McEwen Receives $49.4 Million Dividend from San José Mine — Strong Cash Generation Supports Growth Without Meaningful Share Dilution

Article content

TORONTO, May 21, 2026 (GLOBE NEWSWIRE) — 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.

Article content

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.

Article content

Article content

Article content

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).

Article content

Article content

Building our Financial Position

Article content

The $49.4 million dividend received further strengthens an already improving balance sheet.

Article content

At March 31, 2026, McEwen held:

Article content

Article content

Our debt consists of $110 million long-term convertible notes maturing in 2030 and $20 million under our loan term facility.

Article content

McEwen’s Near-Term Deliverables

Article content

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.

Article content

Stock Mine (Fox Complex, Timmins, Ontario) 

Article content

Article content

Initial production at the Stock Mine is expected during the second half of 2026, with commercial production anticipated in 2027.

Article content

Stock should become a lower-cost source of production for the Fox Complex due to:

Article content

Article content

Current estimates indicate approximately six years of mine life, with additional exploration likely to extend that horizon over time.

Article content

Grey Fox (Fox Complex, Timmins, Ontario) 

Article content

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.

Article content

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.

Article content

El Gallo (Sinaloa, Mexico) 

Article content

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.