# McEwen Inc.: Form 10-Q for the period ended Mar 31, 2025

- Company: [McEwen Inc.](/companies/mux.md) (CIK 314203)
- Form: 10-Q
- Filed: 2025-05-07
- Accepted by EDGAR: May 7, 2025, 21:02 ET
- Period: 2025-03-31
- Accession: 0001558370-25-006772
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/314203/000155837025006772/mux-20250331x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/314203/000155837025006772/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-01-01 to 2025-03-31 | $35.7m | us-gaap:Revenues |
| Cost of revenue | 3 months, 2025-01-01 to 2025-03-31 | $19.6m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2025-01-01 to 2025-03-31 | $10.1m | us-gaap:GrossProfit |
| Operating income | 3 months, 2025-01-01 to 2025-03-31 | −$7.6m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2025-01-01 to 2025-03-31 | −$1.1m | us-gaap:IncomeTaxExpenseBenefit |
| Diluted EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.12 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.12 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-01-01 to 2025-03-31 | 53,270,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2025-01-01 to 2025-03-31 | −$1.9m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2025-03-31 | $68.5m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-03-31 | $106.4m | us-gaap:AssetsCurrent |
| Total assets | at 2025-03-31 | $730.6m | us-gaap:Assets |
| Current liabilities | at 2025-03-31 | $45.3m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-03-31 | $250.8m | us-gaap:Liabilities |
| Long-term debt | at 2025-03-31 | $125.5m | us-gaap:LongTermDebtNoncurrent |
| Shareholders' equity | at 2025-03-31 | $479.8m | us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |

## Management's discussion and analysis

As filed, 57,697 characters.

In the following discussion, “McEwen Mining,” the “Company,” “we,” “our,” and “us” refer to McEwen Mining Inc. and, as the context requires, its consolidated subsidiaries.

The discussion also analyzes our results of operations for the three months ended March 31, 2025, and compares those to the results for the three months ended March 31, 2024. Regarding properties or projects that are not in production, we provide some details of our plan of operation. We suggest that you read this discussion in conjunction with MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS and our audited consolidated financial statements contained in our annual report on Form 10-K for the year ended December 31, 2024.

The discussion contains financial performance measures that are not prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP” or “GAAP”). Each of the following is a non-GAAP measure: cash costs, cash costs per ounce, all-in sustaining costs (“AISC”), all-in sustaining cost per ounce, adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), and average realized price per ounce. These non-GAAP measures are used by management in running the business and we believe they provide useful information that can be used by investors to evaluate our performance and our ability to generate cash flows. These measures do not have standardized definitions and should not be relied upon in isolation or as a substitute for measures prepared in accordance with GAAP.

For a reconciliation of these non-GAAP measures to the amounts included in our *Consolidated Statements of Operations and Comprehensive Loss* for the three months ended March 31, 2025, and 2024 and to our *Consolidated Balance Sheets* as of March 31, 2025, and December 31, 2024, and certain limitations inherent in such measures, please see the discussion under “Non-GAAP Financial Performance Measures,” beginning on page 34.

This discussion also includes references to “advanced-stage properties,” which are defined as properties for which advanced studies and reports have been completed indicating the presence of measured, indicated, and inferred resources or proven and probable reserves, or that have obtained or are in the process of obtaining the required permitting. Our designation of certain properties as “advanced-stage properties” should not suggest that we have or ever will have proven or probable reserves at those properties as defined by S-K 1300. This section provides information up to the date of the filing of this report.

Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended March 31, 2025, and 2024 are abbreviated as Q1/25 and Q1/24, respectively.

Disclosed gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a gold to silver ratio of 90:1 for Q1/25 and 89:1 for Q1/24, which is based on the average per ounce price of gold and silver during each period.

### OVERVIEW

The Company was organized under the laws of the State of Colorado on July 24, 1979, and is engaged in the production and sale of gold and silver, as well as the development and exploration of copper, gold, and silver mineral properties across North and South America.

The Company owns a 100% interest in the Gold Bar mine in Nevada, United States, the Fox Complex in Ontario, Canada, the Fenix Project in Sinaloa, Mexico and a portfolio of exploration properties in the United States, Canada, Mexico and Argentina. As of March 31, 2025, the Company also holds a 46.4% interest in McEwen Copper Inc. (“McEwen Copper”), which owns the Los Azules copper project in San Juan, Argentina and the Elder Creek exploration project in Nevada, United States, and a 49.0% interest in Minera Santa Cruz S.A. (“MSC”), which owns the producing San José silver-gold mine in Santa Cruz, Argentina and is operated by MSC’s majority owner, Hochschild Mining plc. The Company reports its investments in McEwen Copper and MSC using the equity method of accounting.

In this report, “Au” represents gold; “Ag” represents silver; “oz” represents troy ounce; “t” represents metric tonne; “g/t” represents grams per metric tonne; “ft” represents feet; “m” represents meter; “sq” represents square; and CAD refers to Canadian dollars. All of our financial information is reported in United States (U.S.) dollars unless otherwise noted.

### Index to Management’s Discussion and Analysis:

| ​ ​ | ​ |
| --- | ---: |
| Operating and Financial Highlights | 24 |
| Selected Consolidated Financial and Operating Results | 26 |
| Consolidated Operations Review | 27 |
| Liquidity and Capital Resources | 28 |
| Operations Review | 29 |
| United States Segment | 29 |
| Gold Bar Mine | 29 |
| Exploration Activities | 30 |
| Timberline Properties | 30 |
| Canada Segment | 30 |
| Fox Complex | 30 |
| Exploration Activities | 31 |
| Mexico Segment | 31 |
| Advanced-Stage Properties – Fenix Project | 31 |
| Minera Santa Cruz Segment - Argentina | 32 |
| Minera Santa Cruz operating results | 32 |
| McEwen Copper Inc. | 33 |
| Los Azules Project | 33 |
| Non-GAAP Financial Performance Measures | 34 |
| Critical Accounting Policies | 38 |
| Forward-looking Statements | 38 |
| Risk Factors Impacting Forward-looking Statements | 39 |

### Q1/25 OPERATING AND FINANCIAL HIGHLIGHTS

Highlights for Q1/25 are summarized below and discussed further under “Consolidated Performance”:

