OPERATING SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments


Three months ended March 31, 2025		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	22,391		$	13,305		$	—		$	—		$	—		$	35,696
Production costs applicable to sales ⁽¹⁾			(9,094)			(10,511)			—			—			—			(19,605)
Depreciation and depletion ⁽¹⁾			(1,178)			(4,843)			—			—			—			(6,021)
Gross profit (loss)			12,119			(2,049)			—			—			—			10,070

Advanced projects ⁽¹⁾			—			—			(1,684)			—			—			(1,684)
Exploration ⁽¹⁾			(1,421)			(2,260)			—			—			—			(3,681)
Income (loss) from equity method investments ⁽²⁾			—			—			—			510			(8,578)			(8,068)
Other segment items ⁽³⁾			(418)			(347)			(931)			—			—			(1,696)
Segment profit (loss)		$	10,280		$	(4,656)		$	(2,615)		$	510		$	(8,578)		$	(5,059)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(2,411)
Depreciation ⁽⁵⁾																		(110)
Interest and other finance expense, net																		(1,309)
Other income																		1,540
Loss before income and mining taxes																	$	(7,349)

Capital expenditures		$	8,263		$	6,254		$	17		$	—		$	—		$	14,534


Three months ended March 31, 2024		USA			Canada			Mexico			MSC			McEwen Copper			Total
Revenue from gold and silver sales		$	25,278		$	14,750		$	1,200		$	—		$	—		$	41,228
Production costs applicable to sales ⁽¹⁾			(13,268)			(11,842)			—			—			—			(25,110)
Depreciation and depletion ⁽¹⁾			(6,037)			(4,070)			—			—			—			(10,107)
Gross profit (loss)			5,973			(1,162)			1,200			—			—			6,011

Advanced projects ⁽¹⁾			—			—			(2,454)			—			—			(2,454)
Exploration ⁽¹⁾			(1,082)			(2,789)			—			—			—			(3,871)
Income (loss) from equity method investments ⁽²⁾			—			—			—			1,278			(18,012)			(16,734)
Other segment items ⁽³⁾			(434)			136			(777)			—			—			(1,075)
Segment profit (loss)		$	4,457		$	(3,815)		$	(2,031)		$	1,278		$	(18,012)		$	(18,123)

Unallocated amounts:

General and administrative ⁽⁴⁾																		(3,206)
Depreciation ⁽⁵⁾																		(131)
Interest and other finance expense, net																		(833)
Other expense																		(647)
Loss before income and mining taxes																	$	(22,940)

Capital expenditures		$	929		$	2,780		$	813		$	—		$	—		$	4,522

(1)

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

(2)

Operating results of McEwen Copper and 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 and other (income) expenses

e.

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 the corporate assets and other non-productive assets.

Schedule of geographic information


		Non-current Assets						Revenue ⁽¹⁾
		March 31,			December 31,			Three months ended March 31,
		2025			2024			2025			2024
USA		$	111,595		$	100,488		$	22,391		$	25,278
Canada			89,779			89,822			13,305			14,750
Mexico			32,337			32,320			—			1,200
Argentina ⁽²⁾⁽³⁾			390,487			400,801			—			—
Total Consolidated		$	624,198		$	623,431		$	35,696		$	41,228

(1)

Presented based on the location from which the precious metals originated.

(2)

Includes Investment in MSC of $100.1 million (December 31, 2024 – $101.9 million) and Investment in McEwen Copper of $290.4 million (December 31, 2024 – $298.9 million).

(3)

Revenue is not reported on a consolidated basis for equity method investments. For a breakdown of Argentina segment revenue, refer to Note 9 Equity Method Investments.