Goliath Resources Ltd. press release

McEwen Q2 Results: Net Income of $9.6M ($0.16 per Share), Compared with $3.0M ($0.06 per Share) in Q2 2025; Exploration Results Driving Resource Growth Across All Sites; New Stock Mine in Timmins Nearing Production, with Mine Life Extended

2026-08-06

TSXV - TSX Venture Exchange · Gold · Silver · Copper · Lead · Zinc · Molybdenum · Canada · Corporate Finance

(See Glossary for Defined Terms)

TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX)(“McEwen” or the “Company”) today announced its second quarter financial results for the period ended June 30, 2026 (Q2). In addition, the Company is providing an update on its development projects that are forecasted to increase annualproductionto250,000–300,000GEOsby2030and newexplorationresultsthat have intersected very encouraging high grades at the Grey Fox Project, part of the Fox Complex (97.7gptgoldover 4.4meters, 64.8gptgoldover 3.3metersand 32.5gptgoldover 5.2meters) and Tartan Mine Project (17.8gptgoldover 15.9metersand 29.1gptgoldover 10.0meters). During Q2 the exploration teams at Grey Fox and Tartan have each made new discoveries near existing underground infrastructure, demonstrating the Company’s ability to further drive organic growth.

Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited to no share dilution, based on an average price of $4,000 per ounce of gold and $50 per ounce of silver.

KeyProject Updates – Path to 250,000 – 300,000 Annual GEOs

Canada

In Canada, McEwen is increasing production guidance at the Fox Complex for the full year to 20,000– 23,000 GEOsfrom 16,000 – 19,000 GEOs, with AISC guidance remaining unchanged at $2,650 – $2,850 per GEO. Production is forecasted to grow to 100,000GEOs by 2029 with the completion of the Stock Mine this year and Grey Fox in 2029. The Company will be developing these projects in phases, using the existing milling facility. Leveraging our current mill will allow us to limit initial capital expenditures versus building a new plant. Our continued commitment to investing in exploration was highlighted in Q2 with new high‑grade intersections across the Fox Complex and a new discovery at Grey Fox, which we believe has the potential to enhance our organic growth. These new results are contained in the exploration section of this news release.

Stock Mine (Fox Complex, Timmins, Ontario)– _Stock is expected to result in lower-cost gold production at the Fox Complex compared to current operations, due to lower royalty burden, shorter haulage distance to the mill, and the benefits of processing softer material. _Development continued on time and within the initial budget during Q2. We invested $12.8 M into Stock during Q2 and $52.2 M since the start of last year. Mineralized material encountered during development of the ramp has been sent to the mill, with mining expected to begin in Q4 2026 and commercial production in 2027. Production from Stock has not been included in 2026 guidance. Based on the results of additional engineering and mine planning during Q2, the team at the Stock Mine believes the mine life can be extended to 8.5 years from the previously disclosed 6 years based on the current Mineral Resource Estimate. There is potential to extend the life further, as additional underground drilling is completed.

Grey Fox (Fox Complex, Timmins, Ontario) – Gold production at the Fox Complex is projected to reach 100,000 GEOsin 2029 and average87,000 GEOs from 2028 to 2041, based on the Grey Fox Prefeasibility study (PFS) released in Q2. Grey Fox has high financial returns with manageable initial capital. Recent high‑grade exploration results demonstrate our ability to further extend the mine life. Next steps include 1) Completing detailed engineering and initiating long-lead purchases, 2) Submitting water permit and closure plan, 3) H1 2027 construction, and 4) 2029 commercial production.

Tartan Mine Project (Flin Flon, Manitoba) – The Company is currently reviewing a larger mine and mill scenario (ranging between 1,000 and 1,500 tpd), versus the initial plan of using a smaller staged approach (500 tpd expanding to 1,000 tpd). This would result in incremental upfront capital, which would be more than offset by higher gold production and lower operating costs. Based on the new mine design being contemplated, Tartan has the potential to produce 40,000–65,000GEOsper year over a 7-10 year life based on the Mineral Resource Estimate.

During Q2 the Company’s exploration drilling successfully discovered the new CentralZone, located between the Main and South Zone. Drilling has intersected the Central Zone over a relatively large area and has the potential to meaningfully increase the Mineral Resource Estimate. Highlights from Q2 drilling at Tartan are presented in the exploration section of this news release.

USA

In Nevada, McEwen is reducing its production guidance at the Gold Bar Complex from 39,000 – 43,000 GEOs to 30,000 – 33,000 GEOsand raising its AISC cost guidance to $2,900 –$3,200 per GEO for 2026. These changes are due to less ore being placed on the heap leach pad than planned. This occurred due to 1) The mine assay lab being down for a period during Q2, which caused the team to focus on mining non-mineralized material to advance open pit development and 2) More carbonaceous material being associated with the ore than anticipated. This increase in carbon content is expected to impact production during Q3 and Q4, resulting in the lower production guidance.

