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What changed in McEwen Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of McEwen Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+435 added−479 removedSource: 10-K (2025-03-14) vs 10-K (2024-03-15)

Top changes in McEwen Inc.'s 2024 10-K

435 paragraphs added · 479 removed · 305 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

70 edited+5 added−7 removed57 unchanged
Biggest changeEl Gallo Silver’s recoveries are 86% Au and 75% Ag. 9 Table of Contents MSC ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 113 4.14 15.1 110 2.64 9.3 223 3.40 24.4 864 5.04 140.1 249 90 Total 113 4.14 15.1 110 2.63 9.3 223 3.40 24.4 864 5.04 140.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 113 223.00 0.8 110 185.00 0.7 223 204.00 1.5 864 329.00 9.1 249 90 Total 113 223.00 0.8 110 185.00 0.7 223 204.00 1.5 864 329.00 9.1 ​ ​ ​ Mineral resources, exclusive of reserves, as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 110 4.52 16.0 100 2.82 9.0 210 3.70 25.0 1,010 5.99 194.0 293 90 Total 110 4.52 16.0 100 2.82 9.0 210 3.70 25.0 1,010 5.99 194.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 110 259.00 0.9 100 168.00 0.5 210 216.00 1.5 1,010 404.00 13.1 293 90 Total 110 259.00 0.9 100 168.00 0.5 210 216.00 1.5 1,010 404.00 13.1 ​ ​ ​ McEwen Copper ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.01 220 589,200 0.01 220 2,150,900 0.03 2020 0.031 62-66 Total — — — 589,200 0.01 220 589,200 0.01 220 2,150,900 0.03 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.25 4.8 589,200 0.25 4.8 2,150,900 1.0 71.1 0.031 54-69 Total — — — 589,200 0.25 4.8 589,200 0.25 4.8 2,150,900 1.0 71.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Copper Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.40 5.2 589,200 0.40 5.2 2,150,900 0.31 12.7 0.031 89-95 Total — — — 589,200 0.40 5.2 589,200 0.40 5.2 2,150,900 0.31 12.7 ​ ​ ​ 10 Table of Contents Mineral resources, exclusive of reserves, as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Cu (%) Met Rec (%) Los Azules (68.1% attrib.) — — — 655,122 0.06 1158 655,122 0.06 1158 1,815,546 0.04 2588 0.2 90 Total — — — 655,122 0.06 1158 655,122 0.06 1158 1,815,546 0.04 2588 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Cu (%) Met Rec (%) Los Azules (68.1% attrib.) — — — 655,122 2.00 37.9 655,122 2.00 37.9 1,815,546 2.00 92.2 0.2 90 Total — — — 655,122 2.00 37.9 655,122 2.00 37.9 1,815,546 2.00 92.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Copper Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) COG Cu (%) Met Rec (%) Los Azules (68.1% attrib.) — — — 655,122 0.48 6.9 655,122 0.48 6.9 1,815,546 0.33 13.1 0.2 90 Total — — — 655,122 0.48 6.9 655,122 0.48 6.9 1,815,546 0.33 13.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Molybdenum Tonnes (000s) Mo Grade (%) Contained Mo (Mlbs) Tonnes (000s) Mo Grade (%) Contained Mo (Mlbs) Tonnes (000s) Mo Grade (%) Contained Mo (Mlbs) Tonnes (000s) Mo Grade (%) Contained Mo (Mlbs) COG Cu (%) Met Rec (%) Los Azules (68.1% attrib.) — — — 655,122 0.00 39.0 655,122 0.00 39.0 1,815,546 0.00 132.1 0.2 90 Total — — — 655,122 0.00 39.0 655,122 0.00 39.0 1,815,546 0.00 132.1 ​ ​ ​ The following table is a variance of the mineral resources from December 31, 2022 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Measured Indicated Measured & Indicated Inferred ​ Mass % Grade % Metal % Mass % Grade % Metal % Mass % Grade % Metal % Mass % Grade % Metal % Froome (49.2) (6.3) (52.5) (1.9) (4.1) (5.6) (36.6) (5.6) (40.0) (34.4) 5.5 (30.4) Grey Fox — — — — — — — — — — — — Stock West — — — 51.4 (9.8) 36.4 51.4 (9.8) 36.4 33.1 (7.5) 23.4 Stock East — — — — — — — — — — — — Fuller — — — — — — — — — — — — Gold Bar mine — — — 0.7 (3.8) (3.8) 0.7 (3.8) (3.8) (53.8) (12.8) (59.7) Los Azules — — — (10.1) (16.7) (24.6) (10.1) (16.7) (24.6) 18.5 (6.1) (3.1) San José mine — — — ​ ​ ​ — — — — — — Fenix Project (8.2) 10.9 2.1 21.3 17.4 47.1 1.4 7.7 9.3 50.0 32.3 100.0 ​ Notes to the 2023 Mineral Resource tables Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Biggest changeEl Gallo Silver’s recoveries are 86% Au and 75% Ag. ​ 10 Table of Contents MSC Mineral resources, exclusive of reserves, as at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 283 3.65 33.2 296 3.43 32.7 580 3.54 66.0 1,119 4.59 165.2 217.00 90 Total 283 3.65 33.2 296 3.44 32.7 580 3.54 66.0 1,119 4.59 165.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 283 181.00 1.6 296 120.00 1.1 580 150.00 2.8 1,119 252.00 9.1 217.00 90 Total 283 181.00 1.6 296 120.00 1.1 580 150.00 2.8 1,119 252.00 9.1 ​ ​ ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 113 4.14 15.1 110 2.64 9.3 223 3.40 24.4 864 5.04 140.1 249.00 90 Total 113 4.14 15.1 110 2.63 9.3 223 3.40 24.4 864 5.04 140.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG AgEq (g/t) Met Rec (%) San José (49% attrib.) 113 223.00 0.8 110 185.00 0.7 223 204.00 1.5 864 329.00 9.1 249.00 90 Total 113 223.00 0.8 110 185.00 0.7 223 204.00 1.5 864 329.00 9.1 ​ ​ ​ McEwen Copper ​ Mineral resources, exclusive of reserves, as at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Cu (%) Met Rec (%) Los Azules (46.4% attrib.) — — — 573,200 0.01 210.0 573,200 0.01 210.0 2,092,300 0.03 1,970.0 var 62-66 Total — — — 573,200 0.01 210.0 573,200 0.01 210.0 2,092,300 0.03 1,970.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Cu (%) Met Rec (%) Los Azules (46.4% attrib.) — — — 573,200 0.25 4.6 573,200 0.25 4.6 2,092,300 1.03 69.2 var 54-69 Total — — — 573,200 0.25 4.6 573,200 0.25 4.6 2,092,300 1.03 69.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Copper Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) COG Cu (%) Met Rec (%) Los Azules (46.4% attrib.) — — — 573,200 0.40 5.1 573,200 0.40 5.1 2,092,300 0.31 12.4 var 95 Total — — — 573,200 0.40 5.1 573,200 0.40 5.1 2,092,300 0.31 12.4 ​ ​ ​ ​ 11 Table of Contents Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.01 220.0 589,200 0.01 220.0 2,150,900 0.03 2,020.0 0.03 62-66 Total — — — 589,200 0.01 220.0 589,200 0.01 220.0 2,150,900 0.03 2,020.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.25 4.8 589,200 0.25 4.8 2,150,900 1.00 71.1 0.03 54-69 Total — — — 589,200 0.25 4.8 589,200 0.25 4.8 2,150,900 1.00 71.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Copper Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) Tonnes (000s) Cu Grade (%) Contained Cu (Blbs) COG Cu (%) Met Rec (%) Los Azules (47.7% attrib.) — — — 589,200 0.40 5.2 589,200 0.40 5.2 2,150,900 0.31 12.7 0.03 89-95 Total — — — 589,200 0.40 5.2 589,200 0.40 5.2 2,150,900 0.31 12.7 ​ ​ ​ The following table is a variance of the mineral resources from December 31, 2023 to December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Measured Indicated Measured & Indicated Inferred ​ Mass % Grade % Metal % Mass % Grade % Metal % Mass % Grade % Metal % Mass % Grade % Metal % Froome mine (36.24) (11.34) (42.55) (2.26) (7.89) (11.76) (22.24) (9.49) (29.63) 17.48 2.03 18.75 Grey Fox — — — 73.61 (24.17) 31.68 73.61 (24.19) 31.68 156.32 (24.14) 94.07 Stock West & Main — — — — — — — — — — — — Fuller — — — 35.07 (9.18) 22.93 35.07 (9.18) 22.93 39.97 (14.08) 19.74 Stock East — — — (29.71) 12.03 (21.05) (29.71) 12.58 (21.05) 2,657.14 14.66 2,400.00 Gold Bar mine — — — 29.96 (9.33) 18.84 29.96 (9.33) 18.84 (34.68) (52.03) (68.90) Fenix Project (Gold) — — — — — — — — — — — — Fenix Project (Silver) — — 7.89 — — 3.38 — — (0.35) — — (5.66) San José mine (Gold) 150.44 (11.84) 120.11 169.09 29.92 251.53 160.09 4.12 170.39 29.51 (8.93) 17.88 San José mine (Silver) 150.44 (18.83) 100.00 169.09 (35.14) 57.14 160.09 (26.47) 86.67 29.51 (23.40) — Los Azules (Gold) — — — (2.72) — (4.55) (2.72) — (4.55) (2.72) — (2.48) Los Azules (Silver) — — — (2.72) — (4.17) (2.72) — (4.17) (2.72) 3.00 (2.67) Los Azules (Copper) — — — (2.72) — (2.08) (2.72) — (2.08) (2.72) — (0.42) Others (18.25) 78.82 (25.96) (86.16) 405.94 (66.28) (66.38) 231.20 (44.21) 40.94 58.17 9.76 ​ Notes to the 2024 Mineral Resource tables Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Foreign Corrupt Practices Act and similar worldwide anti-bribery laws, a breach or violation of which could lead to civil and criminal fines and penalties, loss of licenses or permits and reputational harm. ● We conduct operations in a number of foreign countries and are exposed to legal, political and social risks associated with those operations. ● Our business depends on good relations with our employees, and if we are unable to attract and retain additional highly skilled employees, our business and future operations may be adversely affected. ● Our business could be negatively impacted by security threats, including cybersecurity threats, and other disruptions. ● Several of our directors and officers are residents outside of the United States, and it may be difficult for shareholders to enforce within the United States any judgments obtained against such directors or officers. ● The laws of the State of Colorado, our Articles of Incorporation and agreements with certain officers and directors may protect our directors from certain types of lawsuits. ● We may be required to write down certain long-lived assets, due to metal prices, operational challenges or other factors.
Foreign Corrupt Practices Act and similar worldwide anti-bribery laws, a breach or violation of which could lead to civil and criminal fines and penalties, loss of licenses or permits and reputational harm. ● We conduct operations in several foreign countries and are exposed to legal, political and social risks associated with those operations. ● Our business depends on good relations with our employees, and if we are unable to attract and retain additional highly skilled employees, our business and future operations may be adversely affected. ● Our business could be negatively impacted by security threats, including cybersecurity threats, and other disruptions. ● Several of our directors and officers are residents outside of the United States, and it may be difficult for shareholders to enforce within the United States any judgments obtained against such directors or officers. ● The laws of the State of Colorado, our Articles of Incorporation and agreements with certain officers and directors may protect our directors from certain types of lawsuits. ● We may be required to write down certain long-lived assets, due to metal prices, operational challenges or other factors.
Mexico ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Met Rec (%) Fenix Project 9,000 0.51 148 5,700 0.27 50 14,700 0.42 199 300 0.41 4 var (1) var (2) Total 9,000 0.51 148 5,700 0.27 50 14,700 0.42 199 300 0.41 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Met Rec (%) Fenix Project 9,000 19 5.6 5,700 79 14.5 14,700 42 20.1 300 33 0.3 var (1) var (2) Total 9,000 19 5.6 5,700 79 14.5 14,700 42 20.1 300 33 0.3 ​ ​ ​ (1) The El Gallo mine’s HLM has no COG as the entire heap is processed with zero selectivity.
Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Met Rec (%) Fenix Project 9,000 0.51 148.0 5,700 0.27 50.0 14,700 0.42 199.0 300 0.41 4.0 var (1) var (2) Total 9,000 0.51 148.0 5,700 0.27 50.0 14,700 0.42 199.0 300 0.41 4.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Met Rec (%) Fenix Project 9,000 19.00 5.6 5,700 79.00 14.5 14,700 42.00 20.1 300 33.00 0.3 var (1) var (2) Total 9,000 19.00 5.6 5,700 79.00 14.5 14,700 42.00 20.1 300 33.00 0.3 ​ ​ ​ (1) The El Gallo mine’s HLM has no COG as the entire heap is processed with zero selectivity.
The development of the Los Azules project presents challenges that may negatively affect, if not completely negate, the feasibility for development of the property. ● We may acquire additional exploration-stage properties on which reserves may never be discovered. ● The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could adversely and materially affect our operations. ● Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our operations on our mining properties. ● Our operations in Argentina, Mexico, and Canada subject us to political and social risks. 16 Table of Contents ● Our operations face substantial regulation of health and safety. ● Reform of the General Mining Law in the United States could adversely affect our results of operations. ● Title to mineral properties can be uncertain, and we may be at risk of loss of ownership of one or more of our properties. ● We cannot ensure that we will have an adequate supply of water to complete desired exploration or development of our mining properties. ● Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension, or termination of our operations. ● Our industry is highly competitive, attractive mineral lands are scarce, and we may not be able to obtain quality properties. ● We rely on contractors to conduct a significant portion of our operations and construction projects. ● If our employees or contractors engage in a strike, work stoppage or other slowdown, we could experience business disruptions and/or increased costs. ● Our business is sensitive to nature and climate conditions. ● Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. ​ Risks Related to Our Common Stock ​ ● A small number of existing shareholders own a significant portion of McEwen Mining common stock, which could limit your ability to influence the outcome of any shareholder vote. ● Our stock price may be volatile, and as a result you could lose all or part of your investment. ● Failure of the Company to maintain compliance with the NYSE listing requirements could result in delisting of our common stock, which in turn could adversely affect our future financial condition and the market for our common stock. ● Failure of the Company to maintain proper and effective internal controls could impair our ability to produce accurate financial statements on a timely basis, which could adversely affect the market price of our common stock. ● The future issuances of our common stock will dilute current shareholders and may reduce the market price of our common stock. ​ General Risks ​ ● We do not insure against all risks to which we may be subject in our operations. ● Our business is subject to the U.S.
The development of the Los Azules project presents challenges that may negatively affect, if not completely negate, the feasibility for development of the property. ● We may acquire additional exploration-stage properties on which reserves may never be discovered. ● The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could adversely and materially affect our operations. ● Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our operations on our mining properties. ● Tariffs and the imposition of other restrictions on trade could adversely affect our operating costs. ● Our operations in Argentina, Mexico, and Canada subject us to political and social risks. ● Our operations face substantial regulation of health and safety. ● Reform of the General Mining Law in the United States could adversely affect our results of operations. ● Title to mineral properties can be uncertain, and we may be at risk of loss of ownership of one or more of our properties. ● We cannot ensure that we will have an adequate supply of water to complete desired exploration or development of our mining properties. ● Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension, or termination of our operations. ● Our industry is highly competitive, attractive mineral lands are scarce, and we may not be able to obtain quality properties. ● We rely on contractors to conduct a significant portion of our operations and construction projects. ● If our employees or contractors engage in a strike, work stoppage or other slowdown, we could experience business disruptions and/or increased costs. ● Our business is sensitive to nature and climate conditions. ● Mining companies are increasingly required to consider and provide benefits to the communities, including indigenous communities, and countries, in which they operate in order to maintain operations. ​ ​ 18 Table of Contents Risks Related to Our Common Stock ​ ● A small number of existing shareholders own a significant portion of McEwen Mining common stock, which could limit your ability to influence the outcome of any shareholder vote. ● Our stock price may be volatile, and as a result you could lose all or part of your investment. ● Failure of the Company to maintain compliance with the NYSE or TSX listing requirements could result in delisting of our common stock, which in turn could adversely affect our future financial condition and the market for our common stock. ● Failure of the Company to maintain proper and effective internal controls could impair our ability to produce accurate financial statements on a timely basis, which could adversely affect the market price of our common stock. ● The future issuances of our common stock will dilute current shareholders and may reduce the market price of our common stock. ​ General Risks ​ ● We do not insure against all risks to which we may be subject in our operations. ● Our business is subject to the U.S.
MSC has sales agreements with each of these purchasers. The remaining 12% of San José’s sales are made to several customers under smaller contract quantities. If our customer relationships or MSC’s customer relationships were interrupted for any reason, we believe that we or MSC could locate other purchasers for our products.
MSC has sales agreements with each of these purchasers. The remaining 43% of San José’s sales are made to several customers under smaller contract quantities. ​ If our customer relationships or MSC’s customer relationships were interrupted for any reason, we believe that we or MSC could locate other purchasers for our products.
Supplemental healthcare is provided above government requirements in both Canada and Mexico. ​ 15 Table of Contents Risk Factor Summary Our business and operations are subject to a number of risks and uncertainties which you should be aware of prior to making a decision to invest in our common stock.
Supplemental healthcare is provided above government requirements in both Canada and Mexico. ​ 16 Table of Contents Risk Factor Summary Our business and operations are subject to a number of risks and uncertainties which you should be aware of prior to making a decision to invest in our common stock.
The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. ​ We publish measured, indicated and inferred resources annually, considering metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions.
The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. 8 Table of Contents We publish measured, indicated and inferred resources annually, considering metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions.
For the 2023 mineral reserves estimate, inaccessible mineral resources that contained insufficient tonnages to permit the development of local infrastructure, mineral resources in mined out/isolated areas, mineral resources located in sill and rib pillars and operationally lost mineral resources were not included in the mineral reserves estimate.
For the 2024 mineral reserves estimate, inaccessible mineral resources that contained insufficient tonnages to permit the development of local infrastructure, mineral resources in mined out/isolated areas, mineral resources located in sill and rib pillars and operationally lost mineral resources were not included in the mineral reserves estimate.
Our inability to compete with other companies for these resources would have a material adverse effect on our results of operation, financial condition and cash flows. General Government Regulations In the United States, Canada, Mexico, and Argentina, we are subject to various governmental laws and regulations, including environmental regulations.
Our inability to compete with other companies for these resources would have a material adverse effect on our results of operation, financial condition and cash flows. ​ 14 Table of Contents General Government Regulations In the United States, Canada, Mexico, and Argentina, we are subject to various governmental laws and regulations, including environmental regulations.
Our common stock is listed on the New York Stock Exchange (“NYSE”) and on the Toronto Stock Exchange (“TSX”) under the symbol “MUX.” 3 Table of Contents In this report, unless otherwise noted, “Au” represents gold; “Ag” represents silver; “Cu” represents copper; “oz” represents troy ounce; “lb” represents pound; “g/t” represents grams per metric tonne; “o/t” represents troy ounces per short ton; “ft” represents feet; “m” represents meter; “sq” represents square; and C$ refers to Canadian dollars.
Our common stock is listed on the New York Stock Exchange (“NYSE”) and on the Toronto Stock Exchange (“TSX”) under the symbol “MUX.” In this report, unless otherwise noted, “Au” represents gold; “Ag” represents silver; “Cu” represents copper; “oz” represents troy ounce; “lb” represents pound; “g/t” represents grams per metric tonne; “o/t” represents troy ounces per short ton; “ft” represents feet; “m” represents meter; “sq” represents square; and C$ refers to Canadian dollars.
Mineral reserves as presented are in place and include average internal dilution of 5%, average mining and geotechnical dilution of 48%, and mine extraction of 32%, but do not include allowances for mill or smelter recoveries.
Mineral reserves as presented are in place and include average internal dilution of 5%, average mining and geotechnical dilution of 48%, and mine extraction of 35%, but do not include allowances for mill or smelter recoveries.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. ​ 5 Table of Contents The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
Proven and probable reserves include gold and silver attributable to our ownership or economic interest. 5 Table of Contents The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold or silver will be realized.
Proven and probable reserves include gold and silver attributable to our ownership or economic interest. The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold or silver will be realized.
Such write downs may adversely affect our results of operations and financial condition. 17 Table of Contents ● A significant delay or disruption in sales of concentrate or doré as a result of the unexpected disruption in services provided by smelters or refiners or other third parties could have a material adverse effect on our results of operations. ​
Such write downs may adversely affect our results of operations and financial condition. ● A significant delay or disruption in sales of concentrate or doré as a result of the unexpected disruption in services provided by smelters or refiners or other third parties could have a material adverse effect on our results of operations. ​
All our financial information is reported in United States (U.S.) dollars, unless otherwise noted. References to our company include, where the context requires, all our subsidiaries. Segment Information Our operating segments include Canada, United States, Mexico, MSC and McEwen Copper. Financial information for each of our reportable segments can be found under Item 7.
All our financial information is reported in United States (U.S.) dollars, unless otherwise noted. References to our company include, where the context requires, all our subsidiaries. ​ 3 Table of Contents Segment Information Our operating segments include Canada, United States, Mexico, MSC and McEwen Copper Inc. Financial information for each of our reportable segments can be found under Item 7.
All our employees based in Toronto work in an executive, technical or administrative position, while our employees in the United States, Timmins, and Mexico include management, laborers, craftsmen, miners, geologists, environmental specialists, information technologists, and various other support roles. As of December 31, 2023, MSC had 1,402 employees in Argentina.
All our employees based in Toronto work in an executive, technical or administrative position, while our employees in the United States, Timmins, and Mexico include management, laborers, craftsmen, miners, geologists, environmental specialists, information technologists, and various other support roles. As of December 31, 2024, MSC had 1,440 employees in Argentina.
San José mine Mineral reserves are reported at McEwen’s 49% attributable interest. Hochschild hold a 51% interest in San José. COG is reported in silver equivalent grams per tonne, calculated using a ratio of 75:1 Ag:Au. For mineral reserves, the silver equivalent COG is: cut & fill 271 g/t silver equivalent, long hole 213 g/t silver equivalent.
San José mine Mineral reserves are reported at McEwen’s 49% attributable interest. Hochschild hold a 51% interest in San José. COG is reported in silver equivalent grams per tonne, calculated using a ratio of 75:1 Ag:Au. For mineral reserves, the silver equivalent COG is: cut & fill 286 g/t silver equivalent, long hole 250 g/t silver equivalent.
We own 100% of the Froome mine and Stock mill in Ontario, Canada, 100% of the Gold Bar mine in Nevada, 100% of the Fenix Project in Sinaloa, Mexico, 47.7% interest in McEwen Copper Inc., the owner of the Los Azules copper project (“Los Azules”) in San Juan, Argentina, and a 49% interest in MSC, the owner and operator of the San José mine in Santa Cruz, Argentina.
We own 100% of the Froome mine and Stock mill in Ontario, Canada, 100% of the Gold Bar mine in Nevada, 100% of the Fenix Project in Sinaloa, Mexico, a 46.4% interest in McEwen Copper Inc., the owner of the Los Azules copper project (“Los Azules”) in San Juan, Argentina, and a 49% interest in MSC, the owner and operator of the San José mine in Santa Cruz, Argentina.
