Step-Out Drilling At McEwen’s Newly Acquired Tartan Mine Project Returns Meaningful Results Along Western Flank: 7.5 gpt Gold Over 18.9 Metres

Rhea-AI Summary

McEwen (NYSE: MUX) announced final drill results to be included in an updated Mineral Resource Estimate for the Tartan Mine Project (acquired Jan 5, 2026). Key intercepts include 7.5 gpt gold over 18.9 metres, plus previously released 12.3 gpt/14.0 m and 8.2 gpt/9.9 m. The Main Zone strike has widened from ~100 m to 150 m at depth and mineralization was extended ~30 m west over an 80 m vertical interval. McEwen budgets $3 million for 2026 exploration and expects an updated resource by end-February to support plans to double production by 2030.

Positive

• 7.5 gpt gold over 18.9 m
• Main Zone strike widened from 100 m to 150 m
• Mineralization extended 30 m west over 80 m vertical
• Company acquired Tartan on Jan 5, 2026
• $3 million exploration budget for 2026
• Updated Mineral Resource Estimate due by end-February 2026

Negative

• Historic production only 47,000 oz before prior shutdown
• Previous closure linked to gold price decline and mechanical issues

News Market Reaction

-0.09%

8 alerts

-0.09% News Effect

-$1M Valuation Impact

$1.26B Market Cap

0.2x Rel. Volume

On the day this news was published, MUX declined 0.09%, reflecting a mild negative market reaction. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $1.26B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Drill intercept: 7.5 gpt gold over 18.9 metres Prior intercept: 12.3 gpt gold over 14.0 metres Additional intercept: 8.2 gpt gold over 9.9 metres +5 more

8 metrics

Drill intercept 7.5 gpt gold over 18.9 metres Western Flank, Tartan Mine Project

Prior intercept 12.3 gpt gold over 14.0 metres Western Flank result reported Nov 27, 2025

Additional intercept 8.2 gpt gold over 9.9 metres Western Flank drilling, late 2025

Exploration budget $3 million Planned Tartan exploration spending in 2026

Successful drill holes 35 of 39 holes (~90%) Main Zone drilling since 2023 intersecting mineralization

Indicated resource 240,000 oz at 6.32 gpt gold 2017 NI 43-101 Indicated at Tartan, 1,180,000 tonnes

Inferred resource 37,000 oz at 4.89 gpt gold 2017 NI 43-101 Inferred at Tartan, 240,000 tonnes

Historical production 47,000 ounces of gold Tartan Mine output before shutdown

Market Reality Check

Price: $22.83 Vol: Volume 1,435,033 is 10% a...

normal vol

$22.83 Last Close

Volume Volume 1,435,033 is 10% above the 20-day average of 1,305,012 shares. normal

Technical Price 21.80 is trading above the 200-day MA at 13.14, reflecting a pre-existing uptrend.

Peers on Argus

MUX gained 4.76% on strong Tartan drilling while key peers were mixed: ITRG up 4...

1 Up

MUX gained 4.76% on strong Tartan drilling while key peers were mixed: ITRG up 4.47%, SLSR up 2.87%, USAS flat-to-slightly up, but ASM and MTA down. Momentum scanner only flagged one peer (LAC up 4.17%), reinforcing a stock-specific move.

Historical Context

5 past events · Latest: Jan 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Acquisition closing	Positive	+5.0%	Closed Canadian Gold deal and highlighted upcoming Tartan resource update.
Dec 16	Permitting update	Positive	+1.8%	El Gallo EIA extension enabling Phase 1 mill construction and first gold timeline.
Dec 08	Exploration results	Positive	-3.2%	Gold Bar drilling showed strong intercepts and resource growth potential.
Dec 04	Exploration results	Positive	-0.4%	Froome West drilling extended mineralization and indicated mine‑life upside.
Nov 06	Earnings & outlook	Negative	-10.0%	Q3 revenue decline, guidance cut and higher cost outlook despite growth plan.

Pattern Detected

MUX has reacted positively to major strategic and permitting milestones, while exploration updates have produced mixed or slightly negative next-day moves.

Recent Company History

Over the past few months, MUX has advanced several growth drivers. The closing of the Canadian Gold acquisition on Jan 5, 2026 and related 8‑K supported a 5% gain as investors focused on Tartan’s resource potential. Earlier, an El Gallo permit extension with $25M of remaining capex and planned Phase 1 output of 20,000 GEOs saw a modest uptick. Exploration successes at Gold Bar and Froome delivered strong grades but drew muted to negative price reactions. Q3 2025 results showed lower revenue and higher costs but outlined a path to 250,000–300,000 GEOs by 2030.

Market Pulse Summary

This announcement highlights high‑grade Western Flank drilling at Tartan, including 7.5 gpt over 18....

