McEwen Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
MUX$15.48+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001558370-25-010563
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOperating and Financial HighlightsSelected Consolidated Financial and Operating ResultsConsolidated Operations ReviewLiquidity and Capital ResourcesUnited States SegmentGold Bar MineExploration ActivitiesTimberline PropertiesCanada SegmentFox ComplexExploration ActivitiesMexico SegmentAdvanced-Stage Properties – Fenix ProjectMinera Santa Cruz Segment - ArgentinaMcEwen Copper IncLos Azules ProjectNon-GAAP Financial Performance MeasuresCritical Accounting PoliciesForward-looking StatementsRisk Factors Impacting Forward-looking StatementsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001104659-25-107117
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOperating and Financial HighlightsSelected Consolidated Financial and Operating ResultsConsolidated Operations ReviewLiquidity and Capital ResourcesUnited States SegmentGold Bar MineExploration ActivitiesSeven TroughsCanada SegmentFox ComplexExploration ActivitiesMexico SegmentAdvanced-Stage Properties – Fenix ProjectMinera Santa Cruz Segment - ArgentinaMcEwen Copper IncLos Azules ProjectNon-GAAP Financial Performance MeasuresCritical Accounting PoliciesForward-looking StatementsRisk Factors Impacting Forward-looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 147 previous paragraphs and 140 current paragraphs.
64 unchanged; 51 reworded; 24 added; 29 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 83 previous and 84 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Q3/25 OPERATING AND FINANCIAL HIGHLIGHTS
Current report
Production costs applicable to sales: During Q3/25, production costs applicable to sales increased by 19% to $35.2 million from $29.7 million in Q3/24. This increase was primarily driven by higher operational stripping costs for deposits mined at the Gold Bar Mine Complex in Q3/25. At the Fox Complex, our cost base also increased, driven by higher contractor labour and operational development costs to advance Froome West.
Current report
Advanced project costswere $1.7 million in Q3/25, a decrease of $2.5 million compared to Q3/24. These costs are related to our Fenix Project which remained on care and maintenance during Q3*.*The Company intends to make a production decision on this project by the end of 2025 subject to permit approval.
Current report
Other income: During Q3/25, we generated $8.3 million of other income, compared to other expense of $0.1 million in Q3/24. The increase was primarily driven by unrealized gains on marketable securities.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Advanced project costs were $4.2 million in 9M/25, compared to $7.9 million in 9M/24. These costs are related to our Fenix Project which remained on care and maintenance during Q3/25*.*The Company intends to make a production decision on this project by the end of 2025 subject to permit approval.
Current report
Interest and other finance expense, net: Interest and other finance expenses totaled $4.7 million in 9M/25, an increase of $1.0 million compared to $3.7 million during 9M/24. This increase reflects the increase in monthly interest payments on the Company’s higher outstanding debt.
Current report
The Gold Bar mine produced 8,191 GEOs in Q3/25, a 40% decrease compared to 13,640 GEOs in Q3/24, primarily due to mining and processing of lower grade material. During 9M/25 and 9M/24, the Gold Bar mine produced 24,285 GEOs, down from 37,654 GEOs in 9M/24. While the decrease in ounces produced primarily reflects the transition of mining activities from the higher grade Gold Bar South deposit in 2024 to the lower grade Pick III deposit in 2025, fewer ounces than expected were produced during Q3/25 due to differences identified between the geological model and mining zones. The Company has reinterpreted historic drill holes supported by the recognition of geological faults in a drilling campaign conducted during Q3/25. The geological model is being updated to reflect these findings.
Current report
Production costs applicable to sales were $21.7 million in Q3/25, a 27% increase from $17.1 million in Q3/24. The increase was primarily driven by increased mining contractor costs to perform stripping activities required at Pick III, which had been capitalized during the comparative period in 2024. For 9M/25 and 9M/24, production costs applicable to sales were $44.8 million and $49.5 million, respectively, reflecting fewer GEOs sold in 2025 compared to the prior year period.
Current report
Cash costs andAISC per GEO sold in Q3/25 were $2,540 and $2,852 respectively, compared to $1,281 and $1,822 in Q3/24, respectively. Cash costs and AISC per GEO sold in 9M/25 and 9M/24 were $1,805 and $2,286 , respectively, compared to $1,302 and $1,548, respectively. The increase in cash costs, and a corresponding increase in AISC, was primarily attributable to the high-stripping phase at Pick III through Q3/25 and 9M/25.
