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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 14 RELATED PARTY TRANSACTIONS

The Company recorded the following expense in respect to the related party outlined below during the periods presented:

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Three months ended June 30,

    

Six months ended June 30,

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2025

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2024

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2025

    

2024

REVlaw

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$

101

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$

52

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$

162

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$

88

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The Company has the following outstanding accounts payable balances in respect to the related parties outlined below:

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June 30, 2025

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December 31, 2024

REVlaw

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$

46

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$

30

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REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount.

An affiliate of Robert R. McEwen, Chairman and Chief Executive Officer, acted as a lender in the restructured $40.0 million term loan and continued as such under the ARCA. On January 31, 2025, the outstanding $40.0 million loan was refinanced, extending the repayment of principal by 24 months and are due beginning on January 31, 2027 with the remaining outstanding principal repayment on August 31, 2028. Following the aforementioned financing, the Company repaid $20.0 million in principal. As consideration for the maintenance, continuation, and extension of the maturity date of the loan, the Company issued 53,160 shares with a value equivalent to 2% of the outstanding loan balance as at March 31, 2025. During the three and six months ended June 30, 2025, the Company paid $0.5 million and $1.1 million, respectively (three and six months ended June 30, 2024 – $0.9 million and $1.9 million, respectively) in interest to this affiliate. Interest is payable monthly at a rate of 9.75% per annum.

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The Company has the following outstanding accounts receivable balance in respect to the related party outlined below during the periods presented:

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June 30, 2025

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December 31, 2024

Receivables from McEwen Copper Inc.

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$

7,242

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$

286

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As at June 30, 2025, receivables from McEwen Copper Inc. primarily comprised of advances and charges for management, technical, legal, financial, administrative, geological, and engineering services incurred by the Company and billed to McEwen Copper.

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On March 27, 2025, the Company participated in a private placement offering of units issued by Canadian Gold Corp, an affiliate of Robert R. McEwen and Ian Ball, a director of the Company. For more information, refer to Note 5 Marketable Securities.

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On April 28, 2025, the Company exercised 9.2 million of its 10.0 million warrants in Inventus Mining Corp., an affiliate of Robert R. McEwen, Perry Ing, Interim Chief Financial Officer, and Stefan M. Spears, Vice President, Corporate Development. For more information, refer to Note 5 Marketable Securities.