MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

MARKETABLE SECURITIES

MARKETABLE SECURITIES

NOTE 5 MARKETABLE SECURITIES

The Company’s investment portfolio consists of marketable equity securities and warrants of certain publicly traded companies. The following is a summary of the activity in investments for the years ended December 31, 2025, 2024 and 2023:

	As at		Additions/		Disposals/		Gain on			As at
	December 31,		transfers during		transfers during		securities			December 31,
	2024		period		period		held			2025
Equity securities	$	1,206	$	7,690	$	(1,544)	$	11,414	$	18,766
Warrants		411		982		(480)		1,435		2,348
Total marketable securities	$	1,617	$	8,672	$	(2,024)	$	12,849	$	21,114

	As at		Additions/		Disposals/		Gain (loss) on		As at
	December 31,		transfers during		transfers during		securities		December 31,
	2023		period		period		held		2024
Marketable securities	$	1,743	$	243	$	(778)	$	(2)	$	1,206
Warrants		—		123		—		288		411
Total marketable securities	$	1,743		366		(778)		286		1,617

	As at		Additions/		Disposals/		Gain on		McEwen		As at
	December 31,		transfers during		transfers during		securities		Copper		December 31,
	2022		year		year		held		deconsolidation		2023
Marketable equity securities	$	1,133	$	34,157	$	—	$	10,684	$	(44,231)	$	1,743
Warrants		162		—		(162)		—		—		—
Total investments	$	1,295	$	34,157		(162)	$	10,684	$	(44,231)	$	1,743

On March 10, 2025, the Company acquired 5,181,347 units of Goliath Resources Limited (TSX-V: GOT) (“Goliath Resources”) in exchange for 868,056 common shares of the Company. Each unit consists of one common share and one-half of one warrant. Each whole warrant entitles the Company to purchase one common share of Goliath Resources at a price of C$2.50 for a period of twelve months following the closing of the offering, expiring on March 10, 2026. Following the closing, as at March 10, 2025, the Company held an approximate 4% ownership interest in Goliath Resources. The Company recognized a day one gain of $0.9 million on the difference between the transaction price and fair value of units received.

On March 27, 2025, the Company participated in two private placement offerings by Canadian Gold Corp (TSX-V: CGC) (“Canadian Gold”), acquiring 8,823,529 common shares and 2,941,176 units for a total investment of $1.4 million. Each unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of C$0.22 per share up to March 27, 2026. Following the closing, as at March 27, 2025, the Company held an approximate 6% ownership interest in Canadian Gold. The Company recognized a day one gain of $0.5 million on the difference between the transaction price and fair value of units received.

On April 28, 2025, the Company exercised 9,200,000 warrants of Inventus Mining Corp. (TSX-V: IVS) to acquire an equal number of common shares at an exercise price of C$0.09 per warrant, for total consideration of $0.6 million. In connection with this transaction, the Company also received 9,200,000 additional warrants of Inventus Mining Corp., each entitling the holder to acquire one common share at an exercise price of C$0.12 per share, expiring on November 6, 2026.

On July 11, 2025, the Company exercised an additional 800,000 warrants of Inventus Mining Corp. to acquire an equal number of common shares at an exercise price of C$0.09 per warrant, for total consideration of approximately $0.1 million.