Current report
At Seven Troughs, exploration field work continued at key targets including Badger Hill.
Current report
Development activities at the Stock project advanced in line with the Company’s 2025 mine development plan. In Q3/25, we invested $5.7 million to advance development at the Stock project (9M/25 – $13.7 million). During the period, the project received an updated Closure Plan Permit from the Ministry of Mines and completed major upgrades to ventilation and air heating systems, enhancing underground readiness. Site construction progressed across critical infrastructure, including access roads, building foundations, and essential service areas, as well as surface facilities, including the mine dry, office complex, and maintenance buildings. Rehabilitation of historical infrastructure continued, with steady progress on shaft access and safety improvements. Ramp development advanced at an average rate of 22 feet (6.7 meters) per day during Q3/25, supporting key project milestones. Overall, project execution during 9M/25 remained consistent with schedule and budget expectations, reinforcing the Company’s target for commencement of commercial production in 2026.
Current report
The Fox Complex produced 6,386 GEOs in Q3/25, representing a 19% decrease from 7,855 GEOs in Q3/24, as mining continues in the lower-grade zones at the bottom of the Froome deposit (9M/25 and 9M/24 – 17,334 GEOs and 23,600 GEOs, respectively). The discovery of higher-grade mineralization at the new Froome West deposit extends production into 2026, supporting the transition into the production phase at the Stock project. Additional development material from Froome West has been incorporated into the near-term mine plan to de-risk Reflecting the focus on continuous production and planned development activities for the remainder of the year, the Company has revised its 2025 annual production guidance for Froome to 25,000 to 28,000 GEOs, down from 30,000 to 35,000 GEOs.
Current report
Incremental production from this area during Q3/25 has contributed to a higher cost base, which are being expensed as part of ongoing operations, however increased mined grades are expected to assist to lower unit costs. Encouraging drill results at depth have prompted additional drilling that is expected to expand the resource.
Current report
We have reached a construction decision for the Phase 1 gold reprocessing project contemplated in our Feasibility Study (previously described as the Fenix project). The Company is waiting for the extension of its Environmental Impact Assessment (Manifestación de Impacto Ambiental) from the Mexican government. McEwen is proceeding with the final detailed engineering plan for the mill, which has been purchased and is onsite. Assuming the extension of the Environmental Impact Assessment is approved, we anticipate beginning construction mid-2026, with production commencing mid-2027.
Current report
Phase 1 is expected to produce for 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. Production will come from the reprocessing of the material currently on the leach pad, through a ball mill with an operating plan optimized for cash flow and recovery. Remaining capital costs to complete construction
Current report
are estimated at $25 million. Since the material that will be processed has been previously leached, there will be no significant development or exploration costs are anticipated.
Current report
The Company has also started work on Fenix Phase 2, which would primarily be production from the project’s in-situ silver deposits. This would extend the life of Fenix well beyond the initial 10 years contemplated under Phase 1.
Current report
Cash costs andAISC per GEO sold were $2,196 and $2,771 in Q3/25, respectively, compared to $2,173 and $2,675 in Q3/24. The higher unit costs for Q3/25 and 9M/25 compared to prior year periods reflects increased operating costs and lower ounces sold, which resulted in higher per-unit cost metrics. MSC issued revised guidance during Q3/25 due to sustained inflationary pressures in Argentina. Full-year revised cash cost and AISC per GEO guidance ranges from $2,100 to $2,300 and $2,200 to $2,350, respectively.
Current report
During Q3/25, McEwen Copper achieved a key milestone by completing the Feasibility Study and associated reserve estimate for the project. The study highlights the project’s potential as an environmentally conscious, high-purity, low-cost copper operation. Using a copper price of $4.35 per pound, the Feasibility Study indicates an after-tax net present value of $2.9 billion at a discount rate of 8%, and an internal rate of return of 19.8%.
Current report
The Feasibility Study established mineral reserves and resources, with proven and probable reserves totaling 10.2 billion pounds of copper based on a copper price of $4.25 per pound. Mineral resources, comprising 5.4 billion pounds of measured and indicated copper and 20.0 billion pounds of inferred copper, were estimated using a copper price of $4.80 per pound.