Analysis

This announcement highlights high‑grade Western Flank drilling at Tartan, including 7.5 gpt over 18.9 metres, additional strong intercepts, and a $3 million 2026 exploration budget. It builds on a 2017 NI 43‑101 resource of 240,000 oz Indicated and 37,000 oz Inferred, as McEwen targets doubling production by 2030. Investors may watch the updated resource estimate due by end of February, progress on engineering and permitting, and how consistently drilling continues to extend mineralization along strike and at depth.

Key Terms

gpt, mineral resource estimate, indicated resources, inferred resources, +1 more

5 terms

gpt technical

"Highlights from the recent results include an intercept of 7.5 gpt gold over 18.9 metres."

GPT, or Generative Pre-trained Transformer, is a type of artificial intelligence that can understand and generate human-like text. It works like a highly advanced autocomplete system, predicting what words or sentences come next based on patterns it has learned from vast amounts of information. For investors, GPT’s ability to process and analyze language can enhance data interpretation, automate tasks, and support decision-making processes.

mineral resource estimate technical

"final drill results to be included in the upcoming Mineral Resource Estimate for the Tartan Mine Project"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

indicated resources technical

"showed Indicated resources of 240,000 ounces gold (1,180,000 tonnes at 6.32 gpt gold)"

Indicated resources are quantities of a mineral deposit estimated with a reasonable level of geological confidence based on systematic sampling and analysis; they sit between rough guesses and fully proven amounts. Investors care because these estimates give a clearer sense of how much extractable material a project might contain and help assess potential value, while still requiring more work (drilling, testing) before the amounts can be treated as almost certain.

inferred resources technical

"and Inferred resources of 37,000 ounces gold (240,000 tonnes at 4.89 gpt gold)"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

ni 43-101 regulatory

"The last NI 43-101 resource estimate was published in 2017 by Satori Resources Inc."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. Not financial advice.

TORONTO, Jan. 13, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is pleased to announce the final drill results to be included in the upcoming Mineral Resource Estimate for the Tartan Mine Project, near Flin Flon, Manitoba (Fig. 1). McEwen completed the acquisition of Tartan on January 5, 2026, through the purchase of Canadian Gold Corp. The updated Mineral Resource Estimate is expected to be released by the end of February and will be used to develop future plans as the Company targets doubling production by 2030. Highlights from the recent results include an intercept of 7.5 gpt gold over 18.9 metres. This expands the gold mineralization along the Western Flank beyond the previous result reported by Canadian Gold Corp., which returned 12.3 gpt gold over 14.0 metres (press release dated November 27, 2025). There appears to be excellent potential to further expand the size of the Tartan resource as the Main Zone is widening at depth while encountering similarly high gold grades (Fig. 3).

Western Flank at Tartan Mine Becoming Increasingly Important

The Western Flank at the Tartan Mine Project is located at the current western edge of the Main Zone (Fig. 2 & 3). It has been the primary focus of exploration during the past six months and has returned several notable drill intercepts, including today’s result of 7.5 gpt gold over 18.9 metres and intercepts released in late 2025, 12.3 gpt gold over 14.0 metres and 8.2 gpt gold over 9.9 metres (Fig. 3).

The objective of the ongoing drilling is to increase the number of ounces per vertical metre, which could allow for higher annual gold production in a potential mine restart while driving economies of scale to lower production and development costs. This objective is being achieved, driven by the success along the Western Flank that shows the strike length of the Main Zone having expanded from 100 metres near surface to approximately 150 metres at depth (Fig. 3). Two additional drill results along the Western Flank returned 6.6 gpt gold over 7.0 metres and 4.9 gpt gold over 7.9 metres. These results have expanded the gold mineralization approximately 30 metres further to the west, over a vertical distance of 80 metres (Fig. 3) (from 520 to 600 metres below surface).

Additional High Priority Exploration Targets at Tartan

The Company is currently budgeting $3 million for exploration at Tartan in 2026 and plans to increase this total if strong results continue to be delivered throughout Q1. In addition to expanding resources to the west, good opportunities remain in the following areas: 1) Eastern Flank of the Main Zone, 2) At depth within the Main Zone, 3) South Zone (parallel to the Main Zone), and 4) Regionally along the Tartan Lake Shear Zone (Fig. 1, 2 & 3). Since drilling was restarted by Canadian Gold in 2023, 35 of the 39 drill holes (approximately 90%) have successfully intersected what the Company believes to be potentially economic mineralization at the Main Zone.