A copper price of $4.00/lb was used with recoveries of 95% for the leach method. With the potential for froth flotation as a recovery method the NSR values were calculated for both high-grade enriched and primary material in a mill with recoveries of 86% and 90%, respectively. Mineral resources are in-situ and are reported at McEwen’s 47.7% attributable interest.
A copper price of $4.00/lb was used with recoveries of 73% for the leach method. With the potential for froth flotation as a recovery method the NSR values were calculated for both high-grade enriched and primary material in a mill with recoveries of 86% and 90%, respectively. Mineral resources are in-situ and are reported at McEwen’s 46.4% attributable interest.
Other than operating licenses for our mining and processing facilities and concessions 13 Table of Contents granted under contracts with the host government, there are no third-party patents, licenses or franchises material to our business.
Other than operating licenses for our mining and processing facilities and concessions granted under contracts with the host government, there are no third-party patents, licenses or franchises material to our business.
RISK FACTORS.” ​ Risks Related to Our Financial Condition, Results of Operation and Cash Flows ​ ● Our results of operations, cash flows and the value of our properties are highly dependent on the market prices of gold, silver, and copper and these prices can be volatile, which may cause volatility in the price of our common stock. ● We have incurred substantial losses in prior years and may not be consistently profitable in future years. ● Our current operations require substantial capital investment from outside sources, and we may be unable to raise additional funding on favorable terms to develop additional mining operations. ● Our ongoing reliance on equity funding will result in continued dilution to our existing shareholders. ● Our indebtedness adversely affects our cash flow and may adversely affect our ability to operate our business. ● Any failure to meet our debt obligations could harm our business and financial condition and may require us to sell assets or take other steps to satisfy the debt. ● Restrictive debt covenants contained in our debt agreement could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions, and engage in other business activities that may be in our best interests. ● Increased operating and capital costs could adversely affect our results of operations. ● If we do not hedge our exposure to reductions in gold and silver prices, we may be subject to significant reductions in the price we receive for our products. ● Estimates relating to new development projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. ● We are subject to foreign currency risks which may increase our costs and affect our results of operation. ● Our continuing reclamation obligations at Tonkin, Gold Bar, Fox Complex, El Gallo, and other properties could require significant additional expenditure. ● There is no guarantee that we will declare distributions to shareholders. ​ Risks Relating to our Operations as a Mining Company ​ ● Our estimates of proven and probable mineral reserves and resources are based on interpretation and assumptions and may yield less mineral production than is currently estimated or may result in additional impairment charges to our operations. ● We may be unable to replace gold and silver reserves as they become depleted. ● Our acquisitions may not achieve their intended results. ● We own our 49.0% interest in the San José mine under the terms of an option and joint venture agreement and are therefore unable to control all aspects of the exploration and development of, and production from, this property. ● We own our 47.7% interest in the Los Azules project under the terms of the shareholder agreement and are therefore unable to control all aspects of the exploration and development of this property.
RISK FACTORS.” ​ Risks Related to Our Financial Condition, Results of Operation and Cash Flows ​ ● Our results of operations, cash flows and the value of our properties are highly dependent on the market prices of gold, silver, and copper and these prices can be volatile, which may cause volatility in the price of our common stock. ● We have incurred substantial losses in prior years and may not be consistently profitable in future years. ● Our current operations require substantial capital investment from outside sources, and we may be unable to raise additional funding on favorable terms to develop additional mining operations. ● Our ongoing reliance on equity funding will and any conversion of our convertible debt could result in continued dilution to our existing shareholders. ● Our indebtedness adversely affects our cash flow and may adversely affect our ability to operate our business. ● Our outstanding convertible debt may impact the trading price of our common stock. ● Any failure to meet our debt obligations could harm our business and financial condition and may require us to sell assets or take other steps to satisfy the debt. ● Increased operating and capital costs could adversely affect our results of operations. ● If we do not hedge our exposure to reductions in gold and silver prices, we may be subject to significant reductions in the price we receive for our products. ● Estimates relating to new development projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. ● We are subject to foreign currency risks which may increase our costs and affect our results of operation. ● Our continuing reclamation obligations at Tonkin, Gold Bar, Fox Complex, El Gallo, and other properties could require significant additional expenditure. ● There is no guarantee that we will declare distributions to shareholders. 17 Table of Contents Risks Relating to our Operations as a Mining Company ​ ● Our estimates of proven and probable mineral reserves and resources are based on interpretation and assumptions and may yield less mineral production than is currently estimated or may result in additional impairment charges to our operations. ● We may be unable to replace gold and silver reserves as they become depleted. ● Our acquisitions may not achieve their intended results. ● We own our 49.0% interest in the San José mine under the terms of an option and joint venture agreement and are therefore unable to control all aspects of the exploration and development of, and production from, this property. ● We own our 46.4% interest in the Los Azules project under the terms of the shareholder agreement and are therefore unable to control all aspects of the exploration and development of this property.
Under the terms of the agreement with Auramet, we have an option to sell up to 100% of the gold and silver contained in doré bars produced at the Gold Bar and Froome mines prior to the completion of refining.
Under the terms of the agreement with Auramet, we have an option to sell up to 100% of the gold and silver contained in doré bars produced at the Gold Bar and Fox Complex prior to the completion of refining.
(2) The reserve estimate for the San José mine as at December 31, 2023, presented on a 49% basis, was prepared by and audited by P&E Mining Consultants Inc. (“P&E”).
(2) The reserve estimate for the San José mine as at December 31, 2024, presented on a 49% basis, was prepared by and audited by P&E Mining Consultants Inc.
Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 . Financial Statements and Supplementary Data , Note 3, Operating Segment Reporting. Products The end product of our gold and silver operations is generally in the form of doré or concentrate.
Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 . Financial Statements and Supplementary Data , Note 3, Operating Segment Reporting. Products The end product at our gold and silver operations is generally doré bars or ore concentrate.
The following tables summarize the estimated proven and probable gold and silver reserves attributable to our ownership or economic interest as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Reserves at December 31, 2023 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) Gold Bar mine (1) — — — ​ 4,944 1.0 164 ​ 4,944 1.0 164 San José mine (2) 288 5.1 47 ​ 229 5.7 42 ​ 517 5.4 89 ​ Silver Reserves at December 31, 2023 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) San José mine (2) 288 283 2.6 ​ 229 312 2.3 ​ 517 296 4.9 (1) The reserve estimate for the Gold Bar mine as at December 31, 2023 was prepared by Independent Mining Consultants.
(“P&E”). ​ 6 Table of Contents The following tables summarize the estimated proven and probable gold and silver reserves attributable to our ownership or economic interest as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Reserves at December 31, 2023 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) Gold Bar mine (1) — — — ​ 4,944 1.03 164.0 ​ 4,944 1.03 164.0 San José mine (2) 288 5.08 47.0 ​ 229 5.72 42.0 ​ 517 5.36 89.0 ​ Silver Reserves at December 31, 2023 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) San José mine (2) 288 283.00 2.6 ​ 229 312.00 2.3 ​ 517 296.00 4.9 ​ (1) The reserve estimate for the Gold Bar mine as at December 31, 2023 was prepared by Independent Mining Consultants.
Concentrate, as well as slag and fine carbons (which are by-products of the gold production process), are sent to third party smelters for further recovery of gold and silver. ​ During 2023, production consisted of 100% doré from the Gold Bar mine, 99% doré and 1% slag and fine carbon from the Fox Complex, and 100% slag and fine carbon from El Gallo Mine.
Concentrate, as well as slag and fine carbons (which are by-products of the gold production process), are sent to third party smelters for further recovery of gold and silver. ​ During 2024, production consisted of 100% doré from the Gold Bar mine, 97% doré and 3% slag and fine carbon from the Fox Complex, and 100% slag and fine carbon from El Gallo Mine.
The December 31, 2023 mineral reserves estimate was based on a gold price of $1,650/oz and a silver price of $22/oz. P&E determined that these metal prices are suitable to be utilized for mineral reserve estimation since they are based on recognized consensus forecast metal prices.
The December 31, 2024 mineral reserves estimate was based on a gold price of $1,750/oz and a silver price of $23/oz. P&E determined that these metal prices are suitable to be utilized for mineral reserve estimation since they are based on recognized consensus forecast metal prices.
As at December 31, 2023, we accrued $43.0 million for reclamation costs relating to currently developed and producing properties. These amounts are included in reclamation and remediation liabilities on I tem 8 . Financial Statements and Supplementary Data , Consolidated Balance Sheets. U.S.
As at December 31, 2024, we accrued $46.1 million for reclamation costs relating to currently developed and producing properties. These amounts are included in reclamation and remediation liabilities on I tem 8 . Financial Statements and Supplementary Data , Consolidated Balance Sheets. U.S.
Over 93% of our U.S. employees are enrolled in our medical benefit plan, over 90% of U.S. employees contribute to our 401(k) plan and 94% of employees in Canada contribute to our registered retirement plans.
Over 96% of our U.S. employees are enrolled in our medical benefit plan, over 93% of U.S. employees contribute to our 401(k) plan and over 82% of employees in Canada contribute to our registered retirement plans.
Customers Production from the Gold Bar mine and the Froome mine is sold as refined metal on the spot market or doré under the terms set out in doré purchase agreements. The Company has entered into doré purchase agreements with two Canadian financial institutions: Asahi Refining (“Asahi”), and Auramet International LLC (“Auramet”).
Customers Production from the Gold Bar mine and the Fox Complex is sold as refined metal on the spot market or doré under the terms set out in doré purchase agreements. The Company has entered into doré purchase agreements with Asahi Refining (“Asahi”), and Auramet International LLC (“Auramet”).
There was a very minor amount of metal recovered of 211 ounces of gold at the operation in 2023. ​ MSC - San José mine Mineral resources are reported at McEwen’s 49% attributable interest. Hochschild has a 51% interest in San José. Mineral resources are in situ.
There was a minor amount of metal recovered of 1,012 ounces of gold at the operation in 2024. ​ MSC - San José mine Mineral resources are reported at McEwen’s 49% attributable interest. Hochschild has a 51% interest in San José. Mineral resources are in situ.
We had attributable estimated inferred mineral resources of 2.7 million ounces of gold, 80.5 million ounces of silver, and 5.8 million tonnes (or 12.7 billion pounds) of copper at December 31, 2023. ​ 7 Table of Contents The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves.
We had attributable estimated inferred mineral resources of 2.9 million ounces of gold, 78.6 million ounces of silver, and 5.5 million tonnes (or 12.7 billion pounds) of copper at December 31, 2024. ​ The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves.
At our Froome mine in Canada, mineralized material from the underground mine is transported to our Stock mill and fed to a crushing circuit. The final sized product is then leached with cyanide, and gold-cyanide in solution is recovered to activated carbon.
At our Black Fox and Froome mines in Canada, mineralized material from the underground mine is fed to a crushing plant at the mine site and the crushed material is transported to our Stock mill. The final sized product is then leached with cyanide, and gold-cyanide in solution is recovered to activated carbon.
Measured, Indicated, and Inferred Mineral Resources ​ We had attributable estimated measured and indicated mineral resources of 2.4 million ounces of gold, 26.3 million ounces of silver, and 2.4 million tonnes (or 5.2 billion pounds) of copper at December 31, 2023.
Measured, Indicated, and Inferred Mineral Resources ​ We had attributable estimated measured and indicated mineral resources of 2.7 million ounces of gold, 27.4 million ounces of silver, and 2.3 million tonnes (or 5.1 billion pounds) of copper at December 31, 2024.
Financial Statements and Supplementary Data , Note 12 , Reclamation and remediation liabilities , for information on reclamation obligations under governmental environmental laws. We have reviewed and considered current federal legislation relating to climate change and do not believe it to have a material effect on our operations.
Financial Statements and Supplementary Data , Note 12 , Asset Retirement Obligations , for information on reclamation obligations under governmental environmental laws. 15 Table of Contents We have reviewed and considered current federal legislation relating to climate change and do not believe it to have a material effect on our operations.
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio, and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used.
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio, and ore type.
Proven and Probable Mineral Reserves We had attributable estimated proven and probable gold reserves of 0.3 million ounces of gold at our Gold Bar mine and the San José mine, and 4.9 million ounces of proven and probable silver reserves at the San José mine at December 31, 2023.
Proven and Probable Mineral Reserves We had attributable estimated proven and probable gold reserves of 0.3 million ounces of gold at our Gold Bar mine and the San José mine, and 5.1 million ounces of proven and probable silver reserves at the San José mine at December 31, 2024.
Cut-off grades are reported in silver equivalent grams per tonne, calculated using a ratio of 75:1 Ag:Au. For mineral resources, the silver equivalent cut-off grades are: 249 g/t silver equivalent. The December 31, 2023 mineral resource estimate was based on a gold price of $1,800/oz and a silver price of $24/oz.
Cut-off grades are reported in silver equivalent grams per tonne, calculated using a ratio of 75:1 Ag:Au. For mineral resources, the silver equivalent cut-off grades are: 217 g/t silver equivalent. The December 31, 2024 mineral resource estimate was based on a gold price of $2,100/oz and a silver price of $26/oz.
Mineral reserves are based on the following economic input parameters: $6.17 per average ore tonne mining cost, $4.52 per average waste tonne mining cost, $6.25 per ore tonne crushed process cost, $2.57 per average ore tonne run-of-mine (“ROM”) process cost, $3.22 per average ore tonne general and administrative (“G&A”) cost, $0.475/oz gold refining charge, $1.538/oz transport & sales cost, 99.95% payable gold, and a 1% royalty at GBS only.
Mineral reserves are based on the following economic input parameters: $6.12 per average ore tonne mining cost, $4.67 per average waste tonne mining cost, $5.41 per ore tonne crushed process cost, $2.57 per average ore tonne run-of-mine (“ROM”) process cost, $4.16 per average ore tonne general and administrative (“G&A”) cost, $0.475/oz gold refining charge, $1.538/oz transport & sales cost, 99.95% payable gold, and a 1% royalty at Gold Bar South only.
The Froome mine also included changes due to mining depletion. ​ United States - Gold Bar mine Mineral resources are based on the following economic input parameters: $5.73/ore ton mining cost, $4.37/waste ton mining cost, $4.91/ore ton crushed process cost, $2.33/ore ton ROM process cost, $3.22/ore ton G&A cost, $0.475/oz gold refining charge, $1.538/oz transport & sales cost, 99.95% payable gold, and a 1% royalty (Gold Bar South only).
The Froome and Black Fox mines also included changes due to mining depletion. ​ United States - Gold Bar mine ​ Mineral resources are based on the following economic input parameters: $6.24/ore ton mining cost, $4.76/waste ton mining cost, $5.41/ore ton crushed process cost, $2.57/ore ton ROM process cost, $3.55/ore ton G&A cost, $0.475/oz gold refining charge, $1.538/oz transport & sales cost, 99.95% payable gold, and a 1% royalty (Gold Bar South only).
However, any interruption may temporarily disrupt the sale of our products and may affect our operating results. Human Capital Resources As of December 31, 2023, we had 575 employees, including 100 in the United States, 22 in Toronto, Ontario, Canada, 192 in Timmins, Ontario, Canada, and 87 in Mexico.
However, any interruption may temporarily disrupt the sale of our products and may affect our operating results. Human Capital Resources As of December 31, 2024, we had 424 employees, including 103 in the United States, 22 in Toronto, Ontario, Canada, 210 in Timmins, Ontario, Canada, and 89 in Mexico.
Mineral reserves are contained within an engineered pit design between the $1,250/oz and $1,400/oz gold sales price Lerchs-Grossman pit shells, based on end of December 2023 topography. The metal price used ($1,650/oz) for mineral reserves reflects a conservative combination of a recent trailing average sourced from Kitco’s Historic Price data and a consensus forecast via Bloomberg.
Mineral reserves are contained within an engineered pit design based on end of December 2024 topography. ​ The metal price used $1,850/oz for mineral reserves reflects a conservative combination of a recent trailing average sourced from Kitco’s Historic Price data and a consensus forecast via Bloomberg.
Current production is from our Pick, Ridge and Gold Bar South (“GBS”) deposits. At the El Gallo mine in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018, with production activities since that time limited to residual leaching up to the third quarter of 2022.
At the El Gallo mine in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018, with production activities since that time limited to residual leaching up to the third quarter of 2022.
In addition to the above, we hold interests in advanced-stage and exploration-stage projects in the United States, Canada, Mexico, and Argentina. Our commencement of Canadian operations in 2017 was facilitated by the acquisition of Lexam VG Gold Inc.
In addition to the above, we hold interests in advanced-stage and exploration-stage projects in the United States, Canada, Mexico, and Argentina. Our commencement of Canadian operations in 2017 was facilitated by the acquisition of Lexam VG Gold Inc. (“Lexam”) in April 2017, followed by the acquisition of the Black Fox and Stock Properties from Primero Mining Corp. in October 2017.
The gold price used in estimating mineral resources of $1,725 was based on long-term consensus pricing forecasts published in late 2022 and into 2023. Resources are stated as in-situ. In addition, underground constraining shapes were used to better define reasonable prospects for eventual economic extraction.
The gold price used in estimating mineral resources of $2,000 was based on the trailing average from 2022 to 2024 and long-term consensus pricing forecasts for 2025 and 2026. Resources are stated as in-situ. In addition, underground constraining shapes were used to better define reasonable prospects for eventual economic extraction.
During 2023, revenues from gold and silver sales were $83.4 million from the Gold Bar mine, $81.3 million from the Fox Complex, $1.5 million from the El Gallo mine, and $118.8 million from the San José mine on a 49% basis.
During 2024, revenues from gold and silver sales were $105.1 million from the Gold Bar mine, $67.8 million from the Fox Complex, $1.5 million from the El Gallo mine, and $152.1 million from the San José mine on a 49% basis.
Mineral resources stated are contained within a $1,725/oz gold sales price Lerchs-Grossmann pits based on end of December 2023 topography. The gold price used in estimating mineral resources of $1,725 was based on long-term consensus pricing forecasts published in late 2022 and into 2023. Resources are reported as in-situ.
Mineral resources stated are contained within a $2,000/oz gold sales price Lerchs-Grossmann pits based on end of December 2024 topography. The gold price used in estimating mineral resources of $2,000 was based on the trailing average from 2022 to 2024 and long-term consensus pricing forecasts for 2025 and 2026. Resources are reported as in-situ.
Our principal executive office is located at 150 King Street West, Suite 2800, Toronto, Ontario, Canada M5H 1J9 and our telephone number is (866) 441-0690. We also maintain offices in Elko, Nevada (U.S.), Matheson, Canada and Guamúchil, Mexico. Our website is www.mcewenmining.com.
Our principal executive office is located at 150 King Street West, Suite 2800, Toronto, Ontario, Canada M5H 1J9 and our telephone number is (866) 441-0690 Our website is www.mcewenmining.com.
Fix prices per ounce for gold and London Fix prices per ounce for silver over the past three years and 2024 to the most recent practical date on the London Bullion Market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver Year ​ High ​ Low ​ Average ​ High ​ Low ​ Average ​ ​ (in dollars per ounce) 2021 ​ $ 2,067 ​ $ 1,474 ​ $ 1,770 ​ $ 28.90 ​ $ 12.00 ​ $ 20.50 2022 ​ ​ 1,943 ​ ​ 1,684 ​ ​ 1,799 ​ ​ 29.59 ​ ​ 21.53 ​ ​ 25.14 2023 ​ ​ 2,078 ​ ​ 1,811 ​ ​ 1,940 ​ ​ 26.03 ​ ​ 20.09 ​ ​ 23.35 2024 (through March 14, 2024) ​ ​ 2,180 ​ ​ 1,985 ​ ​ 2,050 ​ ​ 24.97 ​ ​ 22.08 ​ ​ 23.05 ​ On March 14, 2024, the London P.M.
Fix prices per ounce for gold and London Fix prices per ounce for silver over the past three years and 2025 to the most recent practical date on the London Bullion Market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver Year ​ High ​ Low ​ Average ​ High ​ Low ​ Average ​ ​ (in dollars per ounce) 2022 ​ $ 1,943 ​ $ 1,684 ​ $ 1,799 ​ $ 29.59 ​ $ 21.53 ​ $ 25.14 2023 ​ ​ 2,078 ​ ​ 1,811 ​ ​ 1,940 ​ ​ 26.03 ​ ​ 20.09 ​ ​ 23.35 2024 ​ ​ 2,778 ​ ​ 1,985 ​ ​ 2,386 ​ ​ 34.51 ​ ​ 22.08 ​ ​ 28.27 2025 (through March 13, 2025) ​ ​ 2,974 ​ ​ 2,633 ​ ​ 2,819 ​ ​ 33.15 ​ ​ 29.41 ​ ​ 31.45 ​ On March 13, 2025, the London P.M.
The following changes have impacted mineral reserves during 2023: mining depletion at Pick and Gold Bar South; operating costs increase largely driven by an increase in mining costs; revised interpretation of the mineralization and geological model, project costs were re-estimated based on current mining activity and new contractor quotes; an update to the mining schedule based on the costs.
The reference point for the mineral reserves is at the primary crusher. ​ The following changes have impacted mineral reserves during 2024: mining depletion at Pick and Gold Bar South; operating costs increase largely driven by an increase in mining costs; revised interpretation of the mineralization and 7 Table of Contents geological model, project costs were re-estimated based on current mining activity and current contractor quotes and updated engineered pit designs.
Mineral resources, exclusive of reserves, as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Met Rec (%) Fenix Project 9,800 0.46 145 4,700 0.23 34 14,500 0.39 182 200 0.31 2 var (1) var (2) Total 9,800 0.46 145 4,700 0.23 34 14,500 0.39 182 200 0.31 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Met Rec (%) Fenix Project 9,800 17 5.2 4,700 95 14.3 14,500 42 19.5 200 40 0.3 var (1) var (2) Total 9,800 17 5.2 4,700 95 14.3 14,500 42 19.5 200 40 0.3 ​ ​ ​ (1) The El Gallo mine’s HLM has no COG as the entire heap is processed with zero selectivity.
Mexico ​ Mineral resources, exclusive of reserves, as at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Met Rec (%) Fenix Project 9,000 0.51 148.0 5,700 0.27 50.0 14,700 0.42 199.0 300 0.41 4.0 var (1) var (2) Total 9,000 0.51 148.0 5,700 0.27 50.0 14,700 0.42 199.0 300 0.41 4.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silver Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) Tonnes (000s) Ag Grade (g/t) Contained Ag (Moz) COG Met Rec (%) Fenix Project 9,000 19.00 6.0 5,700 79.00 15.0 14,700 42.00 20.0 300 33.00 0.3 var (1) var (2) Total 9,000 19.00 6.0 5,700 79.00 15.0 14,700 42.00 20.0 300 33.00 0.3 ​ ​ ​ (1) The El Gallo mine’s HLM has no COG as the entire heap is processed with zero selectivity.
The Froome mine and Stock West used improvements to modeling and estimation methodology and updates based on drilling and chip sampling results.
The Froome and Black Fox mines, the Stock project, and Grey Fox mineral resources used improvements to modeling and estimation methodology and updates based on drilling and chip sampling results.