### Corporate Developments

- On January 31, 2025, the Company amended its Third Amended and Restated Credit Agreement, extending the maturity date from August 31, 2026 to August 31, 2028, and extended the commencement date for monthly repayments of principal from January 31, 2025 to January 31, 2027. As consideration for such amendment, the Company issued 53,160 common shares subsequent to March 31, 2025. Additionally, on February 21, 2025, the Company repaid $20.0 million of principal under this credit agreement.
- On February 11, 2025, the Company closed the offering of 5.25% Convertible Senior Notes due 2030 (the “Offering”), for an aggregate principal amount of $110.0 million. The net proceeds from the Offering were approximately $90.7 million after deducting offering related costs of $4.2 million and the purchase of a related capped call of $15.1 million. The capped call option was included to mitigate potential share dilution by effectively raising the conversion price from $11.25 to $17.30, representing a 100% premium over our closing share price on the day prior to the financing announcement.
- On February 11, 2025, McEwen Copper, through its wholly owned subsidiary, Andes Corporación Minera S.A., applied for the project's admission into Argentina’s Large Investment Incentive Regime (the “RIGI”) program. If successful, the RIGI is expected to provide significant fiscal and regulatory benefits, including tax reductions, export duty exemptions, and a 30-year tax stability guarantee.
- On March 10, 2025, the Company invested in Goliath Resources Limited through a non-brokered private placement, acquiring 5,181,347 shares in exchange for 868,056 shares of the Company’s common stock. Each unit consisted of one common share and one-half of one warrant. Each warrant entitles the Company to purchase one common share at a price of C$2.50 prior to expiry on March 10, 2026.
- On March 26, 2025, Minera Santa Cruz S.A. paid a dividend of ARS $4.9 billion (US$4.6 million) on a 100% basis, or ARS $2.4 billion (US$2.2 million) attributable and paid to McEwen Mining, representing the first significant dividend received since 2021.
- On March 27, 2025, the Company participated in two private placement offerings by Canadian Gold Corp acquiring 8,823,529 common shares and 2,941,176 units for a total investment of $1.4 million. Each unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of C$0.22 per share, exercisable for a period of twelve months from the closing date, expiring on March 27, 2026.

### Operational Highlights

- ***Q1/25 consolidated production of 24,132 GEOs,*** including 10,924 attributable GEOs from the San José mine(1), compared to 33,037 GEOs produced in Q1/24 which included 12,934 attributable GEOs from the San José mine(1). Our annual plans include higher production across our operations through the remainder of the year, and we remain on track to deliver 2025 production guidance of 120,000 to 140,000 GEOs.
- ***Q1/25 consolidated sales of 23,804 GEOs***, including 10,769 attributable GEOs from the San José mine(1). This compares to 34,407 GEOs sold in Q1/24, including 14,603 attributable GEOs from the San José mine(1).
- ***We are underway with Stock portal access development at the Fox Complex***. During Q1/25, we invested $3.9 million to complete box cut drilling and bedrock blasting for the Stock portal entrance where we expect to begin mining by 2026. At Froome, we produced 5,520 GEOs during Q1/25, below expectations due to adverse winter conditions and labor challenges. In response, the Company accelerated hiring efforts and engaged contractors to support operations. With these mitigating actions in place, the Fox Complex expects to meet annual production guidance of 30,000 to 35,000 GEOs.
- ***At the Gold Bar Mine, we produced 7,688 GEOs during Q1/25.*** As ongoing pre-stripping activities at the Pick III deposit wind down and production begins in early Q2/25, our mine plan calls for production to increase steadily through the remainder of the year. The Gold Bar Mine remains on track to meet its annual production guidance of 40,000 to 45,000 GEOs.
- ***At the San José Mine, Q1/25 production of 10,924 GEOs decreased by 16% compared to 12,934 GEOs during Q1/24.*** Production during the period was slightly impacted by lower processed grades and recovery rates, primarily due to elevated clay content in the ore. In response, San José plans to increase plant throughput beginning April 2025, supported by recent mill improvements completed in late 2025. Additionally, the first quarter of each year is impacted by production seasonality due to annual maintenance shutdowns. We reiterate full year guidance of 50,000 to 60,000 attributable GEOs(1).
- ***We continued to advance our Los Azules copper project to feasibility.*** During Q1/25, McEwen Copper completed the final drilling activities required to support the Los Azules feasibility study. The data collected will be used to refine the geotechnical characterization of the deposit and finalize both the mine plan and production schedule.
- ***We continued to meet safety expectations at our 100% owned operating mines.*** During Q1/25, we did not have any lost-time incidents at our Fox Complex and Gold Bar mine. In February 2025, the Gold Bar mine achieved a significant safety milestone, marking five years without a lost-time incident.

### Financial Highlights

- Q1/25 revenues of $35.7 million were recognized from the sale of 13,036 GEOs from our 100% owned operations at an average realized price(2) of $2,803 per GEO. This compares to Q1/24 revenues of $41.2 million from the sale of 19,804 GEOs at a realized price of $2,131 per GEO.
- We reported gross profit of $10.1 million in Q1/25 compared to $6.0 million in Q1/24. This increase was primarily driven by a 31% higher average realized gold prices.
- Net loss for Q1/25 was $6.3 million, or $0.12 per share, compared to a net loss of $20.4 million for Q1/24, or $0.41 per share. This improvement was primarily driven by lower expenditures at McEwen Copper Inc., reducing our portion of its recognized loss from $18.0 million in Q1/24 to $8.6 million in Q1/25, as well as higher gross profit as previously discussed.
- Adjusted EBITDA(2) for Q1/25 was $8.7 million, or $0.16 per share, compared to Q1/24 adjusted EBITDA of $6.3 million, or $0.13 per share. Adjusted EBITDA excludes the impact of McEwen Copper’s results and reflects the earnings of our operating properties, including the San José mine(1).
- **Fox Complex unit costs:** Cash costs(2) and AISC(2) per GEO sold in Q1/25 were $2,061 and $2,504, respectively. as compared to annual guidance ranges of $1,600 to $1,800 and $1,700 to $1,900, respectively. The increase in unit costs was driven primarily by 33% lower GEOs sold. Unit costs are expected to decrease through the year as production improves.
- **Gold Bar unit costs:** Cash costs(2) and AISC(2) per GEO sold in Q1/25 were $1,146 and $2,197, respectively, as compared to annual guidance of $1,500 to $1,700 and $1,700 to $1,900, respectively. The increase in unit costs was largely attributable to $7.5 million of pre-stripping costs, and will decrease through 2025 as production begins at Pick III.
- **San José unit costs:** Cash costs(2) and AISC(2) per GEO sold in Q1/25 were $2,575 and $3,047, respectively, as compared to full year guidance of $1,600 to $1,800 and $1,900 to $2,100, respectively. Higher unit costs were primarily the result of 18% higher production costs driven by relative strength in the Argentine peso, as well as 26% lower GEOs sold during the period. As higher planned production is achieved through the remainder of 2025, we expect San José to decrease its unit costs over the remainder of the year.

### Exploration and Mineral Resources and Reserves

- McEwen Copper invested $21.3 million in Q1/25 to advance its feasibility study on Los Azules. Including amounts spent by Minera Andes Inc. prior to 2012, and McEwen Mining prior to 2021, we have invested over $400 million to develop Los Azules as a world-class copper deposit.
- We incurred $2.3 million in exploration expenses at Fox Complex during Q1/25 to advance our Grey Fox project, where we completed 50,000 feet (15,200 meters) of diamond drilling, focused mainly on the Gibson zone.
- We incurred $1.4 million in exploration expenses at the Gold Bar Mine and our Timberline properties, primarily on planning drilling programs and site preparation in advance of the drilling season.

