Description of Mcewen Inc's Business Segments

The end product at our gold and silver operations is either in the form of doré or concentrate. Production from the El Gallo 1 mine primarily consists of approximately 98% doré and 2% attributed to slag and fine carbon. Doré is an alloy consisting primarily of gold and silver but also containing other impurity metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold and 99.9% silver. Under the terms of our refining agreements, the doré bars are refined for a fee, and our share of the refined gold and silver is credited to our account with the refinery. Ore concentrate, or simply concentrate, is raw ore that has been ground finely to a powdery product from which gangue (waste) is removed, thus concentrating the metal component. Slag and fine carbon are by-products of the gold production process left over after gold and silver have been separated which are sent to smelters for further recovery of metals. Production from the San José mine generally consists of approximately 48% doré and 52% concentrate. Concentrates from the San José mine are shipped to third-party smelters and refineries for further processing to produce useful metals.

Gold and silver doré produced from the San José mine is sold at the prevailing spot market price based on the London A.M. fix, while concentrates are sold at the prevailing spot market price based on either the London P.M. fix or the average of the London A.M. and London P.M fix depending on the sales contract. Concentrates are provisionally priced, whereby the selling price is subject to final adjustments at the end of a period ranging from 30 to 90 days after delivery to the customer. The final price is based on the market price at the relevant quotation point stipulated in the contract. Due to the time elapsed between shipment and the final settlement with the buyer, MSC must estimate the prices at which sales of metals will be settled. At the end of each financial reporting period, previously recorded provisional sales are adjusted to estimated settlement metals prices based on relevant forward market prices until final settlement with the buyer.

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Composition of Mcewen Inc Revenues by Segments


Gold Bar Mine Complex in Nevada United States	107.59 %	of total Revenue
Fox Complex in Ontario Canada	91.47 %	of total Revenue
El Gallo Project in Sinaloa Mexico	25.94 %	of total Revenue
Member	225.01 %	of total Revenue
US	107.59 %	of total Revenue
CA	91.47 %	of total Revenue
MX	25.94 %	of total Revenue

Q2 three months ended (Jun 30 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Gold Bar Mine Complex in Nevada United States	63.73	107.59 %
Fox Complex in Ontario Canada	54.18	91.47 %
El Gallo Project in Sinaloa Mexico	15.37	25.94 %
Member	133.28	225.01 %
US	63.73	107.59 %
CA	54.18	91.47 %
MX	15.37	25.94 %
Total	59.23	100 %

Q2 three months ended (Jun 30 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Gold Bar Mine Complex in Nevada United States	-	-
Fox Complex in Ontario Canada	-	-
El Gallo Project in Sinaloa Mexico	-	-
Member	-	-
US	-	-
CA	-	-
MX	-	-
Total	-	-20.01 %

Q2 three months ended (Jun 30 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	9.61	16.22 %

Q2 three months ended (Jun 30 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	-	-71.22 %

Annual Report on Mcewen Inc Divisions, Sales by Country

Twelve months ended 2025
MUX s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Total	197.55	100 %

Twelve months ended 2025
MUX s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	34.43	17.43 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Total	13.23 %	-

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