McEwen Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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, 2026 · Filed Nov 9, 2026
MUX$16.23+4.8%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091284
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 ActivitiesCanada SegmentFox ComplexExploration ActivitiesTartan Mine ProjectMexico SegmentAdvanced-Stage Properties – El GalloMinera 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 2026-09-30; filed 2026-11-09.
0001104659-26-124571
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 ActivitiesCanada SegmentFox ComplexExploration ActivitiesTartan Mine ProjectMexico SegmentAdvanced-Stage Properties – El GalloMinera 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 146 previous paragraphs and 147 current paragraphs.
85 unchanged; 32 reworded; 30 added; 28 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 88 previous and 90 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 (30)
Current report
Q3/26 OPERATING AND FINANCIAL HIGHLIGHTS
Current report
*Revenue from gold and silver sales:*During 9M/26, revenue from our 100%-owned operations increased by 33% to $176.9 million, from $132.9 million in 9M/25, primarily reflecting a higher average realized price of $4,514 per GEO compared to $3,218 per GEO in 9M/25. During Q3/26, revenue decreased by 14% to $43.6 million, from $50.5 million in Q3/25, as a 29% decrease in GEOs sold more than offset the 19% increase in the average realized price to $4,151 per GEO from $3,477 per GEO.
Current report
*Production costs applicable to sales:*For 9M/26, production costs applicable to sales increased to $99.6 million from $82.6 million in 9M/25, reflecting higher costs at Gold Bar and Fox. At Gold Bar, the increase reflected higher fuel and assay costs, including temporary building and generator rental costs associated with the laboratory shutdown earlier in the year, while higher costs at Fox reflected increased mining and processing activities as operations progressed through the transition from Froome to Stock. For Q3/26, production costs decreased to $32.8 million from $35.2 million in Q3/25, primarily due to lower labour, materials and contractor costs at Fox associated with the timing of operating development at Stock.
Current report
*Exploration costs were $28.0 million in 9M/26, compared to $15.9 million in 9M/25.*For Q3/26, exploration costs were $11.2 million, compared to $6.8 million in Q3/25. The increases primarily reflected expanded drilling and exploration activities across the Company’s development assets. At the Fox Complex, $2.7 million was incurred as drilling continued at Grey Fox, including the Gibson and Whiskey Jack zones, supporting resource growth and the potential extension of mine life. At the Gold Bar Mine Complex, exploration activities focused on the Eureka Project, including Windfall and Lookout Mountain, with drilling directed toward resource conversion, expansion and opportunities for additional resource growth.
Current report
*Interest and other finance expenses, net:*Interest and other finance expenses totaled $2.6 million for 9M/26, a $2.1 million decrease compared with $4.7 million for 9M/25. The decrease was primarily attributable to $2.4 million of interest income earned on short-term investments and $0.9 million of interest income earned on a loan receivable from a related party, partially offset by $1.3 million of interest expense associated with the Company’s convertible notes.
Current report
Income and mining tax recovery: Income and mining tax expense was $9.0 million for the nine months ended September 30, 2026, compared with a recovery of $3.5 million in the prior-year period. The increase in tax expense was primarily attributable to $3.0 million of dividend withholding tax in Argentina, a $5.4 million deferred tax expense related to the reversal of a previously recognized deferred tax asset, and a $4.0 million net deferred tax expense primarily related to the recognition of an outside basis difference on the Company’s investment in Minera Santa Cruz. These amounts were partially offset by $3.4 million of tax recoveries, primarily related to the amortization of the flow-through share premium and deferred tax recoveries at Canadian Gold Corp., as well as other current and deferred tax amounts recognized across the Company’s operating jurisdictions.
Current report
As of September 30, 2026, our material cash requirements consisted primarily of reclamation, lease, and property holding obligations of approximately $8.1 million over the next twelve months. We expect to fund these cash requirements through a combination of cash and cash equivalents on hand, cash generated from operating activities, and, if necessary, available borrowings under existing financing arrangements. The primary purposes of these expenditures and commitments are to support ongoing operations, fund growth initiatives, satisfy contractual obligations, and meet general working capital requirements.
Current report
The Gold Bar Mine produced 6,215 GEOs in Q3/26, primarily from the Pick III deposit, representing a 24% decrease from the 8,191 GEOs produced in Q3/25 (9M/26 and 9M/25 – 19,941 GEOs and 24,285 GEOs, respectively). The decrease in Q3/26 production primarily reflected lower recoveries due to higher carbonaceous material, despite an 8% increase in tonnes stacked as compared to Q3/25. For 9M/26, the decrease in production compared to 9M/25 also reflected operational challenges experienced during Q2/26, including a one-month shutdown of the internal laboratory, which constrained ore mining rates and resulted in a greater focus on waste stripping activities. Production was also impacted by complex mining zones containing higher carbonaceous material that did not reconcile with the mine model.
Current report
Revenue from gold and silver sales was $25.0 million in Q3/26, a 15% decrease from $29.4 million in Q3/25, primarily due to a 30% decrease in GEOs sold as a result of a 24% lower production during the quarter. Revenue for 9M/26 was $88.7 million, compared to $79.3 million for 9M/25, with the increase primarily attributable to a higher average realized price of $4,514 per GEO, compared to $3,218 per GEO in 9M/25.