#### (1) At our 49% attributable interest.

*(2) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 36.*

### SELECTED CONSOLIDATED FINANCIAL AND OPERATING RESULTS

The following tables present consolidated selected financial and operating results of the Company for the three months ended March 31, 2025, and 2024:

*(in thousands, except per share)*

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ ​ 2024 |
| --- | --- | ---: | --- | ---: |
| Revenue from gold and silver sales (1) | **​** | **$35,696** | ​ | $41,228 |
| Production costs applicable to sales (1) | **​** | **$(19,605)** | ​ | $(25,110) |
| Gross profit (1) | **​** | **$10,070** | ​ | $6,011 |
| Adjusted EBITDA (2) | **​** | **$8,709** | ​ | $6,322 |
| Adjusted EBITDA per share (2) | **​** | **$0.16** | ​ | $0.13 |
| Net loss | **​** | **$(6,270)** | ​ | $(20,383) |
| Net loss per share | **​** | **$(0.12)** | ​ | $(0.41) |
| Cash from (used) in operating activities | **​** | **$(1,932)** | ​ | $3,881 |
| Additions to mineral property interests and plant and equipment | **​** | **$14,534** | ​ | $4,522 |

*(1) Excludes results from the San José mine, which is accounted for under the equity method.*

*(2) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 34.*

*(in thousands, unless otherwise indicated)*

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ ​ March 31, 2025 | ​ ​ | ​ ​ December 31, 2024 |
| --- | --- | ---: | --- | ---: |
| Cash and cash equivalents | ​ | **$68,510** | ​ | $13,692 |
| Current assets | ​ | **$106,399** | ​ | $41,192 |
| Current liabilities | ​ | **$45,255** | ​ | $47,693 |
| Long-term debt | ​ | **$125,528** | ​ | $40,000 |

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 ​ | ​ | ​ ​ 2024 |
| --- | --- | --- | --- | --- |
| GEOs produced (1) | ​ | ​ **24,132** | ​ | ​ 33,037 |
| 100% owned operations | ​ | ​ **13,208** | ​ | ​ 20,104 |
| San José mine (49% attributable) | ​ | ​ **10,924** | ​ | ​ 12,934 |
| GEOs sold (1) | ​ | ​ **23,804** | ​ | ​ 34,407 |
| 100% owned operations | ​ | ​ **13,036** | ​ | ​ 19,804 |
| San José mine (49% attributable) | ​ | ​ **10,769** | ​ | ​ 14,603 |
| Average realized price ($/GEO) (2)(3) | ​ | **$2,803** | ​ | $2,131 |
| P.M. Fix Gold ($/oz) | ​ | **$2,860** | ​ | $2,070 |
| Cash costs per ounce ($/GEO sold) (2) | ​ | **​** **​** | ​ | ​ ​ |
| 100% owned operations | ​ | **$1,504** | ​ | $1,268 |
| San José mine (49% attributable) | ​ | **$2,575** | ​ | $1,607 |
| AISC per ounce ($/GEO sold) (2) | ​ | **​** **​** | ​ | ​ ​ |
| 100% owned operations | ​ | **$2,318** | ​ | $1,481 |
| San José mine (49% attributable) | ​ | **$3,047** | ​ | $1,947 |
| Gold : Silver ratio (1) | ​ | **​** **90 : 1** | ​ | ​ 89 : 1 |

*(1) Silver production is presented as a gold equivalent with a gold : silver ratio of 90 : 1 for Q1/25 and 89 : 1 for Q1/24.*

*(2) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 34.*

*(3) On sales from 100% owned operations only, excluding sales from our streaming arrangement at the Fox Complex.*

### CONSOLIDATED OPERATIONS REVIEW

*Revenue from gold and silver sales:* During Q1/25, revenue from our 100%-owned operations decreased by 13% to $35.7 million, from $41.2 million in Q1/24. This was primarily driven by a 34% decrease in GEOs sold and offset by a 31% increase in realized gold prices, from $2,131 per GEO in Q1/24 to $2,803 per GEO in Q1/25.

*Production costs applicable to sales:* During Q1/25, production costs applicable to sales decreased by 22% to $19.6 million, from $25.1 million in Q1/24. This reduction was primarily driven by the lower number of GEOs produced and sold.

*Advanced project costs* were $1.7 million in Q1/25, a decrease of $0.8 million compared to Q1/24. These costs are related to our Fenix Project which remains on care and maintenance.

*Exploration costs* were $3.7 million in Q1/25, a decrease of $0.2 million compared to Q1/24. Exploration expenditures totaled $2.3 million for drilling targeting the Gibson zone of the Grey Fox project. At Gold Bar, $1.4 million was spent on drill target planning and site preparation.

*Loss from investment in McEwen Copper:* During Q1/25, we recorded a loss of $8.6 million from our investments in McEwen Copper, compared to $18.0 million during Q1/24. This loss represents our proportion of McEwen Copper’s net loss, which is driven primarily by exploration expenditures. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to the *Consolidated Financial Statements.*

*Income from investment in MSC*: During Q1/25, we recorded an income of $0.5 million from our investment in MSC, compared to $1.3 million during Q1/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to the *Consolidated Financial Statements.*

*Interest and other finance expense, net:* Interest and other finance expenses totaled $1.3 million in Q1/25, an increase of $0.4 million compared to $0.9 million in Q1/24. The increase was primarily driven by accrued interest on the Convertible Senior Notes issued in February 2025.

*Other income*: Other income of $1.6 million in Q1/25 increased from an expense of $0.1 million in Q1/24 mostly due to a $1.7 million gain on our investment in marketable securities.

*Income and mining tax recovery:* For Q1/25, the Company recorded an income tax recovery of $1.1 million, compared to $2.6 million for Q1/24, primarily due to amortization of the flow-through share premium.

### LIQUIDITY AND CAPITAL RESOURCES

Our cash, cash equivalents and restricted cash balance increased by $55.0 million during 2025, from $17.5 million as at December 31, 2024 to $72.5 million as at March 31, 2025.

Cash used in operating activities of $1.9 million during Q1/25 reflects the net loss of $6.3 million for the period, adjusted for non-cash impacts, including net losses from equity method investments of $8.1 million, depreciation, amortization, and depletion of $6.2 million, unrealized gains on marketable securities of $1.8 million, reclamation accretion and adjustments to estimate of $0.8 million, income and mining tax recovery of $2.9 million, stock-based compensation of $0.2 million, and $6.4 million in changes in non-cash working capital. Further details are provided in the *Consolidated Statements of Cash Flows.*

Cash used in investing activities of $13.6 million during Q1/25 consisted of additions to mineral property interests, plant and equipment of $14.5 million, driven primarily by capital development at the Fox Complex and capitalized pre-stripping at the Gold Bar mine, and investments in marketable securities of $1.4 million. This was offset by $2.2 million of dividends received from MSC.

Cash provided by financing activities of $70.5 million during Q1/25 consisted of $110.0 million in proceeds from the issuance of Senior Convertible Notes, offset by financing costs of $4.2 million, principal repayments on our term loan facility of $20.0 million, $15.1 million purchase of capped call options, and the repayment of finance lease obligations for $0.2 million.

Working capital as at March 31, 2025 was $61.1 million, a $67.6 million increase from negative $6.5 million as at December 31, 2024. The increase in working capital was driven by an increase in cash and cash equivalents of $54.8 million driven by the issuance of Senior Convertible Notes, as well as a $9.1 million increase in marketable securities, a $2.6 million increase in inventories, a $1.4 million decrease in accounts payable and accrued liabilities, and a $1.5 million decrease in flow-through share premium, partially offset by a $1.1 million increase in tax liabilities.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.

### OPERATIONS REVIEW

### United States Segment

The United States segment is comprised of the Gold Bar Mine and our exploration properties in the State of Nevada.

