UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 21, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2026
McEWEN INC.
(Exact name of registrant as specified in its charter)
Colorado 001-33190 84-0796160
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
150 King Street West, Suite 2800
Toronto, Ontario, Canada M5H 1J9
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area code: (866) 441-0690
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock MUX New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
EXPLANATORY NOTE
This Amendment No. 1 to the Current Report on Form 8-K of McEwen Inc. (the “Company”), filed with the Securities and Exchange Commission on May
22, 2026 (the “Original Filing”), is being filed solely to clarify that the discussed dividend was received directly from its 49.0% owned equity investee,
Minera Santa Cruz S.A. (“MSC”), as described in detail in the press release attached to the Original Filing, rather than indirectly through another of the
Company’s equity investees as inadvertently disclosed on the face of the Original Filing. No other changes have been made to the Original Filing other than
minor conforming and immaterial other changes necessary to prepare this amendment.
Item 8.01 Other Events.
On May 21, 2026, McEwen, Inc. (the "Company") issued a press release announcing that it received a $49.4 million dividend in respect of its 49.0%
ownership interest in Minera Santa Cruz S.A. (“MSC”), the funds for which were generated from the operation of the producing San José silver-gold mine in
Santa Cruz, Argentina. This dividend increased total dividends received by the Company from MSC in respect of this mine’s operations in 2026 to $58.2
million. A copy of the press release is filed with this report as Exhibit 99.1. Investors and other interested parties are encouraged to read in its entirety the
press release because it contains important information not otherwise described herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are furnished or filed with this report, as applicable:
Exhibit No. Description
99.1* Press Release
104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
* Previously filed
Cautionary Statement
With the exception of historical matters, the press 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 of the
date of the press release, are 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, 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 and base 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 in the press release, which speak only as of the date thereof. 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 the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, 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 the press release are qualified by this cautionary statement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
McEWEN INC.
Date: June 1, 2026 By: /s/ Carmen Diges
Carmen Diges, General Counsel
Exhibit 99.1
McEwen Receives $49.4 Million Dividend from San José Mine
Strong Cash Generation Supports Growth Without Meaningful Share Dilution
TORONTO, May 21, 2026 - McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced
that it has received a $49.4 million dividend from the San José Mine in Argentina. This brings total dividends
received from San José in 2026 to $58.2 million, already exceeding our original full-year expectation of $40–$50
million.
For shareholders, this matters for a simple reason: internally generated cash is the best source of capital. It allows a
company to grow while eliminating/minimizing share dilution, which is a key ingredient towards a higher share
price. At current gold and silver prices, and assuming operations perform as expected, we believe McEwen can fund
much of its planned production growth through cash generated by its own assets, as we look to double production to
250,000 – 300,000 GEOs by 2030.
McEwen’s attributable production from its 49% interest in San José is expected to be 59,000 – 64,000 GEOs in
2026, with AISC projected between $2,300 - $2,500 per GEO (based on a 77:1 silver/gold ratio).
Building our Financial Position
The $49.4 million dividend received further strengthens an already improving balance sheet.
At March 31, 2026, McEwen held:
· $56.5 million in cash and cash equivalents;
· $13.5 million in marketable securities;
· $15.7 million face value of McEwen Copper loan;
· $457 million and $20.4 million market value of investments in McEwen Copper and Paragon Advanced
Labs, respectively.
Our debt consists of $110 million long-term convertible notes maturing in 2030 and $20 million under our loan term
facility.
McEwen’s Near-Term Deliverables
Our objective is straightforward: increase production meaningfully over the next several years while improving the
quality and durability of our operations. McEwen is setting the stage to double production by 2030, with several key
deliverables expected in the coming months.
Stock Mine (Fox Complex, Timmins, Ontario)
Initial production at the Stock Mine is expected during the second half of 2026, with commercial production
anticipated in 2027.
McEwen Inc. Page 1
Stock should become a lower-cost source of production for the Fox Complex due to:
· Lower royalty obligations
· Shorter haul distances to the mill
· Softer material that is expected to reduce processing costs.
Current estimates indicate approximately six years of mine life, with additional exploration likely to extend that
horizon over time.
Grey Fox (Fox Complex, Timmins, Ontario)
The Grey Fox Pre-Feasibility Study is nearing completion and will be released in the coming months. Grey Fox is
important because it has the potential to significantly extend the productive life of the Fox Complex while utilizing
infrastructure we already own.
Using existing infrastructure to increase production generally produces better returns on capital than building entirely
new operations. By 2030, we are targeting 75,000 – 90,000 GEOs annually from the Fox Complex.
El Gallo (Sinaloa, Mexico)
Engineering work at El Gallo is progressing well, and mill construction is expected to begin in early Q3. Phase 1
production remains targeted for mid-2027 and is expected to produce approximately 20,000 GEOs annually for 10
years. What makes El Gallo particularly attractive is that existing infrastructure and land position may allow
additional production growth with comparatively modest capital requirements. Future phases could materially extend
mine life and increase annual production to approximately 40,000 – 50,000 GEOs.
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 with exciting optionality, 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 and
Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also
reactivating its gold and silver El Gallo Mine in Mexico.
The Company has a 46.3% 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$457 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.
McEwen also recently purchased 27.3% 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 Rob McEwen has invested US$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
MUX’s profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
McEwen Inc. Page 2
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, are as at the date of this news release and are 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, 2025, 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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