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OPERATING SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
OPERATING SEGMENT REPORTING  
OPERATING SEGMENT REPORTING

NOTE 2 OPERATING SEGMENT REPORTING

​

The chief operating decision-maker (“CODM”) is the executive leadership team of the Company. The CODM reviews operating results, assesses performance and makes decisions about allocation of resources to these segments at the geographic region level, by major mine/project where the economic characteristics of the individual mines or projects within a geographic region are not alike, or by investee for those which are considered a reportable segment. As a result, these operating segments also represent the Company’s reportable segments.

The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects, and exploration costs and an allocation of other segment items for all segments except for the McEwen Copper and MSC segments, which are evaluated based on the attributable equity income or loss pickup. The CODM uses segment gross profit (loss) and profit (loss) before taxes, or income (loss) from equity method investments, to allocate resources (including employees, property, and financial or capital resources) for each segment. The CODM predominantly considers such measures in the annual budget and forecasting process. The CODM considers budget-to-actual variances for operating segments on a quarterly basis to support resource allocation and performance evaluation.

Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods.

Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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.

​

Geographic information

​

Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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.