Royalties

ABOUT
McEwen Royalties

McEwen holds royalty interests that provide additional exposure to value generated by strategic assets and businesses in which the Company has an interest.

These include existing Net Smelter Return (NSR) royalties on properties located in the state of Nevada, USA; the San Juan and Santa Cruz provinces in Argentina; Yukon, Canada; and a potential royalty on revenues from Paragon Advanced Labs.

McEwen
ROYALTIES

CURRENT

1.25% NSR on Los Azules property, San Juan, Argentina (owned by McEwen Copper)
1.25% NSR on Elder Creek property, Nevada, USA (owned by McEwen Copper)
2.0% NSR on 20 exploration licenses in Santa Cruz, Argentina (owned by Minera Santa Cruz)
0.5% NSR on part of Limo Butte property, Nevada, USA (owned by NevGold Corp)
2.5% NSR on Cedar Wash property, Nevada, USA (owned by NevGold Corp)
0.89% NSR on Jason property, Yukon, Canada (owned by Fireweed Metals)

POTENTIAL

3% on lab revenues from third-party clients of Paragon Advanced Labs

LOS AZULES – 1.25% NSR ROYALTY

McEwen owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project, in addition to its 46.3% equity interest in McEwen Copper.

The 2025 Feasibility Study outlines a 21-year mine life at Los Azules, with a 22-year operating period. Average annual production is approx. 204,800 tonnes copper cathode during the first five years. With a C1 cash cost of $1.71/lb copper, Los Azules stands in the second lowest quartile of global copper production costs.

The project also has the potential for a further 33-year operating period under the PEA-level Nuton case. Together, the initial operating period and the potential Nuton extension could provide 55 years of operations. The Nuton case is preliminary in nature and is not supported by Mineral Reserves.

Based on the 2025 Feasibility Study, the initial-case royalty is estimated at base case $4.35/lb copper. The potential royalty from the Nuton extension is estimated at $4.80/lb copper. Both amounts represent nominal, undiscounted pre-tax royalty cash flow.

Los Azules ROYALTY ECONOMICS

Nominal Undiscounted Pre-Tax Royalty Cash Flow

Initial 22-year operating period
At base case $4.35/lb Cu $389.5M

Potential 33-year Nuton extension
At base case $4.80/lb Cu $633.5M

Combined projected royalty cash flow
At $6.50/lb Cu ~$1.4B

LOS AZULES ROYALTY SENSITIVITY TO COPPER PRICE

The value of McEwen’s Los Azules royalty increases with the copper price. The sensitivity chart below illustrates projected nominal, undiscounted pre-tax royalty cash flow for the initial 22-year operating period and the potential 33-year Nuton extension across a range of copper prices.

At $6.50/lb copper McEwen’s royalty is projected to generate approx. $584M from the initial case and approx. $860M from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approx. $1.4B.

Related Information: Los Azules Project | 2025 Feasibility Study | McEwen Q2 2026 Results

SANTA CRUZ, ARGENTINA – 2.0% NSR ROYALTY

McEwen holds a 2.0% NSR royalty over 20 exploration licenses held by Minera Santa Cruz S.A. (“MSC”) in the Deseado Massif of Santa Cruz Province, in the district surrounding the San José and Cerro Negro mines. Under the royalty agreements, MSC acquired the relevant mining rights in exchange for an irrevocable 2.0% NSR royalty on production from the applicable mining-right areas.

The royalty applies to gold, silver and other minerals and is calculated on product value less specified commercial costs, including transportation, insurance, treatment, refining and related selling costs. The licenses are located within the Deseado Massif, one of Argentina’s principal epithermal precious-metals districts, near Newmont’s Cerro Negro operation, which produced ~200,000 ounces of gold in 2025.

LIMO BUTTE, NEVADA - 0.5% NSR

McEwen holds a 0.5% NSR royalty over a majority of the claims at NevGold Corp.’s 100%-owned Limo Butte gold-antimony project in White Pine County, Nevada. The underlying deed provides for a 0.5% NSR royalty to McEwen on the conveyed Limo Butte claims, excluding land subject to a pre-existing Teck royalty.

