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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 34,434 $ (43,691) $ 33,177
Adjustments to reconcile net loss from operating activities:      
Loss from investment in McEwen Copper Inc. (Note 9) 25,547 46,977 57,821
Income from investment in Minera Santa Cruz S.A. (Note 9) (41,125) (9,021) (62)
Depreciation, amortization and depletion 27,849 30,863 30,359
Gain on marketable securities (Note 5) (12,849) (286) (10,684)
Foreign exchange (gain) loss (235) 656 48,977
Reclamation accretion and adjustments to estimate 3,861 864 2,693
Income and mining tax (recovery) expense (Note 19) (22,291) (6,976) 37,018
Flow through premium amortization (Note 13) (5,649) (2,304) (4,045)
Stock-based compensation 3,713 3,244 971
Dilution gain from investments in McEwen Copper Inc. (Note 9) (789) (5,777)  
Gain on deconsolidation of McEwen Copper Inc. (Note 9)     (222,157)
Amortization of debt issuance costs 697    
Other 437 349  
Changes in non-cash working capital items:      
Change in inventories (18,901) (711) 4,554
Change in other assets related to operations (2,077) 3,067 (81)
Change in accounts payable and accrued liabilities 13,016 5,792 (19,865)
Change in contract liability 4,005 3,543 (6,151)
Change in other liabilities related to operations (2,778) 2,865 7,838
Cash provided by (used in) operating activities 6,865 29,454 (39,637)
Cash flows from investing activities:      
Additions to mineral property interests and plant and equipment (44,639) (43,095) (26,099)
Advances to related parties - McEwen Copper Inc. (Note 14) (5,056)    
Investment in marketable securities (Note 5) (2,154) (366) (34,157)
Dividends received from Minera Santa Cruz S.A. (Note 9) 2,246    
Proceeds from sale of marketable securities 1,574    
Investment in McEwen Copper Inc. (Note 9)   (14,000)  
Proceeds from sale of investment in McEwen Copper Inc.     6,032
Cash outflow on McEwen Copper Inc. deconsolidation     (45,708)
Notes receivable from Timberline   (1,880)  
Cash and restricted cash received from acquisition of Timberline (Note 20)   1,131  
Other   164 295
Cash used in investing activities (48,029) (58,046) (99,637)
Cash flows from financing activities:      
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 11) (20,000)   (25,000)
Issuance of flow-through common shares, net of issuance costs (Note 13) 4,868 20,424 13,428
Proceeds from McEwen Copper Inc. financing     185,390
Proceeds from exercise of stock options 3,538    
Proceeds from exercise of warrants 610 9  
Payment of finance lease obligations (1,053) (1,231) (1,636)
Cash provided by financing activities 78,726 19,202 172,182
Effect of exchange rate change on cash and cash equivalents 235 (656) (48,977)
Increase in cash, cash equivalents and restricted cash 37,797 (10,046) (16,069)
Cash, cash equivalents and restricted cash, beginning of period 17,464 27,510 43,579
Cash, cash equivalents and restricted cash, end of period 55,261 17,464 27,510
Supplemental disclosure of cash flow information:      
Interest paid (5,067) (3,911) (4,728)
Interest received 1,126 636 34,680
Taxes paid (1,977) $ (712) $ (1,410)
Non-cash investing activities:      
Mineral property additions in accounts payable and accrued liabilities $ (3,448)