Successful Exploration Transforming McEwen’s Gold Bar Mine Complex Sets the Stage for Meaningful Mine Life Extension

Rhea-AI Summary

McEwen (NYSE: MUX) reports successful 2025 exploration at its Gold Bar Mine Complex (Eureka, Nevada), targeting Lookout Mountain, Windfall and Unity Ridge to extend mine life and raise annual gold production potential. Key drill highlights include 1.0 g/t Au over 89.9 m (LM045), 4.6 g/t Au over 26.7 m (WF055) and 3.6 g/t Au over 48.8 m (GB660). Lookout Mountain carries a 2023 resource estimate of 423,000 oz Au Measured & Indicated and 84,000 oz Au Inferred. Next steps include a year-end updated resource, metallurgical testing, pit design work and permitting, with further 2026 drilling and studies planned to advance development.

Positive

• Lookout M&I 423,000 oz Au (2023 resource estimate)
• Lookout Inferred 84,000 oz Au (2023 resource estimate)
• Drill intercept 1.0 g/t Au over 89.9 m (LM045, 2025)
• Drill intercept 4.6 g/t Au over 26.7 m (WF055, 2025)
• Drill intercept 3.6 g/t Au over 48.8 m (GB660, 2025)
• Windfall shows 1.6 km near-surface oxide continuity

Negative

• Metallurgical heap leach suitability testing results are pending
• Updated resource and engineering work remain incomplete until year-end

Key Figures

Lookout Mtn M&I resource 423,000 oz gold Measured & Indicated, 23,423,000 tonnes grading 0.56 gpt Au

Lookout Mtn inferred 84,000 oz gold Inferred, 6,641,000 tonnes grading 0.39 gpt Au

Lookout drill intercept 89.9 m @ 1.0 gpt Au Drillhole LM045 at Lookout Mountain

Windfall drill intercept 26.7 m @ 4.6 gpt Au Drillhole WF055 near-surface oxide at Windfall

Unity Ridge intercept 48.8 m @ 3.6 gpt Au Drillhole GB660 at Unity Ridge

Windfall trend length 1.6 kilometers Section of north-south-trending Windfall fault zone

Gold Bar 52-week range $6.38–$24.88 MUX 52-week low and high before this news

Market cap $1,019,874,155 MUX market capitalization before this news

Market Reality Check

$18.77 Last Close

Volume Volume 956,762 is close to the 20-day average of 1,061,741 (relative volume 0.9). normal

Technical Price at 18.77 was trading above the 200-day MA at 11.69 before this news.

Peers on Argus

Peers in Other Precious Metals & Mining showed mixed moves (e.g., ASM -2.13%, MTA -4.82%, ITRG +0.82%), suggesting no clear sector-wide trend aligned with MUX’s slight pre-news gain of 0.27%.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Exploration update	Positive	-0.4%	High-grade Froome West drill results expanding mineralized zones and mine potential.
Nov 06	Q3 2025 earnings	Negative	-10.0%	Q3 revenue decline and higher cost guidance despite higher adjusted EBITDA and growth plans.
Nov 03	Earnings call notice	Neutral	-4.8%	Announcement of Q3 2025 results conference call and webcast details.
Nov 03	Strategic acquisition	Positive	-1.4%	Agreement to acquire 31% fully diluted interest in Paragon Geochemical using McEwen shares.
Oct 28	Technical report refiling	Neutral	-2.6%	Refiling of Fox Complex NI 43-101 report after OSC review with resources unchanged.

Pattern Detected

Recent news and corporate updates have often been followed by negative 1-day price moves, even when operational messages were constructive.

Recent Company History

Over the last several months, McEwen released a series of operational and corporate updates. On Oct 28, 2025, it refiled the Fox Complex technical report with no change to mineral resources. On Nov 3, 2025, it announced a 31% strategic stake in Paragon Geochemical and separately scheduled its Q3 2025 results call. Q3 2025 results on Nov 6, 2025 showed lower revenue but higher adjusted EBITDA and revised guidance. On Dec 4, 2025, high‑grade Froome West drill results were reported. All of these saw 1‑day price declines, framing today’s Gold Bar exploration news against a backdrop of past selloffs on news.