#### Gold Bar Mine

The following table summarizes the operating and financial results for the Gold Bar Mine for the three months ended March 31, 2025, and 2024:

| ​ ​ ​ Operating Results | ​ ​ ​ | ​ ​ Three months ended March 31, 2025 ​ | ​ | ​ ​ ​ 2024 |
| --- | --- | --- | --- | --- |
| Mined mineralized material (kt) |  | ​ **451** |  | ​ 678 |
| Average grade (g/t Au) |  | ​ **0.81** |  | ​ 0.77 |
| Stacked mineralized material (kt) |  | ​ **468** |  | ​ 683 |
| Average grade (g/t Au) |  | ​ **0.79** |  | ​ 0.80 |
| Gold ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **7,686** |  | ​ 11,715 |
| Sold |  | ​ **7,935** |  | ​ 12,190 |
| Silver ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **138** |  | ​ 127 |
| Sold |  | ​ **—** |  | ​ — |
| GEOs: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **7,688** |  | ​ 11,716 |
| Sold |  | ​ **7,935** |  | ​ 12,190 |
| Revenue from gold and silver sales, ($000s) | ​ | **$22,391** | ​ | $25,278 |
| Cash costs (1), ($000s) | ​ | **$9,094** | ​ | $13,268 |
| Cash costs per ounce ($/GEO sold) (1) | ​ | **$1,146** | ​ | $1,088 |
| All‑in sustaining costs (1), ($000s) | ​ | **$17,436** | ​ | $14,639 |
| AISC per ounce ($/GEO sold) (1) | ​ | **$2,197** | ​ | $1,201 |
| Gold : Silver ratio | ​ | **90 : 1** | ​ | 89 : 1 |

*(1) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 34.*

#### Q1/25 compared to Q1/24

The Gold Bar Mine produced 7,688 GEOs in Q1/25, representing a 34% decrease from 11,716 GEOs produced in Q1/24 driven by lower mined and stacked tonnes. The operational focus in Q1/25 was to complete pre-stripping activities at the Pick III deposit, where we expect to begin production in early Q2/25.

*Revenue from gold and silver sales* was $22.4 million in Q1/25, down from $25.3 million in Q1/24, primarily due to a 35% decrease in GEOs sold resulting from lower production, partially offset by a 36% increase in the realized gold price.

*Production costs applicable to sales* were $9.1 million in Q1/25 down from $13.3 million in Q1/24, a 32% decrease. The decrease was primarily driven by a 16% reduction in crushing contractor costs, as the material currently processed from Gold Bar South does not require crushing, and a 35% decrease in GEOs sold discussed above.

*Cash costs* and *AISC* per GEO sold in Q1/25 were $1,146 and $2,197 respectively, compared to $1,088 and $1,201 in Q1/24, respectively. While a minor increase in unitary cash costs was driven by 34% lower GEOs sold, partially offset by a corresponding decrease in total production costs, the increase in AISC was attributable to $7.5 million in Pick III pre-stripping costs capitalized during Q1/25.

#### Exploration Activities

#### Gold Bar Mine

During Q1/25, exploration activities focused on geologic modeling, drill planning, and drill site construction for the 2025 target areas at Jug Handle in Gold Bar South, where drilling is expected to begin in Q2/25. A notice to proceed has been received for Taurus and Cabin North, with drill pad and road construction currently in progress.

#### Timberline Properties

The 2025 drilling plans for the Lookout Mountain and Windfall projects are aimed at supporting future development opportunities. The primary focus at Windfall during Q1/25 was the completion of the block model to support future pit design. At Seven Troughs, exploration efforts were concentrated on converting geological data into digital formats, which will enable the team to generate exploration targets for further investigation through mapping, sampling, modeling, geophysical surveys, and potential drilling.

### Canada Segment

The Canada segment is comprised of the Fox Complex gold properties, which includes our Froome underground mine; the Black Fox underground mine, the Stock Project (consisting of the West, East and Main zones); the Stock mill; the Grey Fox exploration project; and a number of exploration properties located near the city of Timmins, Ontario, Canada.

#### Fox Complex

The following table summarizes the operating and financial results for the Fox Complex for the three months ended March 31, 2025, and 2024:

| ​ ​ ​ Operating Results | ​ ​ ​ | ​ ​ Three months ended March 31, 2025 ​ | ​ | ​ ​ 2024 |
| --- | --- | --- | --- | --- |
| Mined mineralized material (kt) |  | ​ **70** |  | ​ 79 |
| Average grade (g/t Au) |  | ​ **3.02** |  | ​ 2.82 |
| Processed mineralized material (kt) |  | ​ **64** |  | ​ 105 |
| Average grade (g/t Au) |  | ​ **3.00** |  | ​ 2.39 |
| Gold ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **5,512** |  | ​ 7,473 |
| Sold, excluding stream | ​ | ​ **4,730** | ​ | ​ 6,917 |
| Sold, stream |  | ​ **382** |  | ​ 639 |
| Sold, including stream | ​ | ​ **5,100** | ​ | ​ 7,600 |
| Silver ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **655** |  | ​ 1,126 |
| Sold |  | ​ **—** |  | ​ 1,268 |
| GEOs: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **5,520** |  | ​ 7,486 |
| Sold, excluding stream | ​ | ​ **4,730** | ​ | ​ 6,917 |
| Sold | ​ | ​ **5,101** | ​ | ​ 7,614 |
| Revenue from gold and silver sales, ($000s) | ​ | **$13,305** | ​ | $14,750 |
| Cash costs (1), ($000s) | ​ | **$10,511** | ​ | $11,842 |
| Cash costs per ounce ($/GEO sold) (1) | ​ | **$2,061** | ​ | $1,555 |
| All‑in sustaining costs (1), ($000s) | ​ | **$12,774** | ​ | $14,683 |
| AISC per ounce ($/GEO sold) (1) | ​ | **$2,504** | ​ | $1,928 |
| Gold : Silver ratio | ​ | **90 : 1** | ​ | 89 : 1 |

*(1) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 34.*

#### Q1/25 compared to Q1/24

The Fox Complex produced 5,520 GEOs from the Froome mine in Q1/25, reflecting a 26% decrease from the 7,486 GEOs produced in Q1/24. Stock Mill processed less material in Q1/25 primarily due to weather related delays and labor challenges that impacted both mining and crushing operations, resulting in reduced mill feed. Additionally, the mill produced 39% fewer GEOs compared to Q1/24, as the 2024 results benefited from a significant stockpile carryover from Q4/23. In response, the Company accelerated hiring efforts and engaged contractors to support our mining and crushing operations.

*Revenue from gold sales* was $13.3 million for Q1/25, compared to $14.7 million for Q1/24. This decrease was primarily driven by a 33% reduction in GEOs sold, partially offset by a 35% increase in the average realized gold price. Realized gold prices at the Fox Complex are impacted by historic streaming arrangements, which require the sale of a portion of gold produced from the Froome and Black Fox mines at $613 per ounce as of Q1/25.

*Production costs applicable to sales* were $10.5 million in Q1/25, compared to $11.8 million in Q1/24, an 11% decrease reflecting lower GEOs sold, partially offset by higher unitary costs due to a higher fixed cost component of underground development.

