EQUITY METHOD INVESTMENTS (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| McEwen |
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| EQUITY METHOD INVESTMENTS |
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| Summary of financial information from operations |
| | | | | | | | | March 31, 2026 | | December 31, 2025 | Investment in McEwen Copper Inc. | | $ | 272,115 | | $ | 274,189 | Investment in Minera Santa Cruz S.A. | | | 164,650 | | | 140,733 | Investment in Paragon Advanced Labs Inc. | | | 13,241 | | | 13,719 | Total equity method investments | | $ | 450,006 | | $ | 428,641 |
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| McEwen Copper Inc. |
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| EQUITY METHOD INVESTMENTS |
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| Summary of financial information from operations |
| | | | | | | | | Three months ended March 31, | | | 2026 | | 2025 | McEwen Copper (100%) | | | | | | | Advanced projects | | $ | — | | $ | (21,271) | Other expenses | | | (2,900) | | | (1,097) | Foreign exchange gain (loss) | | | 177 | | | (9) | Interest and other income (expenses) (1) | | | (1,720) | | | 3,906 | Loss before tax | | $ | (4,443) | | $ | (18,471) | Current and deferred taxes | | | — | | | — | Net loss | | $ | (4,443) | | $ | (18,471) | | | | | | | | Portion attributable to McEwen Inc. | | | | | | | Net loss | | $ | (2,057) | | $ | (8,578) | McEwen Inc.'s portion of interest capitalized | | | (17) | | | — | Loss from investment in McEwen Copper | | $ | (2,074) | | $ | (8,578) |
(1) Interest and other income (expenses) include interest on term debt and finance-related income and expenses.
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| Schedule of change in the company's investment |
| | | | | | | | | Three months ended | | Year ended | | | March 31, 2026 | | December 31, 2025 | Investment, beginning of period | | $ | 274,189 | | $ | 298,947 | Dilution gain | | | — | | | 789 | Attributable net loss from McEwen Copper | | | (2,074) | | | (25,547) | Investment, end of period | | $ | 272,115 | | $ | 274,189 |
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| Summary of key assets and liabilities, before and after adjustments to fair value |
| | | | | | | As at | | March 31, 2026 | | December 31, 2025 | Current assets | | $ | 24,589 | | $ | 7,089 | Total assets | | $ | 236,725 | | $ | 203,277 | | | | | | | | Current liabilities | | $ | (17,667) | | $ | (11,365) | Total liabilities | | $ | (67,761) | | $ | (41,759) |
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| Minera Santa Cruz S.A. |
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| EQUITY METHOD INVESTMENTS |
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| Summary of financial information from operations |
| | | | | | | | | Three months ended March 31, | | | 2026 | | 2025 | Minera Santa Cruz S.A. (100%) | | | | | | | Revenue from gold and silver sales | | $ | 185,813 | | $ | 71,903 | Production costs applicable to sales | | | (77,655) | | | (56,588) | Depreciation and depletion | | | (7,896) | | | (10,610) | Gross profit | | | 100,262 | | | 4,705 | Exploration | | | (4,341) | | | (2,300) | Other income (1) | | | 2,600 | | | 826 | Income before tax | | $ | 98,521 | | $ | 3,231 | Current and deferred income tax expense | | | (31,271) | | | (1,039) | Net income | | $ | 67,250 | | $ | 2,192 | | | | | | | | Portion attributable to McEwen Inc. | | | | | | | Net income | | $ | 32,953 | | $ | 1,073 | Amortization of fair value increments | | | (199) | | | (568) | Income tax recovery (expense) | | | (2) | | | 5 | Income from investment in MSC, net of amortization | | $ | 32,752 | | $ | 510 |
(1) Other income includes foreign exchange gains and losses, accretion of asset retirement obligations, and other finance-related income.
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| Schedule of change in the company's investment |
| | | | | | | | | Three months ended | | | Year ended | | | March 31, 2026 | | | December 31, 2025 | Investment, beginning of period | | $ | 140,733 | | $ | 101,854 | Attributable net income from MSC | | | 32,953 | | | 43,256 | Amortization of fair value increments | | | (199) | | | (2,160) | Income tax recovery (expense) | | | (2) | | | 29 | Dividend distribution received | | | (8,835) | | | (2,246) | Investment, end of period | | $ | 164,650 | | $ | 140,733 |
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| Summary of key assets and liabilities, before and after adjustments to fair value |
| | | | | | | As at | | March 31, 2026 | | December 31, 2025 | Current assets | | $ | 352,418 | | $ | 290,704 | Total assets | | $ | 435,282 | | $ | 372,994 | | | | | | | | Current liabilities | | $ | (119,476) | | $ | (107,930) | Total liabilities | | $ | (158,855) | | $ | (145,761) |
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| Paragon Advanced Labs Inc. |
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| EQUITY METHOD INVESTMENTS |
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| Summary of financial information from operations |
A summary of the operating results for Paragon for the period from December 9, 2025, to December 31, 2025, is as follows: | | | | | | Period ended | | | December 31, 2025 | Paragon (100%) | | | | Revenue | | $ | 312 | Production costs applicable to sales | | | (591) | Gross loss | | | (279) | Operating expense | | | (749) | Other expense | | | (231) | Net loss | | | (1,259) | Change in foreign currency translation adjustments | | | 90 | Net comprehensive loss for the year | | $ | (1,169) | | | | | Portion attributable to McEwen Inc. | | | Net loss | | $ | (340) | Attributable change in foreign currency translation adjustments | | | 24 | Comprehensive loss from investment in Paragon | | $ | (315) |
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| Schedule of change in the company's investment |
| | | | | | | | | Three months ended | | Period ended | | | March 31, 2026 | | December 31, 2025 | Investment, beginning of period | | $ | 13,719 | | $ | — | Investment in Paragon | | | — | | | 13,719 | Net loss attributable to McEwen Inc. | | | (340) | | | — | Dilution loss | | | (162) | | | — | Change in foreign currency translation adjustments | | | 24 | | | — | Investment, end of period | | $ | 13,241 | | $ | 13,719 |
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| Summary of key assets and liabilities, before and after adjustments to fair value |
| | | | As at | | December 31, 2025 | Current assets | | $ | 6,328 | Total assets | | $ | 35,622 | | | | | Current liabilities | | $ | (10,642) | Total liabilities | | $ | (33,050) |
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