CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
REVENUE:
Revenue from gold and silver sales	$ 50,534	$ 52,250	$ 132,930	$ 140,954
OPERATING EXPENSES:
Production costs applicable to sales	(35,233)	(29,682)	(82,571)	(86,858)
Depreciation and depletion	(7,485)	(8,765)	(20,192)	(23,524)
Gross profit	7,816	13,803	30,167	30,572
OTHER OPERATING EXPENSES:
Advanced projects	(1,658)	(2,468)	(4,237)	(7,912)
Exploration	(6,778)	(5,329)	(15,851)	(14,184)
General and administrative	(6,069)	(2,138)	(14,484)	(10,672)
Income (loss) from equity method investments	(806)	(3,080)	(12,256)	(31,929)
Depreciation	(158)	(156)	(475)	(485)
Reclamation and remediation	(778)	(729)	(2,310)	(1,416)
Total other operating expenses	(16,247)	(13,900)	(49,613)	(66,598)
Operating loss	(8,431)	(97)	(19,446)	(36,026)
OTHER INCOME (EXPENSES):
Interest and other finance expenses, net	(1,628)	(1,084)	(4,660)	(3,688)
Other income (expenses) (Note 3)	8,328	(86)	16,955	136
Total other income (expenses)	6,700	(1,170)	12,295	(3,552)
Income (loss) before income and mining taxes	(1,731)	(1,267)	(7,151)	(39,578)
Income and mining tax recovery (expense) (Note 17)	1,269	(814)	3,459	4,119
Net loss after income and mining taxes	$ (462)	$ (2,081)	$ (3,692)	$ (35,459)
Net income (loss) per share (Note 13):
Basic (in dollars per share)	$ (0.01)	$ (0.04)	$ (0.07)	$ (0.7)
Diluted (in dollars per share)	$ (0.01)	$ (0.04)	$ (0.07)	$ (0.7)
Weighted average common shares outstanding (thousands) (Note 13):
Basic (in shares)	54,170	51,953	53,808	50,380
Diluted (in shares)	54,170	51,953	53,808	50,380
McEwen Copper
OTHER OPERATING EXPENSES:
Advanced projects	$ (5,743)	$ (6,147)	$ (39,250)	$ (91,877)
Income (loss) from equity method investments	(4,275)	(1,852)	(19,831)	(36,680)
OTHER INCOME (EXPENSES):
Interest and other finance expenses, net	(879)	3,295	2,646	23,590
Income (loss) before income and mining taxes	(9,205)	(3,838)	(42,702)	(76,806)
Minera Santa Cruz S.A.
REVENUE:
Revenue from gold and silver sales	91,723	70,361	258,511	210,635
OPERATING EXPENSES:
Depreciation and depletion	(16,571)	(13,248)	(37,793)	(36,897)
OTHER OPERATING EXPENSES:
Income (loss) from equity method investments	3,469	(1,228)	7,575	4,751
OTHER INCOME (EXPENSES):
Other income (expenses) (Note 3)	(4,550)	1,649	(8,245)	699
Income (loss) before income and mining taxes	16,764	(2,598)	33,230	11,850
Income and mining tax recovery (expense) (Note 17)	$ 10	$ 251	$ 24	$ 689

McEwen Inc. 10-Q