Current report
Field exploration activities at Los Azules identified four additional deposits near the Los Azules deposit which could extend the mine life beyond existing project plans. The four targets consist of Tango, Porfido Norte, Franca, and Mercedes, which are porphyry deposits that have potential for hypogene mineralization.
Removed paragraphs (29)
Previous report
Q2/25 OPERATING AND FINANCIAL HIGHLIGHTS
Previous report
Advanced project costswere $0.9 million in Q2/25, a decrease of $2.1 million compared to Q2/24. These costs are related to our Fenix Project which remainson care and maintenance*.*
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Advanced project costs were $2.6 million in H1/25, a decrease of $2.8 million compared to H1/24. These costs are related to our Fenix Project which remainson care and maintenance.
Previous report
The Gold Bar Mine produced 8,406 GEOs in Q2/25, a 32% decrease compared to 12,297 GEOs in Q2/24, primarily due to lower mined and stacked tonnes (H1/25 and H1/24 – 16,094 GEOs and 24,013 GEOs, respectively). 2025 mining operations are focused on the Pick III deposit, which has a higher strip ratio than deposits mined in prior year. Higher production is expected in the second half of 2025 as planned stripping activities reduce and the operation shifts to ore extraction.
Previous report
Production costs applicable to sales were $14.0 million in Q2/25, down 27% from $19.2 million in Q2/24. The decrease was primarily driven by a 33% reduction in GEOs sold, partially offset by a $3.3 million year-over-year increase in mining contractor costs due to higher stripping costs at Pick III. These same factors also drove the change in production costs for H1/25 compared to H1/24.
Previous report
Cash costs andAISC per GEO sold in Q2/25 were $1,679 and $1,792 respectively, compared to $1,532 and $1,634 in Q2/24, respectively. The increase in cash costs, and a corresponding increase in AISC, was primarily attributable to the ongoing high-stripping phase at Pick III through Q2 and H1/25. The Company expects unit costs to move toward the lower end of the guidance range beginning in mid-Q3/25, when the high-stripping phase at Pick III is anticipated to be completed.
Previous report
In Q2/25, we invested $5.6 million to advance development at the Stock project, with significant progress on critical underground and surface work to support initial production (H1/25 – $9.7 million). During the period, excavation for the box cut and installation of the mine portal collar were completed, enabling commencement of underground development. Approximately 73 meters of ramp development were completed, advancing towards the East Zone, which will provide the initial ore feed. Additional site activities included drilling and blasting of bedrock for the portal entrance and the completion of ground support installation in the box cut. Supporting infrastructure upgrades were also initiated, including shaft rehabilitation, dewatering systems, power supply extensions, and installation of surface facilities required to support underground operations.
Previous report
In parallel, we advanced geotechnical, hydrogeological, and environmental studies to inform detailed mine design and permitting compliance. The ramp development is designed to connect the East Zone to the existing Stock Mill, which remains fully permitted and will process ore from Stock, improving mill utilization rates and reducing overall unit costs. Technical planning continues for infill drilling and test stoping in late 2025 to validate grade continuity and support production scheduling. Total capital expenditures incurred to date for the Stock development were approximately $18.8 million, with remaining work on schedule to commence mining activities in 2026.
Previous report
The Fox Complex produced 5,429 GEOs from the Froome Mine in Q2/25, representing a 35% decrease from 8,297 GEOs in Q2/24, as mining continues in the lower-grade zones at the bottom of the deposit (H1/25 and H1/24 – 10,948 GEOs and 15,782 GEOs, respectively). With the current production plan targeting mining of higher-grade zones in H2/25, we expect production to improve throughout the year, and are also evaluating near-term opportunities for additional ore from Froome West and Stock to derisk the mine plan.
Previous report
During Q2/25, we invested $2.9 million in exploration activities. Delineation drilling around the Froome deposit led to the discovery of new high-grade gold mineralization approximately 650 feet (200 meters) west of the existing mine, with drill results including 36.0 g/t gold over 10.0 meters and additional intercepts confirming stacked, sub-vertical lenses that remain open to the west and at depth. This discovery is expected to extend the Froome mine’s life through early 2026 and supports ongoing exploration aimed at expanding resources in the area.
Previous report
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.
Previous report
(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 37 for additional information.