*Cash costs* and *AISC per GEO sold* were $2,061 and $2,504 for Q1/25, respectively, compared to $1,555 and $1,928 for Q1/24. The increase was primarily driven by a 33% reduction in GEOs sold with only an 11% corresponding decrease in production costs as discussed above. Sustaining capital investments remained consistent period over period.

#### Exploration Activities

During Q1/25, we invested $2.3 million in exploration activities at our Grey Fox property. This included 50,000 feet (15,200 meters) of diamond drilling, primarily focused on the Gibson zone, as well as the completion of a land-based infill geophysics survey. Our objectives for Q2/25 and the remainder of 2025 will center on identifying additional near-term and long-term mineral resources at Grey Fox, with key efforts directed toward expanding both shallow and deep mineralization, particularly in the Gibson and Grey Fox South zones.

### Mexico Segment

The Mexico segment includes the El Gallo mine and the related advanced-stage Fenix Project, located in Sinaloa state.

#### Advanced-Stage Properties – Fenix Project

We are currently awaiting key permits prior to a construction decision on the first phase of the Fenix Project, which is a gold heap leach reprocessing project. The decision to proceed with the project remains under review.

### Minera Santa Cruz Segment, Argentina

The Minera Santa Cruz Segment is comprised of a 49% interest in the San José mine, located in Santa Cruz, Argentina. Hochschild is the majority owner and operator of the San José mine.

The following table sets out certain operating results for the San José mine for the three months ended March 31, 2025, and 2024 on a 100% basis:

| ​ ​ ​ Operating Results San José Mine—100% basis | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 ​ ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ |
| --- | --- | --- | --- | --- |
| Stacked mineralized material (kt) |  | ​ **147** |  | ​ 128 |
| Average grade mined (g/t) | ​ | ​ **​** | ​ | ​ ​ |
| Gold |  | ​ **3.5** |  | ​ 3.8 |
| Silver |  | ​ **179** |  | ​ 230 |
| Processed mineralized material (kt) |  | ​ **153** |  | ​ 126 |
| Average grade processed (g/t) | ​ | ​ **​** | ​ | ​ ​ |
| Gold |  | ​ **3.5** |  | ​ 4.6 |
| Silver |  | ​ **181** |  | ​ 258 |
| Average recovery (%): | ​ | ​ **​** | ​ | ​ ​ |
| Gold |  | ​ **81.6** |  | ​ 86.8 |
| Silver |  | ​ **82.0** |  | ​ 88.4 |
| Gold ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **14,157** |  | ​ 16,027 |
| Sold |  | ​ **13,971** |  | ​ 18,146 |
| Silver ounces: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **729,488** |  | ​ 918,548 |
| Sold |  | ​ **718,383** |  | ​ 1,031,639 |
| GEOs: | ​ | ​ **​** | ​ | ​ ​ |
| Produced |  | ​ **22,294** |  | ​ 26,396 |
| Sold |  | ​ **21,977** |  | ​ 29,802 |
| Revenue from gold and silver sales, ($000s) | ​ | **$71,903** | ​ | $65,927 |
| Average realized price: | ​ | **​** **​** | ​ | ​ ​ |
| Gold ($/Au oz) | ​ | **$3,271** | ​ | $2,214 |
| Silver ($/Ag oz) | ​ | **$36.47** | ​ | $24.96 |
| Cash costs (1), ($000s) | ​ | **$56,588** | ​ | $47,884 |
| Cash costs per ounce sold ($/GEO) (1) | ​ | **$2,575** | ​ | $1,607 |
| All‑in sustaining costs (1), ($000s) | ​ | **$66,972** | ​ | $58,024 |
| AISC per ounce sold ($/GEO) (1) | ​ | **$3,047** | ​ | $1,947 |
| Gold : Silver ratio | ​ | ​ **90 : 1** | ​ | 89 : 1 |

*(1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 34 for additional information.*

The analysis below compares the operating and financial results of MSC on a 100% basis.

#### Q1/25 compared to Q1/24

On a 100% basis, the San José mine produced 22,294 GEOs in Q1/25, compared to 26,396 GEOs in Q1/24. The decrease in GEOs produced during the period was primarily due to an 8% and 22% reduction in gold and silver head grades processed, respectively, and a 7% decline in gold and silver recovery rates. These impacts were partially offset by a 22% increase in tonnes processed.

*Revenue from gold and silver sales* was $71.9 million in Q1/25, compared to $65.9 million in Q1/24. This increase was primarily driven by 48% and 46% higher realized gold and silver prices, respectively, partially offset by a 26% decrease in GEOs sold.

*Production costs applicable to sales* were $56.6 million in Q1/25, compared to $47.9 million in Q1/24. An 18% increase in production costs was primarily driven by inflation outpacing the devaluation of the Argentine peso, impacting local currency expenditures. Additionally, contractor costs rose due to operational efforts focused on improving processing recoveries, material grades, and advancing delineation work at the Odin pit.

*Cash costs* and *AISC* per GEO sold were $2,575 and $3,047 in Q1/25, respectively, compared to $1,607 and $1,947 Q1/24. The increase in both cash costs and AISC was primarily due to 18% higher production costs and 26% lower GEOs sold, as noted above.

#### Investment in MSC

Our 49% attributable share of operations from our investment in MSC in Q1/25 resulted in an income of $0.5 million, compared to $1.3 million in Q1/24. Despite higher planned unit costs driven by adverse macroeconomic conditions in Argentina, the favorable metal price environment enabled the operation to maintain a working capital position of $83.7 million as of March 31, 2025 (December 31, 2024 – $87.0 million).

We received $2.2 million in dividends from MSC in Q1/25 (Q1/24 – $nil).

### McEwen Copper Inc.

We own a 46.4% interest in McEwen Copper, which owns a 100% interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek exploration project in Nevada, USA. We have invested over $400 million in exploration expenditures to develop Los Azules into a world-class copper deposit, including amounts spent by Minera Andes Inc. before 2012 and directly by McEwen Mining prior to 2021.

### Los Azules, San Juan, Argentina

The Los Azules project is one of the world's largest undeveloped copper deposits and is located in the northern Argentina.

Since 2021, McEwen Copper has been advancing Los Azules through significant additional drilling, numerous studies, social consultation, and permitting; it is now focused on completing a definitive feasibility study. The Los Azules drilling database now contains an impressive 685,600 feet (209,000 meters) of drilling. The Los Azules team finalized the mineral resource model supporting our feasibility study following the 2024-25 drilling campaign. During Q1/25, Los Azules spent $21.3 million to support the remaining activities required for our feasibility study, expected to be published in summer 2025.

#### Drilling Program

The 2024-25 campaign comprised 36,000 feet (11,000 meters) of drilling, covering geotechnical, exploration, hydrological, and condemnation work. The objectives were to assess and model the site's water resources, carry out condemnation drilling to evaluate areas designated for the permanent mine infrastructure, and complete geotechnical and geophysical studies.

Additionally, exploration drilling has progressed in target areas near Los Azules, such as the Tango Area, located east of the planned open pit. Regional exploration efforts are also ongoing, guided by a recent helicopter-assisted magnetotelluric survey, to identify other target areas to investigate during the next exploration season beginning in October 2025.