Despite the lower than expected production, the Gold Bar Complex is expected to see production reach 90,000 – 110,000 GEOsby 2030, driven by Windfall, Lookout Mountain and Trinity Ridge. Management will look to leverage the current infrastructure at site to reduce capital expenditures.

Windfall, Lookout Mountain and Trinity Ridge(Gold Bar Mine Complex)- Gold Bar’s transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate during Q2. The global Resources and Reserves for the Gold Bar Mine Complex now total Indicated Resources of 792,000 gold ounces(38,602,800 tonnes at 0.64 gpt Au) and Inferred Resourcesof 281,000 gold ounces(11,256,200 tonnes at 0.78 gpt Au). This is in addition to Probable Reservesof 168,000 gold ounces(8,624,000 tonnes at 0.61 gpt Au).

The next deposit for which a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex is Trinity Ridge, where we will look at merging the smaller existing open pits into one enlarged pit that captures a meaningful amount of gold mineralization excluded from the current Mineral Resource Estimate. The new Mineral Resource Estimate is expected by early 2027. Drill highlights for Trinity Ridge since our last announcement on December 8, 2025, are presented in the exploration section of this news release. The Company also sees meaningful resource growth potential based on its ongoing review of historic exploration results.

Argentina

San José Mine– During Q2 the Company received a $49.4Mdividend from the San José Mine. This brings the 2026 dividends received from San José to $58.2M, exceeding our previously announced estimate of $40 – $50M. The operation is benefiting from the recently completed process plant expansion, higher mining rates and gold recoveries, resulting in increased production. At current gold and silver prices, San José is expected to be an important source of capital that the Company will use to expand production at its other sites. Production attributable to McEwen’s 49% interest is targeted at 60,000 –70,000 GEOsper year (based on a 77:1 silver-to-gold ratio).

Mexico

In Mexico, McEwen is forecasting 20,000 GEOsproduction per year starting H2 2027.

El Gallo – The Company is targeting Phase 1 production during H2 2027. Detailed engineering, final geotechnical drilling and establishing onsite power for the mill are being completed, with construction expected to begin in late Q3 2026. Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEOsannually once commercial production is achieved. The Company is reviewing opportunities within its land package that would require minimal capital to extend Phase 1. Permit approval for Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 - 50,000 GEOs(based on 77:1 silver-to-gold ratio) due to higher grades being processed. The Company is currently updating the Mineral Resource Estimate, which will include all resources around the proposed mill site and will be released later in Q3 2026.

Significant Ownerships

McEwen Copper

McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for McEwen Copper’s Los Azules project confirmed robust project economics, including initial 5-year average production of 205 ktpa of copper cathodesand a $1.71/lb C1 cash costover a 22-year mine life. The study also identified the potential to extend the mine life by an additional 33 years under the Nuton case for a total of 55 years, with average copper cathode production of approximately 141 ktpa. The Nuton case is preliminary in nature and is not supported by Mineral Reserves.

McEwen also owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project.

Under the 2025 Feasibility Study base case of $4.35/lbcopper, the royalty is projected to generate approximately $389.5 Mof undiscounted pre-tax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80/lband could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5 M.

Based on the 2025 Feasibility study and using a recent copper spot price of $6.50/lb, McEwen’s royalty is projected to generate approximately $584 Mfrom the initial case and $860 Mfrom the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 B.

Los Azulescontinued to advance toward a Final Investment Decision (“FID”) during Q2, with approximately 27%of the planned FID work program deliverables completed as of June 30, 2026, and the balance targeted for completion in Q4 2026. Key activities included advancing vendor engineering for the SX/EW plant, sulfuric acid plant and crushing systems, progressing mining fleet evaluation, power supply assessment and EPCM contractor selection, and commencing construction of the access road and site camp. The Company also completed its planned H1 2026 field campaign of geotechnical, condemnation and hydrogeological drilling.

During Q2, Société Générale was appointed as exclusive financial advisor for the project’s debt financing process and preparations were initiated for a potential initial public offering. McEwen Copper is also reviewing an enhanced financing proposal received from European export credit agency. Management remains focused on completing the FID work program, with construction targeted to commence in early 2027 and production in 2030, subject to project financing and customary approvals.

Paragon Advanced Labs

In July 2026, McEwen entered into a memorandum of understanding ("MOU") with Paragon Advanced Labs ("Paragon") to develop advanced laboratory services, including PhotonAssay™ technology at the Gold Bar Mine Complex in Nevada. The MOU also contemplates future PhotonAssay™ laboratory services at the Fox Complex in Timmins and the El Gallo Mine in Mexico. Paragon would grant McEwen a 3% royalty on gross revenues generated by the laboratory from third-party clients.