Future changes in U.S. federal or state laws or regulations could have a material adverse effect upon us and our results of operations. 14 Table of Contents Foreign Government Regulations Canada, where the Fox Complex is located, and Mexico, where the El Gallo mine and Fenix Project are located, have both adopted laws and guidelines for environmental permitting that are similar to those in effect in the U.S.
Foreign Government Regulations Canada, where the Fox Complex is located, and Mexico, where the El Gallo mine and Fenix Project are located, have both adopted laws and guidelines for environmental permitting that are similar to those in effect in the U.S.
Mineral resources for Stock East are reported above an economic cut-off grade of 1.67 g/t gold assuming underground extraction methods and based on a mining cost of $60.61/t, process cost of $18.60/t, G&A cost of $7.95/t, metallurgical recovery of 94%, and gold price of $1,725/oz.
Mineral resources for the Stock project (East zone) are reported above an economic cut-off grade of 1.95 g/t gold assuming underground extraction methods and based on a mining cost of $84.59/t, milling cost of $43.48/t, G&A cost of $27.67/t, metallurgical recovery of 93%, and gold price of $2,000/oz.
Measured, indicated, and inferred resources disclosed at December 31, 2023 have been prepared in accordance with Regulation S-K 1300 requirements of the SEC. ​ The following tables summarize measured, indicated and inferred resources, exclusive of reserves attributable to our ownership or economic interest as of December 31, 2023, and December 31, 2022: Canada ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Froome mine 378 3.88 47 265 3.93 34 643 3.90 81 143 3.44 16 2.35 87 Grey Fox — — 0 7,566 4.80 1168 7,566 4.80 1168 1,685 4.35 236 2.30 85 Stock West — — 0 1,938 3.31 206 1,938 3.31 206 1,386 2.96 132 1.95 94 Fuller — — 0 1,149 4.25 157 1,149 4.25 157 693 3.41 76 2.30 88 Stock East — — 0 1,232 2.41 95 1,232 2.40 95 21 2.32 2 1.67 94 Others 504 6.42 104 1,221 2.19 86 1,725 3.43 190 254 5.02 41 ​ ​ Total 882 5.32 151 13,371 4.06 1746 14,253 4.14 1897 4,182 3.74 503 ​ ​ ​ Mineral resources, exclusive of reserves, as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Froome mine 744 4.14 99 270 4.10 36 1,014 4.13 135 218 3.26 23 2.35 87 Grey Fox — — 0 7,566 4.80 1168 7,566 4.80 1168 1,685 4.35 236 2.30 85 Stock West — — 0 1,280 3.67 151 1,280 3.67 151 1,041 3.20 107 1.95 94 Fuller — — 0 1,149 4.25 157 1,149 4.25 157 693 3.41 76 2.30 88 Stock East — — 0 1,232 2.41 95 1,232 2.40 95 21 2.32 2 1.67 94 Others 504 6.42 104 1,221 2.19 86 1,725 3.43 190 254 5.02 41 ​ ​ Total 1,248 5.06 203 12,718 4.14 1693 13,966 4.22 1896 3,912 3.86 485 ​ ​ ​ 8 Table of Contents United States ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Gold Bar mine — — — 3,361 0.75 80.7 3,361 0.75 80.7 643 1.23 25.4 0.0054 - 0.0323 var (1) Total — — — 3,361 0.75 80.7 3,361 0.75 80.7 643 1.23 25.4 ​ ​ ​ (1) 78% crushed oxide recovery at Pick & Ridge, 50% mid-carbon recovery at Pick & Ridge, 72% ROM oxide recovery at Pick & Ridge, 61% ROM oxide recovery at GBS, 0% ROM mid-carbon recovery.
Measured, indicated, and inferred resources disclosed at December 31, 2024 have been prepared in accordance with Regulation S-K 1300 requirements of the SEC. ​ The following tables summarize measured, indicated and inferred resources, exclusive of reserves attributable to our ownership or economic interest as of December 31, 2024, and December 31, 2023: Canada ​ Mineral resources, exclusive of reserves, as at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Froome mine 241 3.44 27.0 259 3.62 30.0 500 3.53 57.0 168 3.51 19.0 2.05 90 Grey Fox — — 0.0 13,135 3.64 1,538.0 13,135 3.64 1,538.0 4,319 3.30 458.0 1.60 90 Stock West & Main — — 0.0 1,938 3.31 206.0 1,938 3.31 206.0 1,386 2.96 132.0 1.95 93 Fuller — — 0.0 1,552 3.86 193.0 1,552 3.86 193.0 970 2.93 91.0 1.95 88 Stock East — — 0.0 866 2.70 75.0 866 2.70 75.0 579 2.66 50.0 1.95 93 Black Fox 189 4.61 28.0 100 4.38 14.0 288 4.53 42.0 225 3.93 28.0 2.00 95 Davidson Tisdale 223 6.87 49.0 69 6.70 15.0 292 6.83 64.0 133 4.01 17.0 1.85 92 Total 653 4.95 104.0 17,919 3.59 2,071.0 18,571 3.64 2,175.0 7,780 3.18 795.0 ​ ​ ​ Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Froome mine 378 3.88 47 265 3.93 34 643 3.90 81 143 3.44 16 2.35 87 Grey Fox — — — 7,566 4.80 1,168 7,566 4.80 1,168 1,685 4.35 236 2.30 85 Stock West & Main — — — 1,938 3.31 206 1,938 3.31 206 1,386 2.96 132 1.95 94 Fuller — — — 1,149 4.25 157 1,149 4.25 157 693 3.41 76 2.30 88 Stock East — — — 1,232 2.41 95 1,232 2.40 95 21 2.32 2 1.67 94 Others 504 6.42 104 1,221 2.19 86 1,725 3.43 190 254 5.02 41 ​ ​ Total 882 5.32 151 13,371 4.06 1,746 14,253 4.14 1,897 4,182 3.74 503 ​ ​ ​ United States ​ Mineral resources, exclusive of reserves, as at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Gold Bar mine — — — 4,368 0.68 95.9 4,368 0.68 95.9 420 0.59 7.9 0.0043-0.0265 var (1) Total — — — 4,368 0.68 95.9 4,368 0.68 95.9 420 0.59 7.9 ​ ​ ​ (1) 86% crushed oxide recovery at Pick & Cabin and 78% at Ridge, 0% mid-carbon recovery at Pick, Ridge, and Cabin , 79% ROM oxide recovery at Pick & Cabin and 72% at Ridge, 61% ROM oxide recovery at Gold Bar South & Hunter, and 0% ROM mid-carbon recovery. 9 Table of Contents Mineral resources, exclusive of reserves, as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Gold Bar mine — — — 3,361 0.75 80.7 3,361 0.75 80.7 643 1.23 25.4 0.0054 - 0.0323 var (1) Total — — — 3,361 0.75 80.7 3,361 0.75 80.7 643 1.23 25.4 ​ ​ ​ (1) 78% crushed oxide recovery at Pick & Ridge, 50% mid-carbon recovery at Pick & Ridge, 72% ROM oxide recovery at Pick & Ridge, 61% ROM oxide recovery at Gold Bar South, and 0% ROM mid-carbon recovery.
Recoveries are variable and as follows: 78% crushed oxide recovery at Pick and Ridge, 50% mid-carbon recovery at Pick and Ridge, 72% ROM oxide recovery at Pick and Ridge, 61% ROM oxide recovery at Gold Bar South, 0% ROM mid-carbon recovery. Cut-off grades are variable and based on the presence or not of clay content, carbon content and recoveries.
Recoveries are variable and as follows: 86% crushed oxide recovery at Pick and 78% at Ridge, 79% ROM oxide recovery at Pick and 72% at Ridge, 61% ROM oxide recovery at Gold Bar South, and 0% ROM mid-carbon recovery.
Fix for gold was $2,160.80 per ounce and the London Fix for silver was $24.97 per ounce.
Fix for gold was $2,974.05 per ounce and the London Fix for silver was $33.15 per ounce.
On September 19, 2021, our currently operating Froome mine, located within the Black Fox Property, reached commercial production. In the United States, construction began on our 100% owned Gold Bar mine in Nevada in 2017. The Gold Bar mine poured its first gold ingot on February 16, 2019, and achieved commercial production on May 23, 2019.
The Company is currently developing its Stock Property as an underground mine, with production expected to begin by early 2026. In the United States, construction began on our 100% owned Gold Bar mine in Nevada in 2017. The Gold Bar mine poured its first gold ingot on February 16, 2019, and achieved commercial production on May 23, 2019.
Mineral Resources for Fuller are reported above an economic cut-off grade of 2.30 g/t gold assuming underground extraction methods and based on a mining cost of C$90/t, process cost of C$24.55/t, G&A cost of C$10.50/t, haulage cost of C$6.64/t, metallurgical recovery of 88%, 10% Net Profits Interest royalty, dilution of 10% and gold price of $1,725/oz.
Mineral resources for Grey Fox are reported above an economic cut-off grade of 1.60 g/t gold assuming underground extraction methods and based on a mining cost of C$79.05/t, milling cost of C$29.01/t, G&A cost of C$15.03/t, metallurgical recovery of 90%, NSR royalty of 2.45%, dilution of 15%, and gold price of $2,000/oz.
(“Lexam”) in April 2017, followed by the acquisition of the Black Fox Property and Stock Property from Primero Mining Corp. in October 2017. These two acquisitions provided us with an operating mine, mill, and significant land interests in the historic Timmins mining district of Ontario (collectively, the “Fox Complex”).
These two acquisitions provided us with an operating mine, mill, and significant land interests in the historic Timmins mining district of Ontario (collectively, the “Fox Complex”). On September 19, 2021, our currently operating Froome mine, located within the Black Fox Property, reached commercial production.
Canada – Fox Complex Mineral resources for the Froome mine are reported above an economic cut-off grade of 2.35 g/t gold assuming underground extraction methods and based on a mining cost of C$80/t, process cost of C$24.34/t, G&A cost of C$10.50/t, haulage cost of C$4.70/t, refining cost of C$1.82/oz, metallurgical recovery of 87%, royalty buyout of C$1.21/t, dilution of 15%, and realized gold price of $1,632/oz (after considering the impact of our gold stream with Sandstorm Gold Ltd.).
Canada – Fox Complex Mineral resources for the Froome mine are reported above an economic cut-off grade of 2.05 g/t gold assuming underground extraction methods and based on a mining cost of C$84.59/t, milling cost of C$43.48/t, G&A cost of C$21.70/t, metallurgical recovery of 89.5%, royalty of C$9.72/t, dilution of 15%, and gold price of $2,000/oz.
Mineral resources for Grey Fox are reported above an economic cut-off grade of 2.30 g/t gold assuming underground extraction methods and based on a mining cost of C$80/t, process cost of C$24.34/t, G&A cost of C$10.50/t, haulage cost of C$5.64/t, refining cost of C$1.82/oz, metallurgical recovery of 85%, NSR royalty of 2.65%, dilution of 15%, and gold price of $1,725/oz. 11 Table of Contents Mineral resources for Stock West are reported above an economic cut-off grade of 1.95 g/t gold assuming underground extraction methods and based on a mining cost of C$80/t, process cost of C$24.34/t, G&A cost of C$10.50/t, refining cost of C$1.82/oz, metallurgical recovery of 94%, dilution of 15%, and gold price of $1,725/oz.
Mineral Resources for Fuller are reported above an economic cut-off grade of 1.95 g/t gold assuming underground extraction methods and based on a mining cost of C$99.9/t, milling cost of Cs$34.62/t, G&A cost of C$11.65/t, metallurgical recovery of 88%, 10% Net Profits Interest royalty, dilution of 15% and gold price of $2,000/oz. 12 Table of Contents Mineral resources for the Stock project (West and Main zones) are reported above an economic cut-off grade of 1.95 g/t gold assuming underground extraction methods and based on a mining cost of C$84.59/t, milling cost of C$43.48/t, G&A cost of C$27.67/t, metallurgical recovery of 93%, dilution of 15%, and gold price of $2,000/oz.
Doré is an alloy consisting primarily of gold and silver but may also contain other trace elements. Doré is sent to third party refiners to produce saleable bullion. Ore concentrate, or simply concentrate, is raw mineralized material that has been finely ground into a powdery product from which gangue (waste) is removed, thus concentrating the metal component.
Ore concentrate, or simply concentrate, is raw mineralized material that has been finely ground into a powdery product from which gangue (waste) is removed, thus concentrating the metal component.
Recoveries are variable and as follows: 78% crushed oxide recovery at Pick and Ridge, 72% ROM oxide recovery at Pick and Ridge, 61% ROM oxide recovery at Gold Bar South, and 0% ROM mid-carbon recovery. COGs are variable and based on the presence or not of clay content, carbon content and recoveries and range from 0.0054 o/t to 0.0129 o/t.
COGs are variable and based on the presence or not of clay content, carbon content and recoveries and range from 0.0046 o/t to 0.0287 o/t.
(2) The reserve estimate for the San José mine as at December 31, 2022, presented on a 49% basis, was prepared by Hochschild and audited by P&E. ​ ​ 6 Table of Contents Notes to the 2023 Mineral Reserve tables Gold Bar mine Mineral reserves equal the total ore planned for processing from the mine plan based on a $1,650/oz gold price.
(2) The reserve estimate for the San José mine as at December 31, 2023, presented on a 49% basis, was prepared and audited by P&E. ​ The following table is a variance of the mineral reserves from December 31, 2023 to December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Reserves ​ Proven ​ Probable ​ Proven and Probable ​ Mass % Au Grade % Metal % ​ Mass % Au Grade % Metal % ​ Mass % Au Grade % Metal % Gold Bar mine — — — ​ 119.50 (37.86) 35.37 ​ 119.50 (37.86) 35.37 San José mine 19.10 (7.09) 10.75 ​ (6.11) (3.85) (9.43) ​ 7.93 (6.34) 1.21 ​ Silver Reserves ​ Proven ​ Probable ​ Proven and Probable ​ Mass % Ag Grade % Metal % ​ Mass % Ag Grade % Metal % ​ Mass % Ag Grade % Metal % San José mine 19.10 4.24 26.92 ​ (6.11) (12.82) (17.39) ​ 7.93 (3.38) 4.08 ​ Notes to the 2024 Mineral Reserve tables Gold Bar mine Mineral reserves equal the total ore planned for processing from the mine plan based on a $1,850/oz gold price.
The following tables summarize the estimated proven and probable gold and silver reserves attributable to our ownership or economic interest as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Reserves at December 31, 2022 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) Gold Bar mine (1) — — — ​ 5,943 1.1 204 ​ 5,943 1.1 204 San José mine (2) 251 6.0 48 ​ 209 6.9 46 ​ 461 6.4 94 ​ Silver Reserves at December 31, 2022 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) San José mine (2) 251 337 2.7 ​ 209 346 2.3 ​ 461 341 5.1 (1) The reserve estimate for the Gold Bar mine as at December 31, 2022 was prepared by Independent Mining Consultants.
Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. ​ Proven and probable reserves disclosed at December 31, 2024, and 2023 have been prepared in accordance with Regulation S-K 1300. ​ The following tables summarize the estimated proven and probable gold and silver reserves attributable to our ownership or economic interest as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Reserves at December 31, 2024 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ Tonnes Gold Gold ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) ​ (kt) (g/t) (koz) Gold Bar mine (1) — — — ​ 10,852 0.64 222.0 ​ 10,852 0.64 222.0 San José mine (2) 343 4.72 52.1 ​ 215 5.50 38.0 ​ 558 5.02 90.1 ​ Silver Reserves at December 31, 2024 ​ Proven ​ Probable ​ Proven and Probable ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ Tonnes Silver Silver ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) ​ (kt) (g/t) (Moz) San José mine (2) 343 295.00 3.3 ​ 215 272.00 1.9 ​ 558 286.00 5.1 ​ (1) The reserve estimate for the Gold Bar mine as at December 31, 2024 was prepared by Independent Mining Consultants.
The Company is currently reviewing reprocessing heap leach material at the El Gallo mine (“HLM”) as well as new silver processing operations (“El Gallo Silver”) in the immediate vicinity as part of its Fenix Project. In July 2021, we announced the creation of McEwen Copper Inc.
The Company is currently reviewing reprocessing heap leach material at the El Gallo mine (“HLM”) and silver processing operations (“El Gallo Silver”) as part of its Fenix Project. Our objective is to increase shareholder value through the exploration for and economic extraction of gold, silver, and other valuable minerals.
During the year ended December 31, 2023, in respect of our 100% owned mines, 14% of our sales were made to Asahi, and 84% of our sales were made to Auramet, with the remaining 2% made to other customers.
During the year ended December 31, 2024, in respect of our 100% owned mines, 64% of our sales were made to Asahi and 33% of our sales were made to Auramet, with the remaining 3% made to other customers. ​ During the year ended December 31, 2024, 57% of the total sales from the San José mine were made to three companies: Asahi accounted for 21% of the total sales; LS Mining, a Korean company, accounted for 18% of the total sales, and Ocean Partners, a Peruvian company, accounted for 18% of the total sales.
Production from the San José mine consisted of 38% doré and 62% concentrate. ​ During 2023, we reported the following gold equivalent ounce production attributable to us: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Silver Gold equivalent Production ​ ounces ​ ounces ​ ounces (1) Gold Bar Mine ​ 43,669 ​ 756 ​ 43,678 Fox Complex 44,373 5,590 44,439 El Gallo Mine ​ 787 ​ 877 ​ 797 San José mine (on 49% basis) 39,683 2,166,833 65,673 Total Production ​ 128,512 ​ 2,174,056 ​ 154,587 (1) Calculated using an average silver to gold ratio of 83 : 1.
Production from the San José mine consisted of 36% doré and 64% concentrate. ​ During 2024, we reported the following gold equivalent ounce production attributable to us: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Silver Gold equivalent Production ​ ounces ​ ounces ​ ounces (1) Gold Bar mine ​ 44,574 ​ 532 ​ 44,581 Fox Complex 30,101 4,245 30,151 El Gallo mine ​ 1,012 ​ 3,495 ​ 1,052 San José mine (on 49% basis) 36,127 2,033,619 60,100 Total Production ​ 111,814 ​ 2,041,891 ​ 135,884 ​ (1) Calculated using an average silver to gold ratio of 85 : 1.
Changes in mineral resources are due to mining depletion during 2023 and an updated block model at GBS based on drilling results.
Cut-off grades are variable and based on the presence or not of clay content, carbon content and recoveries. Changes in mineral resources are due to mining depletion during 2024, updated metal price, and updated block models at Gold Bar South, Pick, Ridge, Hunter, and Cabin based on new drilling results.
Removed
(“McEwen Copper”), through which we hold an indirect interest in Los Azules, located in the province of San Juan, Argentina, and the Elder Creek exploration property, located in Nevada.
Added
Current production is from our Pick, Ridge and Gold Bar South deposits. In August 2024, we expanded our portfolio of exploration-stage properties in Nevada through the acquisition of Timberline Resources Corporation (“Timberline”).
Removed
From 2021 to 2023, we closed a total of $267.3 million in private placement offerings of McEwen Copper, which included a $40 million investment by an affiliate of our Executive Chairman and Chief Owner, Robert McEwen. Our objective is to increase shareholder value through the exploration for and economic extraction of gold, silver, and other valuable minerals.
Added
Doré is an alloy consisting primarily of gold and silver but may also contain other trace elements, cast into unrefined bars. These bars are sent to third party refiners to produce saleable bullion.
Removed
Proven and probable reserves disclosed at December 31, 2023, and 2022 have been prepared in accordance with the Regulation S-K 1300 requirements of the SEC.
Added
Recoveries are variable and as follows: ) 86% crushed oxide recovery at Pick & Cabin and 78% at Ridge, 0% mid-carbon recovery at Pick, Ridge and Cabin, 79% ROM oxide recovery at Pick & Cabin and 72% at Ridge, 61% ROM oxide recovery at Gold Bar South & Hunter, 0% ROM mid-carbon recovery.
Removed
The reference point for the mineral reserves is at the primary crusher.
Added
Metallurgical recovery assumptions for the HLM are 85% gold and 60% silver. ​ 13 Table of Contents The mineral resources for the Fenix Project have remained the same as last year as no drilling, mining or irrigation activity has taken place during 2024.
Removed
Mineral resources, exclusive of reserves, as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Measured Indicated Measured & Indicated Inferred ​ ​ ​ Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) Tonnes (000s) Au Grade (g/t) Contained Au (000s oz) COG Au (g/t) Met Rec (%) Gold Bar mine — — — 3,339 0.78 83.9 3,339 0.78 83.9 1,391 1.41 63.0 0.0065 - 0.0121 var (1) Total — — — 3,339 0.78 83.9 3,339 0.78 83.9 1,391 1.41 63.0 ​ ​ ​ (1) 78% crushed oxide recovery at Pick & Ridge, 50% mid-carbon recovery at Pick & Ridge, 72% ROM oxide recovery at Pick & Ridge, 61% ROM oxide recovery at GBS, 0% ROM mid-carbon recovery.
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Future changes in U.S. federal or state laws or regulations could have a material adverse effect upon us and our results of operations.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

67 edited+13 added−16 removed185 unchanged
Biggest changeMilei has proposed fast and radical measures to address a large fiscal imbalance, including dramatic cuts to federal spending, full dollarization, closure of the central bank and privatizations. ● On Dec 28, 2023, Argentine President Javier Milei sent a reform bill to Congress proposing far-reaching changes to the country's tax system, electoral law and public debt management. ​ With respect to the El Gallo mine in Mexico, there has been an ongoing level of violence and crime relating to drug cartels and gangs in Sinaloa State where we operate, and in other regions of Mexico.
Biggest changeMilei has proposed fast and radical measures to address a large fiscal imbalance, including dramatic cuts to federal spending, full dollarization, closure of the central bank and privatizations. ● On December 28, 2023, Argentine President Javier Milei sent a reform bill to Congress proposing far-reaching changes to the country's tax system, electoral law and public debt management. ● On October 21, 2024, Argentine President Javier Milei announced plans to replace Argentina’s existing tax agency with the newly formed Agencia de Recaudación y Control Aduanero. ● On February 11, 2025, McEwen Copper Inc. announced the application for admission of the Los Azules copper project to Argentina’s Large Investment Incentive Regime (“RIGI”).
These risks include the possible unilateral cancellation or forced renegotiation of contracts in which we may, directly or indirectly, have an interest, unfavorable changes in foreign laws and regulations, royalty and tax increases (including taxes associated with the import or export of goods), risks associated with consumption taxes in Mexico, Argentina, and Canada, income tax refund recovery and collection processes in Mexico and Argentina, changes in US legislation as applicable to foreign operations, claims by governmental entities or indigenous communities, expropriation or nationalization of property and other risks arising out of foreign sovereignty over areas in which we conduct our operations.
These risks include the possible unilateral cancellation or forced renegotiation of contracts in which we may, directly or indirectly, have an interest, unfavorable changes in foreign laws and regulations, royalty and tax increases (including tariffs and taxes associated with the import or export of goods), risks associated with consumption taxes in Mexico, Argentina, and Canada, income tax refund recovery and collection processes in Mexico and Argentina, changes in US legislation as applicable to foreign operations, claims by governmental entities or indigenous communities, expropriation or nationalization of property and other risks arising out of foreign sovereignty over areas in which we conduct our operations.
