OPERATING SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING

NOTE 3 OPERATING SEGMENT REPORTING

McEwen Inc. is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The chief operating decision-maker (“CODM”) is the executive leadership team of the Company. The CODM reviews operating results, assesses performance and makes decisions about allocation of resources to these segments at the geographic region level, by major mine/project where the economic characteristics of the individual mines or projects within a geographic region are not alike, or by investee for those which are considered a reportable segment.  As a result, these operating segments also represent the Company’s reportable segments.

The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects, and exploration costs and an allocation of other segment items for all segments except for the McEwen Copper and MSC segments, which are evaluated based on the attributable equity income or loss pickup. The CODM uses segment gross profit (loss) and profit (loss) before taxes, or income (loss) from equity method investments, to allocate resources (including employees, property, and financial or capital resources) for each segment. The CODM predominantly considers such measures in the annual budget and forecasting process. The CODM considers budget-to-actual variances for operating segments on a quarterly basis to support resource allocation and performance evaluation.

Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods.

Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below:

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.

Geographic Information

Geographic information includes the following long-lived assets balances and revenues presented for the Company’s operating segments:

	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).

As gold and silver can be sold through numerous gold and silver markets worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The following is a summary of revenue from gold and silver sales for significant customers for the years ended December 31, 2025, 2024 and 2023:

	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