McEwen Inc 2026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 ended March 31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number: 001-33190 McEWEN INC.(Exact name of registrant as specified in its charter) (866) 441-0690(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that 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, asmaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. 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 extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct).Yes☐No☒ As of May 6, 2026, there were 59,740,087 shares of common stock outstanding. McEWEN INC. FORM 10-Q IndexPART I FINANCIAL INFORMATIONItem 1.Financial Statements(unaudited)3Consolidated Statements of Operations and Comprehensive Income (Loss) for the threemonths ended March 31, 2026, and 20253Consolidated Balance Sheets at March 31, 2026, and December31, 20254Consolidated Statements of Changes in Shareholders’ Equity for the three months endedMarch 31, 2026, and 20255Consolidated Statements of Cash Flows for the three months ended March 31, 2026, and20256Notes to Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3.Quantitative and Qualitative Disclosure about Market Risk47Item 4.Controls and Procedures49PART II OTHER INFORMATIONItem 1.Legal Proceedings50Item 1A. Risk Factors50Item 2.Unregistered Sales of Equity Securities and Use of Proceeds50Item 3.Defaults upon Senior Securities50Item 4.Mine Safety Disclosures50Item 5.Other Information51Item 6.Exhibits52SIGNATURES53 PART I – FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS McEWEN INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(UNAUDITED)(in thousands of U.S. dollars, except per share, and shares) McEWEN INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands of U.S. dollars and shares) As atAs atMarch 31,December 31,20262025 McEWEN INC.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY(UNAUDITED)(in thousands of U.S. dollars and shares) McEWEN INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands of U.S. dollars) McEWEN INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)March 31, 2026(tabular amounts are in thousands of U.S. dollars, unless otherwise noted) NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION McEwen Inc. (the “Company”), through its predecessor entity, US Gold Corporation, was organized underthe laws of the State of Colorado on July 24, 1979. Effective July 7, 2025, the Company changed its namefrom McEwen Mining Inc. to McEwen Inc. The Company is engaged in the production and sale of goldand silver, as well as the development and exploration of copper, gold, and silver mineral properties acrossNorth and South America. The Company owns a 100% interest in the Gold Bar Mine Complex in Nevada, United States, the FoxComplex in Ontario, Canada, the Tartan Mine project in Manitoba, Canada, the El Gallo Project in Sinaloa,Mexico and a portfolio of exploration properties in the United States, Canada, Mexico and Argentina. Asof March 31, 2026, the Company also owns a 46.3% interest in McEwen Copper Inc. (“McEwen Copper”),owner of the Los Azules copper project in San Juan, Argentina and a 49.0% interest in Minera Santa CruzS.A. (“MSC”), owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which isoperated by the joint venture majority owner Hochschild Mining plc. and a 27.0% interest in ParagonAdvanced Labs Inc. (“Paragon”), a provider