McEwen Mining第二季收入增27% 上半年扭虧賺4298萬美元

McEWEN INC._June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM 10-Q
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☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2026
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☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from               to
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Commission File Number: 001-33190
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McEWEN INC.
(Exact name of registrant as specified in its charter)
​
​

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Colorado
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84-0796160

(State or other jurisdiction of
​
(I.R.S. Employer

incorporation or organization)
​
Identification No.)

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150 King Street West, Suite 2800, Toronto, Ontario Canada M5H 1J9
(Address of principal executive offices) (ZIP code)
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(866) 441-0690
(Registrant’s telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
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​

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Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common stock, no par value
MUX
New York Stock Exchange (“NYSE”)

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
​
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
​

​

Large accelerated filer 
☐
​
Accelerated filer
☒

Non-accelerated filer 
☐
​
Smaller reporting company 
☐

​
​
​
Emerging growth company
☐

​
​
​
​
​

​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐  
​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No  ☒
​
As of August 5, 2026, there were 61,358,566 shares of common stock outstanding.
​
​
​
​
​

Table of Contents

McEWEN INC.
​
FORM 10-Q
​
Index
​
​

​

​

PART I FINANCIAL INFORMATION

​
​
​

Item 1.
Financial Statements (unaudited)
3

​
​
​

​
Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2026, and 2025
3

​
​
​

​
Consolidated Balance Sheets at June 30, 2026, and December 31, 2025
4

​
​
​

​
Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026, and 2025
5

​
​
​

​
Consolidated Statements of Cash Flows for the six months ended June 30, 2026, and 2025
6

​
​
​

​
Notes to Consolidated Financial Statements
7

​
​
​

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
31

​
​
​

Item 3.
Quantitative and Qualitative Disclosure about Market Risk
53

​
​
​

Item 4.
Controls and Procedures
55

​
​
​

PART II OTHER INFORMATION

​
​
​

Item 1.
Legal Proceedings
56

​
​
​

Item 1A. 
Risk Factors
56

​
​
​

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
56

​
​
​

Item 3.
Defaults upon Senior Securities
56

​
​
​

Item 4.
Mine Safety Disclosures
56

​
​
​

Item 5.
Other Information
57

​
​
​

Item 6.
Exhibits
58

​
​
​

SIGNATURES
59

​
​
​

2

Table of Contents

PART I – FINANCIAL INFORMATION
​
Item 1. FINANCIAL STATEMENTS
​
McEWEN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands of U.S. dollars, except per share, and shares)
​
​

​

​

​

​

​

​

​

​

​

​

​

​
Three months ended June 30, 
​
Six months ended June 30, 

​
2026
​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenue from gold and silver sales
$
 59,234
​
$
 46,700
​
$
 133,283
​
$
82,396

Production costs applicable to sales
​
 (31,145)
​
​
 (27,733)
​
 
 (66,789)
​
 
 (47,338)

Depreciation and depletion
​
 (8,009)
​
​
 (6,686)
​
​
 (14,919)
​
​
 (12,707)

Gross profit
​
 20,080
​
​
 12,281
​
​
 51,575
​
​
 22,351

​
​
​
​
​
​
​
​
​
​
​
​

OTHER OPERATING INCOME (EXPENSES):
​
​
​
​
​
​
​
​
​
​
​

Advanced projects
​
 (3,363)
​
​
 (895)
​
​
 (8,142)
​
​
 (2,579)

Exploration 
​
 (11,400)
​
​
 (5,392)
​
​
 (16,859)
​
​
 (9,073)

General and administrative (Note 19)
​
 (7,931)
​
​
 (5,046)
​
 
 (17,395)
​
 
 (8,415)

Income (loss) from equity method investments (Note 9)
​
 11,212
​
​
 (3,382)
​
​
 41,550
​
​
 (11,450)

Depreciation
​
 (178)
​
​
 (167)
​
 
 (345)
​
 
 (317)

Reclamation and remediation
​
 (715)
​
​
 (774)
​
 
 (1,437)
​
​
 (1,532)

​
​
 (12,375)
​
​
 (15,656)
​
​
 (2,628)
​
 
 (33,366)

Operating income (loss)
​
 7,705
​
​
 (3,375)
​
 
 48,947
​
 
 (11,015)