Furthermore, the decree suspended the increase in the dividend withholding tax from 7% to 13% until January 2021. ● In 2020, the Alberto Fernández administration marked its first year in office, a year in which it faced numerous challenges including renegotiating Argentina’s foreign debt, managing currency crises, and, most difficult, designing Argentina’s response to the COVID-19 pandemic. ● In June 16, 2021, Law 27,630, which introduced amendments to the corporate income tax law, entered into force.
Furthermore, the decree suspended the increase in the dividend withholding tax from 7% to 13% until January 2021. ● In 2020, the Alberto Fernández administration marked its first year in office, a year in which it faced numerous challenges including renegotiating Argentina’s foreign debt, managing currency crises, and, most difficult, designing Argentina’s response to the COVID-19 pandemic. ● On June 16, 2021, Law 27,630, which introduced amendments to the corporate income tax law, entered into force.
If the long-term price of copper decreased significantly below the current price or capital cost estimates increased significantly, Los Azules may not be feasible for development, and we may have to write off the remaining carrying value of our investment in McEwen Copper. Furthermore, the project’s economic feasibility has not yet been demonstrated through a full feasibility study.
If the long-term price of copper decreased significantly below the current price or capital cost estimates increased significantly, Los Azules may not be feasible for development, and we may have to write off the remaining carrying value of our investment in McEwen Copper Inc. Furthermore, the project’s economic feasibility has not yet been demonstrated through a full feasibility study.
An asset impairment charge may also result from the occurrence of unexpected adverse events, including a material diminution in the price of gold, silver, and/or copper, that impacts our estimates of expected cash flows generated from our producing properties or the market value of our non-producing properties and investments, including McEwen Copper.
An asset impairment charge may also result from the occurrence of unexpected adverse events, including a material diminution in the price of gold, silver, and/or copper, that impacts our estimates of expected cash flows generated from our producing properties or the market value of our non-producing properties and investments, including McEwen Copper Inc.
Our current exploration efforts, and future development and mining operations are subject to all of the operating hazards and risks normally incident to exploring for and developing mineral properties, such as, but not limited to: ● economically insufficient mineralized material; ● fluctuations in production costs that may render mining uneconomical; ● availability of labor, contractors, engineers, power, transportation and infrastructure; ● labor disputes; ● potential delays related to social, public health, and community issues; ● negotiations with aboriginal groups or local populations affecting our efforts to explore, develop or produce 24 Table of Contents gold and silver deposits; ● unanticipated variations in grade and other geological problems; ● environmental hazards; ● water conditions; ● difficult surface or underground conditions; ● metallurgical and other processing problems; ● mechanical and equipment performance problems; ● industrial accidents, personal injury, fire, flooding, cave-ins, landslides, and other natural disasters; and ● decrease in reserves or resources due to a lower price of silver, gold, or copper.
Our current exploration efforts, and future development and mining operations are subject to all of the operating hazards and risks normally incident to exploring for and developing mineral properties, such as, but not limited to: ● economically insufficient mineralized material; ● fluctuations in production costs that may render mining uneconomical; ● availability of labor, contractors, engineers, power, transportation and infrastructure; ● labor disputes; ● potential delays related to social, public health and community issues; ● negotiations or agreements with aboriginal groups or local populations affecting our efforts to explore, develop or produce gold and silver deposits; ● unanticipated variations in grade and other geological problems; ● environmental hazards; ● water conditions; ● difficult surface or underground conditions; ● metallurgical and other processing problems; ● mechanical and equipment performance problems; ● industrial accidents, personal injury, fire, flooding, cave-ins, landslides, and other natural disasters; and ● decrease in reserves or resources due to a lower price of silver, gold, or copper.
In addition, any failure to make scheduled payments of interest and principal on our outstanding indebtedness could result in the immediate acceleration of the debt and foreclosure of our assets. ​ ​ ​ ​ ​ ​ ​ 19 Table of Contents Restrictive debt covenants could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions, and engage in other business activities that may be in our best interests.
In addition, any failure to make scheduled payments of interest and principal on our outstanding indebtedness could result in the immediate acceleration of the debt and foreclosure of our assets. ​ 21 Table of Contents Restrictive debt covenants could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions, and engage in other business activities that may be in our best interests.
We also hold portions of our cash reserves in Canadian, Mexican, and Argentine currency. ​ ​ ​ 21 Table of Contents Our continuing reclamation obligations at Tonkin, Gold Bar, Fox Complex, El Gallo, and other properties could require significant additional expenditure. We are responsible for the reclamation obligations related to disturbances on all our properties.
We also hold portions of our cash reserves in Canadian, Mexican, and Argentine currency. 23 Table of Contents Our continuing reclamation obligations at Tonkin, Gold Bar, Fox Complex, El Gallo, and other properties could require significant additional expenditure. We are responsible for the reclamation obligations related to disturbances on all our properties.
We cannot ensure that these estimates will be accurate, or this mineralization can be mined or processed profitably. ​ 22 Table of Contents Any material changes in mineral estimates and grades of mineralization may affect the economic viability of placing a property into production and such property’s return on capital.
We cannot ensure that these estimates will be accurate or that this mineralization can be mined or processed profitably. ​ 24 Table of Contents Any material changes in mineral estimates and grades of mineralization may affect the economic viability of placing a property into production and such property’s return on capital.
Hedging transactions also involve the risk that the counterparty may be unable to satisfy its obligations. 20 Table of Contents Estimates relating to new development projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.
Hedging transactions also involve the risk that the counterparty may be unable to satisfy its obligations. 22 Table of Contents Estimates relating to new development projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.
Any of these developments could require us to curtail or terminate operations at our mines, incur significant costs in renegotiating contracts and meeting newly-imposed environmental or other standards, pay greater royalties or higher prices 33 Table of Contents for labor or services and recognize higher taxes, or experience significant delays or obstacles in the recovery of consumption taxes or income tax refunds owed, which could materially and adversely affect our financial condition, results of operations and cash flows.
Any of these developments could require us to curtail or terminate operations at our mines, incur significant costs in renegotiating contracts and meeting newly-imposed environmental or other standards, pay greater royalties or higher prices for labor or services and recognize higher taxes, or experience significant delays or obstacles in the recovery of consumption taxes or income tax refunds owed, which could materially and adversely affect our financial condition, results of operations and cash flows.
As of December 31, 2023, a number of our employees were represented by different trade unions and work councils which subject us to employment arrangements very similar to collective bargaining agreements. Further, most of our employees are based in foreign locations.
As of December 31, 2024, a number of our employees were represented by different trade unions and work councils which subject us to employment arrangements very similar to collective bargaining agreements. Further, most of our employees are based in foreign locations.
We have not posted a bond in Mexico as none is required by the current legislation; however, we have recorded a liability of $8.0 million based on the estimated amount of our reclamation obligations in that jurisdiction.
We have not posted a bond in Mexico as none is required by the current legislation; however, we have recorded a liability of $7.0 million based on the estimated amount of our reclamation obligations in that jurisdiction.
McEwen will be able to significantly influence the outcome of shareholder votes for the foreseeable future, including votes concerning the election of directors, amendments to our Articles of Incorporation or proposed mergers, acquisitions or other significant corporate transactions. ​ ​ ​ 30 Table of Contents Our stock price may be volatile, and as a result you could lose all or part of your investment.
McEwen will be able to significantly influence the outcome of shareholder votes for the foreseeable future, including votes concerning the election of directors, amendments to our Articles of Incorporation or proposed mergers, acquisitions or other significant corporate transactions. Our stock price may be volatile, and as a result you could lose all or part of your investment.
There can be no assurance that our internal control 32 Table of Contents policies and procedures will always protect us from recklessness, fraudulent behavior, dishonesty, or other inappropriate acts committed by our affiliates, employees or agents. As such, our corporate policies and processes may not prevent all potential breaches of law or other governance practices.
There can be no assurance that our internal control policies and procedures will always protect us from recklessness, fraudulent behavior, dishonesty, or other inappropriate acts committed by our affiliates, employees or agents. As such, our corporate policies and processes may not prevent all potential breaches of law or other governance practices.
Epidemics, pandemics, or natural disasters may also impact refiners, smelters or other third parties with which we have contractual arrangements or have an indirect effect on our ability to obtain refining, smelting or other third-party services. Any delay or loss of access to refiners or smelters may significantly impact our ability to sell doré and concentrate products and generate revenue.
Epidemics, pandemics, or natural disasters may also impact refiners, smelters or other third parties with which we have contractual arrangements or have an indirect effect on our ability to obtain refining, smelting or other third-party services. 38 Table of Contents Any delay or loss of access to refiners or smelters may significantly impact our ability to sell doré and concentrate products and generate revenue.
Any such actions would adversely affect the results of our operations and financial condition. 35 Table of Contents We may record other types of charges in the future if we sell a property or asset for a price less than its carrying value or have to increase reclamation liabilities in connection with the closure and reclamation of a property.
Any such actions would adversely affect the results of our operations and financial condition. We may record other types of charges in the future if we sell a property or asset for a price less than its carrying value or have to increase reclamation liabilities in connection with the closure and reclamation of a property.
Law 27,630, enacted in June 2021, reduced this withholding tax rate on distributions of earnings to 7%. ● On Nov 19, 2023, Argentina elected Javier Milei as its new president.
Law 27,630, enacted in June 2021, reduced this withholding tax rate on distributions of earnings to 7%. ● On November 19, 2023, Argentina elected Javier Milei as its new president.
The following information summarizes all material risks known to us as of the date of filing this report: Risks Relating to Our Financial Condition, Results of Operation and Cash Flows Our results of operations, cash flows and the value of our properties are highly dependent on the market prices of gold, silver, and copper and these prices can be volatile.
The following information summarizes all material risks known to us as of the date of filing this report: 19 Table of Contents Risks Relating to Our Financial Condition, Results of Operation and Cash Flows Our results of operations, cash flows and the value of our properties are highly dependent on the market prices of gold, silver, and copper and these prices can be volatile.
Despite the Company’s commitment to on-going engagement with communities and stakeholders, no assurances can be provided that increased stakeholder expectations will not result in adverse financial and operational impacts to the business, including, without limitation, operational disruption, increased costs, increased investment obligations and increased taxes and royalties payable to governments.
Despite the Company’s commitment to ongoing engagement with communities and stakeholders, no assurances can be provided that increased stakeholder expectations will not result in adverse financial and operational impacts to the business, including, without limitation, operational disruption, increased costs, increased investment obligations and increased taxes and royalties payable to governments.
In December 2009, the United States Environmental Protection Agency (“EPA”) 29 Table of Contents issued an endangerment finding under the U.S. Clean Air Act that current and projected concentrations of certain mixed greenhouse gases, including carbon dioxide, in the atmosphere threaten the public health and welfare.
In December 2009, the United States Environmental Protection Agency (“EPA”) issued an endangerment finding under the U.S. Clean Air Act that current and projected concentrations of certain mixed greenhouse gases, including carbon dioxide, in the atmosphere threaten the public health and welfare.
The foregoing risks also apply to those experts identified in this report that are not residents of the United States. The laws of the State of Colorado, our Articles of Incorporation and agreements with certain officers and directors may protect our directors from certain types of lawsuits.
The foregoing risks also apply to those experts identified in this report that are not residents of the United States. ​ 37 Table of Contents The laws of the State of Colorado, our Articles of Incorporation and agreements with certain officers and directors may protect our directors from certain types of lawsuits.
These initiatives and goals within the scope 34 Table of Contents of ESG could be difficult and expensive to implement, the technologies needed to implement them may not be cost effective and may not advance at a sufficient pace, and we could be criticized for the accuracy, adequacy or completeness of the disclosure.
These initiatives and goals within the scope of ESG could be difficult and expensive to implement, the technologies needed to implement them may not be cost effective and may not advance at a sufficient pace, and we could be criticized for the accuracy, adequacy or completeness of the disclosure.
Many competitors not only explore for and mine precious metals but conduct refining and marketing operations on a world-wide basis. Such competition may result in our Company being unable not only to acquire desired properties, but to recruit or retain qualified employees or to acquire the capital necessary to fund our operation and advance 28 Table of Contents our properties.
Many competitors not only explore for and mine precious metals but conduct refining and marketing operations on a world-wide basis. Such competition may result in our Company being unable not only to acquire desired properties, but to recruit or retain qualified employees or to acquire the capital necessary to fund our operation and advance our properties.
Losses from these events may cause us to incur significant costs that could materially adversely affect our financial condition and our ability to fund activities on our property. A significant loss could force us to reduce, temporarily suspend or, in the worst case, terminate our operations. Our business is subject to the U.S.
Losses from these events may cause us to incur significant costs that could materially adversely affect our financial condition and our ability to fund activities on our property. A significant loss could force us to reduce, temporarily suspend or, in the worst case, terminate our operations. ​ 34 Table of Contents Our business is subject to the U.S.
We may not be successful in obtaining the required financing to advance our projects or for other purposes, on terms that are favorable to us or at all, in which case, our ability to replace depleted mineral reserves and continue operating would be adversely affected.
We may not be successful in obtaining the required financing to advance our projects or for other purposes, on terms that are favorable to us or at all, in which case, our ability to replace depleted mineral reserves and 20 Table of Contents continue operating would be adversely affected.
The estimated impact to MSC is a tax of approximately 7.5% of revenue. 25 Table of Contents ● In September 2019, Argentine authorities implemented new foreign exchange regulations that impact the results of MSC.
The estimated impact to MSC is a tax of approximately 7.5% of revenue. ● In September 2019, Argentine authorities implemented new foreign exchange regulations that impact the results of MSC.
We may suffer significant additional losses in the future and may not be profitable again. 18 Table of Contents Our business requires substantial capital investment from outside sources, and we may be unable to raise additional funding on favorable terms to develop additional mining operations.
We may suffer significant additional losses in the future and may not be profitable again. Our business requires substantial capital investment from outside sources, and we may be unable to raise additional funding on favorable terms to develop additional mining operations.
Even if significant mineralization is discovered, it will likely take many years from the initial phases of exploration to commencement of production, during which time the economic feasibility of production may change. From time to time, we may acquire reserves from other parties, as we did in 2017.
Even if significant mineralization is discovered, it will likely take many years from the initial phases of exploration to commencement of production, during which time the economic feasibility of production may change. From time to time, we may acquire reserves from other parties.
Under prior law, the corporate income tax rate was 25%. As per the new law applicable to fiscal years starting on or after January 1, 2021, corporate income will be subject to tax at progressive rates ranging from 25% to 35%.
Under prior law, the corporate income tax rate was 25%. As per the new law applicable to fiscal years starting on or after January 1, 2021, corporate income will be subject to tax at progressive rates ranging from 28 Table of Contents 25% to 35%.
As a result, our operations are subject to a number of risks, some of which are outside our control, including: ● Negotiating agreements with contractors on acceptable terms; ● The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement; ● Reduced control and oversight over those aspects of operations which are the responsibility of the contractor; ● Failure of a contractor to perform under its agreement; ● Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events; ● Failure of a contractor to comply with our standards and policies, as well as with applicable legal and regulatory requirements, to the extent it is responsible for such compliance; and ● Problems of a contractor with managing its workforce, labor unrest or other related employment issues.
As a result, our operations are subject to a number of risks, some of which are outside our control, including: ● Negotiating agreements with contractors on acceptable terms; ● The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement; ● Reduced control and oversight over those aspects of operations which are the responsibility of the contractor; ● Failure of a contractor to perform under its agreement; ● Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events; ● Failure of a contractor to comply with our standards and policies, as well as with applicable legal and regulatory requirements, to the extent it is responsible for such compliance; and ● Problems of a contractor with managing its workforce, labor unrest or other related employment issues. 31 Table of Contents In addition, we may incur liability to third parties as a result of the actions of our contractors.
It is our practice to work closely with and consult with First Nations in areas in which our projects are located or which could be impacted by our activities. However, there is no assurance that relationships with such groups will be positive.
It is our practice to work closely with and consult with First Nations in areas in which our projects are located or which could be impacted by our activities. However, there is no assurance that relationships with such groups will be positive and disputes with such groups may affect our operations and profitability.
Even if we have sufficient cash flow to retire the debt, those payments will affect the amount of cash we have available for capital investment, exploration, ongoing operations and other purposes. Payments on our debt may also inhibit our ability to react to changing business conditions.
Even if we have sufficient cash flow to retire the debt, those payments will affect the amount of cash we have available for capital investment, exploration, ongoing operations and other purposes. Payments on our debt may also inhibit our ability to react to changing business conditions. Our outstanding convertible debt may impact the trading price of our common stock.
Risks Relating to Our Common Stock A small number of existing shareholders own a significant portion of McEwen Mining common stock, which could limit your ability to influence the outcome of any shareholder vote. As of March 15, 2024, Mr. McEwen beneficially owned approximately 16% of the 49.4 million shares of McEwen Mining common stock outstanding.
Risks Relating to Our Common Stock A small number of existing shareholders own a significant portion of McEwen Mining common stock, which could limit your ability to influence the outcome of any shareholder vote. As of March 14, 2025, Mr. McEwen beneficially owned approximately 16% of the 53.9 million shares of McEwen Mining common stock outstanding.
As of December 31, 2023, our accumulated deficit, which includes historic non-cash impairment charges, was $1.2 billion.
As of December 31, 2024, our accumulated deficit, which includes historic non-cash impairment charges, was $1.3 billion.
If our interests are materially adversely affected as a result of a violation of applicable laws, regulations, permitting requirements or a change in applicable law or regulations, it would have a significant negative impact on the value of our company and could have a significant impact on our stock price.
If our interests are materially adversely affected as a result of a violation of applicable laws, regulations, permitting requirements or a change in applicable law or regulations, it would have a significant negative impact on the value of our company and could have a significant impact on our stock price. 27 Table of Contents Tariffs and the imposition of other restrictions on trade could adversely affect the Company.
In addition, we may incur liability to third parties as a result of the actions of our contractors. The occurrence of one or more of these risks could potentially adversely affect our results of operations and financial position. If our employees or contractors engage in a strike, work stoppage or other slowdown, we could experience business disruptions and/or increased costs.
The occurrence of one or more of these risks could potentially adversely affect our results of operations and financial position. If our employees or contractors engage in a strike, work stoppage or other slowdown, we could experience business disruptions and/or increased costs.
In Canada and the United States, we are required to post bonds to ensure performance of our reclamation obligations. As of December 31, 2023, we have accrued $43.0 million in estimated reclamation costs for our properties, including $42.5 million covered by surety bonds for projects in the United States and Canada.
In Canada and the United States, we are required to post bonds to ensure performance of our reclamation obligations. As of December 31, 2024, we have accrued $46.1 million in estimated reclamation costs for our properties, including $44.8 million covered by surety bonds for projects in the United States and Canada.
If the Company fails to maintain a safe environment that is free of harassment, discrimination, or bullying, it could adversely impact employee engagement, performance and productivity, result in potential legal claims and/or damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or adversely affect the Company’s market value.
If the Company fails to maintain a safe environment that is free of harassment, discrimination, or bullying, it could adversely impact employee engagement, performance and productivity, result in potential legal claims and/or damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or adversely affect the Company’s market value. ​ 35 Table of Contents We conduct operations in several foreign countries and are exposed to legal, political and social risks associated with those operations.
Environmental, title, and other problems could reduce the value of the properties to us, and depending on the circumstances, we could have limited or no recourse to the sellers with respect to those problems.
Environmental, title, and other problems could reduce the value of the properties to us, and depending on the circumstances, we could have limited or no recourse to the sellers with respect to those problems. We have assumed substantially all of the liabilities associated with acquired properties, and such liabilities could be significant.
Many exploration programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Few properties that are explored are ultimately advanced to production.
Exploration for and production of minerals is highly speculative and involves greater risk than many other businesses. Many exploration programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Few properties that are explored are ultimately advanced to production.
We have incurred substantial losses in prior years and may not be consistently profitable in future years. For the year ended December 31, 2023, the Company earned pre-tax income of $67.0 million. During the two years ended December 31, 2022, and 2021, we incurred pre-tax losses of $80.3 million and $64.2 million, respectively.
We have incurred substantial losses in prior years and may not be consistently profitable in future years. For the year ended December 31, 2024, the Company incurred a pre-tax loss of $46.7 million. During the two years ended December 31, 2023, and 2022, we generated a pre-tax profit and a pretax loss of $67.0 million and $80.3 million, respectively.
Uncertainties inherent in mineral properties relate to such things as the sufficiency of mineral discovery, proper posting and marking of boundaries, assessment work and possible conflicts with other claims not determinable from public record.
Similarly, under Argentine Law, failure to comply with applicable conditions may result in the termination of the concession. Uncertainties inherent in mineral properties relate to such things as the sufficiency of mineral discovery, proper posting and marking of boundaries, assessment work and possible conflicts with other claims not determinable from public record.
Although each of our operations currently has sufficient water rights and claims to cover its operational demands, we cannot predict the potential outcome of pending or future legal proceedings relating to our water rights, claims and uses. Water shortages may also result from weather or environmental and climate impacts out of the Company’s control.
Although each of our operations currently has sufficient water rights and claims to cover its operational demands, we cannot predict the potential outcome of pending or future legal proceedings relating to our water rights, claims and uses.
Our indebtedness adversely affects our cash flow and may adversely affect our ability to operate our business. As of December 31, 2023, we had an outstanding credit facility with a principal amount of $40.0 million. Repayment of the debt is secured by a lien on certain of our and our subsidiaries’ assets.
As of December 31, 2024, we had an outstanding credit facility with a principal amount of $40.0 million. Repayment of the debt is secured by a lien on certain of our and our subsidiaries’ assets.
We have assumed substantially all of the liabilities associated with acquired properties, and such liabilities could be significant. ​ ​ ​ 23 Table of Contents We own our 49.0% interest in the San José mine under the terms of an option and joint venture agreement (“OJVA”), and our 47.7% interest in the Los Azules copper project under the terms of a shareholder agreement, and therefore we are unable to control all aspects of the exploration and development of, and production from, these properties.
We own our 49.0% interest in the San José mine under the terms of an option and joint venture agreement (“OJVA”), and our 46.4% interest in the Los Azules copper project under the terms of a shareholder agreement, and therefore we are unable to control all aspects of the exploration and development of, and production from, these properties.
We may also experience negative reactions from the financial markets if we are unable to successfully complete acquisitions of additional properties or if reserves are not located on acquired properties. These factors may adversely affect the trading price of our common stock or our financial condition or results of operations.
We may also experience negative reactions from the financial markets if we are unable to successfully complete acquisitions of additional properties or if reserves are not located on acquired properties.
Exploration, development, production, and closure activities in many countries are potentially subject to heightened political and social risks that are beyond our control and could result in increased costs, capacity constraints and potential disruptions to our business.
A significant portion of our revenue in 2024 was generated by operations outside the United States. Exploration, development, production, and closure activities in many countries are potentially subject to heightened political and social risks that are beyond our control and could result in increased costs, capacity constraints and potential disruptions to our business.
