McEwen Inc.

Listed Company

MUXCIK 0000314203NYSEAcceleratedGold And Silver OresColoradoFY ends Dec 31

Period

FY 2025

Revenue

$197.55M

Net Income

$34.43M

Total Assets

—

Equity

—

Shares Out

59.74M

Op. Cash Flow

$6.87M

Business

McEwen Inc. is a gold and silver mining production and exploration company with an advanced copper development project focused on the Americas. It produces doré bars, ore concentrates and by‑products such as slag and fine carbons and provides exploration, development and mining services for its mineral properties. Operating segments include Canada, United States, Mexico, MSC (San José) and McEwen Copper (Los Azules), and the company holds interests in multiple advanced‑stage and exploration‑stage projects and joint ventures. It operates and sells products throughout North and South America, delivering refined metals and concentrates to third‑party refiners, smelters and commercial purchasers.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from gold and silver sales	198	174	166	110	137
Production costs applicable to sales	−123	−113	−119	−91	—
Depreciation and depletion	−27	−30	−29	−20	−24
Gross profit	48	31	18	−544,000	−6
Advanced projects	−8	−7	−83	−6	−7
Exploration	−22	−17	−20	−15	−23
General and administrative	−27	−17	−15	−12	−11
Depreciation	−620,000	−634,000	−1	−733,000	−339,000
Reclamation and remediation	−3	−2	−3	−3	−3
Total other operating expenses	−45	−82	−180	−95	−58
Operating income (loss)	3	−51	−162	−95	−64
Interest and other finance (expenses) income, net	−7	−5	37	−8	−6
Other income (expenses) (Note 18)	11	3	−30	23	6
Dilution gain from investments in McEwen Copper Inc. (Note 9)	789,000	6	—	—	—
Gain on deconsolidation of McEwen Copper Inc. (Note 9)	—	—	222	—	—
Total other income	4	4	229	15	81,000
Income (loss) before income and mining taxes	7	−47	67	−80	−64
Income and mining tax recovery (expense) (Note 19)	27	3	−34	−6	7
Net income (loss) after income and mining taxes	34	−44	33	−86	−57
Net loss attributable to non-controlling interests	—	—	22	5	172,000
Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders	34	−44	55	−81	−57
Basic (in dollars per share)	0.64	−0.86	1.16	−1.71	−1.25
Diluted (in dollars per share)	0.59	−0.86	1.16	−1.71	−1.25
Basic (in shares)	54	51	48	47	45
Diluted (in shares)	66	51	48	47	45

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (Note 4)	51	14	23	40	54
Marketable securities (Note 5)	21	2	2	—	—
Receivables, prepaids and other current assets (Note 6)	6	7	6	9	—
Due from McEwen Copper Inc. (Note 15)	3	286,000	—	—	—
Inventories (Note 7)	27	18	20	32	16
Total current assets	108	41	53	82	85
Mineral property interests and plant and equipment, net (Note 8)	227	211	170	346	342
Equity method investments (Note 9)	429	401	—	—	—
Due from McEwen Copper Inc. (Note 15)	6	—	—	—	—
Deferred tax assets (Note 19)	26	—	—	—	—
Inventories (Note 7)	21	8	10	2	3
Restricted cash (Note 4)	4	4	4	4	4
Other assets	34,000	102,000	673,000	1	711,000
TOTAL ASSETS	820	665	657	529	525
Accounts payable and accrued liabilities	45	28	23	43	40
Reclamation and remediation liabilities (Note 12)	6	5	3	13	6
Contract liability (Note 17)	8	4	—	—	—
Flow-through share premium (Note 13)	974,000	5	2	4	2
Tax liabilities (Note 19)	3	4	2	8	—
Lease liabilities (Note 10)	926,000	788,000	978,000	1	3
Total current liabilities	64	48	30	84	52
Long-term debt, net of issuance costs (Note 11)	126	40	40	54	49
Reclamation and remediation liabilities (Note 12)	39	41	40	29	30
Deferred tax liabilities (Note 19)	40	37	41	155,000	—
Lease liabilities (Note 10)	1	1	488,000	1	2
Other liabilities	3	3	4	4	3
Total liabilities	274	170	155	172	135
Common shares: 55,517 as at December 31, 2025, and 53,054 as at December 31, 2024 issued and outstanding (in thousands) (Note 13)	1,822	1,805	1,768	1,644	1,615
Accumulated deficit	−1,275	−1,310	−1,266	−1,321	−1,240
Total shareholders' equity	546	495	502	356	390
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	820	665	657	529	525