Located approximately 70 kilometers north-northwest of Ely, Limo Butte is an advanced-stage exploration project. NevGold’s 2026 maiden gold-antimony Mineral Resource Estimate includes

Measured and Indicated: 181,400 gold ounces at 0.37 gpt Au, 562,200 silver ounces at 1.15 gpt Ag, 31,800 antimony tonnes at 0.21% Sb
Inferred: 1.20 million gold ounces at 0.32 gpt Au, 1.69 million silver ounces at 0.61 gpt Ag, 75,700 antimony tonnes at 0.21% Sb.

Limo Butte is advancing through a 20,000-meter drill program focused on resource expansion and conversion, alongside metallurgical and economic studies.

Related Information: NevGold - Limo Butte Project | 2026 Limo Butte NI 43-101 Technical Report

CEDAR WASH, NEVADA - 2.5% NSR

McEwen holds a 2.5% NSR royalty on NevGold’s Cedar Wash property in Lincoln County, Nevada. NevGold has rights to reduce the royalty to 2.0% for a US$500,000 payment, to 1.5% for a further US$500,000 payment, and ultimately to 1.0% for an additional US$750,000 payment to McEwen.

Cedar Wash is an early-stage gold project originally discovered through McEwen exploration work beginning in 2015–2016. Initial drilling intersected near-surface gold mineralization, including 16.0 meters grading 1.36 g/t Au and 10.7 meters grading 2.0 g/t Au. The project offers further exploration upside, with gold mineralization identified across multiple targets and a prospective 2-kilometer gold-in-soil trend.

Related information: NevGold Cedar Wash Project | NevGold Q2 2026 MD&A

JASON, YUKON – 0.89% NSR

McEwen holds a 0.89% NSR royalty on the Jason property, part of the Macpass project in Yukon, 100%-owned by Fireweed Metals Corp. (Fireweed). The Jason claim group is subject to a third-party underlying 3% NSR royalty that can be bought out at any time for C$5.25 million. Based on the historical royalty allocation, this corresponds to a payout of approximately C$1.56 million to McEwen.

The Jason property contains Jason Main, Jason South and End Zone, which are high-grade zinc-lead-silver deposits. Its 2024 Mineral Resource Estimate includes

Indicated: 667 M lb zinc at 7.31% Zn, 248 M lb lead at 2.72% Pb, and 1.16 M oz silver at 8.7 g/t Ag.
Inferred: 1,425 M lb zinc at 5.35% Zn, 1,179 M lb lead at 4.43% Pb, and 18.73 M oz silver at 48.2 g/t Ag.

PARAGON OPPORTUNITY – 3% REVENUE ROYALTY

In July 2026, McEwen entered into a Memorandum of Understanding (MOU) with Paragon to develop advanced laboratory services, including PhotonAssay™ technology, initially at the Gold Bar Mine Complex in Nevada.

The MOU also considers establishing future PhotonAssay™ laboratory services at the Fox Complex in Timmins and El Gallo in Mexico.

Under the MOU, Paragon would grant McEwen a 3% royalty on gross revenues generated by the laboratories from third-party clients.

The royalty opportunity complements McEwen’s strategic equity investment in Paragon and the contemplated deployment of advanced assay technology across McEwen’s operating portfolio.

ABOUT PARAGON

McEwen is the largest shareholder of Paragon, with a 27% interest in the publicly listed company.

Paragon provides geochemical laboratory services to mining clients across North America and is deploying PhotonAssay™ technology, a rapid, accurate and non-destructive assay method for gold, silver and base metals. Compared with traditional fire assay, it offers faster turnaround and environmental and safety advantages.

McEwen believes PhotonAssay™ is poised to become an industry standard for precious and base metal assaying, supporting faster data-driven exploration decisions.

Related Information: McEwen Strategic Investment in Paragon | McEwen Q2 2026 Results