EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

EQUITY METHOD INVESTMENTS

Schedule of change in the company's investment

	December 31, 2025		December 31, 2024
Investment in McEwen Copper Inc.	$	274,189	$	298,947
Investment in Minera Santa Cruz S.A.		140,733		101,854
Investment in Paragon Advanced Labs Inc.		13,719		—
Total equity method investments	$	428,641	$	400,801

McEwen Copper Inc.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations

	Year ended December 31,
	2025		2024		2023
McEwen Copper (100%)
Advanced projects	$	(41,925)	$	(114,544)	$	(36,475)
Other expenses		(11,679)		(6,196)		(4,684)
Foreign exchange gain (loss)		(2,701)		2,631		(99,338)
Interest and other income (1)		1,294		19,130		19,356
Loss before tax	$	(55,011)	$	(98,979)	$	(121,141)
Current and deferred taxes		—		—		—
Net loss	$	(55,011)	$	(98,979)	$	(121,141)
Portion attributable to McEwen Inc.
Loss from investment in McEwen Copper	$	(25,547)	$	(46,977)	$	(57,821)

(1) Interest and other income include gains on marketable securities and other finance-related income.

Schedule of change in the company's investment

	Year ended December 31,
	2025		2024
Investment, beginning of period	$	298,947	$	326,147
Additional investment in McEwen Copper		—		14,000
Dilution gain		789		5,777
Attributable net loss from McEwen Copper		(25,547)		(46,977)
Investment, end of period	$	274,189	$	298,947

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

As at	December 31, 2025		December 31, 2024
Current assets	$	7,089	$	34,067
Total assets	$	203,277	$	226,329
Current liabilities	$	(11,365)	$	(14,656)
Total liabilities	$	(41,759)	$	(14,856)

Minera Santa Cruz S.A.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations

	Year ended December 31,
	2025		2024			2023
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	459,545	$	310,411	$	254,926
Production costs applicable to sales		(248,460)		(215,065)		(177,234)
Depreciation and depletion		(52,969)		(51,188)		(58,935)
Gross profit		158,116		44,158		18,757
Exploration		(13,490)		(11,257)		(9,346)
Other expense(1)		(11,843)		(1,717)		(3,977)
Income before tax	$	132,783	$	31,184	$	5,434
Current and deferred income tax recovery (expense)		(44,505)		(6,548)		3,051
Net income	$	88,278	$	24,636	$	8,485
Portion attributable to McEwen Inc.
Net income	$	43,256	$	12,072	$	4,157
Amortization of fair value increments		(2,160)		(3,088)		(4,612)
Income tax recovery		29		37		517
Income from investment in MSC, net of amortization	$	41,125	$	9,021	$	62

(1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance-related expenses.

Schedule of change in the company's investment

	Year ended December 31,
	2025		2024
Investment, beginning of period	$	101,854	$	93,218
Attributable net income from MSC		43,256		12,072
Amortization of fair value increments		(2,160)		(3,088)
Income tax recovery		29		37
Dividend distribution received		(2,246)		(385)
Investment, end of period	$	140,733	$	101,854

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

As at	December 31, 2025		December 31, 2024
Current assets	$	290,704	$	144,327
Total assets	$	372,994	$	233,003
Current liabilities	$	(107,930)	$	(57,373)
Total liabilities	$	(145,761)	$	(89,594)