$MUX

McEwen Mining Inc.

CIK:0000314203|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Revenue from gold and silver sales	$ 59,234	$ 46,700	$ 133,283	$ 82,396
OPERATING EXPENSES:
Production costs applicable to sales	(31,145)	(27,733)	(66,789)	(47,338)
Depreciation and depletion	(8,009)	(6,686)	(14,919)	(12,707)
Gross profit	20,080	12,281	51,575	22,351
OTHER OPERATING INCOME (EXPENSES):
Advanced projects	(3,363)	(895)	(8,142)	(2,579)
Exploration	(11,400)	(5,392)	(16,859)	(9,073)
General and administrative (Note 19)	(7,931)	(5,046)	(17,395)	(8,415)
Income (loss) from equity method investments (Note 9)	11,212	(3,382)	41,550	(11,450)
Depreciation	(178)	(167)	(345)	(317)
Reclamation and remediation	(715)	(774)	(1,437)	(1,532)
Total other operating expenses	(12,375)	(15,656)	(2,628)	(33,366)
Operating income (loss)	7,705	(3,375)	48,947	(11,015)
OTHER INCOME (EXPENSES):
Interest and other finance income	1,365	671	2,504	1,069
Interest and other finance expenses	(1,839)	(2,417)	(4,515)	(4,101)
Other income (expenses) (Note 3)	(1,441)	7,050	(7,941)	8,627
Total other income (expenses)	(1,915)	5,304	(9,952)	5,595
Income (loss) before income and mining taxes	5,790	1,929	38,995	(5,420)
Income and mining tax recovery (Note 17)	3,816	1,111	3,990	2,190
Net income (loss) after income and mining taxes	$ 9,606	$ 3,040	$ 42,985	$ (3,230)
Net income (loss) per share (Note 13):
Basic (in dollars per share)	$ 0.16	$ 0.06	$ 0.72	$ (0.06)
Diluted (in dollars per share)	$ 0.14	$ 0.06	$ 0.61	$ (0.06)
Weighted average common shares outstanding (thousands) (Note 13):
Basic (in shares)	59,998	53,968	59,694	53,623
Diluted (in shares)	74,606	54,022	74,509	53,623
OTHER COMPREHENSIVE INCOME:
Change in foreign currency translation adjustments (Note 9)	$ (3)		$ 21
Comprehensive income (loss)	$ 9,603	$ 3,040	$ 43,006	$ (3,230)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 42,985	$ (3,230)
Adjustments to reconcile net income (loss) from operating activities:
(Income) loss from equity method investments (Note 9)	(41,550)	11,450
Dividends received from Minera Santa Cruz S.A. (Note 9)	58,283
Depreciation, amortization and depletion	15,264	13,024
Loss (gain) on marketable securities (Note 5)	5,906	(6,453)
Reclamation accretion and adjustments to estimate	636	2,449
Deferred income and mining tax recovery (Note 17)	(1,276)	(2,267)
Flow-through premium amortization (Note 12)	(1,835)	(3,554)
Loss on revaluation of common stock issuable	2,382
Other	1,392	(1,373)
Changes in non-cash working capital items:
Change in inventories	(13,344)	(13,170)
Change in other assets related to operations	(3,653)	(1,117)
Change in accounts payable and accrued liabilities	(2,498)	5,457
Change in contract liability	501	(3,544)
Change in other liabilities related to operations	(4,869)	874
Cash provided by (used in) operating activities	58,324	(1,454)
Cash flows from investing activities:
Additions to mineral property interests and plant and equipment	(39,849)	(24,183)
Loan receivable from McEwen Copper Inc. (Note 14)	(7,500)	(5,056)
Other	1,696	417
Cash used in investing activities	(45,653)	(28,822)
Cash flows from financing activities:
Issuance of flow-through common shares, net of issuance costs (Note 12)	14,831
Proceeds from senior convertible notes (Note 10)		110,000
Purchase of capped call options (Note 10)		(15,114)
Convertible notes financing costs (Note 10)		(4,123)
Principal repayment on long-term debt (Note 10)		(20,000)
Proceeds from exercise of stock options and warrants	233
Payment of finance lease obligations	(558)	(513)
Cash provided by financing activities	14,506	70,250
Effect of exchange rate change on cash and cash equivalents	1,082	112
Increase in cash, cash equivalents and restricted cash	28,259	40,086
Cash, cash equivalents and restricted cash, beginning of period	55,261	17,464
Cash, cash equivalents and restricted cash, end of period	83,520	57,550
Supplemental disclosure of cash flow information:
Interest paid	(3,854)	(1,143)
Interest received	1,082	693
Taxes paid	(1,750)	$ (1,940)
Non-cash investing activities:
Properties, plants, equipment and mineral property additions in accounts payable	4,661
Receipt of warrants in connection with loan to McEwen Copper Inc. (Note 14)	$ 3,380

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (Note 4)	$ 78,883	$ 51,015
Marketable securities (Note 5)	12,825	21,114
Receivables, prepaids and other current assets (Note 6)	7,848	5,752
Inventories (Note 7)	27,176	26,836
Due from McEwen Copper Inc. (Note 14)	$ 3,003	$ 3,169
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Mcewen Copper Inc [Member]	Mcewen Copper Inc [Member]
Total current assets	$ 129,735	$ 107,886
Mineral property interests and plant and equipment, net (Note 8)	376,887	227,208
Equity method investments (Note 9)	411,759	428,641
Loan receivable from McEwen Copper Inc. (Note 14)	$ 12,440	$ 6,052
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Mcewen Copper Inc [Member]	Mcewen Copper Inc [Member]
Deferred tax assets	$ 22,612	$ 25,591
Inventories (Note 7)	34,036	20,560
Restricted cash (Note 4)	4,637	4,246
Other assets		34
TOTAL ASSETS	992,106	820,218
Current liabilities:
Accounts payable and accrued liabilities	41,324	44,911
Long-term debt, current portion (Note 10)	6,000
Reclamation and remediation liabilities (Note 11)	6,808	6,473
Contract liability (Note 16)	8,050	7,549
Flow-through share premium (Note 12)	231	974
Tax liabilities	448	2,976
Lease liabilities	831	926
Total current liabilities	63,692	63,809
Long-term debt, net of issuance costs (Note 10)	120,572	126,168
Reclamation and remediation liabilities (Note 11)	39,379	39,384
Deferred tax liabilities	58,738	40,328
Lease liabilities	995	1,088
Other liabilities	2,094	3,204
Total liabilities	285,470	273,981
Shareholders' equity:
Common shares: 59,744 as at June 30, 2026 (in thousands) (Note 12)	1,906,616	1,821,530
Common stock issuable (Note 18)	32,307
Accumulated deficit	(1,232,308)	(1,275,293)
Accumulated other comprehensive income	21
Total shareholders' equity	706,636	546,237
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 992,106	$ 820,218