​
​
​
​
​
​
​
​
​
​
​
​

OTHER INCOME (EXPENSES):
​
​
​
​
​
​
​
​
​
​
​

Interest and other finance income
​
 1,365
​
​
 671
​
​
 2,504
​
​
 1,069

Interest and other finance expenses
​
 (1,839)
​
​
 (2,417)
​
 
 (4,515)
​
 
 (4,101)

Other income (expenses) (Note 3)
​
 (1,441)
​
​
 7,050
​
 
 (7,941)
​
 
 8,627

Total other income (expenses) 
​
 (1,915)
​
​
 5,304
​
 
 (9,952)
​
 
 5,595

Income (loss) before income and mining taxes
​
 5,790
​
​
 1,929
​
​
 38,995
​
​
 (5,420)

Income and mining tax recovery (Note 17)
​
 3,816
​
​
 1,111
​
​
 3,990
​
​
 2,190

Net income (loss) after income and mining taxes
$
 9,606
​
$
 3,040
​
$
 42,985
​
$
 (3,230)

​
​
​
​
​
​
​
​
​
​
​
​

Net income (loss) per share (Note 13):
​
​
​
​
​
​
​
​
​
​
​

Basic 
$
 0.16
​
$
 0.06
​
$
 0.72
​
$
 (0.06)

Diluted 
$
 0.14
​
$
 0.06
​
$
 0.61
​
$
 (0.06)

Weighted average common shares outstanding (thousands) (Note 13):
​
​
​
​
​
​
​
​
​
​
​

Basic
​
 59,998
​
​
 53,968
​
​
 59,694
​
​
 53,623

Diluted 
​
 74,606
​
​
 54,022
​
​
 74,509
​
​
 53,623

​
​
​
​
​
​
​
​
​
​
​
​

OTHER COMPREHENSIVE INCOME:
​
​
​
​
​
​
​
​
​
​
​

Change in foreign currency translation adjustments (Note 9)
$
 (3)
​
$
 —
​
$
 21
​
$
 —

Comprehensive income (loss)
$
 9,603
​
$
 3,040
​
$
 43,006
​
$
 (3,230)

​
The accompanying notes are an integral part of these consolidated financial statements.
​

3

Table of Contents

McEWEN INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands of U.S. dollars and shares)
​
​

​

​

​

​

​

​

​
​
As at
​
As at

​
​
June 30, 
​
December 31, 

​
​
2026
​
2025

ASSETS
​
​
​
​
​
​

Current assets:
​
​
​
​
​
​

Cash and cash equivalents (Note 4)
​
$
 78,883
​
$
 51,015

Marketable securities (Note 5)
​
​
 12,825
​
​
 21,114

Receivables, prepaids and other current assets (Note 6)
​
​
 7,848
​
​
 5,752

Inventories (Note 7)
​
​
 27,176
​
​
 26,836

Due from McEwen Copper Inc. (Note 14)
​
​
 3,003
​
​
 3,169

Total current assets
​
​
 129,735
​
​
 107,886

Mineral property interests and plant and equipment, net (Note 8)
​
​
 376,887
​
​
 227,208

