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EQUITY METHOD INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Summary of financial information from operations


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
McEwen Copper (100%)
Advanced projects	$	(5,743)	$	(6,147)	$	(39,250)	$	(91,877)
Other expenses		(1,238)		(678)		(3,883)		(4,529)
Foreign exchange loss		(1,345)		(308)		(2,215)		(3,990)
Interest and other income (expense)⁽¹⁾		(879)		3,295		2,646		23,590
Loss before tax	$	(9,205)	$	(3,838)	$	(42,702)	$	(76,806)
Current and deferred taxes		—		—		—		—
Net loss	$	(9,205)	$	(3,838)	$	(42,702)	$	(76,806)

Portion attributable to McEwen Inc.
Loss from investment in McEwen Copper	$	(4,275)	$	(1,852)	$	(19,831)	$	(36,680)

(1) Interest and other income (expense) include gains on marketable securities and other finance-related income and expenses.

Changes in the Company’s investment in McEwen Copper for the nine months ended September 30, 2025, and for the year ended December 31, 2024, are as follows:

Schedule of change in the company's investment


	Nine months ended		Year ended
	September 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		(19,831)		(46,977)
Investment, end of period	$	279,116	$	298,947

Summary of key assets and liabilities, before and after adjustments to fair value


As at	September 30, 2025		December 31, 2024
Current assets	$	12,835	$	34,067
Total assets	$	206,418	$	226,329

Current liabilities	$	(35,968)	$	(14,656)
Total liabilities	$	(36,090)	$	(14,856)

Minera Santa Cruz S.A.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	91,723	$	70,361	$	258,511	$	210,635
Production costs applicable to sales		(50,053)		(58,031)		(170,243)		(154,136)
Depreciation and depletion		(16,571)		(13,248)		(37,793)		(36,897)
Gross profit (loss)		25,099		(918)		50,475		19,602
Exploration		(3,785)		(3,329)		(9,000)		(8,451)
Other income (expense)⁽¹⁾		(4,550)		1,649		(8,245)		699
Income (loss) before tax	$	16,764	$	(2,598)	$	33,230	$	11,850
Current and deferred income tax recovery (expense)		(8,676)		1,280		(14,567)		947
Net income (loss)	$	8,088	$	(1,318)	$	18,663	$	12,797

Portion attributable to McEwen Inc.
Net income (loss)	$	3,963	$	(646)	$	9,145	$	6,271
Amortization of fair value increments		(504)		(833)		(1,594)		(2,209)
Income tax recovery		10		251		24		689
Income (loss) from investment in MSC, net of amortization	$	3,469	$	(1,228)	$	7,575	$	4,751

(1) Other income (expense) includes foreign exchange gains and losses, accretion of asset retirement obligations, and other finance-related income and expenses.

Schedule of change in the company's investment


	Nine months ended		Year ended
	September 30, 2025		December 31, 2024
Investment, beginning of period	$	101,854	$	93,218
Attributable net income from MSC		9,145		12,072
Amortization of fair value increments		(1,594)		(3,088)
Income tax recovery		24		37
Dividend distribution received		(2,246)		(385)
Investment, end of period	$	107,183	$	101,854

Summary of key assets and liabilities, before and after adjustments to fair value


As at	September 30, 2025		December 31, 2024
Current assets	$	168,155	$	144,327
Total assets	$	256,310	$	233,003

Current liabilities	$	(62,423)	$	(57,373)
Total liabilities	$	(98,643)	$	(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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