Market Pulse Summary

This announcement details significant exploration progress at McEwen’s Gold Bar Mine Complex, with notable oxide gold intercepts at Lookout Mountain, Windfall and Unity Ridge and an existing Lookout resource of 423,000 oz M&I plus 84,000 oz inferred. The company plans updated resource estimates, metallurgical testing and engineering to advance these zones toward potential production. Investors may watch upcoming resource updates, permitting milestones, and how these projects integrate with existing infrastructure, while considering recent patterns of news-driven volatility and Net Selling by insiders over the past 90 days.

AI-generated analysis. Not financial advice.

TORONTO, Dec. 08, 2025 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is advancing three key areas at its Gold Bar Mine Complex in the Eureka Mining District of Nevada, to increase resources, extend mine life and potentially increase annual gold production: 1) Lookout Mountain 2) Windfall, and now 3) Unity Ridge (Figure 1). The Company believes that integrating these areas into the mine plan has the potential to transform the Gold Bar Mine Complex into a long-life asset. Recent drilling has delivered strong intercepts including the following, highlighting the growth potential at Gold Bar:

• 1.0 gpt gold over 89.9 meters in drillhole LM045
• 4.6 gpt gold over 26.7 meters in drillhole WF055
• 3.6 gpt gold over 48.8 meters in drillhole GB660.
  
  

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

The Company’s objective at the Gold Bar Mine Complex is to convert our exploration success into a long-life asset as we integrate Lookout Mountain, Windfall and Unity Ridge into our production plans. Since much of the gold mineralization in these areas is oxide, McEwen will look to utilize the existing Gold Bar infrastructure where possible. It is important that we don’t just add ounces but focus on return on capital and how efficiently these ounces can be developed and produced. Next year will be a pivotal period for the Gold Bar operation, as we work to advance these areas and build our future in Nevada.

1) Lookout Mountain

Drilling at Lookout Mountain focused on infilling areas of the existing deposit (resource estimate stated below) to convert Inferred Resources into the Measured and Indicated categories and obtain samples to commence metallurgical testing aimed at confirming the use of the same heap leach recovery process currently used at Gold Bar.

The 2025 drill program at Lookout Mountain is now complete (see Figure 2) and met its objectives. Next steps include publishing an updated resource estimate with McEwen’s year-end financials, receiving the results from the metallurgical testing, advancing engineering work around the pit design, and permitting, to advance Lookout Mountain towards production.

Recent infill drill result highlights from Lookout Mountain are shown below in Table 1.

Table 1. Selection of assay results from Lookout Mountain

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade (gpt)
LM016	106.7		161.5		54.9		1.0
incl	108.2		115.8		7.6		2.0
LM044	41.1		80.8		39.6		0.9
incl	42.7		47.2		4.6		1.7
and including	53.3		61.0		7.6		1.5
and including	68.6		71.6		3.0		1.1
LM045	89.9		179.8		89.9		1.0

Note: Numbers may not sum due to rounding and metric conversion

Lookout Mountain was acquired by McEwen as part of the Timberline Resources acquisition in 2024. Timberline published a resource estimate for Lookout Mountain (NI43-101 and S-K1300 Technical Reports, 2023), which contains:

• • 423,000 oz gold in the Measured and Indicated categories, from 23,423,000 tonnes grading 0.56 grams per tonne (gpt) gold (Au), or 25,819,000 tons grading 0.017 ounce per ton (oz/T) Au; and
    
    
  • 84,000 oz gold in the Inferred category, from 6,641,000 tonnes grading 0.39 gpt Au, or 7,322,000 tons grading 0.011 oz/T Au.
    