Equity method investments (Note 9) 
​
​
 411,759
​
​
 428,641

Loan receivable from McEwen Copper Inc. (Note 14)
​
​
 12,440
​
​
 6,052

Deferred tax assets 
​
​
 22,612
​
​
 25,591

Inventories (Note 7)
​
​
 34,036
​
​
 20,560

Restricted cash (Note 4)
​
​
 4,637
​
​
 4,246

Other assets
​
​
 —
​
​
 34

TOTAL ASSETS
​
$
 992,106
​
$
 820,218

​
​
​
​
​
​
​

LIABILITIES AND SHAREHOLDERS’ EQUITY
​
​
​
​
​
​

Current liabilities:
​
​
​
​
​
​

Accounts payable and accrued liabilities
​
$
 41,324
​
$
 44,911

Long-term debt, current portion (Note 10)
​
​
 6,000
​
​
 —

Reclamation and remediation liabilities (Note 11)
​
​
 6,808
​
​
 6,473

Contract liability (Note 16)
​
​
 8,050
​
​
 7,549

Flow-through share premium (Note 12) 
​
​
 231
​
​
 974

Tax liabilities
​
​
 448
​
​
 2,976

Lease liabilities
​
​
 831
​
​
 926

Total current liabilities
​
​
 63,692
​
​
 63,809

Long-term debt, net of issuance costs (Note 10)
​
​
 120,572
​
​
 126,168

Reclamation and remediation liabilities (Note 11)
​
​
 39,379
​
​
 39,384

Deferred tax liabilities
​
​
 58,738
​
​
 40,328

Lease liabilities 
​
​
 995
​
​
 1,088

Other liabilities
​
​
 2,094
​
​
 3,204

Total liabilities
​
$
 285,470
​
$
 273,981

​
​
​
​
​
​
​

Shareholders’ equity:
​
​
​
​
​
​

Common shares: 59,744 as at June 30, 2026 (in thousands) (Note 12)
​
$
 1,906,616
​
$
 1,821,530

Common stock issuable (Note 18)
​
​
 32,307
​
​
 —

Accumulated deficit
​
​
 (1,232,308)
​
​
 (1,275,293)

Accumulated other comprehensive income 
​
​
 21
​
​
 —

Total shareholders’ equity
​
​
 706,636
​
​
 546,237

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
​
$
 992,106
​
$
 820,218

​
The accompanying notes are an integral part of these consolidated financial statements.
​
​
​

4

Table of Contents

McEWEN INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands of U.S. dollars and shares)
​
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Common Stock
​
​
​
​
​
​
Accumulated 
​
​
​

​
​
and Additional
​
Common 
​
​
​
​
Other 
​
​
​

​
​
Paid-in Capital
​
Stock
​
Accumulated
​
Comprehensive
​
​
​

Three months ended June 30, 2025 and 2026
  ​ ​ ​
Shares
Amount
​
Issuable
​
Deficit
​
 Income 
​
​
Total

Balance, March 31, 2025
 
 53,935
​
$
 1,795,834
​
$
 —
​
$
 (1,315,997)
​
$
 —
​
$
 479,837

Stock-based compensation
 
 110
​
​
 1,202
​
​
 —
​
​
 —
​
​
 —
​
​
 1,202

Shares issued for debt refinancing (Note 10)
​
 53
​
​
 400
​
​
 —
​
​
 —
​
​
 —
​
​
 400

Net income
​
 —
​
​
 —
​
​
 —
​
​
 3,040
​
​
 —
​
​
 3,040

Balance, June 30, 2025
 
 54,098
​
$
 1,797,436
​
$
 —
​
$
 (1,312,957)
​
$
 —
​
$
 484,479

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance, March 31, 2026
 
 59,188
​
$
 1,893,850
​
$
 —
​
$
 (1,241,914)
​
$
 24
​
$
 651,960

Investment in Canadian Gold Corp. (Note 18)
​
 —
​
​
 —
​
​
 32,307
​
​
 —
​
​
 —
​
​
 32,307

Investment in Golden Lake Exploration Inc. (Note 18)
​
 532
​
​
 11,693
​
​
 —
​
​
 —
​
​
 —
​
​
 11,693

Stock-based compensation
 
 21
​
​
 1,050
​
​
 —
​
​
 —
​
​
 —
​
​
 1,050

Exercise of warrants
​
 3
​
​
 23
​
​
 —
​
​
 —
​
​
 —
​
​
 23

Net income
​
 —
​
​
 —
​
​
 —
​
​
 9,606
​
​
 —
​
​
 9,606

Change in foreign currency translation adjustments (Note 9)
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (3)
​
​
 (3)

Balance, June 30, 2026
 
 59,744
​
$
 1,906,616
​
$
 32,307
​
$
 (1,232,308)
​
$
 21
​
$
 706,636

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Common Stock
​
​
​
​
​
​
​
Accumulated 
​
​
​

​
​
and Additional
​
Common 
​
​
​
​
​
Other 
​
​
​

​
​
Paid-in Capital
​
Stock
​
Accumulated
​
​
Comprehensive
​
​
​

Six months ended June 30, 2025 and 2026
​
Shares
Amount
​
Issuable
​
Deficit
​
​
 Income 
​
​
Total

Balance, December 31, 2024
​
 53,054
​
$
 1,804,702
​
​
 —
​
$
 (1,309,727)
​
$
 —
​
$
 494,975