In addition, our ongoing reliance on equity funding will result in continued dilution to our existing shareholders. We have in the past and will likely in the future require significant capital to develop our exploration projects. A significant portion of that funding in the past has come in the form of sales of our common stock.
In addition, our ongoing reliance on equity funding will and any conversion of our convertible debt could result in continued dilution to our existing shareholders. We have in the past and will likely in the future require significant capital to develop our exploration projects.
As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any security vulnerabilities. Environmental, social and governance matters may impact our business and reputation.
As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any security vulnerabilities. 36 Table of Contents Environmental, social and governance matters may impact our business and reputation. Since 2020, our joint venture partner, Hochschild plc, has published annual sustainability reports.
As a result, you may be unable to resell your shares at the desired price. Failure of the Company to maintain compliance with the NYSE listing requirements could result in delisting of its common stock, which in turn could adversely affect its future financial condition and the market for its common stock.
Failure of the Company to maintain compliance with the NYSE or TSX listing requirements could result in delisting of its common stock, which in turn could adversely affect its future financial condition and the market for its common stock.
Similarly, Canadian mineral properties consist of patented and unpatented claims which each have their respective risks and uncertainties. Further, there may be title defects or additional rights that are not recorded on the title.
Similarly, Canadian mineral properties consist of patented and unpatented claims which each have their respective risks and uncertainties. Further, there may be title defects or additional rights that are not recorded on the title. Our concessions in Mexico are subject to continuing government regulation and failure to adhere to such regulations will result in termination of the concession.
These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste, including cyanide.
All aspects of our operations are subject to United States, Canada, Mexico and Argentina federal, state and local environmental regulation. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste, including cyanide.
Future changes in applicable laws, regulations, permits and approvals or changes in their enforcement or regulatory interpretation could substantially increase costs to achieve compliance, lead to the revocation of existing or future exploration or mining rights or otherwise have an adverse impact on our results of operations and financial position.
Future changes in applicable laws, regulations, permits and approvals or changes in their enforcement or regulatory interpretation could substantially increase costs to achieve compliance, lead to the revocation of existing or future exploration or mining rights or otherwise have an adverse impact on our results of operations and financial position. 29 Table of Contents Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under local mining regulations.
As a result, you may lose all or a portion of your investment. General Risks We do not insure against all risks to which we may be subject in our operations.
General Risks We do not insure against all risks to which we may be subject in our operations.
These events may disrupt our ability to carry out exploration and mining activities and may affect the safety and security of our employees and contractors. ​ ​ ​ ​ ​ ​ ​ 26 Table of Contents Our operations and properties in Canada expose us to additional political risks.
Sinaloa State continued to be classified as a do not travel state in 2024 and this classification continues into 2025. These events may disrupt our ability to carry out exploration and mining activities and may affect the safety and security of our employees and contractors. Our operations and properties in Canada expose us to additional political risks.
Legislation and increased regulation and requirements regarding climate change could impose increased costs on us, our venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
Legislation and increased regulation and requirements regarding climate change could impose increased costs on us, our venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. ​ 32 Table of Contents Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
Our ability to obtain necessary funding, in turn, depends upon a number of factors, including the state of the economy, our operating results and applicable commodity prices.
If we make a positive decision to develop one or more of these initiatives, the expenditure required may significantly exceed our working capital. Our ability to obtain necessary funding, in turn, depends upon a number of factors, including the state of the economy, our operating results and applicable commodity prices.
We cannot be certain that our cash flow from operations will be sufficient to allow us to pay the principal and interest on our debt and meet our other obligations.
This debt requires us to make monthly principal payments of $1.0 million beginning on January 31, 2027, with the remaining outstanding principal repayment on August 31, 2028. We cannot be certain that our cash flow from operations will be sufficient to allow us to pay the principal and interest on our debt and meet our other obligations.
We continue to evaluate capital and development expenditure requirements as well as other options to monetize certain assets in the Company’s portfolio including Los Azules, Grey Fox, Stock West and the Fenix Project. If we make a positive decision to develop one or more of these initiatives, the expenditure required may significantly exceed our working capital.
A significant portion of that funding in the past has come in the form of sales of our common stock. We continue to evaluate capital and development expenditure requirements as well as other options to monetize certain assets in the Company’s portfolio including Los Azules, Grey Fox, Stock and the Fenix Project.
Stock markets in general have in the past and may in the future experience extreme price and volume fluctuations. These fluctuations are often unrelated to operating performance and may adversely affect the market price of our common stock. Adverse price fluctuations may lead to threatened or actual delisting of our common stock from the NYSE.
These fluctuations are often unrelated to operating performance and may adversely affect the market price of our common stock. 33 Table of Contents Adverse price fluctuations may lead to threatened or actual delisting of our common stock from the NYSE or TSX. As a result, you may be unable to resell your shares at the desired price.
Since all day-to-day decisions are made by the majority owner of each of the San José mine and the Los Azules copper project, we are unable to participate in those decisions, including whether and when to pay dividends to the venture partners.
Since all day-to-day decisions are made by the 25 Table of Contents majority owner of each of the San José mine and the Los Azules copper project, we are unable to participate in those decisions, including whether and when to pay dividends to the venture partners. ​ Even if McEwen Copper Inc. is successful in achieving one or more of its strategic initiatives at the Los Azules project, its development presents challenges that may negatively affect, if not completely negate, the feasibility for development of the property.
Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under local mining regulations. If inspections result in an alleged violation, we may be subject to fines, penalties or sanctions and our mining operations could be subject to temporary or extended closures.
If inspections result in an alleged violation, we may be subject to fines, penalties or sanctions and our mining operations could be subject to temporary or extended closures.
During 2023, the price of gold, as measured by the London P.M. fix, fluctuated between $1,811 and $2,078 per ounce, while the price of silver fluctuated between $20.09 and $26.03 per ounce. As at March 14, 2024, gold, silver and copper prices were $2,160.80/oz, $24.97/oz, and $4.03/lb, respectively.
During 2024, the price of gold, as measured by the London P.M. fix, fluctuated between $1,985 and $2,778 per ounce, the price of silver fluctuated between $22.08 and $34.51 per ounce, and the price of copper fluctuated between $3.55 and $4.90 per ounce. As at March 13, 2025, gold, silver and copper prices were $2,974.05/oz, $33.15/oz, and $4.88/lb, respectively.
The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could adversely and materially affect our operations. Exploration for and production of minerals is highly speculative and involves greater risk than many other businesses.
These factors may adversely affect the trading price of our common stock or our financial condition or results of operations. ​ 26 Table of Contents The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses that could adversely and materially affect our operations.
Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension or termination of our operations. All aspects of our operations are subject to United States, Canada, Mexico and Argentina federal, state and local environmental regulation.
Water shortages may also result from weather or environmental and climate impacts out of the Company’s control. 30 Table of Contents Our ongoing operations and past mining activities are subject to environmental risks, which could expose us to significant liability and delay, suspension or termination of our operations.
Our operations in Argentina and Mexico are subject to political and social risks.
The ultimate impact of any tariffs will depend on various factors, including if any tariffs are ultimately implemented, the timing of implementation, and the amount, scope, and nature of the tariffs. Our operations in Argentina and Mexico are subject to political and social risks.
Removed
This debt requires us to make monthly principal payments of $1.0 million beginning on January 31, 2025, for 18 months, with a final $21.0 million principal payment on August 31, 2026.
Added
Additionally, any conversion of our convertible debt, such as the 5.25% Convertible Senior Notes due 2030, could result in dilution to our existing equity shareholders to the extent we deliver common stock upon such conversion. Our indebtedness adversely affects our cash flow and may adversely affect our ability to operate our business.
Removed
The provisions of our outstanding secured debt prohibit us from paying dividends, even if our operations might warrant such payment.
Added
We believe that some investors in, and potential purchasers of, convertible debt instruments employ, or seek to employ, a convertible arbitrage strategy with respect to these instruments.
Removed
Even if McEwen Copper is successful in achieving one or more of its strategic initiatives at the Los Azules project, its development presents challenges that may negatively affect, if not completely negate, the feasibility for development of the property.
Added
Investors that employ a convertible arbitrage strategy with respect to convertible debt instruments typically implement that strategy by selling short the common stock underlying the convertible instrument and dynamically adjusting their short position while they hold the instrument.
Removed
Our concessions 27 Table of Contents in Mexico are subject to continuing government regulation and failure to adhere to such regulations will result in termination of the concession. Similarly, under Argentine Law, failure to comply with applicable conditions may result in the termination of the concession.
Added
The implementation of this strategy by investors in our convertible debt instruments, as well as related market regulatory actions, could have a significant impact on the trading prices of our common stock, and the trading prices and liquidity of our convertible debt instruments.
Removed
Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
Added
The price of our common stock and our convertible debt instruments could also be affected by possible sales of our common stock by investors who view our convertible debt instruments as more attractive means of equity participation in us.
Removed
As disclosed in Part II – Item 9A, “Controls and Procedures,” of this Annual Report on Form 10-K, we identified a material weakness in our internal control over financial reporting.
Added
The U.S. federal government has made changes to the U.S. trade policy, including entering into a successor to the North American Free Trade Agreement (“NAFTA”), known as the United States-Mexico-Canada Agreement (“USMCA”), effective as of July 1, 2020. In addition, the U.S. federal government has implemented tariffs on certain foreign goods and may implement additional tariffs on foreign goods.
Removed
Specifically, as a result of certain non-routine transactions, primarily the timing of the deconsolidation of McEwen Copper Inc., the Company did not have a sufficient complement 31 Table of Contents of human resources.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeSpecifically, we engage third-party cybersecurity firms to assist with network and endpoint monitoring, cloud system monitoring, and assessment of our incident response procedures, risk identification and assessment of material cybersecurity threats. ​ To manage our material risks from cybersecurity threats and to protect against, detect, and prepare to respond to cybersecurity incidents, we undertake the below listed activities: ● Monitor emerging data protection laws and implement changes to our processes to comply; ● Conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; ● Update key employees regularly on phishing email and other cybersecurity risks; ● Employ artificial intelligence assisted cybersecurity monitoring capabilities; and ● Complete regular updates to key software and infrastructure. ​ 36 Table of Contents Management has not identified any specific risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.
Biggest changeSpecifically, we engage third-party cybersecurity firms to assist with network and endpoint monitoring, cloud system monitoring, and assessment of our incident response procedures, risk identification and assessment of material cybersecurity threats. ​ To manage our material risks from cybersecurity threats and to protect against, detect, and prepare to respond to cybersecurity incidents, we undertake the below listed activities: ​ ● Monitor security and information events on a real-time basis to respond to threats as they occur; ● Monitor emerging data protection laws and implement changes to our processes to comply; ● Conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; ● Update key employees regularly on phishing email and other cybersecurity risks; ● Employ artificial intelligence assisted cybersecurity monitoring capabilities; and ● Complete regular updates to key software and infrastructure. ​ Management has not identified any specific risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.
The Global IT Manager is informed about and monitors the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of the cybersecurity risk management and strategy processes described above, including our incident response plan. ​
The Vice President Finance is informed about and monitors the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of the cybersecurity risk management and strategy processes described above, including our incident response plan.
Members of the Board of Directors regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. ​ Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Global IT Manager.
Members of the Board of Directors regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. ​ ​ 39 Table of Contents Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Vice President Finance.
Added
Together with the General Counsel, information technology staff and outside consultants that comprise our cybersecurity management team, we collectively possess significant experience in evaluating, managing, and mitigating security and other risks, including cybersecurity risks. ​

Item 2. Properties

Properties — owned and leased real estate

50 edited+24 added−18 removed56 unchanged
Biggest changeOur current operating or advanced stage properties are the following: the Fox Complex in Ontario, Canada; the Gold Bar mine in Nevada, United States; the Fenix Project in Sinaloa, Mexico; the Los Azules copper project in San Juan, Argentina; and the San José mine in Santa Cruz, Argentina. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37 Table of Contents The following table summarizes our properties (other than the Gold Bar mine and the Elder Creek exploration property) in the State of Nevada, United States: ​ ​ ​ ​ ​ ​ ​ Property name County Type of Interest Acres/Hectares Conditions Ownership Tonkin Springs Eureka County 1390 Unpatented Claims 27708/11213 Not currently under agreement.
Biggest changeThe following table summarizes our properties (other than the Gold Bar mine) in the State of Nevada, United States: ​ ​ ​ ​ ​ ​ ​ Property name County Type of Interest Acres/Hectares Conditions Ownership Tonkin Springs Eureka County 1390 unpatented claims 27708/11213 Not currently under agreement.
The Stock property, the site of the former Stock mine, is located approximately 17 miles west of the Black Fox mine. The Stock property includes the Stock mill, where mineralized material from the Froome mine is transported to and processed, and the Stock West advanced development project.
The Stock property, the site of the former Stock mine, is located approximately 17 miles west of the Black Fox mine. The Stock property includes the Stock mill, where mineralized material from the Froome mine is transported to and processed, and the Stock advanced development project.
The El Gallo mine was an open pit gold mine and heap leach operation that we operated from September 2012 to June 2018, when we ceased active mining. Residual leaching production and ongoing closure and reclamation activities continued through 2023. The El Gallo mine consists of 8 square miles of concessions. Concession titles are granted under Mexican mining law.
The El Gallo mine was an open pit gold mine and heap leach operation that we operated from September 2012 to June 2018, when we ceased active mining. Residual leaching production and ongoing closure and reclamation activities continued through 2024. The El Gallo mine consists of 8 square miles of concessions. Concession titles are granted under Mexican mining law.
In supporting the Fenix Project, we purchased a secondhand gold processing plant and associated equipment in September 2022, which includes all of the major components contemplated in Phase 1 of our feasibility study. As of the end of 2023, most of the equipment necessary for the plant has been mobilized at our project site to undergo a comprehensive refurbishment program.
In supporting the Fenix Project, we purchased a secondhand gold processing plant and associated equipment in September 2022, which includes all of the major components contemplated in Phase 1 of our feasibility study. As of the end of 2024, most of the equipment necessary for the plant has been mobilized at our project site to undergo a comprehensive refurbishment program.
The alteration footprint significantly extends to the north and south of the deposit with future drilling planned to expand the current footprint. 42 Table of Contents Facilities and Infrastructure ​ Gold Bar mine construction began in November 2017 with key site facilities and infrastructure completed by the end of 2018. Commercial production was declared on May 23, 2019.
The alteration footprint significantly extends to the north and south of the deposit with future drilling planned to expand the current footprint. 43 Table of Contents Facilities and Infrastructure ​ Gold Bar mine construction began in November 2017 with key site facilities and infrastructure completed by the end of 2018. Commercial production was declared on May 23, 2019.
A feasibility study was completed in October 2005 under the direction of MSC and, following construction, commercial production was declared on January 1, 2008. 53 Table of Contents The mine is part of a larger property which covers a total area of approximately 1,004 sq. miles and consists of 141 mining concessions.
A feasibility study was completed in October 2005 under the direction of MSC and, following construction, commercial production was declared on January 1, 2008. 56 Table of Contents The mine is part of a larger property which covers a total area of approximately 1,004 sq. miles and consists of 141 mining concessions.
The Destor-Porcupine Fault has a total strike length of approximately 124 miles and hosts many of Ontario and Quebec’s prolific gold mines. 43 Table of Contents The Black Fox property includes the Black Fox mine and surrounding properties, including the advanced-stage Grey Fox property and Froome mine, the latter of which declared commercial production during the third quarter of 2021.
The Destor-Porcupine Fault has a total strike length of approximately 124 miles and hosts many of Ontario and Quebec’s prolific gold mines. The Black Fox property includes the Black Fox mine and surrounding properties, including the advanced-stage Grey Fox property and Froome mine, the latter of which declared commercial production during the third quarter of 2021.
Matheson, in turn, is located approximately 45 miles east of Timmins, which has a commercial airport. Timmins is approximately 342 miles north of Toronto by air. The approximate coordinates of the Black Fox mine are N48°32'2" and W80°20'2". The Stock mill is located approximately 17 miles from the Black Fox and Froome mines.
Matheson, in turn, is located approximately 45 miles east of Timmins, which has a commercial airport. Timmins is approximately 342 miles north of Toronto by air. The approximate coordinates of the Black Fox mine are N48°32'2" and W80°20'2". 47 Table of Contents The Stock mill is located approximately 17 miles from the Black Fox and Froome mines.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . 48 Table of Contents Overview and History We own 100% of the El Gallo mine, originally known as the Magistral mine.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . 50 Table of Contents Overview and History We own 100% of the El Gallo mine, originally known as the Magistral mine.
Julia 2 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 3 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 5 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Ines 1 Calingasta-San Juan 35 unpatented claims 12324/4987 None 100% Minandes S.A.
Julia 5 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Ines 1 Calingasta-San Juan 35 unpatented claims 12324/4987 None 100% Minandes S.A.
The following table summarizes the land position related to the McEwen Copper segment as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Square Square McEwen Copper Mineral Property Interest ​ Claims ​ Miles ​ Kilometers Los Azules project 21 ​ 126 326 Elder Creek exploration property (Nevada, USA) ​ 573 ​ 18 ​ 47 Other Argentina properties 17 ​ 180 466 Total McEwen Copper Properties 611 324 839 ​ 50 Table of Contents Los Azules Copper Project, Argentina (47.7% owned) Overview and History The Los Azules copper project is an advanced stage porphyry copper exploration project located in the cordilleran region in the province of San Juan, Argentina near the border with Chile.
The following table summarizes the land position related to the McEwen Copper segment as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Square Square McEwen Copper Mineral Property Interest ​ Claims ​ Miles ​ Kilometers Los Azules project 21 ​ 126 326 Elder Creek exploration property (Nevada, USA) ​ 573 ​ 18 ​ 47 Other Argentina properties 17 ​ 180 466 Total McEwen Copper Properties 611 324 839 ​ 53 Table of Contents Los Azules Copper Project, Argentina (46.4% owned) Overview and History The Los Azules copper project is an advanced stage porphyry copper exploration project located in the cordilleran region in the province of San Juan, Argentina near the border with Chile.
Two buildings support security and administration of the mill. There is an assay lab and several other buildings to support operations and milling, including a hoist house, warehouse, and maintenance shop, mine dry building, crusher and conveyor systems and the mill building itself. The site also houses various support structures including storage and generator buildings.
There is an assay lab and several other buildings to support operations and milling, including a hoist house, warehouse, and maintenance shop, mine dry building, crusher and conveyor systems and the mill building itself. The site also houses various support structures including storage and generator buildings.
The Tonkin property consists of the Tonkin deposit and the previously operating Tonkin mine. From 1985 through 1989, the Tonkin mine produced approximately 30,000 ounces of gold utilizing an oxide heap leach and a separate ball mill involving bio-oxidation to treat refractory sulfide mineralized material. Due to cost escalation and recovery issues, the operation was shut down.
From 1985 through 1989, the Tonkin mine produced approximately 30,000 ounces of gold utilizing an oxide heap leach and a separate ball mill involving bio-oxidation to treat refractory sulfide mineralized material. Due to cost escalation and recovery issues, the operation was shut down.
Mineralized material is trucked to the mill from the Froome mine and previously from the Black Fox mine before mining ceased. The approximate coordinates for the geographic center for the Stock property are N48°33'0" and W80°45'1". Geology and Mineralization All of our properties in the Timmins-Matheson region are located within the Archean aged, Abitibi greenstone belt.
Mineralized material is trucked to the mill from the Froome and Black Fox mines. The approximate coordinates for the geographic center for the Stock property are N48°33'0" and W80°45'1". Geology and Mineralization All of our properties in the Timmins-Matheson region are located within the Archean aged, Abitibi greenstone belt.
The Los Azules project is held directly by Andes Corporacion Minera S.A., a wholly owned subsidiary of McEwen Copper Inc. The Company currently holds 47.7% of McEwen Copper indirectly through Minera Andes.
The Los Azules project is held directly by Andes Corporacion Minera S.A., a wholly owned subsidiary of McEwen Copper. The Company currently holds 46.4% of McEwen Copper indirectly through Minera Andes.
During 2021, mining transitioned to the Froome mine where we have been operating since. Our Stock property hosts the Stock mill and is the site of the former Stock mine previously operated until 2005 by St Andrew Goldfields Ltd.
We acquired the property on October 3, 2017, and continued commercial operations. During 2021, mining transitioned to the Froome mine where we have been operating since. Our Stock property hosts the Stock mill and is the site of the former Stock mine previously operated until 2005 by St Andrew Goldfields Ltd.
Elder Creek property On October 24, 2022, McEwen Copper signed an agreement whereby Kennecott Exploration Company (“KEX”), a subsidiary of Rio Tinto, could earn up to a 60% interest in the Elder Creek property by investing $18 million over seven years.
On October 24, 2022, McEwen Copper signed an agreement whereby Kennecott Exploration Company (“KEX”), a subsidiary of Rio Tinto, could earn up to a 60% interest in the Elder Creek property by investing $18 million over seven years. On January 9, 2024, KEX notified McEwen Copper of their termination of the option to joint venture.
The Fox Complex contains 118 parcels representing patents and leases and 163 unpatented mining claims totaling 27 square miles in mining rights, as well as 11 square miles in surface rights.
The Fox Complex contains 132 parcels representing patents and leases and 163 unpatented mining claims totaling 28 square miles in mining rights, as well as 13 square miles in surface rights.
The Black Fox mine initially produced gold from 1997 to 2001, operated by Exall Resources Limited. Re-commissioned by Brigus Gold Corporation (“Brigus”), the mine restarted in early 2009. Primero Mining Corp. (“Primero”) acquired Brigus on March 5, 2014, and continued to operate the mine. We acquired the property on October 3, 2017, and continued commercial operations.
The Black Fox property includes the Froome and Black Fox mines and the Grey Fox deposit. The Black Fox mine initially produced gold from 1997 to 2001, operated by Exall Resources Limited. Re-commissioned by Brigus Gold Corporation (“Brigus”), the mine restarted in early 2009. Primero Mining Corp. (“Primero”) acquired Brigus on March 5, 2014, and continued to operate the mine.
SEGMENT: CANADA The following map depicts the location of our major properties forming the Canada segment of our operations. The properties within the Canada segment are located in the well-established Timmins Gold Mining district in Northern Ontario, Canada.
Held by Timberline Resources Corporation 45 Table of Contents SEGMENT: CANADA The following map depicts the location of our major properties forming the Canada segment of our operations. The properties within the Canada segment are located in the well-established Timmins Gold Mining district in Northern Ontario, Canada.
Gold mineralization at the Black Fox and Froome mines occurs in different geological environments within a complex system of structurally-prepared pathways (conduits) that host economic quantities of gold mineralization as: (1) free gold grains associated with shallow dipping quartz veins (flats) and stockworks within green carbonate and ankerite-altered ultramafic rocks; (2) gold associated with the development and distribution of pyrite, and (3) free gold carried within steeply dipping sigmoidal/sheared quartz veins. 45 Table of Contents Facilities and Infrastructure The Black Fox property has well developed infrastructure including electricity, roads, water supply and high-speed internet access.