Mineral Resource & ExplorationUpdate

Fox Complex, Ontario (100% owned)

Exploration at Grey Fox

Exploration drilling during Q2 focused on three areas at Grey Fox: 1) Whiskey Jack, 2) Gibson and 3) Grey Fox South (Fig. 1, 2, 3, 4 & 5). Each area returned significant results, with multiple holes returning high gold grades over good thicknesses. These results have the potential to expand the Mineral Resource Estimate contained in the Grey Fox PFS that was released in Q2 and to extend our planned mine life beyond 2041. Discovering higher grades similar to these results is central to making Grey Fox an even stronger project financially. Higher grades can increase production, lower costs, and drive higher rates of return without requiring additional capital. Following up on these new results is a top priority for the Company.

On June 8, 2026_, _a new Mineral Reserve Estimate was released for Grey Fox as the basis for the PFS that outlined 980,300 gold ouncesProbable(9.41 million tonnes at 3.24 gpt Au). In addition, Grey Fox contains Mineral Resources exclusive of Reserves of 701,000 gold ounces Indicated(9.68 million tonnes at 2.25 g/t Au) and 388,000 gold ounces Inferred(4.70 million tonnes at 2.57 g/t Au).

Figure 1. Plan Map for the Grey Fox Deposit

Figure 2. Plan Map for Grey Fox Project Highlighting Q2 Drill Results

Whiskey Jack

Whiskey Jack is the highest-grade zone at Grey Fox. Two new recent holes intersected very high grades and are located along the northwest limit of the current Mineral Resource Estimate (Fig. 2). There also appears to be good potential to further extend this mineralization at depth.

32.5gptgoldover 5.2meters(TW) in drillhole 26GF-1733 64.8gpt goldover 3.3meters(TW) in drillhole _26GF-1743

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Drilling 60 meters below the Whiskey Jack mineralized zone and offsetting the initial deep hole that returned 11.9gptgoldover 5.7 meters(TW) (news release dated May 6th, 2026) returned good grades, further highlighting the exploration potential through deeper drilling. Whiskey Jack’s high-grade potential remains open at depth.

7.5gptgoldover 7.3meters(TW) in drillhole _26GF-1723

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Figure 3. Longitudinal Section for the Whiskey Jack Zone at Grey Fox Project

Significant high-grade was also recently encountered in the footwall of Whiskey Jack. The recent drilling targeted an area 20 meters below a previous hole that returned 53.0 gpt gold over 6.7 meters (TW) (Fig. 3& 4).

97.7gptgoldover 4.4meters(TW) in drillhole _26GF-1755

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Figure 4. Cross Section for the Whiskey Jack Zone at Grey Fox Project

Gibson

The Gibson Zone is near existing underground infrastructure, including the portal and ramp from surface. Areas targeted during Q2 were selected based on their lower drilling density and good resource growth potential (Fig. 2 &5).

19.3gptgoldover 2.8meters(TW) in drillhole 26GF-1729 4.4gptgoldover 7.7meters(TW) in drillhole 26GF-1732 6.4gptgoldover 4.4meters(TW) in drillhole 26GF-1723 11.9gptgoldover 4.0meters(TW) in drillhole _26GF-1762

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The intercept seen in drillhole _26GF-1762 _is also important in terms of exploration potential at Gibson as it is open along strike and down-dip.

Figure 5. Cross Section for the Gibson Zone at Grey Fox Project

GreyFoxSouth

During Q2, the exploration team discovered what it believes is a new mineralized zone similar to Whiskey Jack, located approximately 850 meters southeast of the current Mineral Resource Estimate with drillhole _26GF-1736 _(Fig. 2). The mineralization is open to the northwest and at depth. This new discovery highlights the continued prospective nature of the Grey Fox Project, even after considerable exploration. In addition, drill holes _26GF-1727_and _26GF-1731_confirm that there is still the potential to discover additional higher-grading mineralization within the current Grey Fox South resource (Fig. 2)

17.6gptgoldover 5.8meters(TW) in drillhole 26GF-1727 6.0gptgoldover 11.4meters(TW) in drillhole 26GF-1731 57.3gptgoldover 1.0meters(TW) in drillhole _26GF-1736

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Grey Fox drill results data (April 10 - July 23, 2026), including hole locations and alignments, can be accessed here.

Buffalo Ankerite Project

The Company recently commissioned a Mineral Resource Estimate for the Buffalo Ankerite Project, located adjacent to the Dome Mine in Timmins. The mine historically produced approximately 1.0 million gold ounces at an average production grade of 6.51 gpt Au. The last publicly disclosed Mineral Resource Estimate in 2014 is now considered historic and should not be relied upon. The updated Mineral Resource Estimate is scheduled to be published in early 2027. Once completed, the Company will begin to evaluate potential alternatives for the project, including a potential sale.

