OPERATING SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENT REPORTING

Schedule of significant information relating to reportable operating segments


		Gold Bar			Fox			Tartan			El Gallo			MSC			McEwen			Total
Three months ended March 31, 2026		Mine Complex			Complex			Lake ⁽⁷⁾									Copper
Revenue from gold and silver sales		$	37,717		$	25,316		$	—		$	11,016		$	—		$	—		$	74,049
Production costs applicable to sales ⁽¹⁾			(19,379)			(14,711)			—			(1,554)			—			—			(35,644)
Depreciation and depletion ⁽¹⁾			(2,312)			(4,598)			—			—			—			—			(6,910)
Gross profit			16,026			6,007			—			9,462			—			—			31,495

Advanced projects ⁽¹⁾			—			(1,126)			—			(3,653)			—			—			(4,779)
Exploration ⁽¹⁾			(3,140)			(1,385)			(934)			—			—			—			(5,459)
Income (loss) from equity method investments ⁽²⁾			—			—			—			—			32,752			(2,074)			30,678
Other segment items ⁽³⁾			(2,135)			(2,026)			(76)			(87)			—			—			(4,324)
Segment profit (loss)		$	10,751		$	1,470		$	(1,010)		$	5,722		$	32,752		$	(2,074)		$	47,611

Unallocated amounts:

Loss from equity method investment ⁽⁴⁾																					(501)
General and administrative ⁽⁵⁾																					(5,602)
Depreciation ⁽⁶⁾																					(113)
Interest and other finance expenses, net																					(1,590)
Other expense																					(6,600)
Loss before income and mining taxes																				$	33,205

Capital expenditures		$	2,075		$	14,711		$	—		$	99		$	—		$	—		$	16,885


		Gold Bar			Fox			Tartan			El Gallo			MSC			McEwen			Total
Three months ended March 31, 2025		Mine Complex			Complex			Lake ⁽⁷⁾									Copper
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 ⁽⁵⁾																					(2,411)
Depreciation ⁽⁶⁾																					(110)
Interest and other finance expenses, net																					(1,309)
Other income																					1,540
Loss before income and mining taxes																				$	(7,349)

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

(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)

Operating results of Paragon on a 100% basis are presented in Note 9 – Equity Method Investments.

(5)

General and administrative expenses are comprised primarily of corporate expenses not attributable to any reporting segment.

(6)

Depreciation is attributable to the corporate assets and other non-productive assets.

(7)

Tartan Lake is a newly identified segment resulting from the acquisition of Canadian Gold Corp. (“Canadian Gold”), refer to Note 18 – Canadian Gold Corp Acquisition.

Schedule of geographic information


		Non-current Assets						Revenue ⁽¹⁾
		March 31,			December 31,			Three months ended March 31,
		2026			2025			2026			2025
USA		$	116,919		$	114,644		$	37,717		$	22,391
Canada ⁽²⁾			249,564			125,364			25,316			13,305
Mexico			25,848			25,759			11,016			—
Argentina ⁽³⁾⁽⁴⁾			436,767			414,922			—			—
Total consolidated		$	829,098		$	680,689		$	74,049		$	35,696

(1)

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

(2)

Includes investment in Paragon Advanced Labs Inc. of $13.2 million (December 31, 2025 – $13.7 million).

(3)

Includes investment in MSC of $164.7 million (December 31, 2025 – $140.7 million) and investment in McEwen Copper of $272.1 million (December 31, 2025 – $274.2 million).

(4)

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.