Stock-based compensation 
 
 123
​
​
 1,380
​
​
 —
​
​
 —
​
​
 —
​
​
 1,380

Investment in Goliath Resources Limited (Note 5) 
​
 868
​
​
 6,068
​
​
 —
​
​
 —
​
​
 —
​
​
 6,068

Purchase of capped call options (Note 10)
​
 —
​
​
 (15,114)
​
​
 —
​
​
 —
​
​
 —
​
​
 (15,114)

Shares issued for debt refinancing (Note 10)
​
 53
​
​
 400
​
​
 —
​
​
 —
​
​
 —
​
​
 400

Net loss
 
 —
​
​
 —
​
​
 —
​
​
 (3,230)
​
​
 —
​
​
 (3,230)

Balance, June 30, 2025
 
 54,098
​
$
 1,797,436
​
​
 —
​
$
 (1,312,957)
​
$
 —
​
$
 484,479

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance, December 31, 2025
 
 55,517
​
$
 1,821,530
​
​
 —
​
$
 (1,275,293)
​
$
 —
​
$
 546,237

Investment in Canadian Gold Corp. (Note 18)
​
 2,944
​
​
 57,698
​
​
 32,307
​
​
 —
​
​
 —
​
​
 90,005

Investment in Golden Lake Exploration Inc. (Note 18)
​
 532
​
​
 11,693
​
​
 —
​
​
 —
​
​
 —
​
​
 11,693

Sales of flow-through shares (Note 12)
​
 727
​
​
 13,738
​
​
 —
​
​
 —
​
​
 —
​
​
 13,738

Stock-based compensation
 
 21
​
​
 1,934
​
​
 —
​
​
 —
​
​
 —
​
​
 1,934

Exercise of warrants
​
 3
​
​
 23
​
​
 —
​
​
 —
​
​
 —
​
​
 23

Net income
​
 —
​
​
 —
​
​
 —
​
​
 42,985
​
​
 —
​
​
 42,985

Change in foreign currency translation adjustments (Note 9)
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 21
​
​
 21

Balance, June 30, 2026
 
 59,744
​
$
 1,906,616
​
​
 32,307
​
$
 (1,232,308)
​
$
 21
​
$
 706,636

​
The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

​
McEWEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands of U.S. dollars)
​
​

​

​

​

​

​

​

​
​
Six months ended June 30, 

​
​
2026
​
2025

Cash flows from operating activities:
​
​
​
​
​
​

Net income (loss)
​
$
 42,985
​
$
 (3,230)

Adjustments to reconcile net income (loss) from operating activities:
​
​
​
​
​
​

(Income) loss from equity method investments (Note 9)
​
​
 (41,550)
​
​
 11,450

Dividends received from Minera Santa Cruz S.A. (Note 9)
​
​
 58,283
​
​
 —

Depreciation, amortization and depletion
​
​
 15,264
​
​
 13,024

Loss (gain) on marketable securities (Note 5)
​
​
 5,906
​
​
 (6,453)

Reclamation accretion and adjustments to estimate
​
​
 636
​
​
 2,449

Deferred income and mining tax recovery (Note 17)
​
​
 (1,276)
​
​
 (2,267)

Flow-through premium amortization (Note 12)
​
​
 (1,835)
​
​
 (3,554)

Loss on revaluation of consideration payable for Canadian Gold Corp. acquisition (Note 14)
​
​
 2,382
​
​
 —

Other
​
​
 1,392
​
​
 (1,373)

Changes in non-cash working capital items:
​
​
​
​
​
​

Change in inventories
​
​
 (13,344)
​
​
 (13,170)

Change in other assets related to operations
​
​
 (3,653)
​
​
 (1,117)

Change in accounts payable and accrued liabilities
​
​
 (2,498)
​
​
 5,457

Change in contract liability
​
​
 501
​
​
 (3,544)

Change in other liabilities related to operations
​
​
 (4,869)
​
​
 874

Cash provided by (used in) operating activities
​
$
 58,324
​
$
 (1,454)

​
​
​
​
​
​
​

Cash flows from investing activities:
​
​
​
​
​
​

Additions to mineral property interests and plant and equipment
​
$
 (39,849)
​
$
 (24,183)

Loan receivable from McEwen Copper Inc. (Note 14) 
​
​
 (7,500)
​
​
 (5,056)