Current report
Production costs applicable to saleswere $19.4 million in Q3/26, a decrease of $2.3 million from $21.7 million in Q3/25. The decrease was primarily attributable to lower contractor costs due to shorter haul distances and lower processing costs resulting from fewer tonnes processed during the quarter, partially offset by higher fuel consumption and related costs, increased ore control drilling costs, and an unfavorable inventory movement resulting from the timing of finished goods sales. For 9M/26, production costs applicable to sales were $54.6 million, an increase of $9.8 million compared to $44.8 million in 9M/25. In addition to the factors impacting Q3/26, the year-to-date increase reflected higher assay costs and temporary building and generator rental expenses incurred in connection with the laboratory shutdown during the prior quarter.
Current report
During Q3 2026, exploration activities at the Eureka Project focused on the Windfall and Lookout Mountain deposits in Nevada, including ongoing land management and claim survey programs to further define property boundaries. In July 2026, the Company filed an updated reserve and resource estimate for both deposits, effective May 4, 2026. The estimate reported indicated mineral resources of 629,800 oz of gold and inferred mineral resources of 262,000 oz of gold. At Lookout Mountain, indicated resources totaled 402,300 oz of gold (19.6 million tonnes grading 0.64 g/t Au) and inferred resources totaled 134,200 oz of gold (7.29 million tonnes grading 0.57 g/t Au). At Windfall, indicated resources totaled 227,500 oz of gold (9.4 million tonnes grading 0.75 g/t Au) and inferred resources totaled 127,800 oz of gold (2.6 million tonnes grading 1.53 g/t Au). Approximately 89% of Lookout Mountain's contained gold ounces and 100% of Windfall's contained gold ounces occur within oxide mineralization, which is considered potentially amenable to heap-leach processing.
Current report
Exploration drilling continued to support the potential for resource growth across the Eureka Project. During the quarter, two rigs advanced the Pick infill program, and drilling returned to Eureka in late September to continue resource conversion and expansion drilling. Exploration activities are expected to increasingly focus on targets outside of known resources within the Eureka Project area to evaluate opportunities for additional resource growth. Updated seismic results were also received for Twin Peaks at north Tonkin.
Current report
During Q3/26, the Company invested $12.2 million in the Stock project with $35.2 million invested for 9M/26. Development during the quarter included the completion of key ventilation, heating, electrical and other underground infrastructure, while development of the Stock East and West areas, dewatering activities and the transition of personnel from Froome to Stock continued. For 9M/26, investment primarily reflected the continued advancement of underground mine development and supporting infrastructure as the Stock project progresses toward commercial production by mid-2027.
Current report
Fox Complex produced 4,427 GEOs from the Froome Mine in Q3/26, representing a 31% decrease from the 6,386 GEOs produced in Q3/25 (9M/26 and 9M/25: 17,212 GEOs and 17,334 GEOs, respectively). The decrease was primarily attributable to a 5% decrease in processed grades and a 10% decrease in processed tonnage during the quarter, as operations continued the transition from Froome to Stock. During Q3/26, planned development at Froome was substantially completed and personnel and equipment began transitioning to Stock to support ongoing mine development. Production at Froome is expected to continue during the transition period.
Current report
Revenue from gold sales was $16.9 million in Q3/26, compared to $20.8 million in Q3/25, with the decrease primarily attributable to a 32% decrease in GEOs sold, partially offset by higher realized gold prices during the quarter. Revenue for 9M/26 was $71.1 million, compared to $53.3 million for 9M/25, with the increase primarily attributable to a higher average realized price of $4,514 per GEO, compared to $3,218 per GEO in 9M/25, partially offsetting the decrease in GEOs sold.
Current report
Production costs applicable to saleswere $12.5 million in Q3/26, compared to $13.5 million in Q3/25. The decrease primarily reflected lower mining costs, including lower labour, materials and contractor costs associated with the timing of operating development at Stock, partially offset by higher processing costs associated with increased mill throughput and maintenance activities. For 9M/26, production costs applicable to sales were $41.5 million, an increase of $3.7 million compared to 9M/25, reflecting higher production costs incurred throughout the year as mining and processing activities progressed.
Current report
During Q3/26, the Company incurred $2.7 million in exploration expenditures as drilling activities continued across the Fox Complex. Four drill rigs were active during Q3/26, with Major Drilling and Black Diamond Drilling advancing the various exploration programs. Further, during Q3/26, 25,886 feet (7,884 meters) had been drilled, with exploration activities continuing through the remainder of the year. The exploration programs remain focused on advancing high-priority drilling targets at Grey Fox including at the Gibson and Whiskey Jack zones.
Current report
On a 100% basis, the San José mine produced 24,054 GEOs in Q3/26, compared to 30,583 GEOs in Q3/25. The 21% decrease in Q3/26 primarily reflected an 8% decrease in processed mineralized material and lower recoveries due to operational challenges experienced during the winter season, including difficulties processing high-clay ore.
Current report
Revenue from gold and silver sales was $89.4 million in Q3/26, compared to $91.7 million in Q3/25. The 3% decrease was primarily attributable to a 21% decrease in GEOs produced and 14% decrease in GEOs sold, partially offset by higher realized metal prices, with average realized gold and silver prices increasing by 20% and 55%, respectively.
Current report
Production costs applicable to saleswere $57.0 million in Q3/26, compared to $50.1 million in Q3/25. The increase primarily reflected inflationary pressures and the relative strength of the Argentine peso against the U.S. dollar, together with higher operating costs associated with challenging winter conditions and lower operating efficiencies during the quarter.
Current report
Cash costs and AISC per GEO soldincreased to $2,916 and $3,414 in Q3/26, respectively, from $2,196 and $2,771 in Q3/25. The increase primarily reflected 23% higher production costs driven by Argentine inflation and the relative strength of the peso against the U.S. dollar, as well as a 21% decrease in GEO production reflecting lower throughput and recoveries due to challenging winter conditions, high moisture levels and difficulties processing high-clay ore.
