麦克尤恩矿业公司2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 Indicate by check mark whether the registrant (1)filed all reports required to be filed by Section13 or 15(d)ofthe Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant wasrequiredto file such reports),and(2)has been subject to such filing requirements for the past 90 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company.See the definitions of “large acceleratedfiler,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Large accelerated filer☐Accelerated filerNon-accelerated filer☐Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange As of May 7, 2025, there were53,987,670shares of common stock outstanding. MCEWEN MINING INC. FORM 10-Q Index PART I FINANCIAL INFORMATION Item 1.Financial Statements 3 Consolidated Balance Sheets at March 31, 2025 (unaudited), and December31, 20244 Consolidated Statements of Changes in Shareholders’ Equity for the three monthsended March 31, 2025, and 2024 (unaudited)5 Notes to Consolidated Financial Statements (unaudited)7 Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations22 Item 3.Quantitative and Qualitative Disclosure about Market Risk40 Item 4.Controls and Procedures42 PART II OTHER INFORMATION Item 1.Legal Proceedings43 Item 3.Defaults upon Senior Securities Item 4.Mine Safety Disclosures43 Item 5.Other Information44 Item 6.Exhibits45 SIGNATURES46 PARTI – FINANCIAL INFORMATION MCEWEN MINING INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS MCEWEN MINING INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED) MCEWEN MINING INC.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY MCEWEN MINING INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION McEwen Mining Inc. (the “Company”), through its predecessor entity, US Gold Corporation, wasorganized under the laws of the State of Colorado on July 24, 1979. The Company is engaged in theproduction and sale of gold and silver, as well as the development and exploration of copper, gold, The Company owns a100% interest in the Gold Bar mine in Nevada, United States, the FoxComplex in Ontario, Canada, the Fenix Project in Sinaloa, Mexico and a portfolio of explorationproperties in the United States, Canada, Mexico and Argentina. As of March 31, 2025, the Companyalso owns a46.4% interest in McEwen Copper Inc. (“McEwen Copper”), owner of the Los Azulescopper project in San Juan, Argentina and a49.0% interest in Minera Santa Cruz S.A. (“MSC”),owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which is operated by the The interim consolidated financial statements included herein have been prepared by the Companypursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and areunaudited. While information and note disclosures normally included in annual financial statementsand prepared in accordance with accounting principles generally accepted in the United States ofAmerica (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, theCompany believes that the information and disclosures included in the interim consolidated financial In management’s opinion, the unauditedConsolidated Statements of Operations and ComprehensiveLoss(“Statement of Operations”) for the three months ended March 31, 2025, and 2024, theunauditedConsolidated Balance Sheetas at March 31, 2025 and theConsolidated Balance Sheetasat December 31, 2024, the unauditedConsolidated Statement of Changes in Shareholders’ Equityforthe three months ended March 31, 2025, and 2024, and the unauditedConsolidated Statements ofCash Flowsfor the three months ended March 31, 2025, and 2024, contained herein, reflect alladjustments, consisting solely of normal recurring items, which are necessary for the fair presentationof the Company’s financial position, results of operations and cash flows on a basis consistent withthat of the Company’s prior audited consolidated financial statements. However, the results of References to “CAD” refers to Canadian Dollar, “USD” refers to United States Dollar, an