Other
​
​
 1,696
​
​
 417

Cash used in investing activities
​
$
 (45,653)
​
$
 (28,822)

​
​
​
​
​
​
​

Cash flows from financing activities:
​
​
​
​
​
​

Issuance of flow-through common shares, net of issuance costs (Note 12)
​
$
 14,831
​
$
 —

Proceeds from senior convertible notes (Note 10)
​
​
 —
​
​
 110,000

Purchase of capped call options (Note 10)
​
​
 —
​
​
 (15,114)

Convertible notes financing costs (Note 10)
​
​
 —
​
​
 (4,123)

Principal repayment on long-term debt (Note 10)
​
​
 —
​
​
 (20,000)

Proceeds from exercise of stock options and warrants
​
​
 233
​
​
 —

Payment of finance lease obligations
​
​
 (558)
​
​
 (513)

Cash provided by financing activities
​
$
 14,506
​
$
 70,250

Effect of exchange rate change on cash and cash equivalents
​
​
 1,082
​
​
 112

Increase in cash, cash equivalents and restricted cash
​
​
 28,259
​
​
 40,086

Cash, cash equivalents and restricted cash, beginning of period
​
​
 55,261
​
​
 17,464

Cash, cash equivalents and restricted cash, end of period
​
$
 83,520
​
$
 57,550

​
​

​

​

​

​

​

​

​
​
​
​
​
​
​

Supplemental disclosure of cash flow information:
​
​
​
​
​
​

Cash received (paid) during the period:
​
​
​
​
​
​

Interest paid
​
$
 (3,854)
​
$
 (1,143)

Interest received
​
$
 1,082
​
$
 693

Taxes paid
​
$
 (1,750)
​
$
 (1,940)

Non-cash investing activities:
​
​
​
​
​
​

Properties, plants, equipment and mineral property additions in accounts payable and accrued liabilities 
​
$
 4,661
​
$
 —

Receipt of warrants in connection with loan to McEwen Copper Inc. (Note 14)
​
$
 3,380
​
$
 —

​
The accompanying notes are an integral part of these consolidated financial statements.
​
​

6

Table of Contents
McEWEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(tabular amounts are in thousands of U.S. dollars, unless otherwise noted)

​
​
NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION
​
McEwen Inc. (the “Company”), through its predecessor entity, US Gold Corporation, was organized under the laws of the State of Colorado on July 24, 1979. Effective July 7, 2025, the Company changed its name from McEwen Mining Inc. to McEwen Inc. The Company is engaged in the production and sale of gold and silver, as well as the development and exploration of copper, gold, and silver mineral properties across North and South America. 
​
The Company owns a 100% interest in the Gold Bar Mine Complex in Nevada, United States, the Fox Complex in Ontario, Canada, the Tartan Mine project in Manitoba, Canada, the El Gallo Project in Sinaloa, Mexico and a portfolio of exploration properties in the United States, Canada, Mexico and Argentina. As of June 30, 2026, the Company also owns a 46.3% interest in McEwen Copper Inc. (“McEwen Copper”), owner of the Los Azules copper project in San Juan, Argentina and a 49.0% interest in Minera Santa Cruz S.A. (“MSC”), owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which is operated by the joint venture majority owner Hochschild Mining plc. and a 26.9% interest in Paragon Advanced Labs Inc. (“Paragon”), a provider of advanced analytical services to the mining industry. The Company reports its investments in McEwen Copper, MSC and Paragon under the equity method of accounting.
​
The interim consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. While information and note disclosures normally included in annual financial statements and prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the information and disclosures included in the interim consolidated financial statements are adequate and not misleading. Therefore, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and the summary of significant accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as amended. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2025.
​
In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) (“Statements of Operations”) for the three and six months ended June 30, 2026, and 2025, the unaudited Consolidated Balance Sheet as at June 30, 2026 and December 31, 2025, the unaudited Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026, and 2025, and the unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2026, and 2025, contained herein, reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated. Investments over which the Company exerts significant influence but does not control through majority ownership are accounted for using the equity method. Certain prior period amounts have been reclassified for consistency with the current period presentation in the unaudited Consolidated Statements of Cash Flows. The reclassifications had no impact on reported results.
​
References to “CAD” refers to Canadian Dollar, “USD” refers to United States Dollar, “MXN” refers to Mexican Peso, and “ARS” refers to Argentine Peso.
​