Current report
As of September 30, 2026, approximately 78% of planned design and development deliverables for the FID work program had been completed, compared with approximately 27% at June 30, 2026. Engineering for FID continues to progress as planned; the change in the expected completion of the FID work program described below reflects site access conditions and the project financing timeline.
Current report
McEwen Copper previously expected to complete the FID work program in Q4/26 and now expects completion in H1/27, reflecting delays to site activities from the heavy snow season and alignment with the project financing process, for which Société Générale is acting as sole financial advisor. A final investment decision and completion of project financing remain targeted for H1/27, subject to completion of the FID work program, securing project financing and customary approvals. Construction is expected to commence following a final investment decision, with commercial copper cathode production targeted for 2030. In the interim, McEwen Copper continues to advance engineering and early works, including the access road and camp, funded by its term loan.
Current report
The project experienced one of the heaviest snow seasons in more than two decades, affecting the site and much of the current access road. Reopening of the roads and camps is expected to delay site activities by up to four months compared with a normal season that would typically start in November. Snowmelt and rain in the fourth quarter of 2026 may cause further disruption.
Current report
The 2025-2026 field campaign was completed in H1/26, comprising 5,643 meters of geotechnical, condemnation and hydrogeological drilling. Geotechnical results supported further optimization of the open pit design, while condemnation drilling confirmed the planned location of the North-East rock storage facility. Planning was completed for more than 8,000 meters of drilling and field work for the 2026-2027 campaign, which is now expected to commence in Q1/27. The program will focus on additional condemnation, infill and geotechnical drilling to support resource conversion, project infrastructure planning and detailed engineering.
Current report
Mineralization at Los Azules remains open in several areas around the pit and at depth beyond the current mine design. Geotechnical holes drilled to support the mine design were also sampled and assayed. Those assays will be included in a future resource update.
Current report
While not included in the Feasibility Study base case, the application of Nuton® leaching technology, or construction of a conventional concentrator, could potentially be used to process the project’s primary sulfide mineralization and extend the mine life. The technical report summary includes only a preliminary economic evaluation of the concentrator alternative, which includes Inferred Mineral Resources, and describes Nuton® technology as an opportunity. There is no certainty that either alternative will be economically viable. Metallurgical testing and mine planning have started in anticipation of a pre-feasibility study expected to begin in 2027 for the expansion case beyond the Feasibility Study. Combined with potential future exploration success, these opportunities could extend the operating life of Los Azules; however, there can be no assurance that this potential will be realized.
Current report
In February 2026, MCI entered into a $59.6 million loan facility with various lenders, bearing interest at 12% per annum and maturing in February 2030. In connection with the financing, lenders received warrants to acquire MCI common shares. The facility was subsequently amended in April and August 2026 to include additional lenders and the total commitments increased to $240.0 million. The additional borrowings under the April and August amendments mature in April 2030 and August 2030, respectively. In connection with the loan facility, the Company issued one warrant for each $1,000 advanced. Each warrant entitles the holder to purchase 15 common shares at an exercise price of $40.00 per share, for a period of five years from the date of issuance. The warrants are separate from the loan and remain outstanding regardless of repayment of the loan. As of September 30, 2026, a total of 3.6 million warrants had been issued and outstanding in connection with the facility.
Removed paragraphs (28)
Previous report
Q2/26 OPERATING AND FINANCIAL HIGHLIGHTS
Previous report
*Revenue from gold and silver sales:*During H1/26, revenue from our 100%-owned operations increased by 62% to $133.3 million, from $82.4 million in H1/25. During Q2/26, revenue from our 100% owned operations increased by 27% to $59.2 million, from $46.7 million in Q2/25. These improvements were primarily driven by higher realized gold prices, which increased to $4,749 per GEO in 2026 compared to $3,062 per GEO in 2025, and $4,454 per GEO in Q2/26, compared to $3,298 in Q2/25.
Previous report
*Production costs applicable to sales:*For H1/26, production costs applicable to sales increased to $66.8 million as compared to $47.4 million for H1/25. For Q2/26 production costs were $31.1 million compared to $27.7 million for Q2/25. At the Gold Bar Mine Complex, these increases were primarily driven by higher fuel costs and fuel consumption, as well as alternative assay costs and temporary building and generator rental costs incurred as a result of the laboratory shutdown during Q2/26, while costs at the Fox Complex remained stable over the comparative periods.
Previous report
Exploration costswere $16.9 million in H1/26, compared to $9.1 million in H1/25. For Q2/26, exploration costs were $11.4 million, compared to $5.4 million in Q2/25. The year-over-year increase was primarily driven by expanded drilling and technical study activities across the Company's development assets. At the Fox Complex, exploration expenditures of $2.6 million were primarily related to Canadian Exploration Expenses ("CEE") at the Grey Fox deposit, supporting resource growth initiatives. At the Tartan Mine Project, $2.3 million was incurred for drilling programs and metallurgical testing aimed at optimizing process plant design and underground mine plans. At the Gold Bar Mine Complex, $6.5 million was spent on the Windfall, Lookout Mountain, and Trinity Ridge projects. No exploration expenditures were incurred at the Jewel Ridge Project during Q2/26.