Tartan Mine History

The Tartan Mine is located approximately 12 km northeast of Flin Flon, Manitoba within the Flin Flon Greenstone Belt (Fig. 1). Early exploration began in the 1920s, with construction of the Tartan Mine in the mid-1980s. Mining began in 1987 with a 250 tonne per day mill, which was further expanded to 500 tonnes per day. The mine produced approximately 47,000 ounces of gold before shutting down due to a decline in the gold price and mechanical challenges. The last NI 43-101 resource estimate was published in 2017 by Satori Resources Inc. (which became Canadian Gold Corp.) and showed Indicated resources of 240,000 ounces gold (1,180,000 tonnes at 6.32 gpt gold) and Inferred resources of 37,000 ounces gold (240,000 tonnes at 4.89 gpt gold) using a 3.0 gpt gold cut-off.

Why It Matters to Our Shareholders & the Value of Our Company

Tartan is an increasingly rare high-grade gold project in Canada that has had limited exploration between 1989 and 2023. We believe the recent results, combined with our planned investment into exploration, will allow Tartan to become one of the Company’s key growth drivers as we move towards our goal of doubling production by 2030. Tartan has the potential to become a lower cost, long-life mine. This year will be important as we publish the updated Mineral Resource Estimate and advance engineering and permitting to move towards a production decision. By leveraging existing mine infrastructure and the high-grade gold at Tartan, the Company aims to keep capital costs low and develop the mine in phases.

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, 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, Flin Flon in Manitoba and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.

The Company has a 46.4% 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$456 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 over US$200 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 eventually implement a dividend policy, as he did while building Goldcorp Inc.

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.

Technical Disclosure

The drill core samples were collected by Canadian Gold Corp. as described in this news release were transported in secure sealed bags for preparation and assay by Paragon Geochemical in Surrey, BC. The drill core samples reported are NQ size ½ core samples crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and analysed for gold by PhotonAssay.

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, as at the date of this news release, 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, 2024, 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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Table 1. Drill Hole Result Highlights 

Drill Hole	From (m)	To (m)	Vertical Depth (m)	Interval1 (m)	Gold (gpt)	Zone
TLMZ25-50A	545.6	553.5	400	7.9	1.6	Main Zone
TLMZ25-51W1	701.0	708.0	600	7.0	6.6	Main Zone
TLMZ25-51W2	692.1	700.0	580	7.9	4.9	Main Zone
TLMZ25-51W3	644.0	656.0	520	18.9	7.5	Main Zone
Including	652.0	654.0		2.0	30.4	Main Zone

¹Interval widths reported; true widths of the system are not yet known due to lack of drilling.

Table 2. Drill Hole Information

Drill Hole	Hole Type	Wedge Depth (m)	Azimuth	Dip	Length (m)	Easting (UTM)	Northing (UTM)
TLMZ25-50A	Surface	-	190	-54	599	324474	6082451
TLMZ25-51W1	Wedge	420	217	-62	728	324450	6082401
TLMZ25-51W2	Wedge	380	217	-62	728	324450	6082401
TLMZ25-51W3	Wedge	360	217	-62	728	324450	6082401

Figure 1: Tartan Mine Location Relative to Flin Flon and Tartan Shear Location on McEwen Mineral Claims (Manitoba and Saskatchewan).

Figure 2: Plan Map of Tartan Mine’s Main and South Zones.

Figure 3: Long Section of Tartan Mine’s Main Zone.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/98323b15-bd3e-4c97-860c-3270b3a2634f
https://www.globenewswire.com/NewsRoom/AttachmentNg/5907c08f-0a5c-4dd6-85aa-d5cd20024a42
https://www.globenewswire.com/NewsRoom/AttachmentNg/58b8a131-ab08-46d7-8368-54b84fc04e91

FAQ

What did McEwen (MUX) announce for the Tartan Mine on January 13, 2026?

McEwen announced final drill results for the Tartan Mine, highlighted by 7.5 gpt gold over 18.9 m, and said an updated Mineral Resource Estimate will be released by end-February 2026.

How much is McEwen budgeting for Tartan exploration in 2026 (MUX)?

McEwen is budgeting $3 million for exploration at Tartan in 2026, with plans to increase spending if strong Q1 results continue.

When did McEwen complete the acquisition of Tartan (MUX)?

McEwen completed the acquisition of Tartan on January 5, 2026 via purchase of Canadian Gold Corp.

How has the Main Zone at Tartan changed according to McEwen (MUX)?

The Main Zone strike length has reportedly widened from ~100 metres near surface to ~150 metres at depth, with mineralization extended ~30 metres west.

What are the key drill intercepts reported at Tartan (MUX)?

Key intercepts include 7.5 gpt gold over 18.9 m, 12.3 gpt over 14.0 m, and 8.2 gpt over 9.9 m.

What is McEwen's production goal related to Tartan (MUX)?

McEwen is targeting to double production by 2030 and expects Tartan to be a key growth driver toward that goal.