Americas-Focused Gold and Copper Producer Posts Higher Quarterly Earnings, Expands Resource Base
Research Report

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Disclosures for H.C. Wainwright & Co., McEwen Inc., August 7, 2026

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: McEwen Mining Inc. (MUX-US) as of 08-06-2026 30 25 20 15 10 5 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2 Q3 BUY:$18.50 05/10/23 BUY:$19.00 08/11/23 BUY:$20.50 10/31/23 BUY:$18.50 11/10/23 BUY:$13.00 03/04/24 BUY:$15.00 05/10/24 BUY:$19.00 11/07/24 BUY:$18.00 01/30/25 BUY:$15.50 05/09/25 BUY:$17.00 07/29/25 BUY:$21.50 10/10/25 BUY:$29.50 03/18/26 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of August 6, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 533 83.81% 158 29.64% Neutral 49 7.70% 11 22.45% Sell 2 0.31% 0 0.00% Under Review 52 8.18% 22 42.31% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Case Bongirne and Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of McEwen Mining Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of July 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of McEwen Mining Inc..

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from McEwen Mining Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in McEwen Mining Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

On August 7, 2026, analysts Heiko F. Ihle, CFA, and Case Bongirne of H.C. Wainwright & Co. reiterated a Buy rating and lowered the price target to US$28.00 from US$29.50 on McEwen Inc. (MUX:TSX; MUX:NYSE ), implying a return of roughly 53% from the August 6, 2026, closing price of US$18.26, following the release of the company's second quarter 2026 financial results and a revision to full-year production guidance.

Second Quarter Results

McEwen Mining released its 2Q26 financial results on August 5, 2026. The company generated revenue of US$59.2 million during the quarter and net income of US$9.6 million, or US$0.16 per share. Both figures marked improvements over the year-ago period, when the company reported revenue of US$46.7 million and net income of US$3.0 million, or US$0.06 per share. H.C. Wainwright models full-year 2026 revenue of US$284.9 million and diluted earnings per share of US$0.92, compared with US$197.6 million and US$0.64, respectively, in 2025.

Organic Growth and Resource Expansion

While revenue and earnings growth drew positive commentary, the analysts identified organic growth across the portfolio as their main takeaway from the quarter. At the Fox Complex, the Froome deposit produced 7,000 gold equivalent ounces (GEOs) on the back of improved grades. Exploration work also expanded the resource base, with Windfall and Lookout Mountain adding 629,800 Indicated and 262,000 Inferred gold ounces. The recently acquired Tartan Mine Project contributed an additional 398,900 Indicated and 302,700 Inferred gold ounces.

Management reaffirmed its target of lifting annual production to 250,000–300,000 GEOs by 2030 using the company's current asset base. The analysts consequently view "organic growth as one of the firm's primary catalysts," they wrote.

Guidance Revision at Gold Bar

Management reduced 2026 production guidance to 109,000–120,000 GEOs from a prior range of 114,000–126,000 GEOs. H.C. Wainwright noted the revised figure sits closer to its own prior estimate of 110,100 GEOs for the year. The reduction was driven primarily by Gold Bar, where guidance fell to 30,000–33,000 GEOs from 39,000–43,000 GEOs, implying second-half output of 16,300–19,300 GEOs and a notable step up from first-half levels. Management attributed the shortfall to "unexpected rock types that have thrown off ore estimates." The analysts expect management to develop a clearer understanding of the site's challenges through near-term studies.

Cost Outlook

Consolidated cash cost guidance was raised to US$2,200–US$2,450 per ounce from US$2,100–US$2,300 per ounce, while all-in sustaining cost (AISC) guidance moved to US$2,500–US$2,750 per ounce from US$2,400–US$2,600 per ounce. The increase is concentrated at Gold Bar, where cash cost guidance rose to US$2,650–US$2,950 per ounce from US$2,250–US$2,450 per ounce, and AISC guidance climbed to US$2,900–US$3,200 per ounce from US$2,350–US$2,550 per ounce. Over the longer term, management expects the site to produce 90,000–110,000 GEOs by 2030, supported by output from Windfall, Lookout Mountain, and Trinity Ridge. H.C. Wainwright's own model calls for consolidated cash costs of US$1,403 per ounce and AISC of US$2,193 per ounce in 2026, improving to US$1,271 per ounce and US$1,625 per ounce in 2027.

Valuation

The reduced target price primarily reflects updated long-term production estimates, along with the addition of the Grey Fox Pre-Feasibility Study and improved valuations of the company's non-core assets. Producing assets are valued on a discounted cash flow (DCF) basis using discount rates of 13.0% for Black Fox and Gold Bar and 14.0% for San José. Los Azules is valued through a separate DCF that yields US$795.8 million using a 13.0% discount rate, with the analysts stressing that "our estimates are purposefully conservative" given the work required to reach first production.

The firm values McEwen's core assets at a combined US$1.2 billion, adds US$561.3 million for Los Azules, Timberline, Tartan, and other non-core assets, adds cash and inventory of US$106.0 million, and deducts US$126.6 million of debt. The resulting net asset value is US$28.14 per share, rounding to the US$28.00 target. Underlying project NAV per share estimates are US$6.51 for Black Fox, US$4.91 for Gold Bar, US$3.45 for San José, and US$1.01 for El Gallo, based on 62.4 million fully diluted shares.

Catalysts

Despite the difficulties at Gold Bar, the analysts noted they remain confident in management's long-term outlook for gold production at reasonable costs. They highlighted favorable views of the Grey Fox Pre-Feasibility Study and its leverage to gold prices, and expect near- and intermediate-term milestones at that site to play a larger role in driving future production. The company's primary catalyst, however, remains ongoing progress at Los Azules. Given current copper prices, the analysts expect a potential intermediate-term initial public offering of McEwen Copper to further unlock shareholder value, with the company retaining a 46.4% interest in Los Azules.

Risks

H.C. Wainwright listed five risks to its thesis: commodity risk, operating and technical risk, political risk, financial risk, and dilution risk.

Share Price and Return Potential

McEwen Mining closed at US$18.26 on August 6, 2026, within a 52-week range of US$9.82 to US$29.70. The company carries a market capitalization of approximately US$1.12 billion and an enterprise value of US$1.14 billion, with 61.4 million shares outstanding and an average three-month volume of about 1.16 million shares. At the US$28.00 target, the stock offers roughly 53% potential upside.