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EQUITY METHOD INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
McEwen Copper |
EQUITY METHOD INVESTMENTS |
Summary of financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
McEwen Copper (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | $ | (12,236) | ​ | $ | (37,547) | ​ | $ | (33,507) | ​ | $ | (85,730)
Other expenses | ​ | ​ | (1,548) | ​ | ​ | (1,835) | ​ | ​ | (2,645) | ​ | ​ | (3,851)
Foreign exchange gain (loss) | ​ | ​ | (861) | ​ | ​ | 310 | ​ | ​ | (870) | ​ | ​ | (3,682)
Interest and other income (expense)(1) | ​ | ​ | (381) | ​ | ​ | 3,841 | ​ | ​ | 3,525 | ​ | ​ | 20,295
Loss before tax | ​ | $ | (15,026) | ​ | $ | (35,231) | ​ | $ | (33,497) | ​ | $ | (72,968)
Current and deferred taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net loss | ​ | $ | (15,026) | ​ | $ | (35,231) | ​ | $ | (33,497) | ​ | $ | (72,968)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from investment in McEwen Copper | ​ | $ | (6,978) | ​ | $ | (16,816) | ​ | $ | (15,556) | ​ | $ | (34,828)
​ (1) Interest and other income (expense) include gains on marketable securities and other finance-related expenses.
Schedule of change in the company's investment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended | ​ | Year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
Investment, beginning of period | ​ | $ | 298,947 | ​ | $ | 326,147
Additional investment in McEwen Copper | ​ | ​ | — | ​ | ​ | 14,000
Dilution gain | ​ | ​ | — | ​ | ​ | 5,777
Attributable net loss from McEwen Copper | ​ | ​ | (15,556) | ​ | ​ | (46,977)
Investment, end of period | ​ | $ | 283,391 | ​ | $ | 298,947
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
As at | ​ | June 30, 2025 | ​ | December 31, 2024
Current assets | ​ | $ | 24,309 | ​ | $ | 34,067
Total assets | ​ | $ | 218,348 | ​ | $ | 226,329
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (38,667) | ​ | $ | (14,656)
Total liabilities | ​ | $ | (38,816) | ​ | $ | (14,856)
Minera Santa Cruz S.A. |
EQUITY METHOD INVESTMENTS |
Summary of financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
Minera Santa Cruz S.A. (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from gold and silver sales | ​ | $ | 94,886 | ​ | $ | 74,348 | ​ | $ | 166,789 | ​ | $ | 140,274
Production costs applicable to sales | ​ | ​ | (63,603) | ​ | ​ | (48,220) | ​ | ​ | (120,191) | ​ | ​ | (96,105)
Depreciation and depletion | ​ | ​ | (10,612) | ​ | ​ | (14,723) | ​ | ​ | (21,222) | ​ | ​ | (23,649)
Gross profit | ​ | ​ | 20,671 | ​ | ​ | 11,405 | ​ | ​ | 25,376 | ​ | ​ | 20,520
Exploration | ​ | ​ | (2,915) | ​ | ​ | (3,018) | ​ | ​ | (5,215) | ​ | ​ | (5,122)
Other expense(1) | ​ | ​ | (4,521) | ​ | ​ | (2,451) | ​ | ​ | (3,695) | ​ | ​ | (950)
Income before tax | ​ | $ | 13,235 | ​ | $ | 5,936 | ​ | $ | 16,466 | ​ | $ | 14,448
Current and deferred income tax recovery (expense) | ​ | ​ | (4,850) | ​ | ​ | 4,514 | ​ | ​ | (5,891) | ​ | ​ | (333)
Net income | ​ | $ | 8,385 | ​ | $ | 10,450 | ​ | $ | 10,575 | ​ | $ | 14,115
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 4,109 | ​ | $ | 5,120 | ​ | $ | 5,182 | ​ | $ | 6,918
Amortization of fair value increments | ​ | ​ | (523) | ​ | ​ | (667) | ​ |  | (1,091) | ​ |  | (1,377)
Income tax recovery | ​ | ​ | 10 | ​ | ​ | 248 | ​ | ​ | 15 | ​ | ​ | 438
Income from investment in MSC, net of amortization | ​ | $ | 3,596 | ​ | $ | 4,701 | ​ | $ | 4,106 | ​ | $ | 5,979
​ (1) Other expense includes foreign exchange gains and losses, accretion of asset retirement obligations and other finance-related expenses.
Schedule of change in the company's investment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended | ​ | Year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
Investment, beginning of period | ​ | $ | 101,854 | ​ | $ | 93,218
Attributable net income from MSC | ​ | ​ | 5,182 | ​ | ​ | 12,072
Amortization of fair value increments | ​ | ​ | (1,091) | ​ | ​ | (3,088)
Income tax recovery | ​ | ​ | 15 | ​ | ​ | 37
Dividend distribution received | ​ | ​ | (2,246) | ​ | ​ | (385)
Investment, end of period | ​ | $ | 103,714 | ​ | $ | 101,854
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
As at | ​ | June 30, 2025 | ​ | December 31, 2024
Current assets | ​ | $ | 145,140 | ​ | $ | 144,327
Total assets | ​ | $ | 238,634 | ​ | $ | 233,003
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (54,346) | ​ | $ | (57,373)
Total liabilities | ​ | $ | (89,146) | ​ | $ | (89,594)

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