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss from investment in McEwen Copper Inc. (Note 9)	26	47	58	—	—
Income from investment in Minera Santa Cruz S.A. (Note 9)	−41	−9	−62,000	−3	8
Depreciation, amortization and depletion	28	31	30	20	25
Gain on marketable securities (Note 5)	−13	−286,000	−11	511,000	—
Foreign exchange (gain) loss	−235,000	656,000	49	2	160,000
Reclamation accretion and adjustments to estimate	4	864,000	3	7	4
Income and mining tax (recovery) expense (Note 19)	−22	−7	37	−2	−7
Flow through premium amortization (Note 13)	−6	−2	−4	—	—
Stock-based compensation	4	3	971,000	340,000	837,000
Amortization of debt issuance costs	697,000	—	—	—	—
Other	437,000	349,000	—	—	—
Change in inventories	−19	−711,000	5	—	—
Change in other assets related to operations	−2	3	−81,000	−13	8
Change in accounts payable and accrued liabilities	13	6	−20	—	—
Change in contract liability	4	4	−6	—	—
Change in other liabilities related to operations	−3	3	8	—	—
Cash provided by (used in) operating activities	7	29	−40	−57	−20
Additions to mineral property interests and plant and equipment	−45	−43	−26	−24	−35
Advances to related parties - McEwen Copper Inc. (Note 14)	−5	—	—	—	—
Investment in marketable securities (Note 5)	−2	−366,000	−34	—	—
Dividends received from Minera Santa Cruz S.A. (Note 9)	2	—	295,000	286,000	10
Proceeds from sale of marketable securities	2	—	—	—	—
Investment in McEwen Copper Inc. (Note 9)	—	−14	—	—	—
Proceeds from sale of investment in McEwen Copper Inc.	—	—	6	—	—
Cash outflow on McEwen Copper Inc. deconsolidation	—	—	−46	—	—
Notes receivable from Timberline	—	−2	—	—	—
Cash and restricted cash received from acquisition of Timberline (Note 20)	—	1	—	—	—
Other	—	164,000	295,000	286,000	—
Cash used in investing activities	−48	−58	−100	−24	−25
Proceeds from senior convertible notes (Note 10)	110	—	—	—	—
Purchase of capped call options (Note 10)	−15	—	—	—	—
Convertible notes financing costs (Note 10)	−4	—	—	—	—
Principal repayment on long-term debt (Note 11)	−20	—	−25	—	—
Issuance of flow-through common shares, net of issuance costs (Note 13)	5	20	13	14	12
Proceeds from McEwen Copper Inc. financing	—	—	185	41	—
Proceeds from exercise of stock options	4	9,000	—	4,000	—
Proceeds from exercise of warrants	610,000	9,000	—	—	—
Payment of finance lease obligations	−1	−1	−2	−2	−3
Cash provided by financing activities	79	19	172	65	81
Effect of exchange rate change on cash and cash equivalents	235,000	−656,000	−49	−2	−160,000
Increase in cash, cash equivalents and restricted cash	38	−10	−16	−17	36
Interest paid	−5	−4	−5	−5	—
Interest received	1	636,000	35	650,000	—
Taxes paid	−2	−712,000	−1	−24,000	—
Mineral property additions in accounts payable and accrued liabilities	−3	—	—	—	—

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