Previous report
Cash costs andAISC per GEO sold were $2,310 and $2,842 in Q2/25, respectively, compared to $1,624 and $2,032 Q2/24. The higher unit costs for the quarter and first half of the year both reflect increased operating costs and lower ounces sold, which resulted in higher per-unit cost metrics compared to the same periods in 2024.
Previous report
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.
Previous report
Field exploration activities at Los Azules were concluded at the beginning of May, due to the onset of the winter season in western Argentina.
Previous report
During the most recent campaign, exploration efforts were focused on three key target areas:
Previous report
•Mercedes – identified as having high potential for hypogene mineralization,
Previous report
•Tango – with high potential for both hypogene and supergene mineralization, and
Previous report
•Franca – considered to have moderate potential for hypogene and supergene mineralization.
Previous report
Preliminary drilling was completed in the Mercedes and Tango zones. These programs are providing valuable geological information and are contributing to the refinement of the broader exploration model.
Previous report
Following the conclusion of field operations, the team has initiated a comprehensive review and reinterpretation of drill data across the project area. The objective of this work is to enhance the geological understanding of the deposit and to support the definition of new infill and brownfield drilling targets.
Previous report
Additionally, a deep penetration induced polarization survey and ground magnetics campaign covering all defined exploration targets is scheduled for Q4/25, further supporting target delineation efforts.
Reworded paragraphs (51)
Previous wording
The discussion also analyzes our results of operations for the three and six months ended June 30, 2025, and compares those to the results for the three and six months ended June 30, 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.
Current wording
The discussion also analyzes our results of operations for the three and nine months ended September 30, 2025, and compares those to the results for the three and nine months ended September 30, 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.
Previous wording
For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure included in ourConsolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2025, and 2024 and to ourConsolidated Balance Sheets as of June 30, 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 37.
Current wording
For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure included in ourConsolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, and 2024 and to ourConsolidated Balance Sheets as of September 30, 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 40.
Previous wording
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended June 30, 2025, and 2024 are abbreviated as Q2/25 and Q2/24, respectively, and the reporting periods for the six months ended June 30, 2025, and 2024 are abbreviated as H1/25 and H1/24, respectively.** **
Current wording
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended September 30, 2025, and 2024 are abbreviated as Q3/25 and Q3/24, respectively, and the reporting periods for the nine months ended September 30, 2025, and 2024 are abbreviated as 9M/25 and 9M/24, respectively.** **
Previous wording
Disclosed gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a gold to silver ratio of 99:1 for Q2/25 and 81:1 for Q2/24, which is based on the average per ounce price of gold and silver during each period.
Current wording
Disclosed gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a gold to silver ratio of 88:1 for Q3/25, 85:1 for Q3/24, 92:1 for 9M/25, and 85:1 for 9M/24, based on the average per ounce price of gold and silver during each period.
Previous wording
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 June 30, 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.
Current wording
The Company owns a 100% interest in the Gold Bar Mine Complex 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 September 30, 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.
Previous wording
Highlights for Q2/25 are summarized below and discussed further under “Consolidated Performance”:
Current wording
Highlights for Q3/25 are summarized below and discussed further under “Consolidated Performance”:
Previous wording
The following tables present consolidated selected financial and operating results of the Company for the three and six months ended June 30, 2025, and 2024:
Current wording
The following tables present consolidated selected financial and operating results of the Company for the three and nine months ended September 30, 2025, and 2024:
Previous wording
*Revenue from gold and silver sales:*During Q2/25, revenue from our 100%-owned operations decreased by 2% to $46.7 million, from $47.5 million in Q2/24. This was primarily driven by a 29% decrease in GEOs sold and offset by a 40% increase in realized gold prices, from $2,355 per GEO in Q2/24 to $3,298 per GEO in Q2/25.
Current wording
*Revenue from gold and silver sales:*During Q3/25, revenue from our 100%-owned operations decreased by 3% to $50.5 million, from $52.3 million in Q3/24. This was primarily driven by a 30% decrease in GEOs sold and offset by a 39% increase in realized gold prices, from $2,499 per GEO in Q3/24 to $3,477 per GEO in Q3/25.