Previous report
*Interest and other finance expenses, net:*Interest and other finance expense totaled $2.0 million for H1/26, a $1.0 million decrease compared to an expense of $3.0 million for H1/25. For Q2/26, interest and other finance expense totaled $0.5 million compared to $1.7 million in Q2/25. The year-over-year change was comparable, as interest expense levels remained consistent and were largely offset by interest income earned on short-term deposits and loans receivable in 2026. Refer to Note 14 to the Consolidated Financial Statements.
Previous report
Income and mining tax recovery: Income and mining tax recovery for H1/26 was $4.0 million, compared to a recovery of $2.2 million in H1/25. The increase in tax recovery was primarily attributable to the amortization of flow-through share
Previous report
premium liabilities of $1.8 million, a $1.0 million discrete tax recovery related to the true-up of prior-year tax provisions, and a $1.0 million deferred tax recovery arising from post-acquisition adjustments to deferred tax liabilities recorded in connection with the Canadian Gold Corp. acquisition. These items were partially offset by current and deferred tax expense recognized across the Company's operating jurisdictions.
Previous report
The Gold Bar Mine produced 5,842 GEOs in Q2 2026 primarily from the Pick III deposit, representing a 31% decrease from the 8,406 GEOs produced in Q2 2025 (H1/26 and H1/25 - 13,726 GEOs and 16,094 GEOs, respectively). This decline was attributable to timing and mine model factors. During Q2, a one-month shutdown in our internal laboratory operations limited our ore mining rate; mining operations focused on waste stripping activities instead. Additionally, complex mining zones with higher carbonaceous material than expected were encountered, which did not reconcile with our mine models. Additional studies are being completed in Q3/26 to better understand these reconciliation differences.
Previous report
Revenue from gold and silver sales was $26.0 million in Q2/26, a 5% decrease from $27.5 million in Q2/25. The $1.5 million decrease was primarily attributable to a 30% decrease in GEOs sold from lower production in the quarter, offset by a higher average realized price of $4,454 per GEO in Q2/26, compared to $3,292 per GEO in Q2/25. These same factors also drove the change in production costs for H1/26 compared to H1/25.
Previous report
Production costs applicable to sales were $15.9 million in Q2/26, an increase of $1.9 million from $14.0 million in Q2/25. The increase was primarily attributable to higher fuel expenditures, driven by both increased fuel consumption and a higher
Previous report
cost per gallon during the quarter. The increase was further impacted by higher assay costs and temporary building and generator rental expenses incurred in connection with the laboratory shutdown. These same factors also contributed to the increase in production costs for H1/26 compared to H1/25.
Previous report
During Q2/26, exploration activities were focused on the Windfall and Lookout Mountain properties at the Eureka Project. Land management activities are also underway at Windfall and Lookout Mountain, including claim surveys to accurately define property boundaries. In addition, an updated technical report for Windfall and Lookout Mountain was released in early July. The updated report highlights drilling activities, which were primarily focused on upgrading inferred mineralized blocks to the indicated and measured resource categories. At Windfall, exploration work resulted in an indicated resource of 227.5 koz with a grade of 0.75 g/t and an inferred resource of 127.8 koz with a grade of1.53 g/t. At Lookout Mountain, the updated resource estimate includes an indicated resource of 402.3 koz of gold at a grade of 0.64 g/t and an inferred resource of 134.2 koz at a grade of 0.57 g/t.
Previous report
In addition, the Water Well Zone continues to emerge as a significant discovery area, with gold mineralization encountered beyond the currently defined resource boundaries, highlighting strong potential for future resource expansion. Lookout Mountain also includes several additional exploration targets, including Rocky Canyon, Triple Junction, and South Adit. These areas contain high-grade gold mineralization and warrant further drilling and exploration to evaluate the continuity, extent, and grade of the mineralized zones.
Previous report
Fox Complex produced 7,000 GEOs from the Froome Mine in Q2/26, representing a 29% increase from the 5,429 GEOs produced in Q2/25 (H1/26 and H1/25: 12,785 GEOs and 10,948 GEOs, respectively). The increase was primarily driven by a 23% increase in processed grades during the quarter, partially offset by an 11% decrease in processed tonnage in Q2/26.
Previous report
Revenue from gold sales was $28.9 million for Q2/26, compared to $19.2 million for Q2/25. This increase of 51% was primarily driven by a 35% increase in the average realized gold price, and a 14% increase in GEOs sold. The same factors impacted revenue for H1/26 compared to H1/25.
Previous report
Production costs applicable to sales were $14.2 million in Q2/26, compared to $13.7 million in Q2/25, reflecting an modest increase in GEOs sold over the comparative periods, as well as slightly higher contractor costs related to geological drilling and operational activities at the Froome mine. Similar factors contributed to the variance between H1/26 and H1/25 production costs.
Previous report
During Q2/26, the Company completed approximately 65,335 feet (19,914 meters) of drilling at the Grey Fox deposit and incurred $2.6 million in exploration expenditures. The drilling program was focused on supporting continued resource growth at Grey Fox, and for the preparation of the PFS which was released in Q2/26.
Previous report
On a 100% basis, the San José mine produced 34,734 GEOs in Q2/26, compared to 27,997 GEOs in Q2/25. The slight increase in Q2/26 was primarily due to a 3% increase in processed mineralized material and a 17% increase in mined mineralization material.
Previous report
Revenue from gold and silver sales was $133.4 million in Q2/26, compared to $94.9 million in Q2/25. This increase was primarily driven by 65% and 100% higher realized gold and silver prices, respectively, and a 14% increase in GEOs sold.
Previous report
Production costs applicable to sales were $77.3 million in Q2/26, compared to $63.6 million in Q2/25. Cost increases during Q2/26 were largely attributable to high inflation in the Argentine market, which outpaced the government-controlled depreciation of the peso against the U.S. dollar. This resulted in higher real costs for expenses denominated in local currency.