#### Los Azules Exploration Results

Recent exploration results suggest that Los Azules has the potential to expand to the North and South of the current 2023 PEA pit shell as well as at depth. Drill highlights were published in a press release dated August 8, 2024.

Additionally, 2 miles east of the current Los Azules 2023 PEA perimeter, the Company has identified a new porphyry copper system named Tango. Tango exhibits the five key characteristics of a porphyry system: multiple intrusives, porphyry copper alteration, veining, geochemical anomalies, and a distinct geophysical signature.

#### Feasibility Study and Construction

In December 2024, the environmental impact statement for the construction and operation of Los Azules was issued by San Juan’s Provincial Government’s Ministry of Mines. This represents a key environmental permitting milestone, and with this approval in place, Los Azules is advancing toward the publication of a definitive feasibility study, with the potential start of construction as early as 2026.

#### Large Investment Incentive Regime (RIGI)

The RIGI aims to attract domestic and foreign investment to several sectors in Argentina, including the minerals industry, enhancing resource exploration and production, creating job opportunities and increasing energy security. On February 11, 2025, McEwen Copper, through its wholly owned subsidiary, Andes Corporación Minera S.A., applied for admission to RIGI. If approved, the Los Azules project would become eligible for a range of fiscal and regulatory benefits, including a reduction in the corporate income tax rate from 35% to 25%, exemption from sales tax payments during the construction phase, elimination of export duties, and relief from the requirement to repatriate export proceeds. Additionally, the project would benefit from a 30-year tax stability guarantee and access to international arbitration for dispute resolution.

### NON-GAAP FINANCIAL PERFORMANCE MEASURES

We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our US GAAP results and using the non-GAAP measures supplementally.

The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The GAAP information used for the reconciliation to the non-GAAP measures for our minority interest in the San José mine may be found in Item 8. Financial Statements and Supplementary Data, *Note 9, Equity Investments*. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement (“OJVA”) and varies depending on factors including the profitability of the operations.

The presentation of these measures, including the minority interest in the San José mine, has limitations as an analytical tool. Some of these limitations include:

- The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and
- Other companies in our industry may calculate their cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce, adjusted EBITDA and average realized price per ounce differently than we do, limiting the usefulness as a comparative measure.

#### Cash Costs and All-In Sustaining Costs

The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures used by the mining industry provide investors and analysts with useful information about our underlying costs of operations.

Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.

All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:

- Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include the costs of expanding the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life.
- Sustaining exploration and development costs include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activity performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining.

The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.

Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expense, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposals, impairment charges and any items that are deducted for the purpose of normalizing items.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales:

*(in thousands, except per ounce)*

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 Gold Bar | ​ ​ | ​ ​ Fox Complex | ​ ​ | ​ ​ Total |
| --- | --- | --- | --- | --- | --- | --- |
| **Production costs applicable to sales (100% owned)** |  | $9,094 | ​ | $10,511 | ​ | **$19,605** |
| In‑mine exploration | ​ | ​ 67 | ​ | ​ — | ​ | **​** **67** |
| Capitalized mine development (sustaining) | ​ | ​ 7,597 | ​ | ​ 2,338 | ​ | **​** **9,935** |
| Capital expenditures on plant and equipment (sustaining) | ​ | ​ 665 | ​ | ​ — | ​ | **​** **665** |
| Sustaining leases | ​ | ​ 13 | ​ | ​ (75) | ​ | **​** **(62)** |
| **All‑in sustaining costs** | **​** | $17,436 | ​ | $12,774 | ​ | **$30,210** |
| Ounces sold, including stream (GEO) | ​ | ​ 7,935 | ​ | ​ 5,101 | ​ | **​** **13,036** |
| **Cash cost per ounce sold ($/GEO)** | ​ | $1,146 | ​ | $2,061 | ​ | **$1,504** |
| **AISC per ounce sold ($/GEO)** | ​ | $2,197 | ​ | $2,504 | ​ | **$2,318** |

*(in thousands, except per ounce)*

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2024 Gold Bar | ​ ​ | ​ ​ Fox Complex | ​ ​ | ​ ​ Total |
| --- | --- | --- | --- | --- | --- | --- |
| Production costs applicable to sales (100% owned) | ​ | $13,268 | ​ | $11,842 | ​ | $25,110 |
| In‑mine exploration | ​ | ​ 799 | ​ | ​ — | ​ | ​ 799 |
| Capitalized underground mine development (sustaining) | ​ | ​ — | ​ | ​ 2,302 | ​ | ​ 2,302 |
| Capital expenditures on plant and equipment (sustaining) | ​ | ​ 551 | ​ | ​ — | ​ | ​ 551 |
| Sustaining leases | ​ | ​ 21 | ​ | ​ 539 | ​ | ​ 560 |
| All‑in sustaining costs | ​ | $14,639 | ​ | $14,683 | ​ | $29,322 |
| Ounces sold, including stream (GEO) | ​ | ​ 12,190 | ​ | ​ 7,614 | ​ | ​ 19,804 |
| Cash cost per ounce sold ($/GEO) | ​ | $1,088 | ​ | $1,555 | ​ | $1,268 |
| AISC per ounce sold ($/GEO) | ​ | $1,201 | ​ | $1,928 | ​ | $1,481 |

*(in thousands, except per ounce)*

| ​ ​ ​ San José mine cash costs (100% basis) | ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ ​ 2024 |
| --- | --- | ---: | --- | --- |
| **Production costs applicable to sales** | ​ | **$56,588** | ​ | $47,884 |
| Mine site reclamation, accretion and amortization | ​ | **​** **67** | ​ | ​ 304 |
| Site exploration expenses | ​ | **1,330** | ​ | ​ 2,104 |
| Capitalized underground mine development (sustaining) | ​ | **8,761** | ​ | ​ 7,331 |
| Less: Depreciation | ​ | **​** **(694)** | ​ | ​ (799) |
| Capital expenditures (sustaining) | ​ | **920** | ​ | ​ 1,200 |
| **All‑in sustaining costs** | **​** | **$66,972** | ​ | $58,024 |
| Ounces sold (GEO) | ​ | ​ **21,977** | ​ | ​ 29,802 |
| **Cash cost per ounce sold ($/GEO)** | **​** | **$2,575** | ​ | $1,607 |
| **AISC per ounce sold ($/GEO)** | ​ | **$3,047** | ​ | $1,947 |

#### Adjusted EBITDA and adjusted EBITDA per share

Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP financial measure and does not have any standardized meaning. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our wholly owned operations in production; we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper exploration operations. The most directly comparable measure prepared in accordance with GAAP is net loss before income and mining taxes. Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes.