Previous wording
Exploration costs were $5.4 million in Q2/25, an increase of $0.4 million compared to Q2/24. Exploration expenditures totaled $2.9 million for diamond drilling at the Gibson zone of the Grey Fox project. In Nevada, $2.5 million was spent on infill drill programs at the Gold Bar Mine and Windfall and Lookout Mountain projects.
Current wording
Exploration costs were $6.8 million in Q3/25, compared to $5.3 in Q3/24. At the Fox Complex, $3.0 million was spent primarily on diamond drilling at the Gibson area of the Grey Fox project. At the Gold Bar Mine Complex, $3.8 million was spent on infill drill programs for operational areas, as well as exploration drilling at the Windfall and Lookout Mountain projects.
Previous wording
Loss from investment in McEwen Copper:During Q2/25, we recorded a loss of $7.0 million from our investments in McEwen Copper, compared to $16.8 million during Q2/24. 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 theConsolidated Financial Statements.
Current wording
*Loss from investment in McEwen Copper:*During Q3/25, we recorded a loss of $4.3 million from our investments in McEwen Copper, compared to $1.9 million during Q3/24. This loss represents our proportion of McEwen Copper’s net loss. Effective September 3, 2025, the Los Azules project advanced into the development stage following the confirmation of economically viable mineral reserves. During this stage, eligible expenditures will be capitalized, and depreciated over the life of mine after commercial production is achieved.
Previous wording
Income from investment in MSC: During H1/25, we recorded an income of $4.1 million from our investment in MSC, compared to $6.0 million during H1/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements.
Current wording
Income from investment in MSC: During Q3/25, we recorded income of $3.5 million from our investment in MSC, compared to a loss of $1.2 million during Q3/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.
Previous wording
Interest and other finance expense, net: Interest and other finance expenses totaled $3.0 million in H1/25, an increase of $0.4 million compared to $2.6 million in H1/24. The increase was primarily driven by accrued interest on the Convertible Senior Notes issued in February 2025.
Current wording
*Interest and other finance expense, net:*Interest and other finance expenses totaled $1.6 million in Q3/25 compared to $1.1 million in Q3/24. This increase reflects the increase in monthly interest payments on the Company’s higher outstanding debt.
Previous wording
Income and mining tax recovery: For H1/25, the Company recorded an income tax recovery of $2.2 million, compared to $4.9 million in H1/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $3.3 million, partially offset by current income tax expenses.
Current wording
Income and mining tax recovery: For Q3/25, we recorded an income tax recovery of $1.3 million, compared to an expense of $0.8 million in Q3/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $0.6 million.
Previous wording
Revenue from gold and silver sales: During H1/25, revenue from our 100%-owned operations decreased by 7% to $82.4 million, from $88.7 million in H1/24. This was primarily driven by a 32% decrease in GEOs sold and offset by a 36% increase in realized gold prices, from $2,246 per GEO in H1/24 to $3,062 per GEO in H1/25.
Current wording
Revenue from gold and silver sales: During 9M/25, revenue from our 100%-owned operations decreased by 6% to $132.9 million, from $141.0 million in 9M/24. This was primarily driven by a 31% decrease in GEOs sold and offset by a 37% increase in realized gold prices, from $2,342 per GEO in 9M/24 to $3,218 per GEO in 9M/25.
Previous wording
Production costs applicable to sales: During Q2/25, production costs applicable to sales decreased by 14% to $27.7 million from $32.1 million in Q2/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.
Current wording
Production costs applicable to sales: During 9M/25, production costs applicable to sales decreased by 5% to $82.6 million from $86.8 million in 9M/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.
Previous wording
Exploration costs totaled $9.1 million in H1/25, comparable to $8.9 million in H1/24. Of this, $5.1 million was spent on diamond drilling at the Gibson Zone of the Grey Fox Project, while $4.0 million was invested in infill drill programs at the Gold Bar Mine and the Windfall and Lookout Mountain projects in Nevada.
Current wording
Exploration costs totaled $15.9 million in 9M/25, comparable to $14.2 million in 9M/24. Of this, $8.1 million was spent on diamond drilling at the Gibson area of the Grey Fox Project, while $7.8 million was invested in infill drill programs at the Gold Bar mine and the Windfall and Lookout Mountain projects in Nevada.
Previous wording
Loss from investment in McEwen Copper: During H1/25, we recorded a loss of $15.6 million from our investments in McEwen Copper, compared to $34.8 million during H1/24. 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.
