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OPERATING SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments

Three months ended September 30, 2025

USA

Canada

Mexico

MSC

McEwen Copper

Total

Revenue from gold and silver sales

$

29,427

$

20,780

$

327

$

—

$

—

$

50,534

Production costs applicable to sales ⁽¹⁾

(21,701)

(13,485)

(47)

—

—

(35,233)

Depreciation and depletion ⁽¹⁾

(2,212)

(5,273)

—

—

—

(7,485)

Gross profit

5,514

2,022

280

—

—

7,816

Advanced projects ⁽¹⁾

—

—

(1,658)

—

—

(1,658)

Exploration ⁽¹⁾

(3,806)

(2,972)

—

—

—

(6,778)

Income (loss) from equity method investments ⁽²⁾

—

—

—

3,469

(4,275)

(806)

Other segment items ⁽³⁾

(474)

(204)

(1,446)

—

—

(2,124)

Segment profit (loss)

$

1,234

$

(1,154)

$

(2,824)

$

3,469

$

(4,275)

$

(3,550)

Unallocated amounts:

General and administrative ⁽⁴⁾

(4,725)

Depreciation ⁽⁵⁾

(112)

Interest and other finance expense, net

(1,496)

Other income

8,152

Loss before income and mining taxes

$

(1,731)

Capital expenditures

$

1,371

$

9,297

$

161

$

—

$

—

$

10,829

Nine months ended September 30, 2025

USA

Canada

Mexico

MSC

McEwen Copper

Total

Revenue from gold and silver sales

$

79,340

$

53,263

$

327

$

—

$

—

$

132,930

Production costs applicable to sales ⁽¹⁾

(44,815)

(37,709)

(47)

—

—

(82,571)

Depreciation and depletion ⁽¹⁾

(4,526)

(15,666)

—

—

—

(20,192)

Gross profit (loss)

29,999

(112)

280

—

—

30,167

Advanced projects ⁽¹⁾

—

—

(4,237)

—

—

(4,237)

Exploration ⁽¹⁾

(7,756)

(8,095)

—

—

—

(15,851)

Income (loss) from equity method investments ⁽²⁾

—

—

—

7,575

(19,831)

(12,256)

Other segment items ⁽³⁾

(1,310)

(1,957)

(4,057)

—

—

(7,324)

Segment profit (loss)

$

20,933

$

(10,164)

$

(8,014)

$

7,575

$

(19,831)

$

(9,501)

Unallocated amounts:

General and administrative ⁽⁴⁾

(11,134)

Depreciation ⁽⁵⁾

(332)

Interest and other finance expense, net

(4,219)

Other income

18,035

Loss before income and mining taxes

$

(7,151)

Capital expenditures

$

10,503

$

24,309

$

200

$

—

$

—

$

35,012


Three months ended September 30, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	33,251		$	18,999		$	—		$	—		$	—		$	52,250
Production costs applicable to sales ⁽¹⁾			(17,078)			(12,604)			—			—			—			(29,682)
Depreciation and depletion ⁽¹⁾			(4,235)			(4,530)			—			—			—			(8,765)
Gross profit			11,938			1,865			—			—			—			13,803

Advanced projects ⁽¹⁾			—			—			(2,468)			—			—			(2,468)
Exploration ⁽¹⁾			(3,474)			(1,855)			—			—			—			(5,329)
Loss from equity method investments ⁽²⁾			—			—			—			(1,228)			(1,852)			(3,080)
Other segment items ⁽³⁾			(901)			(626)			9			—			—			(1,518)
Segment profit (loss)		$	7,563		$	(616)		$	(2,459)		$	(1,228)		$	(1,852)		$	1,408

Unallocated amounts:

General and administrative ⁽⁴⁾																		(1,567)
Depreciation ⁽⁵⁾																		(116)
Interest and other finance expense, net																		(723)
Other expense																		(269)
Loss before income and mining taxes																	$	(1,267)

Capital expenditures		$	11,307		$	7,343		$	490		$	—		$	—		$	19,140


Nine months ended September 30, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	88,215		$	51,539		$	1,200		$	—		$	—		$	140,954
Production costs applicable to sales ⁽¹⁾			(49,515)			(37,343)			—			—			—			(86,858)
Depreciation and depletion ⁽¹⁾			(10,705)			(12,819)			—			—			—			(23,524)
Gross profit			27,995			1,377			1,200			—			—			30,572

Advanced projects ⁽¹⁾			—			—			(7,912)			—			—			(7,912)
Exploration ⁽¹⁾			(7,102)			(7,082)			—			—			—			(14,184)
Income (loss) from equity method investments ⁽²⁾			—			—			—			4,751			(36,680)			(31,929)
Other segment items ⁽³⁾			(1,594)			(377)			(752)			—			—			(2,723)
Segment profit (loss)		$	19,299		$	(6,082)		$	(7,464)		$	4,751		$	(36,680)		$	(26,176)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(9,945)
Depreciation ⁽⁵⁾																		(366)
Interest and other finance expense, net																		(2,373)
Other expense																		(718)
Loss before income and mining taxes																	$	(39,578)

Capital expenditures		$	12,756		$	15,547		$	2,043		$	—		$	—		$	30,346

(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⁾
		September 30,			December 31,			Three months ended September 30,						Nine months ended September 30,
		2025			2024			2025			2024			2025			2024
USA		$	115,243		$	100,488		$	29,427		$	33,251		$	79,340		$	88,215
Canada			98,097			89,822			20,780			18,999			53,263			51,539
Mexico			32,253			32,320			327			—			327			1,200
Argentina ⁽²⁾⁽³⁾			386,299			400,801			—			—			—			—
Total consolidated		$	631,892		$	623,431		$	50,534		$	52,250		$	132,930		$	140,954

(1)

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

(2)

Includes investment in MSC of $107.2 million (December 31, 2024 – $101.9 million) and investment in McEwen Copper of $279.1 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.