Gold mineralization at the Black Fox and Froome mines occurs in different geological environments within a complex system of structurally-prepared pathways (conduits) that host economic quantities of gold mineralization as: (1) free gold grains associated with shallow dipping quartz veins (flats) and stockworks within green carbonate and ankerite-altered ultramafic rocks; (2) gold associated with the development and distribution of pyrite, and (3) free gold carried within steeply dipping sigmoidal/sheared quartz veins.
Exploration Properties Other exploration properties acquired in connection with our acquisition of Lexam VG Gold Inc. in 2017 include Davidson-Tisdale, Fuller, Paymaster, and Buffalo Ankerite.
Other Exploration Properties Other exploration properties acquired in connection with our acquisition of Lexam VG Gold Inc. in 2017 include Davidson-Tisdale, Fuller, Paymaster, and Buffalo Ankerite, which are not considered material at this time.
Chiflones 2 Calingasta-San Juan 6 unpatented claims 1482/600 None 100% Minandes S.A. Diego 1 Calingasta-San Juan 33 unpatented claims 8107/3280 None 100% Minandes S.A. Diego 2 Calingasta-San Juan 30 unpatented claims 7358/2977 None 100% Minandes S.A. Julia 4 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 1 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A.
Diego 2 Calingasta-San Juan 30 unpatented claims 7358/2977 None 100% Minandes S.A. Julia 4 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 1 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 2 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A. Julia 3 Calingasta-San Juan 10 unpatented claims 2471/1000 None 100% Minandes S.A.
The location of the various properties is shown below: ​ ​ The following table summarizes the Canada land position of our company as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Square ​ Square Canada Mineral Property Interest ​ PINs (1) ​ Claims ​ Miles ​ Kilometers Black Fox Property 32 ​ 53 ​ 10 ​ 26 Stock Property ​ 25 ​ 108 ​ 10 ​ 26 Davidson-Tisdale ​ 11 ​ 1 ​ 2 ​ 5 Fuller ​ 4 ​ — ​ 1 ​ 3 Paymaster 15 ​ — ​ 1 ​ 3 Buffalo Ankerite 7 ​ 1 ​ 3 ​ 8 Total Canada Properties 94 163 27 ​ 71 (1) Parcel Identification Number (“PIN”) is a unique number assigned to each automated parcel in the Ontario Land Registry. 44 Table of Contents Production Properties Fox Complex, Canada (100% owned) For detailed information on the Fox Complex production statistics and financial results, refer to Item 7.
The location of the various properties is shown below: ​ ​ ​ 46 Table of Contents The following table summarizes the Canada land position of our company as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Square ​ Square Canada Mineral Property Interest ​ PINs (1) ​ Claims ​ Miles ​ Kilometers Black Fox Property 38 ​ 53 ​ 11 ​ 28 Stock Property ​ 27 ​ 108 ​ 10 ​ 26 Davidson-Tisdale ​ 11 ​ 1 ​ 2 ​ 5 Fuller ​ 4 ​ — ​ 1 ​ 3 Paymaster 15 ​ — ​ 1 ​ 3 Buffalo Ankerite 7 ​ 1 ​ 3 ​ 8 Total Canada Properties 102 163 28 ​ 73 ​ (1) Parcel Identification Number (“PIN”) is a unique number assigned to each automated parcel in the Ontario Land Registry.
Geology and Mineralization Los Azules is a porphyry copper deposit located in the western province of San Juan in west-central Argentina. This region is characterized by a series of north-south elongated mountain ranges that rise in altitude from east to west to form the rugged Andean Cordillera along the border between Argentina and Chile.
This region is characterized by a series of north-south elongated mountain ranges that rise in altitude from east to west to form the rugged Andean Cordillera along the border between Argentina and Chile.
Development of the underground access to the Froome mine was completed during 2021 and commercial production was achieved in Q3 2021. The Froome mine offers several benefits compared to the Black Fox mine such as a straighter, more efficient haulage route and wider, more consistent mineralization that is amenable to lower cost bulk mining methods.
The Froome mine offers several benefits compared to the Black Fox mine such as a straighter, more efficient haulage route and wider, more consistent mineralization that is amenable to lower cost bulk mining methods.
The following table summarizes the land position of our properties in Nevada as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Square Square USA Mineral Property Interest ​ Claims ​ Miles ​ Kilometers Gold Bar 2,376 ​ 97 ​ 251 Tonkin 1,390 ​ 45 ​ 117 Other Properties 994 ​ 32 ​ 83 Total USA Properties 4,760 174 451 ​ 41 Table of Contents Production Properties Gold Bar mine, Nevada (100% owned) For detailed information on the Gold Bar mine production statistics and financial results, refer to Item 7.
The following table summarizes the land position of our properties in Nevada as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Square Square United States Mineral Property Interest ​ Claims ​ Miles ​ Kilometers Gold Bar 2,376 ​ 97 ​ 251 Tonkin 1,390 ​ 45 ​ 117 Eureka ​ 1,076 ​ 29 ​ 74 Other Properties 1,366 ​ 41 ​ 105 Total United States Properties 6,208 212 547 42 Table of Contents Production Properties Gold Bar mine, Nevada (100% owned) For detailed information on the Gold Bar mine production statistics and financial results, refer to Item 7.
No exploration work was performed at these properties in 2023. ​ 47 Table of Contents SEGMENT: MEXICO The following map depicts the location of our property forming the Mexico segment, of which the El Gallo mine and the advanced-stage Fenix Project are described in the sections below: ​ ​ The following table summarizes the Company’s land position in Mexico as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Mexico Mineral Property Interest ​ Claims ​ Square Miles ​ Square Kilometers Fenix Project (including the El Gallo mine) 20 ​ 178 461 Other Mexico properties ​ 25 ​ 26 ​ 67 El Gallo Gold (In Remediation) ​ 1 ​ 2 ​ 5 Total Mexico Properties 46 ​ 206 533 ​ Mexico Properties Fenix Project, Mexico (100% owned) For detailed information on the El Gallo mine production statistics and financial results, refer to Item 7.
Paymaster Timmins 15 Patented claims 432/175 Exploration 60% JV interest with Newmont (40%) Black Fox North Black River-Matheson 50 Unpatented claims 1608/651 Exploration 100% McEwen Mining ​ 49 Table of Contents SEGMENT: MEXICO The following map depicts the location of our property forming the Mexico segment, of which the El Gallo mine and the advanced-stage Fenix Project are described in the sections below: ​ ​ The following table summarizes the Company’s land position in Mexico as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ Mexico Mineral Property Interest ​ Claims ​ Square Miles ​ Square Kilometers Fenix Project (including the El Gallo mine) 20 ​ 178 461 Other Mexico properties ​ 25 ​ 26 ​ 67 El Gallo Gold (In Remediation) ​ 1 ​ 2 ​ 5 Total Mexico Properties 46 ​ 206 533 ​ Mexico Properties Fenix Project, Mexico (100% owned) For detailed information on the El Gallo mine production statistics and financial results, refer to Item 7.
Withnell and Ralph S.Withnell ​ The following table summarizes our properties in Canada in the Province of Ontario: ​ ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership Buffalo Ankerite Timmins 16 Patented claims 1364/552 Exploration Held by McEwen Mining via Lexam VG Gold Inc.
No exploration work was performed at these properties in 2024. ​ The following table summarizes our properties (other than Black Fox and Froome mines and the Stock Project) in the Province of Ontario, Canada: ​ ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership Buffalo Ankerite Timmins 16 Patented claims 1364/552 Exploration Held by McEwen Mining via Lexam VG Gold Inc.
The water supply for the Gold Bar mine and processing facilities comes from production wells located approximately two miles southeast from the site and powered by a diesel generator. The mining of the open pits, carried out by a contractor, progressed during 2023.
The water supply for the Gold Bar mine and processing facilities comes from production wells located approximately two miles southeast from the site and powered by a diesel generator. Ongoing open-pit mining is performed by a third-party mining contractor.
Exploration initiated by us in 2018 and continuing in 2023 has defined three mineralized zones at Stock East, the down dip component of the historical Stock Mine, and Stock West, within a 2-mile mineralized trend along the Destor-Porcupine Fault.
Exploration initiated by us in 2018 through 2024 has defined three mineralized zones at the Stock property, the down dip component of the historical Stock Mine, and Stock West, within a 2-mile mineralized trend along the Destor-Porcupine Fault. The Company is currently developing the Stock property as an underground mine, targeting production by 2026.
Lagañoso 1 Calingasta-San Juan 21 unpatented claims 5189/2100 None 100% Minandes S.A. Lagañoso 2 Calingasta-San Juan 28 unpatented claims 6918/2800 None 100% Minandes S.A. Nevada Calingasta-San Juan 35 unpatented claims 12305/4979 None 100% Minandes S.A. Nevada 2 Calingasta-San Juan 22 unpatented claims 5436/2200 None 100% Minandes S.A. Chiflones 1 Calingasta-San Juan 6 unpatented claims 1482/600 None 100% Minandes S.A.
Nevada Calingasta-San Juan 35 unpatented claims 12305/4979 None 100% Minandes S.A. Nevada 2 Calingasta-San Juan 22 unpatented claims 5436/2200 None 100% Minandes S.A. Chiflones 1 Calingasta-San Juan 6 unpatented claims 1482/600 None 100% Minandes S.A. Chiflones 2 Calingasta-San Juan 6 unpatented claims 1482/600 None 100% Minandes S.A. Diego 1 Calingasta-San Juan 33 unpatented claims 8107/3280 None 100% Minandes S.A.
From 2021 to 2023, a diamond drill program totaling 197 holes and 224,770 feet was executed at Stock West and close to the former producing Stock Mine generally within two plunge vectors.
These efforts led to the discovery of additional mineralized material at the East zone, and a new source of potentially economic bulk mineralization at West zone. From 2021 to 2023, a diamond drill program totaling 197 holes and 224,770 feet was executed at Stock and close to the former producing Stock Mine generally within two plunge vectors.
With multiple near-surface targets identified, we expect to continue similar drilling around the Gold Bar mine in 2024. ​ Exploration Properties Tonkin property (100% owned) The Tonkin property represents our second largest holding within the Battle Mountain-Eureka-Cortez trend in Eureka County, Nevada with approximately 45 square miles of claims.
Exploration Properties Tonkin property (100% owned) The Tonkin property represents our second largest holding within the Battle Mountain-Eureka-Cortez trend in Eureka County, Nevada with approximately 45 square miles of claims. The Tonkin property consists of the Tonkin deposit and the previously operating Tonkin mine.
Reducción Shakira Fracción A (**) Sinaloa de Leyva, Sinaloa Mexico 1 Patented claim 50928/20610 None 100% McEwen Mining Mina Grande (partial) Sinaloa de Leyva, Sinaloa Mexico 1 Patented claim 151/61 None Held by McEwen Mining via purchase option with Arturo Molina Twin Domes Mocorito, Sinaloa Mexico 1 Patented claim 49/20 None 100% McEwen Mining Haciendita (partial) Sinaloa de Leyva, Sinaloa Mexico 1 Patented claim 358/145 None 100% McEwen Mining ​ 39 Table of Contents The location of our significant production, advanced-stage and exploration properties is shown below: ​ ​ 40 Table of Contents SEGMENT: UNITED STATES The following map depicts the location of our major properties in the United States segment, including the Gold Bar mine and exploration properties which are fully owned by us or subject to joint venture agreements.
Reducción Shakira Fracción A (**) Sinaloa de Leyva, Sinaloa Mexico 1 patented claim 50928/20610 None 100% McEwen Mining Mina Grande (partial) Sinaloa de Leyva, Sinaloa Mexico 1 patented claim 151/61 None Held by McEwen Mining via purchase option with Arturo Molina Twin Domes Mocorito, Sinaloa Mexico 1 patented claim 49/20 None 100% McEwen Mining Haciendita (partial) Sinaloa de Leyva, Sinaloa Mexico 1 patented claim 358/145 None 100% McEwen Mining 52 Table of Contents SEGMENT: MCEWEN COPPER ​ Exploration Properties Our McEwen Copper segment contains the Los Azules copper project in the province of San Juan, Argentina as well as the Elder Creek exploration property in the state of Nevada, United States. ​ The following map depicts the location of the Los Azules project.
Hypogene bornite appears at deeper levels together with chalcopyrite. Gold, silver, and molybdenum are present in trace amounts, but copper is by far the most important economic constituent of the Los Azules deposit. ​ Exploration Activities The 2022-2023 drilling program began in October 2022 and concluded on June 19, 2023, at the onset of winter in San Juan, Argentina.
Hypogene bornite appears at deeper levels together with chalcopyrite. Gold, silver, and molybdenum are present in trace amounts, but copper is by far the most important economic constituent of the Los Azules deposit. ​ 54 Table of Contents Exploration Activities At Los Azules, infill drilling has upgraded resource classifications, validated the geological model, and confirmed the high-grade zone.
Exploration Activities Exploration activities in 2023 included drilling 68,020 feet of reverse circulation (“RC”) drilling focused on targets around the Gold Bar mine, including near-mine extensions at Cabin North, Cabin South, Pick, Benmark, Pot Canyon and Gold Canyon, Wall Fault and Gold Bar South.
Exploration Activities Exploration activities in 2024 included reverse circulation (“RC”) drilling focused on targets around the Gold Bar mine, including near-mine extensions at Cabin North, Cabin South, and Gold Bar South. Assays from RC drilling at Cabin North and Cabin South returned 90 feet of oxidized gold mineralization grading 0.63 g/t.
On the back of a positive updated PEA and IA, we are proceeding with a feasibility study for the Los Azules project. Confirmatory metallurgical testing and environmental baseline studies are underway, and critical preliminary engineering contracts have been awarded for hydrogeologic field investigations and geotechnical studies to support the delivery of a feasibility study.
Confirmatory metallurgical testing and environmental baseline studies are underway, and critical preliminary engineering contracts have been awarded for hydrogeologic field investigations and geotechnical studies to support the delivery of a feasibility study. The feasibility study is currently scheduled for completion by early 2025. McEwen Copper continues to perform environmental baseline monitoring work.
The primary water supply for the Black Fox property comes from an on-site freshwater well and water produced from dewatering activities. Current water supplies are adequate to sustain current and planned future operations. The Stock property, the site of our Stock mill, also has well developed infrastructure including electricity, roads, water supply and high-speed internet access.
Mineralized material from the Froome mine is transported to, and processed at, the Stock mill, which has a nominal processing capacity of 1,200 tonnes per day. The primary water supply for the Black Fox property comes from an on-site freshwater well and water produced from dewatering activities. Current water supplies are adequate to sustain current and planned future operations.
Given the proximity to communities in a region with primary industries of mining and forestry, local supplies and services are easily available and deliverable in a timely manner to our operations. The Black Fox property includes the Froome mine, the Grey Fox deposit, as well as the Black Fox mine which is currently under care and maintenance.
These properties are located in the well-established Timmins Gold Mining district in Northern Ontario, Canada. Given the proximity to communities in a region with primary industries of mining and forestry, local supplies and services are easily available and deliverable in a timely manner to our operations.
Paymaster Timmins 15 Patented claims 432/175 Exploration 60% JV interest with Newmont (40%) Black Fox North Black River-Matheson 50 Unpatented claims 1608/651 Exploration 100% McEwen Mining ​ The following table summarizes our properties (other than McEwen Copper properties) in Argentina: ​ ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership Cateo Rio Ansilta Calingasta-San Juan Not applicable 6439/2606 None 100% Minandes S.A.
The following table summarizes our properties in Argentina: ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership Cateo Rio Ansilta Calingasta-San Juan Not applicable 6439/2606 None 100% Minandes S.A. Lagañoso 1 Calingasta-San Juan 21 unpatented claims 5189/2100 None 100% Minandes S.A. Lagañoso 2 Calingasta-San Juan 28 unpatented claims 6918/2800 None 100% Minandes S.A.
We are targeting an average annualized production rate of 40,000 - 45,000 gold equivalent ounces from Froome over its life of mine. Advanced-Stage Properties Stock West, Canada (100% owned) The Stock West project is located approximately one mile west of the historic Stock mine shaft and 0.6 mile southwest of the Stock mill.
Advanced-Stage Properties Stock, Canada (100% owned) The Stock project is located approximately one mile west of the historic Stock mine shaft and 0.6 mile southwest of the Stock mill. The Stock property is easily accessible via an access road from Highway 101 located approximately one mile to the south.
In addition, 46 Table of Contents 11,870 feet of drilling among 16 drillholes were initiated at Stock East (located approximately 2,600 ft east of the historic Stock Mine), also with the primary goal of enhancing the number of short-term ounces for our plans at the Stock property.
In addition, 11,870 feet of drilling among 16 drillholes were initiated at the East zone (located approximately 2,600 ft east of the historic Stock Mine). Development activities at the Stock property commenced during the year to enable future access to mineral zones.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. Overview and History We acquired the properties comprising the Fox Complex during 2017. These properties are located in the well-established Timmins Gold Mining district in Northern Ontario, Canada.
Production Properties Fox Complex, Canada (100% owned) For detailed information on the Fox Complex production statistics and financial results, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Overview and History We acquired the properties comprising the Fox Complex during 2017.
The incorporation of culverts in these river crossings serves a dual function: protecting water bodies from potential sediment in the stream caused by increased vehicular movement and ensuring the safety of travelers. Moreover, these enhancements played a crucial role in transporting essential equipment and modules required for the construction of the winter modular camp.
The incorporation of culverts in these river crossings serves a dual function: protecting water bodies from potential sediment in the stream caused by increased vehicular movement and ensuring the safety of travelers and cargo. Geology and Mineralization Los Azules is a porphyry copper deposit located in the western province of San Juan in west-central Argentina.
There are seven fully serviced modular buildings supporting various functions of the underground mine, including a maintenance shop, warehouse, compressed air plant, backfill plant and water management facilities. Mineralized material from the Froome mine is transported to, and processed at, the Stock mill, which has a nominal processing capacity of 1,200 tonnes per day.
Facilities and Infrastructure The Black Fox property has well developed infrastructure including electricity, roads, water supply and high-speed internet access. There are seven fully serviced modular buildings supporting various functions of the underground mine, including a maintenance shop, warehouse, compressed air plant, backfill plant and water management facilities.
McEwen Copper is currently reviewing the technical data and results of KEX’s program to determine next steps for the Elder Creek property. ​ 52 Table of Contents SEGMENT: MINERA SANTA CRUZ (“MSC”), ARGENTINA ​ The following map depicts the location in the northwest corner of the Deseado Massif region of the San José mine land package, which forms the Minera Santa Cruz segment.
Vero Calingasta-San Juan 2 unpatented claims 409/165 None 100% Minandes S.A. ​ ​ 55 Table of Contents SEGMENT: MINERA SANTA CRUZ (“MSC”), ARGENTINA ​ The following map depicts the location in the northwest corner of the Deseado Massif region of the San José mine land package, which forms the Minera Santa Cruz segment.
The mineralized material from Froome is hauled approximately 20 miles to the Stock mill, where it is processed. Based on the IA announced on January 26, 2022, and effective December 31, 2021, the life of mine of the Froome mine is expected to total four years.
The mineralized material from Froome is hauled approximately 20 miles to the Stock mill, where it is processed. Development of the underground access to the Froome mine was completed during 2021 and commercial production was achieved in Q3 2021.
This will allow us to maximize the utilization of each acquired equipment, with the mills being the first to be mobilized and refurbished, now ready for installation. ​ 49 Table of Contents SEGMENT: MCEWEN COPPER ​ Exploration Properties Our McEwen Copper segment contains the Los Azules copper project in the province of San Juan, Argentina as well as the Elder Creek exploration property in the state of Nevada, United States. ​ The following map depicts the location of the Los Azules project.
This will allow us to maximize the utilization of each acquired equipment, with the mills being the first to be mobilized and refurbished, now ready for installation. ​ 51 Table of Contents The following table summarizes our properties (other than the El Gallo mine) in Mexico: ​ ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership 2da.
Exploration activities (primarily diamond drilling and geophysical surveys) were initiated at the Stock property in early 2018 and continued at a steady pace throughout 2019. These efforts led to the discovery of additional mineralized material at Stock East, and a new source of potentially economic bulk mineralization at Stock West.
The Stock property is the site of the former Stock mine, which produced 137,000 ounces of gold from an underground operation between 1989 and 2005. 48 Table of Contents Exploration activities (primarily diamond drilling and geophysical surveys) were initiated at the Stock property in early 2018 and continued at a steady pace throughout 2019.
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Vero Calingasta-San Juan 2 unpatented claims 409/165 None 100% Minandes S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38 Table of Contents The following table summarizes our properties (other than El Gallo) in Mexico: ​ ​ ​ ​ ​ ​ ​ Property name Municipality Type of Interest Acres/Hectares Conditions Ownership 2da.
Added
Our current operating or advanced stage properties are the following: the Fox Complex in Ontario, Canada; the Gold Bar mine in Nevada, United States; the Fenix Project in Sinaloa, Mexico; the Los Azules copper project in San Juan, Argentina; and the San José mine in Santa Cruz, Argentina. ​ 40 Table of Contents The location of our significant production, advanced-stage and exploration properties is shown below: ​ ​ ​ 41 Table of Contents SEGMENT: UNITED STATES The following map depicts the location of our major properties in the United States segment, including the Gold Bar mine and exploration properties which are fully owned by us or subject to joint venture agreements.
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A concerted effort was placed on fieldwork and new target development in the Saddle, Cabin, Pot Canyon, and Wall Fault Corridor areas. At Gold Bar South, we completed 11 RC holes, which helped to convert inferred resources into indicated resources. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for more details.
Added
At Gold Bar South, we completed drilling in the North Zone, East Zone, and East Deep Zone, extending higher-grade oxidized gold mineralization estimates along ENE-trending structural zones. Based on the 2024 drilling results, we were able to extend the expected life of the Gold Bar mine to 2029. See Item 7.
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The mine site is currently on care and maintenance, and we continue to advance the reclamation program. We also continue evaluation work with respect to the Tonkin deposit. Other exploration properties We hold other exploration stage properties throughout Nevada and Colorado which are not considered material at this time.
Added
Management’s Discussion and Analysis of Financial Condition and Results of Operations for more details. With multiple near-surface targets identified, we expect to continue similar drilling around the Gold Bar mine in 2025.
Removed
Low cost, bulk mining will be used to bridge gold production and provide cash flow while we continue to drill and assess potential additional resources at the Black Fox property, Grey Fox, Stock and Lexam projects for future development towards expanded production.
Added
The mine site is currently on care and maintenance, and we are advancing reclamation while evaluating future development opportunities at the Tonkin mine. Eureka property (100% owned) The Eureka property is a group of exploration stage claims acquired on August 19, 2024 through the acquisition of Timberline Resources Corporation.
Removed
The Stock property is easily accessible via an access road from Highway 101 located approximately one mile to the south. The approximate coordinates for the geographic center for the Stock property are N48°33'0" and W80°45'1". The Stock property is the site of the former Stock mine, which produced 137,000 ounces of gold from an underground operation between 1989 and 2005.
