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INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME AND MINING TAXES

Schedule of income and mining tax (recovery)


		Year ended December 31,
		2025			2024			2023
State		$	(859)		$	2,073		$	971
Foreign			1,314			2,231			(4,107)
Current tax (recovery) expense		$	455		$	4,304		$	(3,136)

Federal		$	(22,222)		$	—		$	—
State			419			(195)			—
Foreign			(6,137)			(7,157)			36,995
Deferred tax (recovery) expense		$	(27,940)		$	(7,352)		$	36,995

Federal		$	(22,222)		$	—		$	—
State			(440)			1,878			971
Foreign			(4,823)			(4,926)			32,888
Total income and mining tax (recovery) expense		$	(27,485)		$	(3,048)		$	33,859

Schedule of income (loss) loss before income and mining tax


		Year ended December 31,
		2025			2024			2023
United States		$	20,028		$	6,130		$	(7,702)
Foreign			(13,079)			(52,869)			74,738
Income (loss) before income and mining taxes		$	6,949		$	(46,739)		$	67,036

Schedule of reconciliation of effective income tax rate differs from statutory federal income tax rate


		Year ended December 31, 2025
			Amount			Percent
Income before income and mining taxes		$	6,949

U.S. Federal statutory tax rate			1,459			21%
State and local income taxes, net of Federal income tax ⁽¹⁾			1,296			19%
Foreign tax effects			—			0%
Canada
Adjustment for foreign tax rate			2,562			37%
Adjustment for foreign provincial tax rate			(4,640)			(67)%
Change in valuation allowance			12,248			176%
Canadian branch losses			(10,127)			(146)%
Equity loss from investments			3,280			47%
Foregone interest			915			13%
Realized flow-through expenditures			5,483			79%
Realized flow-through premium			(5,649)			(81)%
Deferred mining tax expense net of income tax benefit			672			10%
Withholding taxes			342			5%
Foreign exchange on translation of books			(537)			(8)%
Adjustments in relation to prior years			(585)			(8)%
Other			(112)			(2)%
Argentina
Adjustment for foreign tax rate			(60)			(1)%
Change in valuation allowance			8			0%
Equity income from investments			(8,636)			(124)%
Non deductible interest			1,772			26%
Effect of foreign exchange on translation of books and records			(1,382)			(20)%
Other			57			1%
Mexico
Adjustment for foreign tax rate			(997)			(14)%
Change in valuation allowance			1,411			20%
Non deductible interest			695			10%
Inflation adjustment on monetary assets			738			11%
Effect of foreign exchange on translation of books and records			372			5%
Other			108			2%
Effect of changes in tax laws/rates enacted in the current period			—			0%
Effect of cross-border tax laws			931			13%
Tax credits			(74)			(1)%
Changes in valuation allowances			(30,209)			(435)%
Nontaxable or nondeductible items			478			7%
Changes in unrecognized tax benefits			695			10%
Income and mining tax recovery		$	(27,485)			(396)%

(1)

State taxes are comprised entirely of Nevada Net Proceeds Tax, net of federal benefit.


		Year ended December 31,
Expected tax expense at		2024			2023
(Loss) income before income and mining taxes		$	(46,739)		$	67,036
Statutory tax rate			21%			21%
US Federal and State tax (recovery) expense at statutory rate			(9,815)			14,078
Reconciling items:
Equity loss from investments			10,555			15,310
Deconsolidation of McEwen Copper Inc.			—			(46,644)
Disposal of McEwen Copper Inc.'s shares			(1,531)			6,179
Deferred tax liability on investment in associate			—			38,340
Realized flow-through expenditures			4,017			3,570
Realized flow-through premium			(2,304)			(3,423)
Withholding tax			426			632
Adjustment for foreign tax rates			(3,746)			(13,769)
Permanent differences			(2,014)			9,909
Foreign exchange on translation of books			(4,157)			42
Losses expired			3,330			8,282
Adjustments in relation to prior years			367			(629)
Current and deferred mining tax liabilities			2,283			1,455
Movement in valuation allowance			(505)			821
Other			46			(294)
(Loss) income and mining tax (recovery) expense		$	(3,048)		$	33,859

Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities


		Year ended December 31,
		2025			2024
Deferred tax assets:
Net operating loss carryforward		$	72,844		$	61,135
Stock based compensation			2,294			—
Mineral properties			46,290			52,228
Other temporary differences			20,018			22,259
Total gross deferred tax assets			141,446			135,622
Less: valuation allowance			(115,855)			(132,396)
Net deferred tax assets		$	25,591		$	3,226
Deferred tax liabilities:
Unrealized loss			(642)			—
Acquired mineral property interests			(5,876)			(3,928)
Equity accounted investments			(29,600)			(32,881)
Other taxable temporary differences			(4,210)			(3,047)
Total deferred tax liabilities		$	(40,328)		$	(39,856)
Deferred income and mining tax liability		$	(14,737)		$	(36,630)

Summary of changes in valuation allowance


		Balance at										Balance at
For the year ended December 31,		beginning of year			Additions ⁽¹⁾			Deductions ⁽²⁾				end of year
2025		$	132,396		$	13,668		$	(30,209)		$	115,855
2024			130,002			2,780			(386)			132,396
2023			149,342			3,391			(22,731)			130,002

(1)	The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes that do not meet the more-likely-than-not criterion for recognition of deferred tax assets.

(2)	The reductions to valuation allowance mainly result from release of valuation allowance in the United States.

Summary of losses that can be applied against future taxable profit


Country		Type of Loss		Amount			Expiry Period
United States ⁽¹⁾		Net operating losses		$	202,166		2027-Unlimited
Mexico		Net operating losses			59,631		2029-2034
Canada ⁽¹⁾		Net operating losses			47,864		2026-2045
Argentina ⁽¹⁾		Net operating losses			1		2030

(1)	The losses in the United States, Canada, and Argentina are part of multiple consolidating groups and, therefore, may be restricted in use to specific projects.

Summary of cash payments for income tax


		Year ended December 31,
			2025
State and local jurisdictions
Nevada		$	203
Canada - Ontario			1,661
Other			113
Total taxes paid		$	1,977

Schedule of changes in gross unrecognized tax benefits


		Year ended December 31,
			2025			2024			2023
Unrecognized tax benefits - beginning of period		$	—		$	—		$	—
Additions for tax positions taken in prior years			2,644			—			—
Lapses of applicable statues of limitations			(507)			—			—
Total unrecognized tax benefits		$	2,137		$	—		$	—