The following tables present a reconciliation of adjusted EBITDA:

*(in thousands)*

| ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ ​ 2024 |
| --- | --- | --- | --- | --- |
| Net loss before income and mining taxes | ​ | **$(7,349)** | ​ | $(22,940) |
| Less: | ​ | **​** **​** | ​ | ​ ​ |
| Depreciation and depletion | ​ | **​** **6,171** | ​ | ​ 10,278 |
| Loss from investment in McEwen Copper Inc. (Note 9) | ​ | **​** **8,578** | ​ | ​ 18,012 |
| Interest expense | ​ | **​** **1,309** | ​ | ​ 972 |
| Adjusted EBITDA | ​ | **$8,709** | ​ | $6,322 |
| Weighted average shares outstanding (thousands) | ​ | **​** **53,270** | ​ | ​ 49,440 |
| Adjusted EBITDA per share | ​ | **$0.16** | ​ | $0.13 |

#### Average realized price

The term average realized price per ounce used in this report is also a non-GAAP financial measure. We prepare this measure to evaluate our performance against the market (London P.M. Fix). The average realized price for our 100% owned properties is calculated as gross sales of gold and silver, less streaming revenue, divided by the number of net ounces sold in the period, less ounces sold under streaming agreements.

The following tables reconcile average realized prices to the most directly comparable U.S. GAAP measure, which is revenue from gold and silver sales.

*(in thousands, except per ounce)*

| ​ ​ ​ Average realized price - 100% owned | ​ ​ ​ ​ | ​ ​ Three months ended March 31, 2025 ​ | ​ | ​ ​ 2024 |
| --- | --- | --- | --- | --- |
| Revenue from gold and silver sales | ​ | **$35,696** | ​ | $41,228 |
| Less: revenue from gold sales, stream | ​ | **​** **231** | ​ | ​ 380 |
| Revenue from gold and silver sales, excluding stream | ​ | **$35,465** | ​ | $40,848 |
| GEOs sold | ​ | **​** **13,036** | ​ | ​ 19,804 |
| Less: gold ounces sold, stream | ​ | **​** **382** | ​ | ​ 639 |
| GEOs sold, excluding stream | ​ | **​** **12,654** | ​ | ​ 19,165 |
| Average realized price per GEO sold, excluding stream | ​ | **$2,803** | ​ | $2,131 |

*(in thousands, except per ounce)*

| ​ ​ ​ Average realized price - San José mine (100% basis) | ​ ​ ​ | ​ ​ Three months ended March 31, 2025 | ​ | ​ ​ 2024 |
| --- | --- | ---: | --- | ---: |
| Gold sales | ​ | **$45,701** | ​ | $40,176 |
| Silver sales | ​ | **​** **26,202** | ​ | 25,751 |
| Gold and silver sales | ​ | **$71,903** | ​ | $65,927 |
| Gold ounces sold | ​ | **13,971** | ​ | 18,146 |
| Silver ounces sold | ​ | **718,383** | ​ | 1,031,639 |
| GEOs sold | ​ | **21,977** | ​ | 29,802 |
| Average realized price per gold ounce sold | ​ | **$3,271** | ​ | $2,214 |
| Average realized price per silver ounce sold | ​ | **$36.47** | ​ | $24.96 |
| Average realized price per GEO sold | ​ | **$3,272** | ​ | $2,212 |

### CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical accounting policies and estimates used to prepare our financial statements are discussed with our Audit Committee as they are implemented on an annual basis.

The were no significant changes in our critical accounting policies or estimates since December 31, 2024. For further details on the Company’s accounting policies and estimates, refer to the Form 10-K for the year ended December 31, 2024.

### FORWARD-LOOKING STATEMENTS

This report contains or incorporates by reference “forward-looking statements”, as that term is used in federal securities laws, about our financial condition, results of operations and business. These statements include, among others:

- statements about our anticipated exploration results, costs and feasibility of production, production estimates, receipt of permits or other regulatory or governmental approvals and plans for the development of our properties;
- statements regarding strategic alternatives that we are, or may in the future, evaluate in connection with our business;
- statements concerning the benefits or outcomes that we expect will result from our business activities and certain transactions that we contemplate or have completed, such as receipt of proceeds, increased revenues, decreased expenses and avoided expenses and expenditures;
- the anticipated timeframe for remediating the material weakness in our internal control over financial reporting and effectiveness of our disclosure controls and procedures; and
- statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts.

These statements may be made expressly in this document or may be incorporated by reference to other documents that we will file with the SEC. Many of these statements can be found by looking for words such as “believes”, “expects”, “anticipates”, “estimates” or the negative of these terms or similar expressions used in this report or incorporated by reference in this report, but the absence of these terms does not mean that a statement is not forward-looking.

Forward-looking statements and information are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information.

Included among the forward-looking statements and information that we may provide is production guidance. From time to time the Company provides guidance on operations, based on stand-alone budgets for each operating mine. In developing the mine production portion of the budget, we evaluate a number of factors and assumptions, which include, but are not limited to:

- gold and silver price forecasts.
- average gold and silver grade mined, using a resource model.
- average grade processed by the crushing facility (Gold Bar) or milling facility (San José mine and Fox Complex).
- expected tonnes moved and strip ratios.
- available stockpile material (grades, tonnes, and accessibility).
- estimates of in process inventory (either on the leach pad or plant for Gold Bar, or in the mill facility for the San José mine and the Fox Complex).
- estimated leach recovery rates and leach cycle times (Gold Bar).
- estimated mill recovery rates (San José mine and Fox Complex).
- dilution of material processed.
- internal and contractor equipment and labor availability.
- seasonal weather patterns.

Actual production results are sensitive to variances in any of the key factors and assumptions noted above. As a result, we frequently evaluate and reconcile actual results to budgeted results to determine if key assumptions and estimates require modification. Any changes will, in turn, influence production guidance.

We caution you not to put undue reliance on these forward-looking statements, which speak only as of the date of this report. Further, the forward-looking information contained in this document or incorporated herein by reference is a statement of our present intention and is based on present facts and assumptions, and may change at any time and without notice, based on changes in such facts or assumptions. Readers should not place undue reliance on forward-looking statements.

### RISK FACTORS IMPACTING FORWARD-LOOKING STATEMENTS

Important factors that could prevent us from achieving our stated goals and objectives include, but are not limited to, those set forth in the “Risk Factors” section in our report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC, and the following:

- our ability to raise funds required for the execution of our business strategy.
- our acquisitions may not achieve their intended results. Our ability to secure permits or other regulatory and government approvals needed to operate, develop or explore our mineral properties and projects.
- our ability to maintain an ongoing listing of our common stock on the New York Stock Exchange or another national securities exchange in the United States.
- decisions of foreign countries, banks, and courts within those countries.
- national and international geopolitical events and conflicts, and unexpected changes in business, economic, and political conditions.
- operating results of MSC and McEwen Copper.
- fluctuations in interest rates, inflation rates, currency exchange rates, or commodity prices.
- timing and amount of mine production.
- our ability to retain and attract key personnel.
- technological changes in the mining industry.
- changes in operating, exploration or overhead costs.
- access and availability of materials, equipment, supplies, labor and supervision, power and water.
- results of current and future exploration activities.
- results of pending and future feasibility studies or the expansion or commencement of mining operations without feasibility studies having been completed.
- changes in our business strategy.
- interpretation of drill hole results and the geology, grade and continuity of mineralization.
- the uncertainty of reserve estimates and timing of development expenditures.
- litigation or regulatory investigations and procedures affecting us.
- changes in federal, state, provincial and local laws and regulations.
- local, indigenous and community impacts and issues including criminal activity and violent crimes.
- accidents, public health issues, and labor disputes.
- uncertainty relating to title to mineral properties.
- changes in relationships with the local communities in the areas in which we operate; and
- decisions by third parties over which we have no control.