Previous report
Cash costs andAISC per GEO sold were $2,466 and $2,913 in Q2/26, respectively, compared to $2,310 and $2,842 in Q2/25. The slight increase in both cash costs and AISC in Q2/26 was primarily due to a 22% increase in production costs, offset by a 14% increase in GEOs sold, as noted above.
Previous report
As of June 30, 2026, approximately 27% of planned design and development deliverables for the FID work program had been completed. The current work program is expected to be finalized in the fourth quarter of 2026. RIGI approval already provides certain fiscal and regulatory benefits while management continues to evaluate development plans and financing alternatives.
Previous report
Key period project advancement activities included:
Previous report
During the first half of 2026, McEwen Copper completed its planned field investigation campaign, drilling 5,643 meters across 22 holes (15 geotechnical, 2 condemnation, and 5 hydrogeological). The program provided data for open pit design refinements, rock storage facility planning, and continued evaluation of additional on-site water sources. The drilling also delivered exploration value at no incremental cost. Geotechnical holes drilled within the modelled resource intersected copper grades consistent with resource model predictions, with no systematic bias. The two condemnation holes had the opposite objective: drilled at the proposed rock storage facility sites, their purpose was to confirm — as the Company’s extensive modelling anticipated — the absence of economically significant mineralization beneath the areas planned for future infrastructure, and both confirmed low mineral potential. The campaign therefore validated the geological and
Previous report
resource models in both directions: the models correctly predicted where mineralization occurs and where it does not, increasing confidence in the Feasibility Study and supporting the final siting of project infrastructure.
Previous report
The 2025–2026 field campaign also reinforced the growth potential of Los Azules beyond the current mine plan. Mineralization remains open in several areas:
Previous report
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.
Reworded paragraphs (32)
Previous wording
The discussion also analyzes our results of operations for the three and six months ended June 30, 2026, and compares those to the results for the three and six months ended June 30, 2025. 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, 2025 (as amended, the “Annual Report”).
Current wording
The discussion also analyzes our results of operations for the three and nine months ended September 30, 2026, and compares those to the results for the three and nine months ended September 30, 2025. 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, 2025 (as amended, the “Annual Report”).
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, 2026, and 2025 and to ourConsolidated Balance Sheets as of June 30, 2026, and December 31, 2025, and certain limitations inherent in such measures, see discussion under “Non-GAAP Financial Performance Measures,” beginning on page 47.
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, 2026, and 2025 and to ourConsolidated Balance Sheets as of September 30, 2026, and December 31, 2025, and certain limitations inherent in such measures, see discussion under “Non-GAAP Financial Performance Measures,” beginning on page 47.
Previous wording
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended June 30, 2026, and 2025 are abbreviated as Q2/26 and Q2/25, respectively and the reporting periods for the six months ended June 30, 2026, and 2025 are abbreviated as H1/26 and H1/25, respectively.** **Disclosed gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a gold to silver ratio of 61:1 for Q2/26 and 99:1 for Q2/25, based on the average per ounce price of gold and silver during each period.
Current wording
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended September 30, 2026, and 2025 are abbreviated as Q3/26 and Q3/25, respectively and the reporting periods for the nine months ended September 30, 2026, and 2025 are abbreviated as 9M/26 and 9M/25, respectively.** **Disclosed gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a gold to silver ratio of 68:1 for Q3/26 and 88:1 for Q3/25, based on the average per ounce price of gold and silver during each period.
Previous wording
The Company owns 100% of the Froome mine and Stock mill in Ontario, Canada; 100% of the Tartan Mine Project in Manitoba, Canada; 100% of the Gold Bar Mine Complex in Nevada; 100% of the Jewel Ridge Project in Nevada;100% of El Gallo (previously known as the Fenix Project) in Sinaloa, Mexico; a 46.3% interest in McEwen Copper Inc., the owner of the Los Azules copper project (“Los Azules”) in San Juan, Argentina; a 49% interest in MSC, the owner and operator of the San José mine in Santa Cruz, Argentina and 27% interest in Paragon Advanced Labs Inc. (“Paragon”), a provider of advanced analytical services to the mining industry. In addition to the above, we hold interests in advanced-stage and exploration-stage projects in the United States, Canada, Mexico, and Argentina.
Current wording
The Company owns 100% of the Froome mine and Stock mill in Ontario, Canada; 100% of the Tartan Mine Project in Manitoba, Canada; 100% of the Gold Bar Mine Complex in Nevada; 100% of the Jewel Ridge Project in Nevada; 100% of El Gallo (previously known as the Fenix Project) in Sinaloa, Mexico; a 46.3% interest in McEwen Copper Inc., the owner of the Los Azules copper project (“Los Azules”) in San Juan, Argentina; a 49% interest in MSC, the owner and operator of the San José mine in Santa Cruz, Argentina and 26.7% interest in Paragon Advanced Labs Inc. (“Paragon”), a provider of advanced analytical services to the mining industry. In addition to the above, we hold interests in advanced-stage and exploration-stage projects in the United States, Canada, Mexico, and Argentina.
Previous wording
Highlights for Q2/26 are summarized below and discussed further under “Consolidated Performance”:
Current wording
Highlights for Q3/26 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, 2026, and 2025:
Current wording
The following tables present consolidated selected financial and operating results of the Company for the three and nine months ended September 30, 2026, and 2025:
Previous wording
Advanced project costs were $3.4 million in Q2/26, a $2.5 million increase compared to Q2/25. For H1/26, advanced project costs were $8.1 million as compared to $2.6 million in H1/25.This increase was primarily attributable to study costs associated with the Grey Fox project and a $2.3 million increase in costs incurred at El Gallo related to additional crushing activities and metallurgical testing undertaken to optimize cyanide destruction.