7

Table of Contents
McEWEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(tabular amounts are in thousands of U.S. dollars, unless otherwise noted)

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 major mine/project where the economic characteristics of the individual mines, 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. 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:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Gold Bar
Fox
​
Tartan 
​
El Gallo
​
MSC
​
McEwen 
​
Total

Three months ended June 30, 2026
​
 Mine Complex
​
Complex
​
Lake (7)
​
​
​
​
​
​
​
Copper
​
​
​

Revenue from gold and silver sales
​
$
 26,015
​
$
 28,867
​
$
 —
​
$
 4,352
​
$
 —
​
$
 —
​
$
 59,234

Production costs applicable to sales (1)
​
​
 (15,871)
​
​
 (14,232)
​
​
 —
​
​
 (1,042)
​
​
 —
​
​
 —
​
​
 (31,145)

Depreciation and depletion (1)
​
​
 (1,578)
​
​
 (6,431)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (8,009)

Gross profit 
​
​
 8,566
​
​
 8,204
​
​
 —
​
​
 3,310
​
​
 —
​
​
 —
​
​
 20,080

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Advanced projects (1)
​
​
 —
​
​
 (491)
​
​
 —
​
​
 (2,872)
​
​
 —
​
​
 —
​
​
 (3,363)

Exploration (1)
​
​
 (6,507)
​
​
 (2,570)
​
​
 (2,323)
​
​
 —
​
​
 —
​
​
 —
​
​
 (11,400)

Income (loss) from equity method investments (2)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 17,306
​
​
 (5,434)
​
​
 11,872

Other segment items (3)
​
​
 (1,591)
​
​
 (1,066)
​
​
 34
​
​
 (151)
​
​
 —
​
​
 —
​
​
 (2,774)

Segment profit (loss)
​
$
 468
​
$
 4,077
​
$
 (2,289)
​
$
 287
​
$
 17,306
​
$
 (5,434)
​
$
 14,415

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Unallocated amounts: 
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Loss from equity method investment (4)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (669)

General and administrative (5)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (5,285)

Depreciation (6)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (123)

Interest and other finance expenses, net
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (383)

Other expense
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (2,165)

Loss before income and mining taxes
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
$
 5,790

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Capital expenditures
​
$
 3,294
​
$
 17,595
​
$
 —
​
$
 169
​
$
 —
​
$
 —
​
$
 21,058

​
​
​
​

8

Table of Contents
McEWEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(tabular amounts are in thousands of U.S. dollars, unless otherwise noted)

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Gold Bar
Fox
​
Tartan 
​
El Gallo
​
MSC
​
McEwen 
​
Total

Six months ended June 30, 2026
​
 Mine Complex
​
Complex
​
Lake (7)
​
​
​
​
​
​
​
Copper
​
​
​

Revenue from gold and silver sales
​
$
 63,732
​
$
 54,183
​
$
 —
​
$
 15,368
​
$
 —
​
$
 —
​
$
 133,283

Production costs applicable to sales (1)
​
​
 (35,250)
​
​
 (28,943)
​
​
 —
​
​
 (2,596)
​
​
 —
​
​
 —
​
​
 (66,789)

Depreciation and depletion (1)
​
​
 (3,891)
​
​
 (11,028)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (14,919)

Gross profit 
​
​
 24,591
​
​
 14,212
​
​
 —
​
​
 12,772
​
​
 —
​
​
 —
​
​
 51,575

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Advanced projects (1)
​
​
 —
​
​
 (1,616)
​
​
 —
​
​
 (6,526)
​
​
 —
​
​
 —
​
​
 (8,142)

Exploration (1)
​
​
 (9,648)
​
​
 (3,955)
​
​
 (3,256)
​
​
 —
​
​
 —
​
​
 —
​
​
 (16,859)

Income (loss) from equity method investments (2)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 50,057
​
​
 (7,508)
​
​
 42,549

Other segment items (3)
​
​
 (3,726)
​
​
 (3,092)
​
​
 (42)
​
​
 (238)
​
​
 —
​
​
 —
​
​
 (7,098)

