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EQUITY METHOD INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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