Added
The property is situated in the southern part of the Eureka mining district, within T19N, R53E and unsurveyed T17N and T18N, and R53E. The Eureka property consists of the Lookout Mountain gold resource along with a pipeline of earlier-stage targets that feature past gold production, historic gold estimates, and/or drill-indicated gold mineralization.
Removed
The goal of this drilling was to increase the mineral resources at Stock West and to augment the number of near-term ounces in close proximity of the proposed ramp system to Stock West.
Added
Preliminary exploration activities commenced following the acquisition, including drilling, corroboration of predecessor exploration data, and geological modelling. In Q4/24, the Company completed a 27-hole drilling program within Windfall, an exploration target within Eureka with historical production.
Removed
Diamond drilling operations at Grey Fox continued in 2023 with a total of 21 holes (35,361 feet) drilled with the primary goal being to identify new lenses of mineralization at two of the select zones (Gibson and Whiskey Jack) present at this project.
Added
Other properties acquired from Timberline Resources Corporation include Seven Troughs, Paiute, and Downeyville, which are not considered material at this time. 44 Table of Contents Other exploration properties We hold other exploration stage properties throughout Nevada and Colorado which are not considered material at this time.
Removed
During this exploration season, McEwen Copper completed approximately 131,000 feet (39,900 meters) of drilling in over 138 holes, to evaluate geotechnical, hydrological, metallurgical, resource and exploration-related parameters and opportunities. The program also obtained 115 short tons (104 tonnes) of material for metallurgical testing.
Added
Withnell and Ralph S.Withnell Lookout Mountain (Eureka) Eureka County 373 leased claims 6368/2577 3.5% NSR with Rocky Canyon Mining Company 1.5% NSR with Bisoni's Held by Timberline Resources Corporation Owned by Rocky Canyon Mining Company Trail (Eureka) Eureka County 30 unpatented claims 620/251 Not currently under agreement.
Removed
The primary objective of the exploration was to complete infill drilling to provide better data density to upgrade confidence in the mineral resources.
Added
Held by Wolfpack Gold (Nevada) Corporation South Ratto (Eureka) Eureka County 108 unpatented claims 1850/749 Not currently under agreement. Held by BH Minerals USA Inc Hoosac & North Amselco (Eureka) Eureka County 192 unpatented claims 3100/1255 Not currently under agreement.
Removed
The Los Azules drill hole database now totals approximately 410,000 feet (125,000 meters). 51 Table of Contents During Q2 and Q3 2023, McEwen Copper announced the results of an updated PEA and IA on the Los Azules copper project in San Juan, Argentina.
Added
Held by BH Minerals USA Inc Silverado (Eureka) Eureka County Total of 52 claims 42 unpatented claims 10 lease claims 947/383 Not currently under agreement. Held by Timberline Resources Corporation Leased claims owned by Silver International Oswego (Eureka) Eureka County 111 unpatented claims 1488/602 Not currently under agreement.
Removed
The independently prepared mineral resource estimate was increased to 10.9 billion lbs of Cu (Indicated, grade 0.40%) and 26.7 billion lbs of Cu (Inferred, grade 0.31%).
Added
Held by BH Minerals USA Inc Windfall (Eureka) Eureka County 22 patented claims 215 Not currently under agreement. Held by BH Minerals USA Inc New York Canyon (Eureka) Eureka County Total of 56 claims 45 unpatented claims 11 patented claims 929/376 Not currently under agreement.
Removed
The PEA base case economic model for Los Azules now indicates a 27-year mine life with an after-tax net present value of $2.7 billion at an 8% discount rate with a payback period of 3.2 years. The 2023-2024 drill season began in October 2023; during Q4/23 over 74,000 feet (22,627 meters) was drilled.
Added
Held by BH Minerals USA Inc and Timberline Resources Corporation Q Claims (Eureka) Eureka County 104 unpatented claims 2149/870 Not currently under agreement. Held by Timberline Resources Corporation LS Claims (Eureka) Eureka County 28 unpatented claims 578/234 Not currently under agreement.
Removed
A total of 157,000 feet (48,000 meters) have been planned for the 2023-2024 season. As of the end of 2023, there were 20 drill rigs on site in order to meet these targets with 2 more drill rigs added in early 2024.
Added
Held by Timberline Resources Corporation Seven Troughs Pershing County Total of 302 claims 238 patented claims 64 unpatented claims 4030/1631 Not currently under agreement. Held by Timberline Resources Corporation Paiute Lander-Humboldt County 65 unpatented claims 1500/607 Not currently under agreement. Held by Timberline Resources Corporation Downeyville Nye County 5 patented claims 63/25 Not currently under agreement.
Removed
The feasibility study is currently scheduled for completion by early 2025. McEwen Copper continues to perform environmental baseline monitoring work. During 2023, a conforming Environmental Impact Assessment (“EIA”) was completed, which included the geological mapping of the area. The EIA was completed and officially submitted to authorities on April 14 th , 2023.
Added
The Stock property, the site of our Stock mill, also has well developed infrastructure including electricity, roads, water supply and high-speed internet access. Two buildings support security and administration of the mill.
Removed
A formal evaluation of the EIA is currently underway which is expected to take between 12 to 18 months. Facilities and Infrastructure ​ As mentioned earlier, construction has been finalized on a new access road, which, along with ongoing enhancements to existing access routes, will ensure year-round access to the project site.
Added
The approximate coordinates for the geographic center for the Stock property are N48°33'0" and W80°45'1".

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeBased on strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at McEwen Mining, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety. 54 Table of Contents The operation of our Gold Bar mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).
Biggest changeBased on strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at McEwen Mining, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety. 57 Table of Contents The operation of our Gold Bar mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).
We are required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 filed with this report. ​ 55 Table of Contents PART II
We are required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 filed with this report. ​ 58 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe graph assumes a $100 investment on December 31, 2018, in our common stock and the two other stock market indices, and assumes the reinvestment of dividends, if any. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2018 2019 2020 2021 2022 2023 McEwen Mining (MUX) ​ $ 100 ​ $ 70 ​ $ 54 ​ $ 49 ​ $ 32 ​ $ 40 NYSE Arca Gold Bugs Index ​ 100 ​ 151 ​ 187 ​ 161 ​ 143 ​ 152 NYSE Composite Index ​ 100 ​ 122 ​ 128 ​ 151 ​ 133 ​ 148 ​ ​ ​ ​ ITEM 6. [RESERVED] 56 Table of Contents ITEM 7.
Biggest changeThe graph assumes a $100 investment on December 31, 2019, in our common stock and the two other stock market indices, and assumes the reinvestment of dividends, if any. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2020 2021 2022 2023 2024 McEwen Mining (MUX) ​ $ 100 ​ $ 78 ​ $ 70 ​ $ 46 ​ $ 57 ​ $ 61 NYSE Arca Gold Bugs Index ​ 100 ​ 124 ​ 107 ​ 95 ​ 101 ​ 114 NYSE Composite Index ​ 100 ​ 104 ​ 123 ​ 109 ​ 121 ​ 137 ​ ​ ​ ​ ​ ITEM 6. [RESERVED] 59 Table of Contents ITEM 7.
Performance Graph ​ ​ The above graph compares our cumulative total shareholder return for the five years ended December 31, 2023, with (I) the NYSE Arca Gold Bugs Index, which is an index of companies involved in the gold industry and (ii) the NYSE Composite Index, which is a performance indicator of the overall stock market.
Performance Graph ​ ​ The above graph compares our cumulative total shareholder return for the five years ended December 31, 2024, with (I) the NYSE Arca Gold Bugs Index, which is an index of companies involved in the gold industry and (ii) the NYSE Composite Index, which is a performance indicator of the overall stock market.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction This section of this Annual Report on Form 10-K generally discusses fiscal 2023 and 2022 items including our results of operations and financial condition, and year-to-year comparisons between 2023 and 2022 with a particular emphasis on 2023.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction This section of this Annual Report on Form 10-K generally discusses fiscal 2024 and 2023 items including our results of operations and financial condition, and year-to-year comparisons between 2024 and 2023 with a particular emphasis on 2024.
In each case, we discuss factors that we believe have affected our operating results and financial condition and may do so in the future. For a discussion of our financial condition and results of operations for 2022 compared to 2021, please refer to
In each case, we discuss factors that we believe have affected our operating results and financial condition and may do so in the future. For a discussion of our financial condition and results of operations for 2023 compared to 2022, please refer to
As of March 15, 2024, there were 49,439,696 shares of our common stock outstanding, which were held by approximately 3,000 stockholders of record. Transfer Agent Computershare Trust Company, N.A. is the transfer agent for our common stock. The principal office of Computershare is 250 Royall Street, Canton, Massachusetts, 02021 and its telephone number is (303) 262-0600.
As of March 14, 2025, there were 53,934,510 shares of our common stock outstanding, which were held by approximately 3,000 stockholders of record. Transfer Agent Computershare Trust Company, N.A. is the transfer agent for our common stock. The principal office of Computershare is 250 Royall Street, Canton, Massachusetts, 02021 and its telephone number is (303) 262-0600.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeAs a result, we have ceased using cash cost and all-in sustaining cost per gold equivalent ounce to evaluate the El Gallo mine on an ongoing basis and have therefore ceased disclosure of such metric: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2023 ​ Year ended December 31, 2023 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales - Cash costs (100% owned) $ 25,889 ​ $ 13,298 ​ $ 39,187 ​ $ 67,335 ​ $ 51,895 ​ $ 119,230 In‑mine exploration ​ ​ 1,705 ​ ​ — ​ ​ 1,705 ​ ​ 4,759 ​ ​ — ​ ​ 4,759 Capitalized underground mine development (sustaining) ​ ​ — ​ ​ 2,119 ​ ​ 2,119 ​ ​ — ​ ​ 8,046 ​ ​ 8,046 Capital expenditures on plant and equipment (sustaining) ​ ​ 1,374 ​ ​ — ​ ​ 1,374 ​ ​ 9,028 ​ ​ — ​ ​ 9,028 Sustaining leases ​ ​ 11 ​ ​ 153 ​ ​ 164 ​ ​ 248 ​ ​ 676 ​ ​ 924 All ‑ in sustaining costs ​ $ 28,978 ​ $ 15,570 ​ $ 44,548 ​ $ 81,370 ​ $ 60,617 ​ $ 141,987 Ounces sold, including stream (GEO) ​ ​ 19.2 ​ ​ 10.6 ​ ​ 29.9 ​ ​ 43.0 ​ ​ 44.9 ​ ​ 87.9 Cash cost per ounce sold ($/GEO) ​ $ 1,345 ​ $ 1,253 ​ $ 1,313 ​ $ 1,565 ​ $ 1,157 ​ $ 1,356 AISC per ounce sold ($/GEO) ​ $ 1,506 ​ $ 1,467 ​ $ 1,492 ​ $ 1,891 ​ $ 1,351 ​ $ 1,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2022 ​ Year ended December 31, 2022 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales - Cash costs (100% owned) ​ $ 8,666 ​ $ 10,742 ​ $ 19,408 ​ $ 43,500 ​ $ 36,845 ​ $ 80,345 Mine site reclamation, accretion and amortization ​ ​ 218 ​ ​ — ​ ​ 218 ​ ​ 1,654 ​ ​ — ​ ​ 1,654 In‑mine exploration ​ ​ 505 ​ ​ — ​ ​ 505 ​ ​ 3,335 ​ ​ — ​ ​ 3,335 Capitalized underground mine development (sustaining) ​ ​ — ​ ​ 4,317 ​ ​ 4,317 ​ ​ — ​ ​ 15,448 ​ ​ 15,448 Capital expenditures on plant and equipment (sustaining) ​ ​ 1,576 ​ ​ — ​ ​ 1,576 ​ ​ 3,084 ​ ​ — ​ ​ 3,084 Sustaining leases ​ ​ 191 ​ ​ 110 ​ ​ 301 ​ ​ 1,754 ​ ​ 619 ​ ​ 2,373 All‑in sustaining costs ​ $ 11,156 ​ $ 15,169 ​ $ 26,325 ​ $ 53,327 ​ $ 52,912 ​ $ 106,239 Ounces sold, including stream (GEO) ​ ​ 8.0 ​ ​ 9.4 ​ ​ 17.4 ​ ​ 26.8 ​ ​ 36.1 ​ ​ 62.9 Cash cost per ounce sold ($/GEO) ​ $ 1,083 ​ $ 1,137 ​ $ 1,112 ​ $ 1,622 ​ $ 1,020 ​ $ 1,276 AISC per ounce sold ($/GEO) ​ $ 1,395 ​ $ 1,606 ​ $ 1,509 ​ $ 1,989 ​ $ 1,465 ​ $ 1,688 ​ 79 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2021 ​ Year ended December 31, 2021 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales - Cash costs (100% owned) ​ $ 20,615 ​ $ 10,339 ​ $ 30,954 ​ $ 73,990 ​ $ 32,961 ​ $ 106,951 Mine site reclamation, accretion and amortization ​ ​ 167 ​ ​ 152 ​ ​ 319 ​ ​ 651 ​ ​ 906 ​ ​ 1,557 In‑mine exploration ​ ​ 40 ​ ​ 436 ​ ​ 476 ​ ​ 921 ​ ​ 2,248 ​ ​ 3,168 Capitalized underground mine development (sustaining) ​ ​ — ​ ​ 4,969 ​ ​ 4,969 ​ ​ — ​ ​ 5,771 ​ ​ 5,771 Capital expenditures on plant and equipment (sustaining) ​ ​ 29 ​ ​ 110 ​ ​ 139 ​ ​ 29 ​ ​ 836 ​ ​ 865 Sustaining leases ​ ​ 435 ​ ​ 215 ​ ​ 650 ​ ​ 1,279 ​ ​ 735 ​ ​ 2,014 All‑in sustaining costs ​ $ 21,286 ​ $ 16,221 ​ $ 37,507 ​ $ 76,870 ​ $ 43,457 ​ $ 120,326 Ounces sold, including stream (Au Eq. oz) ​ ​ 10.1 ​ ​ 9.2 ​ ​ 19.3 ​ ​ 43.9 ​ ​ 29.7 ​ ​ 73.6 Cash cost per ounce ($/Au Eq. oz sold) ​ $ 2,038 ​ $ 1,122 ​ $ 1,601 ​ $ 1,687 ​ $ 1,108 ​ $ 1,453 AISC per ounce ($/Au Eq. oz sold) ​ $ 2,104 ​ $ 1,760 ​ $ 1,940 ​ $ 1,753 ​ $ 1,461 ​ $ 1,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2023 2022 2023 2022 ​ 2021 San José mine cash costs (100% basis) ​ (in thousands, except per ounce) ​ ​ ​ Production costs applicable to sales - Cash costs ​ $ 45,800 ​ $ 51,963 ​ $ 177,234 ​ $ 182,195 ​ $ 196,032 Mine site reclamation, accretion and amortization ​ ​ 93 ​ ​ 111 ​ ​ 535 ​ ​ 400 ​ ​ 451 Site exploration expenses ​ 1,831 ​ ​ 2,158 ​ ​ 9,167 ​ ​ 8,946 ​ ​ 11,207 Capitalized underground mine development (sustaining) ​ 10,379 ​ ​ 10,201 ​ ​ 38,318 ​ ​ 37,959 ​ ​ 27,548 Less: Depreciation ​ ​ (768) ​ ​ (499) ​ ​ (2,930) ​ ​ (1,990) ​ ​ (1,971) Capital expenditures (sustaining) ​ 2,106 ​ ​ 3,006 ​ ​ 9,224 ​ ​ 11,636 ​ ​ 15,751 All ‑ in sustaining costs ​ $ 59,441 ​ $ 66,940 ​ $ 231,548 ​ $ 239,146 ​ $ 249,018 Ounces sold (GEO) ​ ​ 39.7 ​ ​ 39.3 ​ ​ 127.3 ​ ​ 139.5 ​ ​ 155.3 Cash cost per ounce sold ($/GEO) ​ $ 1,155 ​ $ 1,321 ​ $ 1,393 ​ $ 1,306 ​ ​ 1,262 AISC per ounce sold ($/GEO) ​ $ 1,499 ​ $ 1,701 ​ $ 1,820 ​ $ 1,714 ​ ​ 1,603 ​ Average realized prices The term average realized price per ounce used in this report is also a non-GAAP financial measure.
Biggest changeThe following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2024 ​ Year ended December 31, 2024 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales (100% owned) $ 14,032 ​ $ 12,423 ​ $ 26,455 ​ $ 63,547 ​ $ 49,766 ​ $ 113,313 In‑mine exploration ​ ​ 149 ​ ​ — ​ ​ 149 ​ ​ 796 ​ ​ — ​ ​ 796 Capitalized mine development (sustaining) ​ ​ 2,617 ​ ​ 2,361 ​ ​ 4,978 ​ ​ 7,863 ​ ​ 9,955 ​ ​ 17,818 Capital expenditures on plant and equipment (sustaining) ​ ​ 1,407 ​ ​ — ​ ​ 1,407 ​ ​ 2,491 ​ ​ — ​ ​ 2,491 Sustaining leases ​ ​ 14 ​ ​ 68 ​ ​ 82 ​ ​ 84 ​ ​ 273 ​ ​ 357 All ‑ in sustaining costs ​ $ 18,219 ​ $ 14,852 ​ $ 33,071 ​ $ 74,781 ​ $ 59,994 ​ $ 134,775 Ounces sold, including stream (GEO) ​ ​ 6.6 ​ ​ 6.6 ​ ​ 13.2 ​ ​ 44.6 ​ ​ 30.3 ​ ​ 74.9 Cash cost per ounce sold ($/GEO) ​ $ 2,136 ​ $ 1,874 ​ $ 2,004 ​ $ 1,425 ​ $ 1,642 ​ $ 1,513 AISC per ounce sold ($/GEO) ​ $ 2,773 ​ $ 2,240 ​ $ 2,505 ​ $ 1,677 ​ $ 1,980 ​ $ 1,799 ​ ​ 78 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2023 ​ Year ended December 31, 2023 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales (100% owned) ​ $ 25,889 ​ $ 13,298 ​ $ 39,187 ​ $ 67,335 ​ $ 51,895 ​ $ 119,230 In‑mine exploration ​ ​ 1,705 ​ ​ — ​ ​ 1,705 ​ ​ 4,759 ​ ​ — ​ ​ 4,759 Capitalized underground mine development (sustaining) ​ ​ — ​ ​ 2,119 ​ ​ 2,119 ​ ​ — ​ ​ 8,046 ​ ​ 8,046 Capital expenditures on plant and equipment (sustaining) ​ ​ 1,374 ​ ​ — ​ ​ 1,374 ​ ​ 9,028 ​ ​ — ​ ​ 9,028 Sustaining leases ​ ​ 11 ​ ​ 153 ​ ​ 164 ​ ​ 248 ​ ​ 676 ​ ​ 923 All‑in sustaining costs ​ $ 28,979 ​ $ 15,570 ​ $ 44,549 ​ $ 81,370 ​ $ 60,617 ​ $ 141,986 Ounces sold, including stream (GEO) ​ ​ 19.2 ​ ​ 10.6 ​ ​ 29.9 ​ ​ 43.0 ​ ​ 44.9 ​ ​ 87.9 Cash cost per ounce sold ($/GEO) ​ $ 1,345 ​ $ 1,253 ​ $ 1,313 ​ $ 1,565 ​ $ 1,157 ​ $ 1,356 AISC per ounce sold ($/GEO) ​ $ 1,506 ​ $ 1,467 ​ $ 1,492 ​ $ 1,891 ​ $ 1,351 ​ $ 1,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2022 ​ Year ended December 31, 2022 ​ ​ Gold Bar ​ Fox Complex ​ Total ​ Gold Bar ​ Fox Complex ​ Total ​ ​ (in thousands, except per ounce) ​ (in thousands, except per ounce) Production costs applicable to sales (100% owned) ​ $ 8,666 ​ $ 10,742 ​ $ 19,408 ​ $ 43,500 ​ $ 36,845 ​ $ 80,345 In‑mine exploration ​ ​ 505 ​ ​ — ​ ​ 505 ​ ​ 3,335 ​ ​ — ​ ​ 3,335 Capitalized underground mine development (sustaining) ​ ​ — ​ ​ 4,317 ​ ​ 4,317 ​ ​ — ​ ​ 15,448 ​ ​ 15,448 Capital expenditures on plant and equipment (sustaining) ​ ​ 1,576 ​ ​ — ​ ​ 1,576 ​ ​ 3,084 ​ ​ — ​ ​ 3,084 Sustaining leases ​ ​ 191 ​ ​ 110 ​ ​ 301 ​ ​ 1,754 ​ ​ 619 ​ ​ 2,373 All‑in sustaining costs ​ $ 10,938 ​ $ 15,169 ​ $ 26,107 ​ $ 51,673 ​ $ 52,912 ​ $ 104,585 Ounces sold, including stream (Au Eq. oz) ​ ​ 8.0 ​ ​ 9.4 ​ ​ 17.4 ​ ​ 26.8 ​ ​ 36.1 ​ ​ 62.9 Cash cost per ounce ($/Au Eq. oz sold) ​ $ 1,083 ​ $ 1,137 ​ $ 1,112 ​ $ 1,622 ​ $ 1,020 ​ $ 1,276 AISC per ounce ($/Au Eq. oz sold) ​ $ 1,367 ​ $ 1,606 ​ $ 1,496 ​ $ 1,927 ​ $ 1,465 ​ $ 1,662 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2024 2023 2024 2023 ​ 2022 San José mine cash costs (100% basis) ​ (in thousands, except per ounce) ​ ​ ​ Production costs applicable to sales ​ $ 60,929 ​ $ 45,800 ​ $ 215,065 ​ $ 177,234 ​ $ 182,195 Site exploration expenses ​ 303 ​ ​ 1,831 ​ ​ 5,229 ​ ​ 9,167 ​ ​ 8,946 Capitalized underground mine development (sustaining) ​ 8,079 ​ ​ 10,379 ​ ​ 29,504 ​ ​ 38,318 ​ ​ 37,959 Less: Depreciation ​ ​ (696) ​ ​ (768) ​ ​ (2,732) ​ ​ (2,930) ​ ​ (1,990) Capital expenditures (sustaining) ​ 7,316 ​ ​ 2,106 ​ ​ 16,990 ​ ​ 9,224 ​ ​ 11,636 All ‑ in sustaining costs ​ $ 75,931 ​ $ 59,348 ​ $ 264,056 ​ $ 231,013 ​ $ 238,746 Ounces sold (GEO) ​ ​ 37.3 ​ ​ 39.7 ​ ​ 123.5 ​ ​ 127.3 ​ ​ 139.5 Cash cost per ounce sold ($/GEO) ​ $ 1,635 ​ $ 1,155 ​ $ 1,742 ​ $ 1,393 ​ ​ 1,306 AISC per ounce sold ($/GEO) ​ $ 2,038 ​ $ 1,497 ​ $ 2,139 ​ $ 1,815 ​ ​ 1,711 ​ ​ 79 Table of Contents Adjusted EBITDA and adjusted EBITDA per share Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP financial measure and does not have any standardized meaning.