Current wording
Advanced project costs were $5.3 million in Q3/26, a $3.7 million increase compared to $1.7 million in Q3/25. For 9M/26, advanced project costs were $13.5 million as compared to $4.2 million in 9M/25. This increase was primarily attributable to study costs associated with the Grey Fox project and a $2.2 million increase in costs incurred at El Gallo related to additional crushing activities and metallurgical testing undertaken to optimize cyanide destruction.
Previous wording
Income from equity method investments: During H1/26, we recorded an income of $41.6 million from our equity method investments compared to a loss of $11.5 million in H1/25. In Q2/26, we recorded an income of $11.2 million from our equity method investments, compared to a loss of $3.4 million in Q2/25. This amount represents the Company’s proportionate share of the results of MSC, McEwen Copper, and Paragon. Details of operating results of the Company’s equity method investees are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements..
Current wording
Income from equity method investments: During 9M/26, we recorded an income of $40.9 million from our equity method investments compared to a loss of $12.3 million in 9M/25. During 9M/26, we reported an income of $54.6 million from Minera Santa Cruz S.A., a loss of $12.1 million from McEwen Copper and a $1.6 million loss from Paragon. In Q3/26, we recorded a loss of $0.7 million from our equity method investments, compared to a loss of $0.8 million in Q3/25. This amount represents the Company’s proportionate share of the results of MSC, McEwen Copper, and Paragon. Details of operating results of the Company’s equity method investees are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements.
Previous wording
General and administrative expenses: General and administrative costs of $17.4 million for H1/26 increased by $9.0 million compared to full year 2025. In Q2/26, we incurred $7.9 million in general and administrative expenses compared to $5.0 million in Q2/25. The increase was primarily attributable to a $2.6 million increase in fees paid for professional services.
Current wording
General and administrative expenses:General and administrative costs of $24.6 million for 9M/26 increased by $10.1 million compared to 9M/25. In Q3/26, we incurred $7.2 million in general and administrative expenses compared to $6.1 million in Q3/25. The increase was primarily attributable to a $2.0 million increase for Q3/26 and an $8.6 million increase for 9M/26 related to fees paid for professional services.
Previous wording
Other income (expense): Other expense of $7.9 million for H1/26 decreased from an income of $8.6 million for H1/25. For Q2/26, other expense was $1.4 million compared to an income of $7.1 million in Q2/25. The changes in other income were primarily driven by fair value revaluation on the contingent shares owed to a related party in connection with the Canadian Gold Corp. acquisition and a loss on marketable securities of $8.3 million in H1/26, compared to a $6.5 million gain on marketable securities in H1/25.
Current wording
*Other income (expense):*Other expense of $9.7 million for 9M/26 decreased from an income of $16.9 million for 9M/25. The changes in other income for 9M/26, were primarily driven by an unrealized loss in marketable securities of $5.1 million, a $19.6 million decrease from an unrealized gain of $14.5 million in 9M/25. Other factors include a $4.8 million increase in foreign currency loss and a $1.1 million increase in loss from the fair value revaluation on the contingent shares owed to a related party in connection with the Canadian Gold Corp. acquisition.
Previous wording
Our cash, cash equivalents and restricted cash balance increased by $25.3 million during H1/26, from $53.5 million as at** **December 31, 2025, to $78.9 million as at June 30, 2026.
Current wording
Our cash, cash equivalents and restricted cash balance decreased by $4.0 million during 9M/26, from $55.3 million as at** **December 31, 2025, to $51.3 million as at September 30, 2026.
Previous wording
Cash provided by operating activities of $58.3 million during H1/26 reflects the net income of $43.0 million for the period and $58.3 million in dividends received from MSC, adjusted for non-cash impacts, including net loss from equity method investments of $41.6 million, depreciation, amortization, and depletion of $15.3 million, unrealized loss on marketable securities of $5.9 million, flow-through premium amortization of $1.8 million, a mining tax recovery of $1.3 million, and $23.9 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 $28.5 million during 9M/26 reflects the net income of $6.3 million for the period and $58.3 million in dividends received from MSC, adjusted for non-cash impacts, including net income from equity method investments of $40.9 million, depreciation, amortization, and depletion of $22.3 million, unrealized loss on marketable securities of $5.0 million, flow-through premium amortization of $2.1 million, loss on consideration payable of $2.4 million, a deferred income and mining tax expense of $7.3 million, and $31.8 million in other and changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.
Previous wording
Cash used in investing activities of $45.7 million during H1/26 primarily consisted of cash additions to mineral property interests, plant and equipment of $39.8 million and a loan provided to McEwen Copper of $7.5 million, and cash provided by other investing activities of $1.7 million.
Current wording
Cash used in investing activities of $49.7 million during 9M/26 primarily consisted of payments made to acquiring mineral property interests, plant and equipment of $57.4 million, net cash inflow of $6.1 million from loan activity, including a $7.5 million advance and a $13.6 million of proceeds from relinquishment, and cash provided by other investing activities of $1.7 million.
Previous wording
Cash provided by financing activities of $14.5 million during H1/26 consisted of $14.8 million proceeds from issuance of flow through common shares and $0.2 million proceeds from exercise of stock options and warrants, partially offset by a $0.6 million repayment of finance lease obligations.