Gold Bar Mine Complex, Nevada

The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge. McEwen believes that integrating these areas has the potential to transform the Gold Bar Mine Complex into a long-life asset.

During Q2, drilling at Windfall and Lookout Mountain focused on converting Inferred Resources to Measured and Indicated Resources to advance mine planning, with approximately 70 holes completed to accelerate timelines. The drill results confirmed the overall grade and thickness of the Inferred Resources, increasing confidence in the mineralization and our production plans.

It is important to note that the results continue to show oxide mineralization that could potentially be processed using the same heap leaching technology currently used at the Gold Bar Mine, with McEwen looking to utilize the existing mine infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced.

Windfall (RCW = Reverse Circulation Width, CW = Core Width)

1.5 gpt goldover44.2 meters(RCW) in drillhole WF157 2.8 gpt gold over 18.3 meters (RCW) in drillhole WF183 2.8 gpt gold over 16.8 meters (RCW) in drillhole WF140 1.3 gpt gold over 18.3 meters (RCW) in drillhole WF140 1.9 gpt gold over 16.1 meters (RCW) in drillhole WF218 1.4 gpt gold over 16.8 meters (RCW) in drillhole WF179 2.1 gpt gold over 42.7 meters (RCW) in drillhole WF158 1.4 gpt gold over 21.3 meters (RCW) in drillhole _WF197

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Lookout Mountain

0.9 gpt goldover91.4 meters(RCW) in drillhole LM073 1.2 gpt goldover30.5 meters(RCW) in drillhole LM074 1.0 gpt goldover51.8 meters(RCW) in drillhole LM070 3.4 gpt goldover24.1 meters(CW) in drillhole LM077 1.0 gpt goldover33.5 meters(RCW) in drillhole _LM085

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Lookout Mountain & Windfall – Is There a Much Larger Opportunity?

The area surrounding Lookout Mountain and Windfall is very prospective, with gold occurring along two significant mineralized trends (Fig. 6). Many of the targets have seen limited to no drilling, despite encouraging historical results. Key target areas where the exploration team believes the Mineral Resource Estimate can be expanded include the Water Well Zone, Rocky Canyon, Triple Junction, and South Adit (Fig.6), with historical drilling including 1.65 gpt goldover 79.2 meters.

McEwen completed its first hole at the Water Well Zone during Q2. This area represents a growing discovery beneath and adjacent to the Lookout Mountain Mineral Resource Estimate. Our initial drilling was designed to offset an isolated high-grade historical hole. McEwen’s first drillhole returned:

3.4 gpt goldover24.1 meters(CW) in drillhole _LM077

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This mineralization is open to the north and east and will be followed by additional drilling. The Water Well Zone is attractive because it suggests there might be a larger gold system below and around the existing Mineral Resource Estimate. Historic drilling at the Water Well Zone included 7.3 gpt gold over 27.3 meters.

Immediately north of Windfall sits the recently acquired Jewel Ridge and Jewel Ridge West targets (Fig. 6). Historical drill highlights from the Jewel Ridge include 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over56.39 meters,2.37 gpt gold over67.57 meters.

Figure 6. Lookout Mountain and Windfall Exploration Targets and Resources

Trinity Ridge

At Trinity Ridge, located within the current limits of Gold Bar Mine, the Company is evaluating the potential to expand and merge three existing open pits into one larger pit. An initial Mineral Resource Estimate is scheduled to be completed during Q1 2027. Our plan is to then proceed with permitting and mine planning. Trinity Ridge has the potential to extend the mine life of current mining operations at similar production rates for the foreseeable future.

Recent drill results, continue to support the Company’s development plans for Trinity Ridge:

2.5 gpt goldover 41.1 meters(RCW) in drillhole PK 181 2.2 gpt goldover 45.7 meters(RCW) in drillhole PK 109 1.8 gpt goldover 54.9 meters(RCW) in drillhole PK 182 3.0 gpt goldover 24.4 meters(RCW) in drillhole PK 154 1.5 gpt goldover 18.3 meters(RCW) in drillhole PK 154 1.9 gpt goldover 41.1 meters(RCW) in drillhole PK 115 1.7 gpt gold over 35.1 meters (RCW) in drillhole PK096 1.6 gpt goldover 30.5 meters(RCW) in drillhole PK 180 1.8 gpt goldover 18.3 meters(RCW) in drillhole PK 157 2.9 gpt goldover 13.7 meters(RCW) in drillhole PK 156 1.1 gpt goldover 53.3 meters(RCW) in drillhole PK 174 1.0 gpt goldover 42.7 meters(RCW) in drillhole PK 170 1.0 gpt goldover 36.6 meters(RCW) in drillhole PK 145 1.8 gpt goldover 16.8 meters(RCW) in drillhole RG 047 1.6 gpt goldover 30.5 meters(RCW) in drillhole _RG 055