Current wording
Loss from investment in McEwen Copper: During 9M/25, we recorded a loss of $19.8 million from our investments in McEwen Copper, compared to $36.7 million during 9M/24. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.
Previous wording
Income from investment in MSC: During Q2/25, we recorded an income of $3.6 million from our investment in MSC, compared to $4.7 million during Q2/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.
Current wording
Income from investment in MSC: During 9M/25, we recorded an income of $7.6 million from our investment in MSC, compared to $4.8 million during 9M/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.
Previous wording
Other income: Other income of $7.1 million in Q2/25 increased from $0.3 million in Q2/24 mostly due to a $4.7 million gain on our investment in marketable securities and a $2.2 million gain on foreign exchange revaluation of our liabilities.
Current wording
Other income: Other income of $17.0 million in 9M/25 increased from $0.1 million in 9M/24 mostly due to a $14.5 million gain on our investment in marketable securities and a $2.1 million gain on foreign exchange revaluation of our liabilities.
Previous wording
Income and mining tax recovery: For Q2/25, the Company recorded an income tax recovery of $1.1 million, compared to $2.4 million in Q2/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $2.1 million, partially offset by current income tax expenses.
Current wording
Income and mining tax recovery: For 9M/25, the Company recorded an income tax recovery of $3.5 million, compared to $4.1 million in 9M/24. Income tax recovery primarily reflects the amortization of the flow-through share premium.
Previous wording
Our cash, cash equivalents and restricted cash balance increased by $40.1 million during H1/25, from $17.5 million as at** **December 31, 2024 to $57.6 million as at June 30, 2025.
Current wording
Our cash, cash equivalents and restricted cash balance increased by $37.8 million during 9M/25, from $17.5 million as at** **December 31, 2024 to $55.3 million as at September 30, 2025.
Previous wording
Cash used in operating activities of $1.5 million during H1/25 reflects the net loss of $3.2 million for the period, adjusted for non-cash impacts, including net losses from equity method investments of $11.5 million, depreciation, amortization, and depletion of $13.0 million, unrealized gains on marketable securities of $6.5 million, reclamation accretion and adjustments to estimate of $2.4 million, income and mining tax recovery of $5.7 million, stock-based compensation of $1.4 million, and $14.8 million in changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.
Current wording
Cash provided by operating activities of $3.8 million during 9M/25 reflects the net loss of $3.7 million for the period, adjusted for non-cash impacts, including net losses from equity method investments of $12.3 million, depreciation, amortization, and depletion of $20.7 million, unrealized gains on marketable securities of $14.5 million, reclamation accretion and adjustments to estimate of $2.9 million, income and mining tax recovery of $7.7 million, stock-based compensation of $2.2 million, and a $9.1 million outflow from changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.
Previous wording
Cash used in investing activities of $28.8 million during H1/25 consisted of additions to mineral property interests, plant and equipment of $24.2 million, driven primarily by capital development at Fox Complex of $15.0 million and capitalized pre-stripping of $7.6 million at the Gold Bar mine, advances to McEwen Copper of $5.1 milloin and investments in marketable securities of $2.0 million. This was offset by $2.2 million of dividends received from MSC.
Current wording
Cash used in investing activities of $39.8 million during 9M/25 consisted of additions to mineral property interests, plant and equipment of $35.0 million, advances to McEwen Copper of $5.1 million, and investments in marketable securities of $2.2 million. Cash used was offset by $2.2 million of dividends received from MSC.
Previous wording
Cash provided by financing activities of $70.3 million during H1/25 consisted of $110.0 million in proceeds from the issuance of Senior Convertible Notes, offset by financing costs of $4.1 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 $0.5 million.
Current wording
Cash provided by financing activities of $73.7 million during 9M/25 consisted of $110.0 million in proceeds from the issuance of Senior Convertible Notes and $3.7 million in proceeds from an exercise of stock options warrants, offset by financing costs of $4.1 million, principal repayments on our term loan facility of $20.0 million, a $15.1 million purchase of capped call options, and the repayment of finance lease obligations for $0.8 million.