Segment profit (loss)
​
$
 11,217
​
$
 5,549
​
$
 (3,298)
​
$
 6,008
​
$
 50,057
​
$
 (7,508)
​
$
 62,025

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Unallocated amounts: 
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Dilution gain from investments in McEwen Copper Inc. (Note 9)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (1,170)

General and administrative (4)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (10,886)

Depreciation (5)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (237)

Interest and other finance expense, net
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (1,972)

Other expense
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (8,765)

Income before income and mining taxes
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
$
 38,995

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Capital expenditures
​
$
 5,369
​
$
 32,306
​
$
 —
​
$
 268
​
$
 —
​
$
 —
​
$
 37,943

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Gold Bar
Fox
​
Tartan 
​
El Gallo
​
MSC
​
McEwen
​
Total

Three months ended June 30, 2025
​
 Mine Complex
​
Complex
​
Lake (7)
​
​
​
​
​
​
​
Copper
​
​
​

Revenue from gold and silver sales
​
$
 27,523
​
$
 19,177
​
$
 —
​
$
 —
​
$
 —
​
$
 —
​
$
 46,700

Production costs applicable to sales (1)
​
​
 (14,020)
​
​
 (13,713)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (27,733)

Depreciation and depletion (1)
​
​
 (1,137)
​
​
 (5,549)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (6,686)

Gross profit (loss)
​
​
 12,366
​
​
 (85)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 12,281

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Advanced projects (1)
​
​
 —
​
​
 —
​
​
 —
​
​
 (895)
​
​
 —
​
​
 —
​
​
 (895)

Exploration (1)
​
​
 (2,529)
​
​
 (2,863)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (5,392)

Income (loss) from equity method investments (2)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 3,596
​
​
 (6,978)
​
​
 (3,382)

Other segment items (3)
​
​
 (418)
​
​
 (1,406)
​
​
 —
​
​
 (1,680)
​
​
 —
​
​
 —
​
​
 (3,504)

Segment profit (loss)
​
$
 9,419
​
$
 (4,354)
​
$
 —
​
$
 (2,575)
​
$
 3,596
​
$
 (6,978)
​
$
 (892)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Unallocated amounts: 
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

General and administrative (5)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (3,998)

Depreciation (6)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (111)

Interest and other finance expenses, net
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 (1,414)

Other income
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
 8,344

Income before income and mining taxes
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
$
 1,929

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Capital expenditures
​
$
 870
​
$
 8,758
​
$
 —
​
$
 21
​
$
 —
​
$
 —
​
$
 9,649

​
​
​

9

Table of Contents
McEWEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(tabular amounts are in thousands of U.S. dollars, unless otherwise noted)

​
​
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Gold Bar
​
Fox
​
Tartan 
​
El Gallo
​
MSC
​
McEwen
​
Total

Six months ended June 30, 2025
  ​ ​ ​
 Mine Complex
​
Complex
​
Lake (7)
​
​
​
​
​
​
​
Copper
​
​

Revenue from gold and silver sales
​
$
 49,913
​
$
 32,483
​
$
 —
​
$
 —
​
$
 —
​
$
 —
​
$
 82,396

Production costs applicable to sales (1)
​
​
 (23,113)
​
​
 (24,225)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (47,338)

Depreciation and depletion (1)
​
​
 (2,315)
​
​
 (10,392)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (12,707)

Gross profit 
​
​
 24,485
​
​
 (2,134)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 22,351

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Advanced projects (1)
​
​
 —
​
​
 —
​
​
 —
​
​
 (2,579)
​
​
 —
​
​
 —
​
​
 (2,579)

Exploration (1)
​
​
 (3,950)
​
​
 (5,123)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (9,073)

Income (loss) from equity method investments (2)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 4,106
​
​
 (15,556)
​
​
 (11,450)

Other segment items (3)
​
​
 (836)
​
​
 (1,753)
​
​
 —
​
​
 (2,611)
​
​
 —
​
​
 —
​
​
 (5,200)

Segment profit (loss)
​
$
 19,699
​
$
 (9,010)
​
$
 —
​
$
 (5,190)
​
$
 4,106
​
$
 (15,556)
​
$
 (5,951)

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Unallocated amounts: 
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General and administrative (4)
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 (6,408)

Depreciation (5)
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 (221)

Interest and other finance expense, net
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 (2,7