Current wording
Cash provided by financing activities of $17.0 million during 9M/26 consisted of $14.8 million proceeds from issuance of flow through common shares and $3.0 million proceeds from exercise of stock options and warrants, partially offset by a $0.9 million repayment of finance lease obligations.
Previous wording
Working capital as at June 30, 2026, was $66.0 million, a $21.9 million increase from $44.1 million as at December 31, 2025. The increase in working capital was primarily driven by a $27.9 million increase in cash and cash equivalents, a $3.9 million increase in inventories, a $0.1 million decrease in dues from McEwen Copper, a $8.3 million decrease in marketable securities, a $3.6 million decrease in accounts payabale and accrued liabilities, a $2.5 million decrease in tax liabilities, offset by a $6.0 million increase in current-portion of long term debt, and a $0.7 million decrease in flow through share premium.
Current wording
Working capital as at September 30, 2026, was $25.6 million, a $18.5 million decrease from $44.1 million as at December 31, 2025. The decrease in working capital was primarily driven by a $1.9 million decrease in cash and cash equivalents, a $10.7 million decrease in marketable securities, a $9.0 million increase in current-portion of long term debt, a $3.8 million increase in accounts payable and accrued liabilities, partially offset by a $2.5 million increase in inventories, a $2.8 million increase in receivables and a $1.1 million decrease in tax liabilities.
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, 2026, and 2025:
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, 2026, and 2025:
Previous wording
Cash costs and AISC per GEO sold in Q2/26 were $2,705 and $3,197 respectively, compared to $1,679 and $1,792 in Q2/25, respectively. The increase in cash costs, and the corresponding increase in AISC, was primarily attributable to a 31% decrease in GEOs produced.
Current wording
Cash costs and AISCper GEO sold in Q3/26 were $3,248 and $3,520 respectively, compared to $2,540 and $2,852 in Q3/25, respectively. The increase in cash costs, and the corresponding increase in AISC, was primarily attributable to a 24% decrease in GEOs produced and fewer GEOs sold, resulting in costs being allocated over fewer ounces, partially offset by a favorable build in heap leach inventory.
Previous wording
The following table summarizes the operating and financial results for the Fox Complex for the three and six months ended June 30, 2026, and 2025:
Current wording
The following table summarizes the operating and financial results for the Fox Complex for the three and nine months ended September 30, 2026, and 2025:
Previous wording
Cash costs and AISC per GEO sold were $1,972 and $2,701 for Q2/26, respectively, compared to $2,212 and $2,563 for Q2/25. The 11% decrease in cash costs per GEO sold was primarily driven by the 29% increase in GEO production discussed above, which resulted in operating costs being spread over a larger number of ounces sold. AISC per GEO sold increased year-over-year primarily due to a $1.4 million increase in sustaining mining development costs at Froome West.
Current wording
Cash costs and AISC per GEO sold were $2,911 and $3,725 in Q3/26, respectively, compared to $2,132 and $2,352 in Q3/25. The 37% increase in cash costs per GEO sold was primarily attributable to a 32% decrease in GEOs sold during the quarter, resulting in production costs being absorbed over fewer ounces. The increase in AISC per GEO sold was further impacted by higher sustaining capital expenditures, including a $3.3 million increase in sustaining mine development costs at Froome West.
Previous wording
The PFS for the Grey Fox Project, demonstrates the potential to extend the Fox Complex mine life by approximately 15 years to 2041. The study indicates Grey Fox contributing average annual production of approximately 43,000 gold ounces from 2028 to 2035 and becoming the sole source of production from 2035 to 2040, averaging approximately 87,000 gold ounces per year. Initial capital expenditures are estimated at $181 million and are expected to be primarily funded through existing treasury balances and operating cash flow, with expenditures phased between 2026 and 2029. The assessment also indicates additional mine life extension potential, as current mine reserves represent approximately 40% of the existing resource base and significant exploration upside remains.
Current wording
In June 2026, a PFS for the Grey Fox Project was released which demonstrates the potential to extend the Fox Complex mine life by approximately 15 years to 2041. The study indicates Grey Fox contributing average annual production of approximately 43,000 gold ounces from 2028 to 2035 and becoming the sole source of production from 2035 to 2040, averaging approximately 87,000 gold ounces per year. Initial capital expenditures are estimated at $181 million and are expected to be primarily funded through existing treasury balances and operating cash flow, with expenditures phased between 2026 and 2029. The assessment also indicates additional mine life extension potential, as current mine reserves represent approximately 40% of the existing resource base and significant exploration upside remains.
Previous wording
During Q2/26, a total of $2.3 million (H1/26 - $3.3 million) was incurred at the Tartan Mine Project to advance drilling, permitting, and metallurgical testing to optimize both process plant designs and underground mine plans, and engineering studies. The same factors which contributed to the H1/26 expenditures are expected to continue for H2/26. Further, a technical report was published in Q2/26 highlighting an estimated 308,900 ounces of indicated gold resources and 302,700 ounces of inferred gold resources.
Current wording
During Q3/26, a total of $3.1 million (9M/26 - $6.3 million) was incurred at the Tartan Mine Project to advance drilling, permitting, and metallurgical testing to optimize both process plant designs and underground mine plans, and engineering studies. The same factors which contributed to the 9M/26 expenditures are expected to continue for the remainder of the year. Further, a technical report summary was published in Q2/26 highlighting an estimated 308,900 ounces of indicated gold resources and 302,700 ounces of inferred gold resources.
