboratory processes and procedures.
All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the
geological database.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and
information expressed, as at the date of this news release, McEwen Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and results. Forward-looking statements and information 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, and
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 and information include, but are not limited to, 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 Company 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, foreign exchange volatility, foreign exchange controls,
foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or
information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue
or update forward-looking statements or information as a result of new information or events after the date hereof
except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December
31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for
additional information on risks, uncertainties and other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements and information made in this news release are
qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the
contents of this news release, which has been prepared by the management of McEwen.
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McEwen
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McEwen Copper
Facebook: facebook.com/ mcewencopper
M5H 1J9 LinkedIn: linkedin.com/company/mcewencopper
X: X.com/mcewencopper
Relationship with Investors: Instagram: instagram.com/mcewencopper
(866)-441-0690 - Toll free line
(647)-258-0395
Rob McEwen
Facebook: facebook.com/mcewenrob
Mihaela Iancu ext. 320 LinkedIn: linkedin.com/in/robert-mcewen-646ab24
[email protected] X: X.com/robmcewenmux
Figure 1. Location of Lookout Mountain, Windfall and Unity Ridge
McEwen Inc. Page 8
Figure 2. Map of Lookout Mountain showing the location of the holes from the 2025 drilling campaign