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EQUITY METHOD INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

EQUITY METHOD INVESTMENTS

Summary of financial information from operations


		June 30, 2026			December 31, 2025
Investment in McEwen Copper Inc.		$	266,681		$	274,189
Investment in Minera Santa Cruz S.A.			132,507			140,733
Investment in Paragon Advanced Labs Inc.			12,571			13,719
Total equity method investments		$	411,759		$	428,641

McEwen Copper Inc.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
McEwen Copper (100%)
Advanced projects		$	—		$	(12,236)		$	—		$	(33,507)
Other expenses			(6,416)			(1,548)			(9,316)			(2,645)
Foreign exchange gain (loss)			(35)			(861)			142			(870)
Interest and other income (expenses) ⁽¹⁾			(1,343)			(381)			(3,063)			3,525
Loss before tax		$	(7,794)		$	(15,026)		$	(12,237)		$	(33,497)
Income tax expense			(3,879)			—			(3,879)			—
Net loss		$	(11,673)		$	(15,026)		$	(16,116)		$	(33,497)

Portion attributable to McEwen Inc.
Net loss		$	(5,405)		$	(6,978)		$	(7,462)		$	(15,556)
McEwen Inc.'s portion of interest capitalized			(29)			—			(46)			—
Loss from investment in McEwen Copper		$	(5,434)		$	(6,978)		$	(7,508)		$	(15,556)

(1) Interest and other income (expenses) include interest on term debt and finance-related income and expenses.

Schedule of change in the company's investment


		Six months ended			Year ended
		June 30, 2026			December 31, 2025
Investment, beginning of period		$	274,189		$	298,947
Dilution gain			—			789
Attributable net loss from McEwen Copper			(7,508)			(25,547)
Investment, end of period		$	266,681		$	274,189

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


As at		June 30, 2026			December 31, 2025
Current assets		$	46,513		$	7,089
Total assets		$	272,686		$	203,277

Current liabilities		$	(20,552)		$	(11,365)
Total liabilities		$	(106,612)		$	(41,759)

Minera Santa Cruz S.A.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales		$	133,409		$	94,886		$	319,222		$	166,789
Production costs applicable to sales			(77,036)			(63,603)			(154,691)			(120,191)
Depreciation and depletion			(8,031)			(10,612)			(15,927)			(21,222)
Gross profit			48,342			20,671			148,604			25,376
Exploration			(5,716)			(2,915)			(10,057)			(5,215)
Other expenses ⁽¹⁾			(4,459)			(4,521)			(1,859)			(3,695)
Income before tax		$	38,167		$	13,235		$	136,688		$	16,466
Current and deferred income tax expense			(2,488)			(4,850)			(33,759)			(5,891)
Net income		$	35,679		$	8,385		$	102,929		$	10,575

Portion attributable to McEwen Inc.
Net income		$	17,483		$	4,109		$	50,435		$	5,182
Amortization of fair value increments			(181)			(523)			(380)			(1,091)
Income tax recovery			4			10			2			15
Income from investment in MSC, net of amortization		$	17,306		$	3,596		$	50,057		$	4,106

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

Schedule of change in the company's investment


		Six months ended				Year ended
		June 30, 2026				December 31, 2025
Investment, beginning of period		$	140,733		$	101,854
Attributable net income from MSC			50,435			43,256
Amortization of fair value increments			(380)			(2,160)
Income tax recovery			2			29
Dividend distribution received			(58,283)			(2,246)
Investment, end of period		$	132,507		$	140,733

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


As at		June 30, 2026			December 31, 2025
Current assets		$	244,880		$	290,704
Total assets		$	332,004		$	372,994

Current liabilities		$	(76,825)		$	(107,930)
Total liabilities		$	(120,698)		$	(145,761)

Paragon Advanced Labs Inc.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations

A summary of the operating results for Paragon for the three months ended March 31, 2026, and for the period from December 5, 2025, to March 31, 2026, is as follows:


		Three months ended March 31,						Period ended March 31,
		2026			2025			2026			2025
Paragon (100%)
Revenue		$	1,608		$	—		$	1,920		$	—
Production costs applicable to sales			(1,804)			—			(2,395)			—
Gross loss			(196)			—			(475)			—
Operating expense			(2,701)			—			(3,450)			—
Other expense			452			—			221			—
Net loss			(2,445)			—			(3,704)			—
Change in foreign currency translation adjustments			(12)			—			78			—
Net comprehensive loss for the year		$	(2,457)		$	—		$	(3,625)		$	—

Portion attributable to McEwen Inc.
Net loss		$	(660)		$	—		$	(999)		$	—
Attributable change in foreign currency translation adjustments			(3)			—			21			—
Comprehensive loss from investment in Paragon		$	(663)		$	—		$	(978)		$	—

Schedule of change in the company's investment


		Six months ended			Period ended
		June 30, 2026			December 31, 2025
Investment, beginning of period		$	13,719		$	—
Investment in Paragon			—			13,719
Net loss attributable to McEwen Inc.			(999)			—
Dilution loss			(170)			—
Change in foreign currency translation adjustments			21			—
Investment, end of period		$	12,571		$	13,719

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


As at		June 30, 2026			December 31, 2025
Current assets		$	6,004		$	6,328
Total assets		$	34,519		$	35,622

Current liabilities		$	(12,675)		$	(10,642)
Total liabilities		$	(34,377)		$	(33,050)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 323
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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-Topic 323
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3