Previous wording
Working capital as at June 30, 2025 was $61.8 million, a $68.3 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 $39.9 million from the issuance of Senior Convertible Notes, as well as a $14.4 million increase in marketable securities, a $7.0 million increase in receivables due from McEwen Copper Inc., a $6.0 million increase in inventories, a $3.5 million decrease in contract liability, and a $3.3 million decrease in flow-through share premium, offset by a $5.5 million increase in accounts payable and accrued liabilities.
Current wording
Working capital as at September 30, 2025 was $62.6 million, a $69.1 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 $37.6 million, as well as a $22.6 million increase in marketable securities, a $7.9 million increase in receivables due from McEwen Copper Inc., a $11.4 million increase in current inventories, and a $5.0 million decrease in flow-through share premium, offset by a $5.8 million increase in contract liability and a $7.8 million increase in accounts payable and accrued liabilities.
Previous wording
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.
Current wording
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 and beyond. See Note 10,Debt, Note 11,Reclamation And Remediation Liabilities, and Note 16,Commitments and Contingencies, to theconsolidated financial statements included elsewhere in this report for further details regarding our* *material cash requirements from known contractual and other obligations.
Previous wording
The United States segment is comprised of the Gold Bar Mine and our exploration properties in the State of Nevada.
Current wording
The United States segment is comprised of the Gold Bar Mine Complex, consisting of the operating Gold Bar Mine and Windfall and Lookout Mountaing exploration projects, and other exploration properties in the State of Nevada.
Previous wording
The following table summarizes the operating and financial results for the Gold Bar Mine for the three and six months ended June 30, 2025, and 2024:
Current wording
The following table summarizes the operating and financial results for the Gold Bar Mine for the three and nine months ended September 30, 2025, and 2024:
Previous wording
Revenue from gold and silver sales was $27.5 million in Q2/25, down from $29.7 million in Q2/24, primarily due to a 33% decrease in GEOs sold resulting from lower production volumes, partially offset by a 40% increase in the realized gold price. The same factors impacted revenue for H1/25 compared to H1/24.
Current wording
Revenue from gold and silver sales was $29.4 million in Q3/25, down from $33.3 million in Q3/24, primarily due to a 36% decrease in GEOs sold resulting from lower production volumes, partially offset by a 40% increase in the realized gold price. The same factors impacted revenue for 9M/25 compared to 9M/24.
Previous wording
During Q2/25, exploration activities were focused on drill programs at the Jug Handle target within the Gold Bar South deposit where significant mineral inventory has been identified in prior campaigns. Additional drilling was conducted at Taurus and North Hunter to evaluate the resource potential across these key areas.
Current wording
During Q3/25, exploration activities were focused on drill programs within the Gold Bar South deposit where significant mineral inventory has been identified in prior campaigns. Additional drilling was conducted at Taurus and North Hunter to evaluate the resource potential across these key areas. Drilling was also focused on drilling twin holes at the Pick III deposit to have a better understanding of the short-term mine plan.
Previous wording
During Q2/25, we commenced infill drilling at the Windfall Project to collect sample material for metallurgical testing and to acquire additional geological data on the mineralized zone drilled in 2024. The results of this program will guide follow-up drilling campaigns aimed at delineating a formal resource at Windfall. At Lookout Mountain, reverse circulation drilling was initiated to upgrade existing inferred resources to the indicated category. We also continued exploration activities at Seven Troughs, where we completed digitizing legacy drill logs and initial modeling of clay alteration, which indicates deeper exploration potential at the project.
Current wording
During Q3/25, we continued infill drilling at the Windfall Project to collect sample material for metallurgical testing and to acquire additional geological data on previously drilled mineralized zones. Windfall drilling revealed strong intercepts during Q3/25, including 6.1g/t over 6 meters and 2.0g/t over 20 meters. At Lookout Mountain, reverse circulation drilling continued to upgrade existing inferred resources to the indicated category.
Previous wording
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.
Current wording
The Canada segment is comprised of the Fox Complex, which currently includes our Froome underground gold mine (including the Froome West deposit); the Stock Mine (consisting of the West, East and Main zones); the Stock mill; the Grey Fox exploration project; and a number of exploration and other properties located near the city of Timmins, Ontario.
