McEwen is expanding its Golden Bar mine complex with the acquisition of two projects adjacent to its Windfall and Lookout Mountain discoveries in the Eureka mining district of Nevada, US.

Historical drill highlights from Jewel Ridge project include 2.20 g/t gold over 28.96 m, 1.24 g/t gold over 56.39 m, 2.37 g/t gold over 67.57 m. These holes are located north of McEwen’s Windfall deposit, where a recent drill hole returned 5.55 g/t gold over 44.2 m.

Incorporating Golden Lake’s projects into the Gold Bar mine complex will help continue the mine’s transformation into a long-life operation by investing in exploration and leveraging the current McEwen infrastructure, thee company explains.

McEwen will acquire these assets by buying CSE-listed Golden Lake by way of a plan of arrangement. Each Golden Lake common share would entitle its holder to receive 0.003876 McEwen common shares as is equal to $0.12 divided by the volume-weighted average trading price of the McEwen shares on the TSX for the 20 consecutive trading days ending on and including the trading day of January 26.

The exchange ratio represents an implied offer price of C$0.12 a Golden Lake Share, being a premium of 60% to the 20-day volume weighted average price of the Golden Lake Shares as at market close on January 26, 2026.