McEwen Inc 2025年度报告

Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter periodthat the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. 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 extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262 (b)) by theregistered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of June 30, 2025 (the last business day of the registrant’s second fiscal quarter), the aggregate market value of theregistrant’s voting and non-voting common equity held by non-affiliates of the registrant was $519,882,572 based on the closingprice of $9.61 per share as reported on the NYSE. There were 59,452,799 shares of common stock outstanding on March 16,2026. DOCUMENTS INCORPORATED BY REFERENCE:Portions of the registrant’s Proxy Statement for the 2026 AnnualMeeting of Shareholders are incorporated into PartIII, Items10 through 14 of this report. TABLE OF CONTENTS PART I ITEM 1.BUSINESS3ITEM 1A.RISK FACTORS20ITEM 1B.UNRESOLVED STAFF COMMENTS39ITEM 1C.CYBERSECURITY39ITEM 2.PROPERTIES40ITEM 3.LEGAL PROCEEDINGS57ITEM 4.MINE SAFETY DISCLOSURES57PART IIITEM 5.MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERSAND ISSUER PURCHASES OF EQUITY SECURITIES59ITEM 6.[RESERVED]59ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS60ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKETRISK86ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA89ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE133ITEM 9A.CONTROLS AND PROCEDURES133ITEM 9B.OTHER INFORMATION134ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS134PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE134ITEM 11.EXECUTIVE COMPENSATION134ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED STOCKHOLDER MATTERS135ITEM 13.CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTORINDEPENDENCE135ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES135PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES136ITEM 16.FORM 10-K SUMMARY138SIGNATURES139 ADDITIONAL INFORMATION Descriptions of agreements or other documents in this report are intended as summaries and are notnecessarily complete. Please refer to the agreements or other documents filed or incorporated herein byreference as exhibits. Please see Item 15, Exhibits and Financial Statement Schedules in this report for acomplete list of those exhibits. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Please see the note under “Item 7.Management’s Discussion and Analysis of Financial Condition andResults of Operations,” for a description of special factors potentially affecting forward-looking s