麦克尤恩矿业公司2025年季度报告

For the quarterly period endedMarch 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from Commission File Number:001-33190MCEWEN MINING INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.) Securities registered pursuant to Section 12(b) of the Act:TradingName of each exchange on which registered Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐Emerging growth 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 FORM 10-Q PART I FINANCIAL INFORMATION Consolidated Statements of Operations and Comprehensive Loss for the three monthsended March 31, 2025, and 2024 (unaudited)3 Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2025, and 2024 (unaudited) CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands of U.S. dollars, except per share) Production costs applicable to salesDepreciation and depletion Marketable securities (Note 5)Receivables, prepaids and other current assets (Note 6)Due from McEwen Copper Inc. (Note 14) Common Stockand AdditionalPaid-in Capital production and sale of gold and silver, as well as the development and exploration of copper, gold,and silver mineral properties across North and South America. Production costs applicable to sales Depreciation and depletion(1)(6,037)(4,070)———(10,107)Gross profit (loss)5,973(1,162)1,200——6,011 Exploration(1)(1,082)(2,789)———(3,871)Income (loss) from equity methodinvestments(2)———1,278(18,012)(16,734)Other segment items(3)(434)136(777)——(1,075)Segment profit (loss)$4,457$(3,815)$(2,031)$1,278$(18,012)$(18,123) General and administrative(4)(3,206)Depreciation(5)(131)Interest and other finance expense, net(833)Other expense(647)(22,940 regularly provided to CODM.(2)Operating results of McEwen Copper and MSC on a100%basis are presented in Note 9 – Equity Method Investments.(3)Other segment items include: a.General and administrative expenses attributable to the segmentb.Depreciation unrelated to production activities of the segmentc.Accretion expensed.Interest and other (income) expensese.Foreign currency loss (gain)(4)General and administrative expenses are comprised primarily of corporate expenses not attributable to Company’s operating segments, as follows:Non-currentAssets USA Mexico32,33732,320—1,200Argentina(2)(3)390,487400,801—— NOTE 3 OTHER EXPENSE The following is a summary of other expensefor the three months ended March 31, 2025, and 2024: Three months ended March 31,20252024Unrealized and realized gain (loss) on investments$1,735$(202)Foreign currency gain (loss)(295)91Other income13723Total other income (expense)$1,577$(88) The following table provides a reconciliation of cash and cash equivalents and restricted cashreported in theConsolidated Balance Sheets: Cash and cash equivalents and restricted cash held in CAD2,099Cash and cash equivalents held in other currencies2,379 On March 27, 2025, the Company participated intwoprivate placement offerings by Canadian GoldCorp (TSX-V: CGC) acquiring8,823,529common shares and2,941,176units for a total investment Material on leach pads$17,511$13,453In-process inventory3,0202,551Stockpiles2,6931,112Precious metals3,0252,312Materials and supplies6,5976,517 NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT The applicable definition of proven and probable reserves is set forth in the Regulation S-K 1300requirements of the SEC. If proven and probable reserves exist at the Company’s properties, the A summary of the key assets and liabilities of McEwen Copper as at March 31, 2025,and December31, 2024,is as follows: March 31, 2025$ Current liabilities Total liabilities Minera Santa CruzS.A. (100%) Revenue from gold and silver sales$Production costs applicable to salesDepreciation and depletion Amortization of fair value incrementsIncome tax recovery Income from investment in MSC, net of amortization$ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)March 31, 2025(tabular amounts are in thousands of U.S. dollars, unless otherwise noted)Changes in the Company’s investment in MSC for the three months ended March 31, 2025, and for The consideration issued for the maintenance, continuation, and extension of the maturity date of theloan was accounted for as debt issuance costs, which were capitalized as deferred financing costs using the effective interest method. Following the issuance of convertible notes, on February 21, 2025, the Company voluntarily repaid$20.0million in principal under the ARCA.Total interest expense related to the term loan for the three months ended March 31, 2025, was $0.8million a