    

2) Windfall (Figures 3 & 4)

A resource estimate for Windfall is scheduled for next year. Recent results continue to indicate that there is excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer-long (1 mile) section of the north-south-trending Windfall fault zone (Figure 3). The gold mineralization at Windfall remains open for further expansion in multiple directions. The addition of Windfall into the Company’s overall resource estimate at the Gold Bar Mine Complex is expected to have a meaningful impact on total ounces.

New near-surface oxide results are shown below in Table 2.

Table 2. Selection of assay results from Windfall

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade (gpt)
WF052	88.4		115.8		27.4		3.1
WF055	56.6		83.3		26.7		4.6
WF056	76.4		102.4		26.0		3.7
and	148.4		158.9		10.4		0.6
WF115	86.9		102.1		15.2		0.4
and	114.3		138.7		24.4		1.6
incl	120.4		129.5		9.1		3.4
WF119	53.3		120.4		67.1		1.1
incl	53.3		57.9		4.6		7.1

Note: Numbers may not sum due to rounding and metric conversion

The Company will continue its exploration program in 2026, focusing on the higher-grade areas of the deposit. In addition, McEwen will complete metallurgical studies and mining designs with the objective of advancing Windfall towards production. Notably, Windfall is located on private land, which could accelerate the permitting process.

3) Unity Ridge

At Unity Ridge, located within the current limits of the Gold Bar Mine (Figure 5), the Company is at the early stages of evaluating the potential to expand and merge three existing open pits into one larger mining area, which could increase gold resources and extend mine life (Figure 6).

McEwen has completed a series of drillholes between and below the open pits with results that intersected oxide gold mineralization highlighted below in Table 3.

Table 3. Selection of assay results from Unity Ridge

HOLE-ID	FROM (m)		TO (m)		Length (m)		Au Grade (gpt)
GB274	82.3		106.7		24.4		0.7
GB660	103.6		152.4		48.8		3.6
GB670	56.4		85.3		29.0		1.8
incl	61.0		64.0		3.0		7.9
GB672	56.4		88.4		32.0		1.6
GB676	70.4		105.0		34.6		3.4
incl	84.6		93.5		9.0		6.6
GB682	85.3		105.2		19.8		1.1
GB706	45.7		82.3		36.6		0.9
GB730	129.2		138.2		9.0		1.1
GB754	97.5		123.4		25.9		1.1
GB755	30.5		50.3		19.8		3.6
GB763	33.5		48.8		15.2		1.7
GB768	50.3		65.5		15.2		1.2
GB840	64.0		85.3		21.3		1.4
GB841	61.0		85.3		24.4		2.1
GBSW002	51.2		70.0		18.8		2.1
and	76.8		89.8		13.0		2.7
PKC_002	44.2		91.4		47.2		2.9
PKC_009	59.4		80.8		21.3		3.7
RGM044M	68.0		96.3		28.3		3.4
RGM046M	76.8		95.4		18.6		2.3

Note: Numbers may not sum due to rounding and metric conversion

In 2026, the Company’s focus at Unity Ridge will be a drilling program to confirm the gold grades and widths associated with historical drilling (Figure 7), expand the known mineralization, and estimate the amount of oxide gold mineralization that could potentially be leached using the current process facilities. Unity Ridge lies within the current Plan of Operations for mining activity, which could allow for permitting to be expedited.

Detailed tables of drill results at the Gold Bar Mine Complex which include hole locations and alignments for Lookout Mountain, Windfall and Unity are available on the Company’s website and can be accessed by clicking here.

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, Canada and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also considering reactivating a gold and silver 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.

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.

Technical Disclosure

Technical information pertaining to the Gold Bar Complex exploration contained in this press release has been prepared under the supervision of Robert Kastelic, MSc, CPG, Exploration Manager in Nevada and Luke Willis, P.Geo, Director of Resource Modelling for McEwen Inc., who are Qualified Persons (QPs) as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." 