We undertake no responsibility or obligation to update publicly these forward-looking statements, except as required by law and may update these statements in the future in written or oral statements. Investors should take note of any future statements made by or on our behalf.

## Market risk

As filed, 6,281 characters.

Our exposure to market risks includes, but is not limited to, the following risks: changes in foreign currency exchange rates, equity price risks, commodity price fluctuations, credit risk, interest rate risk and inflationary risk. We do not use derivative financial instruments as part of an overall strategy to manage market risk.

Further, our participation in the joint venture with Hochschild for the 49.0% interest held at MSC and our 46.4% ownership in McEwen Copper as of March 31, 2025, creates additional risks because, among other things, we do not exercise decision-making power over the day-to-day activities at MSC or McEwen Copper; however, implications from our partner’s decisions may result in us having to provide additional funding to MSC or McEwen Copper, or result in a further decrease in our percentage of ownership.

### Foreign Currency Risk

The Company is exposed to foreign currency risks directly through exposure to the Mexican peso and Canadian dollar, and indirectly through exposure to the Argentine peso through our investments in MSC and McEwen Copper.

During the three months ended March 31, 2025, the Canadian dollar and Mexican peso appreciated by 0.2% and 1.9%, respectively, while the Argentine peso depreciated by 4.0% against the U.S. dollar. In the same period of 2024, the Mexican peso appreciated by 2.1%, while the Canadian dollar and Argentine peso depreciated by 0.2% and 6.1%, respectively, against the U.S. dollar.

The value of cash and cash equivalents denominated in foreign currencies also fluctuates with changes in currency exchange rates. Appreciation of non-U.S. dollar currencies results in a foreign currency gain on such investments and a depreciation in non-U.S. dollar currencies results in a loss. We hold portions of our cash reserves in non-U.S. dollar currencies.

Our Canadian dollar and Mexican peso cash balances were $0.9 million (CAD 1.2 million) and $0.2 million (MXN 4.3 million), respectively, as at March 31, 2025. The effect that a 1.0% change in these respective currencies would result in gains/losses that are immaterial for disclosure. We have not utilized material market risk-sensitive instruments to manage our exposure to the Canadian dollar and Mexican peso exchange rates but may do so in the future.

### Equity Price Risk

We have invested and may continue to invest in shares of common stock of other entities in the mining sector. Some of our investments may be highly volatile and lack liquidity caused by lower trading volumes. As a result, we are inherently exposed to fluctuations in the fair value of our investments, which may result in gains or losses upon their valuation.

We have in the past sought and will likely in the future seek to acquire additional funding from the sale of common stock or other equity securities. Movements in the price of our investments have been volatile in the past and may also be volatile in the future. As a result, there is a risk that we may not be able to sell equity securities at an acceptable price to meet future funding requirements.

In February 2025, we raised gross proceeds of $110.0 million through the issuance of Convertible Senior Notes due August 15, 2030, as further described in Note 10 to the *Consolidated Financial Statements*. In connection with the offering, we entered into separate Capped Call Transactions intended to offset potential dilution upon conversion of the Convertible Notes. These transactions, which are subject to customary anti-dilution adjustments, cover the aggregate number of shares of common stock initially underlying the Convertible Notes.

### Commodity Price Risk

We produce and sell gold and silver. Changes in the market price of gold and silver have and will in the future significantly affect the results of our operations and cash flows. Changes in the price of gold and silver could materially affect our revenues. Based on our revenues from gold and silver sales of $35.7 million for the three months ended March 31, 2025, a 10% change in the price of gold and silver would have had an impact of approximately $3.6 million on our revenues. Changes in the price of gold and silver can also affect the provisionally priced sales that we make under sales agreements. At March 31, 2025, we had no gold or silver sales subject to provisional pricing at our 100% owned operations.

We have in the past and may in the future hold a portion of our treasury in gold and silver bullion, where the value is recorded at the lower of cost or market. Gold and silver prices will affect the value of any bullion that we hold in treasury.

We do not hedge any of our sales and are therefore subject to all changes in commodity prices.

### Credit Risk

We may be exposed to credit loss through our precious metals and doré sales agreements with financial institutions and refineries if these customers are unable to make payment in accordance with the terms of the agreements. However, based on the history and the financial condition of our counterparties, we do not anticipate that any of our customers will default on their obligations. As of March 31, 2025, we do not believe we have any significant credit exposure associated with precious metals and our doré sales agreements.

In Nevada and Ontario, Canada we are required to provide security to cover our projected reclamation costs. As at March 31, 2025, we have surety bonds of $46.5 million in place to satisfy bonding requirements for this purpose. The bonds have an annual fee of 2.4% of their value and require a deposit of 7.3% of the amount of the bond. Although we do not believe we have any significant credit exposure associated with these bonds or the deposit, we are exposed to the risk that the surety may default in returning our deposit or that the surety bonds may no longer be accepted by the governmental agencies as satisfactory reclamation coverage, in which case we would be required to replace the surety bonding with cash.

### Interest rate risk

Our outstanding debt consists of the $110.0 million convertible notes due 2030, the $20.0 million term loan facility, and various equipment leases. As the convertible notes and term loan have fixed coupons, we consider our interest rate risk exposure to be insignificant at this time.

## Controls and procedures

As filed, 3,353 characters.

### Overview

We are in the process of remediating the material weakness in internal control over financial reporting discussed in our Annual Report on Form 10-K for the year ended December 31, 2024 (as amended, the “Annual Report”), the completion of which should enable the Company’s certifying officers to again confirm the effectiveness of the Company’s disclosure controls and procedures discussed below. During the quarter ended March 31, 2025, the Company redesigned its internal controls around income taxes and added additional layers of review by adding human resources and engaging the assistance of third-party resources as deemed appropriate to assist management in its remediation efforts. The newly designed control procedures and additional remediation efforts will be tested over a sufficient number of instances to be considered effective.

### Evaluation of Disclosure Controls and Procedures

During the fiscal period covered by this report, our management, with the participation of the Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, to the extent of the material weakness identified in internal control over financial reporting and previously disclosed in Part II, Item 9A of the Company’s Annual Report that continued to exist as of March 31, 2025, the Company’s disclosure controls and procedures were not effective as of March 31, 2025.

In light of the foregoing, management performed additional analysis and other procedures to ensure that our unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Accordingly, management, including the Chief Executive Officer and Chief Financial Officer, believes that the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows as of and for the periods presented, in accordance with U.S. GAAP.

### Changes in Internal Control Over Financial Reporting

Other than as described above, there was no change in the Company’s internal control over financial reporting during the quarter ended March 31, 2025, that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

### Limitations on Controls and Procedures

All disclosure controls and procedures and internal control over financial reporting processes and systems, no matter how well designed, have inherent limitations. Processes and systems deemed to be effective at any time can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate due to changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Company conducts periodic evaluations of its internal controls to enhance, where deemed appropriate, its procedures and controls.

## Risk factors

As filed, 515 characters.

There were no material changes from the risk factors set forth under Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risks described in our Annual Report, herein and other reports we have filed with the SEC are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.

Filed May 7, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-006772. Last ingested by Listed: Oct 24, 2026, 14:55 ET. No prices; not investment advice.