Previous wording
As per the report, a second diamond drill was added to support exploration and infill drilling aimed at expanding the resource and upgrading inferred resources to indicated, for mine planning purposes. Results included significant assays from the deepest holes drilled to date in the South Zone, demonstrating mineralization at depth. Infill drilling along the eastern and western flanks of the main high-grade shoot also increased resource confidence and highlighted further growth potential.
Current wording
As per the technical report, a second diamond drill was added to support exploration and infill drilling aimed at expanding the resource and upgrading inferred resources to indicated, for mine planning purposes. Results included significant assays from the deepest holes drilled to date in the West and South Zones, demonstrating mineralization at depth as well as the discovery of the Central zone. Infill drilling and expansion of the main high-grade shoot also increased resource confidence and highlighted further growth potential. It is expected that an updated Mineral Resource Estimate be produced with the year 2026 results in Q1 2027.
Previous wording
We have reached a construction decision for the Phase 1 heap leach material reprocessing project contemplated in our Feasibility Study (previously described as the Fenix project). In December 2025, the Company was granted the extension of its Environmental Impact Assessment (Manifestación de Impacto Ambiental) from the Mexican government. The
Current wording
We have reached a construction decision for the Phase 1 heap leach material reprocessing project contemplated in our Feasibility Study (previously described as the Fenix project). In December 2025, the Company was granted the extension of its Environmental Impact Assessment (Manifestación de Impacto Ambiental) from the Mexican government. The Company is currently proceeding with the final detailed engineering plan for the mill, which has been purchased and is onsite. The earth works at the mill began in September 2026 and we anticipate beginning construction late-2026, with production commencing late-2027.
Previous wording
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 are estimated at $30 million. Since the material that will be processed has been previously leached, there will be no significant development or exploration costs anticipated.
Current wording
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 are estimated at $35 million. Since the material that will be processed has been previously leached, there will be no significant development or exploration costs anticipated.
Previous wording
The following table sets out certain operating results for the San José mine for the three and six months ended June 30, 2026 and 2025 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, 2026 and 2025 on a 100% basis:
Previous wording
Our 49% attributable share of operations from our investment in MSC in Q2/26 resulted in income of $17.5 million, compared to income of $3.6 million in Q2/25. Despite the challenging macroeconomic environment, favorable metal prices continued to support MSC's financial performance and liquidity. As at June 30, 2026, MSC reported working capital of $168.4 million, compared to $182.8 million as at December 31, 2025. The decrease was largely driven by dividend distributions, including $49.4 million paid to the Company during Q2/26.
Current wording
Our 49% attributable share of operations from our investment in MSC in Q3/26 resulted in income of $4.5 million, compared to income of $3.5 million in Q3/25. Despite the challenging macroeconomic environment, favorable metal prices continued to support MSC's financial performance and liquidity. As at September 30, 2026, MSC reported working capital of $181.4 million, remaining comparable to $182.8 million as at December 31, 2025.
Previous wording
We received $49.4 million in dividends from MSC in Q2/26 and $58.2 million in H1/26, compared to $nil in Q2/25 and $2.2 million in H1/25.
Current wording
We received $58.3 million in dividends from MSC in 9M/26, compared to $2.2 million in 9M/25.
Previous wording
As of June 30, 2026, we owned a 46.3% 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, USA. Cumulative investment in Los Azules exceeds $550 million.
Current wording
As of September 30, 2026, we owned a 46.3% 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, USA. As of September 30, 2026 our investment in McEwen Copper was $262.1 million.
Previous wording
During Q2/26, the Company invested $12.8 million in the Stock project, with development activities progressed in line with the Company’s 2026 mine development plan (H1/26 – $23.1 million). Activities during the period included upgrades to ventilation and heating systems while prioritizing the access ramp to establish levels to bring Stock into pre-commercial production in Q4/26, with commercial production anticipated by mid-2027.
Current wording
Key project advancement activities during the period included:
Previous wording
These results highlight the potential to expand the current pit and add resources adjacent to the existing deposit, extending what is already a long-life asset. Any expansion would require additional drilling and study; the completed Feasibility Study remains the basis for the project’s development. While not included in the Feasibility Study base case, the application of Nuton® leaching technology — or construction of a conventional concentrator — could economically treat the project’s primary sulfides and extend the mine life by more than 30 years. Combined with potential future exploration success, for which the campaign has provided positive initial indications, these opportunities could make Los Azules a multigenerational mining operation.
Current wording
These results highlight the potential to expand the current pit and add resources adjacent to the existing deposit. Any expansion would require additional drilling and study; the completed Feasibility Study remains the basis for the project’s development. Drill intercepts have been reported as-drilled lengths; true widths have not been determined. Additional exploration work is planned to continue to investigate and develop additional targets within or adjacent to the Los Azules property.
Previous wording
Financing activities continued during the period. Société Générale was appointed as exclusive financial advisor for the project’s debt financing process, preparations were initiated for a potential initial public offering and McEwen Copper received an enhanced financing proposal from Finnvera, Finland’s export credit agency.
Current wording
Financing activities continued during the period, with Société Générale appointed as the exclusive financial advisor for the project’s debt financing process and preparations initiated for a potential initial public offering.
Previous wording
As at June 30, 2026, McEwen Copper had $45.0M in cash and cash equivalents and $91.9M in term debt.
Current wording
As at September 30, 2026, McEwen Copper had $157.8 million in cash and cash equivalents and a working capital of $138.9 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Company is currently proceeding with the final detailed engineering plan for the mill, which has been purchased and is onsite. We anticipate beginning construction late-2026, with production commencing late-2027.