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OPERATING SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments


Three months ended June 30, 2025		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	27,523		$	19,177		$	—		$	—		$	—		$	46,700
Production costs applicable to sales ⁽¹⁾			(14,020)			(13,713)			—			—			—			(27,733)
Depreciation and depletion ⁽¹⁾			(1,137)			(5,549)			—			—			—			(6,686)
Gross profit (loss)			12,366			(85)			—			—			—			12,281

Advanced projects ⁽¹⁾			—			—			(895)			—			—			(895)
Exploration ⁽¹⁾			(2,529)			(2,863)			—			—			—			(5,392)
Income (loss) from equity method investments ⁽²⁾			—			—			—			3,596			(6,978)			(3,382)
Other segment items ⁽³⁾			(418)			(1,406)			(1,680)			—			—			(3,504)
Segment profit (loss)		$	9,419		$	(4,354)		$	(2,575)		$	3,596		$	(6,978)		$	(892)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(3,998)
Depreciation ⁽⁵⁾																		(111)
Interest and other finance expense, net																		(1,414)
Other income																		8,344
Income before income and mining taxes																	$	1,929

Capital expenditures		$	870		$	8,758		$	21		$	—		$	—		$	9,649


Six months ended June 30, 2025		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	49,913		$	32,483		$	—		$	—		$	—		$	82,396
Production costs applicable to sales ⁽¹⁾			(23,113)			(24,225)			—			—			—			(47,338)
Depreciation and depletion ⁽¹⁾			(2,315)			(10,392)			—			—			—			(12,707)
Gross profit (loss)			24,485			(2,134)			—			—			—			22,351

Advanced projects ⁽¹⁾			—			—			(2,579)			—			—			(2,579)
Exploration ⁽¹⁾			(3,950)			(5,123)			—			—			—			(9,073)
Income (loss) from equity method investments ⁽²⁾			—			—			—			4,106			(15,556)			(11,450)
Other segment items ⁽³⁾			(836)			(1,753)			(2,611)			—			—			(5,200)
Segment profit (loss)		$	19,699		$	(9,010)		$	(5,190)		$	4,106		$	(15,556)		$	(5,951)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(6,408)
Depreciation ⁽⁵⁾																		(221)
Interest and other finance expense, net																		(2,724)
Other income																		9,884
Loss before income and mining taxes																	$	(5,420)

Capital expenditures		$	9,133		$	15,012		$	38		$	—		$	—		$	24,183


Three months ended June 30, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	29,686		$	17,790		$	—		$	—		$	—		$	47,476
Production costs applicable to sales ⁽¹⁾			(19,170)			(12,896)			—			—			—			(32,066)
Depreciation and depletion ⁽¹⁾			(434)			(4,218)			—			—			—			(4,652)
Gross profit			10,082			676			—			—			—			10,758

Advanced projects ⁽¹⁾			—			—			(2,990)			—			—			(2,990)
Exploration ⁽¹⁾			(2,547)			(2,437)			—			—			—			(4,984)
Income (loss) from equity method investments ⁽²⁾			—			—			—			4,701			(16,816)			(12,115)
Other segment items ⁽³⁾			(259)			113			16			—			—			(130)
Segment profit (loss)		$	7,276		$	(1,648)		$	(2,974)		$	4,701		$	(16,816)		$	(9,461)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(5,172)
Depreciation ⁽⁵⁾																		(119)
Interest and other finance expense, net																		(817)
Other income																		198
Loss before income and mining taxes																	$	(15,371)

Capital expenditures		$	520		$	5,424		$	740		$	—		$	—		$	6,684


Six months ended June 30, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	54,964		$	32,540		$	1,200		$	—		$	—		$	88,704
Production costs applicable to sales ⁽¹⁾			(32,437)			(24,739)			—			—			—			(57,176)
Depreciation and depletion ⁽¹⁾			(6,470)			(8,289)			—			—			—			(14,759)
Gross profit (loss)			16,057			(488)			1,200			—			—			16,769

Advanced projects ⁽¹⁾			—			—			(5,444)			—			—			(5,444)
Exploration ⁽¹⁾			(3,628)			(5,227)			—			—			—			(8,855)
Income (loss) from equity method investments ⁽²⁾			—			—			—			5,979			(34,828)			(28,849)
Other segment items ⁽³⁾			(693)			249			(761)			—			—			(1,205)
Segment profit (loss)		$	11,736		$	(5,466)		$	(5,005)		$	5,979		$	(34,828)		$	(27,584)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(8,377)
Depreciation ⁽⁵⁾																		(250)
Interest and other finance expense, net																		(1,650)
Other expense																		(450)
Loss before income and mining taxes																	$	(38,311)

Capital expenditures		$	1,449		$	8,204		$	1,553		$	—		$	—		$	11,206

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to CODM.

(2)

Operating results of McEwen Copper and MSC on a 100% basis are presented in Note 9 Equity Method Investments.

(3)

Other segment items include:

a.

General and administrative expenses attributable to the segment

b.

Depreciation unrelated to production activities of the segment

c.

Accretion expense

d.

Interest and other (income) expenses

e.

Foreign currency loss (gain)

(4)

General and administrative expenses are comprised primarily of corporate expenses not attributable to any reporting segment.

(5)

Depreciation is attributable to the corporate assets and other non-productive assets.

Schedule of geographic information


		Non-current Assets						Revenue ⁽¹⁾						Revenue ⁽¹⁾
		June 30,			December 31,			Three months ended June 30,						Six months ended June 30,
		2025			2024			2025			2024			2025			2024
USA		$	114,550		$	100,488		$	27,523		$	29,686		$	49,913		$	54,964
Canada			94,201			89,822			19,177			17,790			32,483			32,540
Mexico			32,098			32,320			—			—			—			1,200
Argentina ⁽²⁾⁽³⁾			387,105			400,801			—			—			—			—
Total consolidated		$	627,954		$	623,431		$	46,700		$	47,476		$	82,396		$	88,704

(1)

Presented based on the location from which the precious metals originated.

(2)

Includes Investment in MSC of $103.7 million (December 31, 2024 – $101.9 million) and Investment in McEwen Copper of $283.4 million (December 31, 2024 – $298.9 million).

(3)

Revenue is not reported on a consolidated basis for equity method investments. For a breakdown of Argentina segment revenue, refer to Note 9 Equity Method Investments.