Analyses reported herein were submitted either as half core samples or reverse circulation (RC) samples and, for Lookout Mountain, Windfall and some Unity drillholes, assayed by the photon assay method at the Paragon Geochemical laboratory, in Reno, Nevada. Remaining core and RC samples from the Unity Pit drilling were assayed by the fire assay method at one of the following labs: ALS Chemex, American Assay Labs, Pangea Labs and Paragon Geochemical. McEwen recently signed an agreement to acquire 31% of Paragon Geochemical Laboratories

As part of our regular QA/QC program, McEwen follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials, blanks and duplicates at regular intervals in the sample stream for the monitoring and assessment of laboratory processes and procedures.

All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the geological database.

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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	WEB SITE		SOCIAL MEDIA
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				LinkedIn:	linkedin.com/company/mceweninc
	CONTACT INFORMATION			X:	X.com/mceweninc
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	Suite 2800, PO Box 24
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	M5H 1J9			LinkedIn:	linkedin.com/company/mcewencopper
				X:	X.com/mcewencopper
	Relationship with Investors:			Instagram:	instagram.com/mcewencopper
	(866)-441-0690 - Toll free line
	(647)-258-0395		Rob McEwen	Facebook:	facebook.com/mcewenrob
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	info@mcewenmining.com			X:	X.com/robmcewenmux

Figure 1. Location of Lookout Mountain, Windfall and Unity Ridge

Figure 2. Map of Lookout Mountain showing the location of the holes from the 2025 drilling campaign

Figure 3. Map showing the location of new drill results in the Windfall area

Figure 4. Cross-section of drillhole WF119 showing the extent of new mineralization found in the Windfall Fault Zone; previous results from WF037 and WF039 (see press release dated October 22^nd, 2025) are also shown.

Figure 5: Map showing the location of the proposed Unity Pit at Gold Bar.

Figure 6: Cross Section (see Figure 7) showing mineralized intersections in the proposed Unity Pit at Gold Bar

Figure 7: Plan view map showing the holes located in the proposed Unity Pit area

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/1adc5d95-40f7-4e22-8059-9c64f5bc4a29

https://www.globenewswire.com/NewsRoom/AttachmentNg/3679cf0f-f6b6-46bc-ae34-71a0182cf2e0

https://www.globenewswire.com/NewsRoom/AttachmentNg/9d8ead5c-c096-4567-8387-026f0dcb5611

https://www.globenewswire.com/NewsRoom/AttachmentNg/6aecc9dd-1405-43ff-8ea8-db6b3668ff48

https://www.globenewswire.com/NewsRoom/AttachmentNg/6ac8d4b6-e759-4039-9adc-8b88b0ff6f5a

https://www.globenewswire.com/NewsRoom/AttachmentNg/cfeee609-6f60-4574-b286-9ba5b8e06e17

https://www.globenewswire.com/NewsRoom/AttachmentNg/e38645c7-fc51-4ddd-8676-5604f868fd1c

FAQ

What did McEwen (MUX) announce about Gold Bar exploration on December 8, 2025?

McEwen announced 2025 drill results and plans to integrate Lookout Mountain, Windfall and Unity Ridge to extend Gold Bar mine life.

How many ounces are in Lookout Mountain's 2023 resource estimate referenced by MUX?

Lookout Mountain contains 423,000 oz Au Measured & Indicated and 84,000 oz Au Inferred in the 2023 estimate.

Which notable drill intercepts did MUX report at Gold Bar in 2025?

Notable intercepts include 1.0 g/t over 89.9 m (LM045), 4.6 g/t over 26.7 m (WF055) and 3.6 g/t over 48.8 m (GB660).

What are the next steps McEwen (MUX) plans for Gold Bar in 2026?

Plans include publishing an updated resource with year-end financials, completing metallurgical tests, advancing pit design and continued 2026 drilling.

Could Windfall and Unity Ridge speed permitting for McEwen's Gold Bar (MUX)?

Windfall sits on private land and Unity Ridge lies within the current Plan of Operations, which could expedite permitting.