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OPERATING SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments

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

(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																		(5,598)
Other income																		734
Profit before income and mining taxes																	$	67,036

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


Year ended December 31, 2022		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	47,926		$	60,848		$	1,643		$	—		$	—		$	110,417
Production costs applicable to sales ⁽¹⁾			(43,500)			(36,845)			(10,915)			—			—			(91,260)
Depreciation and depletion ⁽¹⁾			(4,737)			(14,964)			—			—			—			(19,701)
Gross (loss) profit			(311)			9,039			(9,272)			—			—			(544)

Advanced projects ⁽¹⁾			(52)			(1,206)			(4,322)			—			(61,148)			(66,728)
Exploration ⁽¹⁾			(4,828)			(9,443)			(2)			—			(700)			(14,973)
Income from equity method investments ⁽²⁾			—			—			—			2,776			—			2,776
Other segment items ⁽³⁾			(1,823)			(546)			(1,513)			—			14,461			10,579
Segment profit (loss)		$	(7,014)		$	(2,156)		$	(15,109)		$	2,776		$	(47,387)		$	(68,890)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(4,111)
Depreciation ⁽⁵⁾																		(497)
Interest and other finance expense																		(6,497)
Other expense																		(293)
Loss before income and mining taxes																	$	(80,288)

Capital expenditures		$	5,374		$	15,317		$	2,800		$	—		$	2,743		$	26,234

(1)

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

(2)

Operating results of MSC 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,
		2024			2023				2024			2023			2022
USA		$	100,488		$	71,234			$	105,147		$	83,409		$	47,926
Canada			89,822			83,674				67,808			81,295			60,848
Mexico			32,320			30,304				1,522			1,527			1,643
Argentina ⁽²⁾⁽³⁾			400,801			419,366				—			—			—
Total Consolidated		$	623,431		$	604,578			$	174,477		$	166,231		$	110,417

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

(2)	Includes investment in MSC of $101.9 million as of December 31, 2024 (December 31, 2023 - $93.2 million).

(3)	Includes investment in McEwen Copper of $298.9 million as of December 31, 2024 (December 31, 2023 - $326.1 million).

Summary of revenue from gold and silver sales for significant customers


		Year ended December 31,
		2024			2023				2022
Asahi Refining Inc.		$	112,298		$	24,639		$	57,835
Auramet International LLC (“Auramet”)			56,869			136,911			50,580
Other			5,310			4,681			2,002
Revenue from gold and silver sales		$	174,477		$	166,231		$	110,417