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OPERATING SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments

Year ended December 31, 2025

USA

Canada

Mexico

MSC

McEwen Copper

Total

Revenue from gold and silver sales

$

116,706

$

76,038

$

4,809

$

—

$

—

$

197,553

Production costs applicable to sales ⁽¹⁾

(68,099)

(52,802)

(1,859)

—

—

(122,760)

Depreciation and depletion ⁽¹⁾

(7,072)

(20,157)

—

—

—

(27,229)

Gross profit

41,535

3,079

2,950

—

—

47,564

Advanced projects ⁽¹⁾

—

(2,504)

(5,457)

—

—

(7,961)

Exploration ⁽¹⁾

(11,973)

(10,223)

—

—

—

(22,196)

Income (loss) from equity method investments ⁽²⁾

—

—

—

41,125

(25,547)

15,578

Other segment items ⁽³⁾

(4,808)

(6,152)

(6,203)

—

—

(17,163)

Segment profit (loss)

$

24,754

$

(15,800)

$

(8,710)

$

41,125

$

(25,547)

$

15,822

Unallocated amounts:

Dilution gain from investments in McEwen Copper Inc. (Note 9)

789

General and administrative ⁽⁴⁾

(14,571)

Depreciation ⁽⁵⁾

(444)

Interest and other finance expense, net

(6,311)

Other income

11,664

Income before income and mining taxes

$

6,949

Capital expenditures

$

11,306

$

36,581

$

200

$

—

$

—

$

48,087


Year ended December 31, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	105,147		$	67,808		$	1,522		$	—		$	—		$	174,477
Production costs applicable to sales ⁽¹⁾			(63,547)			(49,766)			—			—			—			(113,313)
Depreciation and depletion ⁽¹⁾			(12,657)			(17,572)			—			—			—			(30,229)
Gross profit			28,943			470			1,522			—			—			30,935

Advanced projects ⁽¹⁾			—			—			(7,152)			—			—			(7,152)
Exploration ⁽¹⁾			(8,420)			(8,126)			—			—			—			(16,546)
Income (loss) from equity method investments ⁽²⁾			—			—			—			9,021			(46,977)			(37,956)
Other segment items ⁽³⁾			(1,968)			334			(3,644)			—			—			(5,278)
Segment profit (loss)		$	18,555		$	(7,322)		$	(9,274)		$	9,021		$	(46,977)		$	(35,997)

Unallocated amounts:

Dilution gain from investments in McEwen Copper Inc. (Note 9)																		5,777
General and administrative ⁽⁴⁾																		(13,303)
Depreciation ⁽⁵⁾																		(475)
Interest and other finance expense, net																		(3,033)
Other income																		292
Loss before income and mining taxes																	$	(46,739)

Capital expenditures		$	17,789		$	23,288		$	2,018		$	—		$	—		$	43,095


Year ended December 31, 2023		USA			Canada			Mexico			MSC			McEwen Copper ⁽⁶⁾			Total
Revenue from gold and silver sales		$	83,409		$	81,295		$	1,527		$	—		$	—		$	166,231
Production costs applicable to sales ⁽¹⁾			(67,335)			(51,895)			—			—			—			(119,230)
Depreciation and depletion ⁽¹⁾			(7,130)			(22,091)			—			—			—			(29,221)
Gross profit			8,944			7,309			1,527			—			—			17,780

Advanced projects ⁽¹⁾			—			—			(6,292)			—			(76,345)			(82,637)
Exploration ⁽¹⁾			(6,225)			(13,556)			—			—			(386)			(20,167)
Income (loss) from equity method investments ⁽²⁾			—			—			—			62			(57,821)			(57,759)
Other segment items ⁽³⁾			(1,891)			(220)			(5,002)			—			7,484			371
Segment profit (loss)		$	828		$	(6,467)		$	(9,767)		$	62		$	(127,068)		$	(142,412)

Unallocated amounts:

Gain on deconsolidation of McEwen Copper Inc.																		222,157
General and administrative ⁽⁴⁾																		(7,335)
Depreciation ⁽⁵⁾																		(510)
Interest and other finance expense, net																		(5,598)
Other income																		734
Income before income and mining taxes																	$	67,036

Capital expenditures		$	9,028		$	9,131		$	1,258		$	—		$	6,781		$	26,198

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to CODM.

(2)

Operating results of MSC and McEwen Copper 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 (other than on long-term debt)

e.

Other (income) expenses

f.

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 corporate assets and other non-productive assets.

(6)

Includes the consolidated results for McEwen Copper for the period from January 1, 2023 to October 10, 2023 and the loss from the equity-accounted investment for the period from October 11, 2023 to December 31, 2023.

Schedule of geographic information


		Non-current Assets						Revenue ⁽¹⁾
		December 31,			December 31,			Year ended December 31,
		2025			2024			2025			2024			2023
USA		$	114,644		$	100,488		$	116,706		$	105,147		$	83,409
Canada ⁽²⁾			125,364			89,822			76,038			67,808			81,295
Mexico			25,759			32,320			4,809			1,522			1,527
Argentina ⁽³⁾⁽⁴⁾			414,922			400,801			—			—			—
Total consolidated		$	680,689		$	623,431		$	197,553		$	174,477		$	166,231

(1)	Presented based on the location from which the product originated.

(2)	Includes investment in Paragon Advanced Labs Inc. of $13.7 million as of December 31, 2025 (December 31, 2024 – $nil).

(3)	Includes investment in MSC of $140.7 million as of December 31, 2025 (December 31, 2024 – $101.9 million).

(4)	Includes investment in McEwen Copper of $274.2 million as of December 31, 2025 (December 31, 2024 – $298.9 million).

Summary of revenue from gold and silver sales for significant customers


		Year ended December 31,
		2025			2024				2023
Auramet International LLC (“Auramet”)		$	130,944		$	56,869		$	136,911
Asahi Refining Inc.			63,444			112,298			24,639
Other			3,165			5,310			4,681
Revenue from gold and silver sales		$	197,553		$	174,477		$	166,231