Previous wording
The following table summarizes the operating and financial results for the Fox Complex for the three and six months ended June 30, 2025, and 2024:
Current wording
The following table summarizes the operating and financial results for the Fox Complex for the three and nine months ended September 30, 2025, and 2024:
Previous wording
Revenue from gold saleswas $19.2 million for Q2/25, compared to $17.8 million for Q2/24. This increase was primarily driven by a a 40% increase in the average realized gold price, partially offset by a 23% decrease in GEOs sold. The same factors impacted revenue for H1/25 compared to H1/24. 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 during Q2/25 and H1/25.
Current wording
Revenue from gold saleswas $20.8 million for Q3/25, compared to $19.0 million for Q3/24. This increase was primarily driven by a a 40% increase in the average realized gold price, partially offset by a 21% decrease in GEOs sold. The same factors impacted revenue for 9M/25 compared to 9M/24. 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 $611 per ounce during Q3/25 and 9M/25.
Previous wording
Production costs applicable to sales were $13.7 million in Q2/25, compared to $12.9 million in Q2/24, representing a 6% increase primarily driven by higher mining expenses due to additional third-party contractors hired to address labor shortages and higher unit costs associated with the fixed cost component of underground development, partially offset by a 23% decrease in GEOs sold. The same factors contributed to the variance between H1/25 and H1/24 production costs.
Current wording
Production costs applicable to sales were $13.5 million in Q3/25, compared to $12.6 million in Q3/24, representing a 7% increase primarily driven by higher mining expenses due to additional third-party contractors hired to address labor shortages and higher unit costs associated with the fixed cost component of underground development, partially offset by a 21% decrease in GEOs sold. The same factors contributed to the variance between 9M/25 and 9M/24 production costs.
Previous wording
Cash costs andAISC per GEO sold were $2,212 and $2,563 for Q2/25, respectively, compared to $1,588 and $1,874 for Q2/24. The increase in unit costs was primarily driven by a 23% decrease in GEOs sold. The same factors impacted unit costs on a year-to-date basis, with higher fixed costs spread over fewer ounces sold. Unit costs are expected to decrease throughout the year as planned production increases during H2/25.
Current wording
Cash costs and AISC per GEO sold were $2,132 and $2,352 for Q3/25, respectively, compared to $1,572 and $2,017 for Q3/24. The increase in unit costs was primarily driven by a 21% decrease in GEOs sold. The same factors impacted unit costs on a year-to-date basis, with higher fixed costs spread over fewer ounces sold.
Previous wording
At the Grey Fox property, exploration activities included 67,000 feet (20,000 meters) of diamond drilling, primarily focused on the Gibson Zone, where favorable grades and widths were identified. Our objectives for Q3/25 and the remainder of 2025 will continue to center on delineating near-term resources at Grey Fox, as well as identifying longer-term targets to support future resource growth.
Current wording
During Q3/25 we invested $3.0 million in exploration activities at the Fox Complex. At the Grey Fox property, exploration activities included 67,260 feet (20,500 meters) of diamond drilling, primarily focused on the Gibson Zone, where favorable grades and widths were identified. Other priority drill targets included the Stroud property, which is contiguous with Grey Fox, to verify a historical resource. Objectives for the remainder of 2025 will continue to center on delineating near-term resources at Grey Fox in support of its prefeasibility study, and identifying additional targets to support future resource growth.
Previous wording
The Mexico segment includes the El Gallo mine and the related advanced-stage Fenix Project, located in Sinaloa state.
Current wording
The Mexico segment includes the El Gallo mine and the associated advanced-stage Fenix Project, located in Sinaloa state.
Previous wording
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.
Current wording
The Minera Santa Cruz Segment is consists 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.
Previous wording
The following table sets out certain operating results for the San José mine for the three and six months ended June 30, 2025, and 2024 on a 100% basis:
Current wording
The following table sets out certain operating results for the San José mine for the three and nine months ended September 30, 2025, and 2024 on a 100% basis:
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(1) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 40.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
*Interest and other finance expense, net:*Interest and other finance expenses totaled $1.7 million in Q2/25 and remained comparable to Q2/24.
Previous report — wording carried elsewhere
Production costs applicable to sales: During H1/25, production costs applicable to sales decreased by 17% to $47.3 million from $57.2 million in H1/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.
Previous report — wording carried elsewhere
Other income: Other income of $8.6 million in H1/25 increased from $0.2 million in H1/24 mostly due to a $6.5 million gain on our investment in marketable securities and a $1.9 million gain on foreign exchange revaluation of our liabilities..