The Exchange Ratio represents an implied offer price of CDN $0.12 per Golden Lake Share, being a premium of 60% to the 20-day volume weighted average price ("VWAP") of the Golden Lake Shares as at market close on January 26, 2026. Benefits of the Transaction for McEwen Shareholders:Adds an adjacent property to McEwen’s Gold Bar Mine Complex, with promising drill results. Under the Plan of Arrangement, (i) all outstanding warrants of Golden Lake will be cashlessly exercised and cancelled in exchange for Golden Lake Shares having a value equal to their in-the-money amount, and (ii) all outstanding Golden Lake convertible notes will be converted into Golden Lake Shares based on principal and accrued interest in accordance with their terms. All issued and outstanding Golden Lake Shares (other than those held by McEwen or dissenting shareholders, but including the Golden Lake Shares issued to warrantholders and noteholders) will be exchanged for McEwen Shares on the basis of the Exchange Ratio. Geo., who serves as a Qualified Person as defined under National Instrument 43-101 for Golden Lake Exploration Inc.