Costs are allocated to precious metal inventories based on costs of the respective in-process inventories incurred prior to the refining process plus applicable refining costs. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process include estimated recovery rates based on laboratory testing and assaying.
Costs are allocated to precious metal inventories based on the costs of the respective in-process inventories incurred prior to the refining process plus applicable refining costs. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process include estimated recovery rates based on laboratory testing and assaying.
The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Proven and Probable Reserves: Critical estimates are inherent in the process of determining the Company’s reserves.
The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until the leaching operations cease. Proven and Probable Reserves: Critical estimates are inherent in the process of determining the Company’s reserves.
The Company records a valuation allowance against any portion of those deferred income and mining tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all the deferred income and mining tax asset will not be realized.
The Company records a valuation allowance against any portion of those deferred income and mining tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all the deferred income and mining tax assets will not be realized.
We believe that significant areas requiring the use of management estimates and assumptions relate to environmental reclamation and closure obligations; asset useful lives utilized for depletion, depreciation, amortization and accretion calculations; the fair value of equity investments and asset groups used in impairment testing; recoverable gold in leach pad inventory; current and long-term inventory and mine development capitalization costs; the collectability of value added taxes receivable; fair values of assets and liabilities acquired in business combinations; reserves; valuation allowances for deferred tax assets; income and mining tax provisions and reserves for contingencies and litigation.
We believe that significant areas requiring the use of management estimates and assumptions relate to environmental reclamation and closure obligations; asset useful lives utilized for depletion, depreciation, amortization and accretion calculations; the fair value of equity investments and asset groups used in impairment testing; recoverable gold in leach pad inventory; current and long-term inventory and mine development capitalization costs; the collectability of sales taxes receivable; fair values of assets and liabilities acquired in business combinations; reserves; valuation allowances for deferred tax assets; income and mining tax provisions and reserves for contingencies and litigation.
There are other items within our financial statements that require estimation but are not deemed to be critical. However, changes in estimates used in these and other items could have a material impact on our financial statements.
There are other items within our financial statements that require estimation but are not deemed to be critical. However, changes in the estimates used in these and other items could have a material impact on our financial statements.
We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items.
We do not control the interest in our operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items.
We completed our annual dam safety inspection at the Fox Complex in late 2023, with no significant findings noted. McEwen Mining conducts its operations with the utmost regard for the environment, focusing on conservation and sustainable development practices.
We completed our annual dam safety inspection at the Fox Complex in late 2024, with no significant findings noted. ​ McEwen Mining conducts its operations with the utmost regard for the environment, focusing on conservation and sustainable development practices.
Some of these limitations include: ● The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and ● Other companies in our industry may calculate their cash gross profit, cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce, and average realized price per ounce differently than we do, limiting the usefulness as a comparative measure.
Some of these limitations include: ● The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and ● Other companies in our industry may calculate their cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce, adjusted EBITDA, adjusted EBITDA per share and average realized price per ounce differently than we do, limiting the usefulness as a comparative measure.
Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 76 for additional information.
Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 77 for additional information.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 14, 2023. Regarding properties and projects that are not in production, we provide some details of our plan of operation.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2024. Regarding properties and projects that are not in production, we provide some details of our plan of operation.
Therefore, actual results and future events could differ materially from those anticipated in such statements and information. ​ ​ ​ ​ ​ 83 Table of Contents Included among the forward-looking statements and information that we may provide is production guidance. From time to time the Company provides guidance on operations, based on stand-alone budgets for each operating mine.
Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Included among the forward-looking statements and information that we may provide is production guidance. From time to time the Company provides guidance on operations, based on stand-alone budgets for each operating mine.
For a reconciliation of these non-GAAP measures to the amounts included in our Consolidated Statements of Operations for the years ended December 31, 2023, and 2022 and to our Balance Sheets as of December 31, 2023, and 2022, and certain limitations inherent in such measures, please see the discussion under “Non-GAAP Financial Performance Measures”, beginning on page 76.
For a reconciliation of these non-GAAP measures to the amounts included in our Consolidated Statements of Operations for the years ended December 31, 2024, and 2023 and to our Balance Sheets as of December 31, 2024, and 2023, and certain limitations inherent in such measures, please see the discussion under “Non-GAAP Financial Performance Measures”,beginning on page 77.
In developing the mine production portion of the budget, we evaluate several factors and assumptions, which include, but are not limited to: ● gold and silver price forecasts. ● average gold and silver grade mined, using a resource model. ● average grade processed by the crushing facility (Gold Bar) or milling facility (San José mine and Fox Complex). ● expected tonnes moved and strip ratios. ● available stockpile material (grades, tonnes, and accessibility). ● estimates of in process inventory (either on the leach pad or plant for the El Gallo mine and Gold Bar, or in the mill facility for the San José mine and the Black Fox mine). ● estimated leach recovery rates and leach cycle times (the El Gallo mine and Gold Bar). ● estimated mill recovery rates (San José mine and Fox Complex). ● dilution of material processed. ● internal and contractor equipment and labor availability. ● seasonal weather patterns.
In developing the mine production portion of the budget, we evaluate several factors and assumptions, which include, but are not limited to: ● gold and silver price forecasts. ● average gold and silver grade mined, using a resource model. ● average grade processed by the crushing facility (Gold Bar) or milling facility (San José mine and Fox Complex). ● expected tonnes moved and strip ratios. ● available stockpile material (grades, tonnes, and accessibility). ● estimates of in process inventory (either on the leach pad or plant for the El Gallo mine and Gold Bar, or in the mill facility for the San José mine and the Black Fox mine). ● estimated leach recovery rates and leach cycle times (the El Gallo mine and Gold Bar). ● estimated mill recovery rates (San José mine and Fox Complex). ● dilution of material processed. ● internal and contractor equipment and labor availability. ● seasonal weather patterns. ​ Actual production results are sensitive to variances in any of the key factors and assumptions noted above.
We use adjusted net income to evaluate our operating performance and ability to generate cash flow from our wholly owned operations in production; we disclose this metric as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper operations.
We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our wholly owned operations in production; we disclose this metric as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper exploration operations.
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended on December 31, 2023, and December 31, 2022, are abbreviated as Q4/23 and Q4/22, and the reporting for the years ended December 31, 2023, and 2022 are abbreviated as the full year 2023 and the full year 2022 respectively.
Throughout this Management’s Discussion and Analysis (“MDA”), the reporting periods for the three months ended on December 31, 2024, and December 31, 2023, are abbreviated as Q4/24 and Q4/23 and the reporting for the years ended December 31, 2024, and 2023 are abbreviated as the full year 2024 and the full year 2023 respectively.
All quarterly financial and other interim results are unaudited. In addition, in this report, gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a silver to gold ratio of 84:1 for Q1/23, 83:1 for Q2/23, 82:1 for Q3/23, and 85:1 for Q4/23.
All quarterly financial and other interim results are unaudited. In addition, in this report, gold equivalent ounces (“GEO”) includes gold and silver ounces calculated based on a silver to gold ratio of 89:1 for Q1/24, 81:1 for Q2/24, 85:1 for Q3/24, and 85:1 for Q4/24.
For full year 2024, we expect to produce between 40,000 to 42,000 GEOs at a cash cost per GEO sold between $1,225 and $1,325 per ounce and an AISC per GEO sold between $1,450 and $1,550 per ounce. ​ Mexico Segment ​ The Mexico segment includes the El Gallo mine and the related advanced-stage Fenix Project, both located in Sinaloa state. ​ Advanced-Stage Properties – Fenix Project ​ We announced on December 31, 2020, the results of a feasibility study for the development of our 100%-owned Fenix Project, which includes existing heap leach material at the El Gallo mine and the El Gallo Silver deposit.
For full year 2025, we expect to produce between 30,000 to 35,000 GEOs at a cash cost per GEO sold between $1,600 and $1,800 per ounce and an AISC per GEO sold between $1,700 and $1,900 per ounce ​ Mexico Segment ​ The Mexico segment includes the El Gallo mine and the related advanced-stage Fenix Project, both located in Sinaloa state. ​ Advanced-Stage Properties – Fenix Project ​ On December 31, 2020, we announced the results of a feasibility study for the development of our 100%-owned Fenix Project, which includes existing heap leach material at the El Gallo mine and the El Gallo Silver deposit.
Further, the information contained in this document or incorporated herein by reference is a statement of our present intention and is based on present facts and assumptions, and may change at any time and without notice, based on changes in such facts or assumptions. Readers should not place undue reliance on forward-looking statements.
Further, the information contained in this document or incorporated herein by reference is a statement of our present intention and is based on present facts and assumptions, and may change at any time and without notice, based on changes in such facts or assumptions.
The Company’s reserves are affected largely by our assessment of future metals prices, as well as by engineering and geological estimates of ore grade, accessibility and production cost. The Company’s assessment of reserves occurs at least annually, and periodically utilizes external audits.
The Company’s reserves are affected largely by our assessment of future metals prices, as well as by engineering and geological estimates of ore grade, accessibility and production cost.
See “Non-GAAP Financial Performance Measures” beginning on page 76. ​ ​ 61 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2023 2022 2023 2022 2021 ​ ​ (in thousands, except per ounce) GEOs produced (1) ​ ​ 49.9 ​ ​ 37.3 ​ ​ 154.6 ​ ​ 133.3 ​ ​ 154.4 100% owned operations ​ ​ 30.7 ​ ​ 17.9 ​ ​ 88.9 ​ ​ 64.2 ​ ​ 77.6 San José mine (49% attributable) ​ ​ 19.2 ​ ​ 19.4 ​ ​ 65.7 ​ ​ 69.1 ​ ​ 76.8 GEOs sold (1) ​ ​ 50.0 ​ ​ 36.7 ​ ​ 151.1 ​ ​ 132.2 ​ ​ 153.4 100% owned operations ​ ​ 30.6 ​ ​ 17.4 ​ ​ 88.7 ​ ​ 63.8 ​ ​ 77.3 San José mine (49% attributable) ​ ​ 19.4 ​ ​ 19.3 ​ ​ 62.4 ​ ​ 68.4 ​ ​ 76.1 Average realized price ($/GEO) (2)(3) ​ $ 1,956 ​ $ 1,674 ​ $ 1,927 ​ $ 1,788 ​ $ 1,803 P.M.
See “Non-GAAP Financial Performance Measures” beginning on page 77. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2024 2023 2024 2023 ​ 2022 ​ ​ (in thousands, except per ounce) ​ ​ ​ GEOs produced (1) ​ ​ 32.4 ​ ​ 49.9 ​ ​ 135.9 ​ ​ 154.6 ​ ​ 133.3 100% owned operations ​ ​ 13.6 ​ ​ 30.7 ​ ​ 75.8 ​ ​ 88.9 ​ ​ 64.2 San José mine (49% attributable) ​ ​ 18.8 ​ ​ 19.2 ​ ​ 60.1 ​ ​ 65.7 ​ ​ 69.1 GEOs sold (1) ​ ​ 31.5 ​ ​ 50.0 ​ ​ 135.4 ​ ​ 151.1 ​ ​ 132.2 100% owned operations ​ ​ 13.2 ​ ​ 30.6 ​ ​ 74.9 ​ ​ 88.7 ​ ​ 63.8 San José mine (49% attributable) ​ ​ 18.3 ​ ​ 19.4 ​ ​ 60.5 ​ ​ 62.4 ​ ​ 68.4 Average realized price ($/GEO) (2)(3) ​ $ 2,648 ​ $ 1,956 ​ $ 2,390 ​ $ 1,927 $ ​ 1,788 P.M.
We prepare this measure to evaluate our performance against market (London P.M. Fix). Average realized price is calculated as gross sales of gold and silver, less streaming revenue, divided by the number of net ounces sold in the period, less ounces sold under the streaming agreement. The following table reconciles this non-GAAP measure to the most directly comparable U.S.
We prepare this measure to evaluate our performance against market (London P.M. Fix). The average realized price for our 100% owned properties is calculated as gross sales of gold and silver, less streaming revenue, divided by the number of net ounces sold in the period, less ounces sold under the streaming agreement.
We own a 47.7% interest in McEwen Copper, which owns a 100% interest in the Los Azules copper project in San Juan, Argentina, and a 100% interest in the Elder Creek copper exploration project in Nevada, USA.
As of December 31, 2024, we own a 46.4% interest in McEwen Copper, which owns a 100% interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek exploration project in Nevada, USA.
This decrease was primarily driven by lower average gold and silver head grades year over year. CONSOLIDATED OPERATIONS REVIEW Revenue from gold and silver sales: For the year ended December 31, 2023, revenue from 100% owned operations increased to $166.2 million, compared with $110.4 million in 2022.
This decrease was primarily driven by lower average gold and silver head grades year over year. ​ CONSOLIDATED OPERATIONS REVIEW Revenue from gold and silver sales: For the year ended December 31, 2024, revenue from our 100%-owned operations increased to $174.5 million, up from $166.2 million in 2023, reflecting an increase of 5%.
RISK FACTORS IMPACTING FORWARD-LOOKING STATEMENTS The important factors that could prevent us from achieving our stated goals and objectives include, but are not limited to, those set forth in the “Risk Factors” section in this report and the following: ● our ability to raise funds required for the execution of our business strategy; ● our ability to secure permits or other regulatory and government approvals needed to operate, develop or explore our mineral properties and projects; ● our ability to maintain an on-going listing of our common stock on the New York Stock Exchange or another national securities exchange in the U.S, the Toronto Stock Exchange, or another public exchange in Canada; ● our ability to remediate the material weakness and return to effective our internal control over financial reporting and disclosure controls and procedures in a timely manner; 84 Table of Contents ● decisions of foreign countries, banks and courts within those countries; ● national and international geopolitical events and conflicts, and unexpected changes in business, economic, and political conditions; ● operating results of MSC and McEwen Copper; ● fluctuations in interest rates, inflation rates, currency exchange rates, or commodity prices; ● timing and amount of mine production; ● our ability to retain and attract key personnel; ● technological changes in the mining industry; ● changes in operating, exploration or overhead costs; ● access and availability of materials, equipment, supplies, labor and supervision, power and water; ● results of current and future exploration activities; ● results of pending and future feasibility studies or the expansion or commencement of mining operations without feasibility studies having been completed; ● changes in our business strategy; ● interpretation of drill hole results and the geology, grade and continuity of mineralization; ● the uncertainty of reserve estimates and timing of development expenditures; ● litigation or regulatory investigations and procedures affecting us; ● changes in federal, state, provincial and local laws and regulations; ● local and community impacts and issues including criminal activity and violent crimes; ● accidents, public health issues, and labor disputes; ● uncertainty relating to title to mineral properties; ● changes in relationships with the local communities in the areas in which we operate; ● changes in environmental laws and requirements in the jurisdictions in which we operate; and ● decisions by third parties over which we have no control.
Our ability to secure permits or other regulatory and government approvals needed to operate, develop or explore our mineral properties and projects. ● our ability to maintain an ongoing listing of our common stock on the New York Stock Exchange or another national securities exchange in the United States. ● decisions of foreign countries, banks, and courts within those countries . ● national and international geopolitical events and conflicts, and unexpected changes in business, economic, and political conditions . ● operating results of MSC and McEwen Copper. ● fluctuations in interest rates, inflation rates, currency exchange rates, or commodity prices. ● timing and amount of mine production. ● our ability to retain and attract key personnel. ● technological changes in the mining industry. ● changes in operating, exploration or overhead costs. ● access and availability of materials, equipment, supplies, labor and supervision, power and water. ● results of current and future exploration activities. ● results of pending and future feasibility studies or the expansion or commencement of mining operations without feasibility studies having been completed. ● changes in our business strategy. ● interpretation of drill hole results and the geology, grade and continuity of mineralization. ● the uncertainty of reserve estimates and timing of development expenditures. ● litigation or regulatory investigations and procedures affecting us. ● changes in federal, state, provincial and local laws and regulations. ● local, indigenous and community impacts and issues including criminal activity and violent crimes. ● accidents, public health issues, and labor disputes. ● uncertainty relating to title to mineral properties. ● changes in relationships with the local communities in the areas in which we operate; and ● decisions by third parties over which we have no control.
Beginning in Q2/19, we adopted a variable silver to gold ratio for reporting that approximates the average price during each fiscal quarter. 57 Table of Contents Index to Management’s Discussion and Analysis: ​ ​ I ​ Page 2023 and Q4/23 Operating and Financial Highlights 59 Selected Consolidated Financial and Operating Results 59 Consolidated Performance 62 Consolidated Operations Review 63 Liquidity and Capital Resources 64 Environmental, Social, and Governance 64 Operations Review 66 U.S.A Segment 66 Gold Bar mine operating results 66 Exploration Activities - Nevada 67 2024 Production and Cost Outlook 68 Canada Segment 68 Fox Complex operating results 68 Exploration Activities – Fox Complex 69 2024 Production and Cost Outlook 70 Mexico Segment 70 Advanced-Stage Properties - Fenix Project 70 MSC Segment, Argentina 71 MSC operating results 71 2024 Production and Cost Outlook 71 McEwen Copper Inc 72 Los Azules Project 73 Commitments and Contingencies 75 Non-GAAP Financial Performance Measures 76 Critical Accounting Estimates and Accounting Developments 81 Forward-Looking Statements 83 Risk Factors Impacting Forward-Looking Statements 84 ​ ​ 58 Table of Contents 2023 AND Q4/23 OPERATING AND FINANCIAL HIGHLIGHTS Highlights for the year and quarter ended December 31, 2023, are summarized below and discussed further under “Consolidated Performance”: Corporate Developments ● On February 23, 2023, we closed an ARS $30 billion investment by FCA Argentina S.A., a subsidiary of Stellantis N.V.
Beginning in Q2/19, we adopted a variable silver to gold ratio for reporting that approximates the average price during each fiscal quarter. 60 Table of Contents Index to Management’s Discussion and Analysis: ​ ​ I ​ Page 2024 and Q4/24 Operating and Financial Highlights 62 Selected Consolidated Financial and Operating Results 65 Consolidated Performance 66 Consolidated Operations Review 66 Liquidity and Capital Resources 67 Environmental, Social, and Governance 68 Operations Review 69 United States Segment 69 Gold Bar mine operating results 69 Exploration Activities - Nevada 70 Timberline Acquisition 70 2025 Production and Cost Outlook 70 Canada Segment 71 Fox Complex operating results 71 Exploration Activities – Fox Complex 72 2025 Production and Cost Outlook 72 Mexico Segment 72 Advanced-Stage Properties - Fenix Project 72 MSC Segment, Argentina 73 MSC operating results 73 2025 Production and Cost Outlook 74 McEwen Copper Inc . 74 Los Azules Project 74 Commitments and Contingencies 76 Non-GAAP Financial Performance Measures 77 Critical Accounting Estimates and Accounting Developments 81 Forward-Looking Statements 83 Risk Factors Impacting Forward-Looking Statements 85 ​ ​ 61 Table of Contents 2024 AND Q4/24 OPERATING AND FINANCIAL HIGHLIGHTS Highlights for the year and quarter ended December 31, 2024, are summarized below and discussed further under “Consolidated Performance”: Corporate Developments ● On June 14, 2024, the Company completed a flow-through share issuance for gross proceeds of $21.9 million.
Canada Segmen t The Canada segment is comprised of our Fox Complex property, which includes the Froome underground mine; the Grey Fox and Stock West advanced-stage projects; the Stock mill; a number of exploration properties located near the city of Timmins, Ontario, Canada; and the Black Fox mine, currently on care and maintenance. ​ Fox Complex ​ The following table sets out operating results for the Fox Complex mines for the three months ended December 31, 2023, and 2022, and the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2023 2022 2023 2022 2021 Operating Results ​ ​ (in thousands, unless otherwise indicated) ​ ​ ​ Mined mineralized material (t) ​ 96 ​ 95 ​ 391 ​ 419 ​ 307 Average grade (g/t Au) ​ 3.08 ​ 3.33 ​ 3.40 ​ 3.49 ​ 3.38 Processed mineralized material (t) ​ 120 ​ 88 ​ 457 ​ 345 ​ 303 Average grade (g/t Au) ​ 2.84 ​ 3.74 ​ 3.31 ​ 3.77 ​ 3.24 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 10.2 ​ 7.8 ​ 44.4 ​ 26.8 ​ ​ Sold, excluding stream ​ ​ 9.8 ​ ​ 7.2 ​ ​ 41.3 ​ ​ 24.5 ​ ​ ​ Sold, stream ​ 0.8 ​ 0.7 ​ 3.5 ​ 2.2 ​ ​ Sold, including stream ​ ​ 10.6 ​ ​ 7.9 ​ ​ 44.8 ​ ​ 26.7 ​ ​ ​ Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 1.4 ​ 0.5 ​ 5.6 ​ 2.6 ​ ​ Sold ​ 0.9 ​ 3.0 ​ 5.6 ​ 3.0 ​ ​ GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 10.2 ​ 9.9 ​ 44.4 ​ 36.7 ​ ​ 30.0 Sold, excluding stream ​ ​ 10.3 ​ ​ 7.2 ​ ​ 41.3 ​ ​ ​ ​ ​ ​ Sold ​ ​ 10.6 ​ ​ 9.4 ​ ​ 44.9 ​ ​ 36.7 ​ ​ 29.7 Revenue from gold and silver sales ​ $ 19,448 ​ $ 14,648 ​ $ 81,295 ​ $ 60,848 ​ $ 50,704 Cash costs (1) ​ $ 13,298 ​ $ 10,742 ​ $ 51,895 ​ $ 36,845 ​ $ 32,961 Cash cost per ounce ($/GEO sold) (1) ​ $ 1,253 ​ $ 1,137 ​ $ 1,157 ​ $ 1,020 ​ $ 1,108 All‑in sustaining costs (1) ​ $ 15,570 ​ $ 15,169 ​ $ 60,617 ​ $ 52,912 ​ $ 43,457 AISC per ounce ($/GEO sold) (1) ​ $ 1,467 ​ $ 1,606 ​ $ 1,351 ​ $ 1,465 ​ $ 1,461 Gold : Silver ratio ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ 84 : 1 ​ 72 : 1 (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
For full year 2025, we expect to produce between 40,000 to 45,000 GEOs at a cash cost per GEO sold between $1,500 and $1,700 per ounce and an AISC per GEO sold between $1,700 and $1,900 per ounce. ​ 70 Table of Contents Canada Segmen t ​ The Canada segment is comprised of our Fox Complex property, which includes the Froome and Black Fox underground mines; the Grey Fox and Stock advanced-stage projects; the Stock mill; and a number of exploration properties located near the city of Timmins, Ontario, Canada. ​ Fox Complex ​ The following table sets out operating results for the Fox Complex mines for the three months ended December 31, 2024, and 2023, and the years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2024 2023 2024 2023 2022 Operating Results ​ (in thousands, unless otherwise indicated) ​ ​ ​ Mined mineralized material (t) ​ 68 ​ 96 ​ 309 ​ 391 ​ 419 Average grade (g/t Au) ​ 3.05 ​ 3.08 ​ 2.90 ​ 3.40 ​ 3.49 Processed mineralized material (t) ​ 88 ​ 120 ​ 404 ​ 457 ​ 345 Average grade (g/t Au) ​ 2.52 ​ 2.84 ​ 2.54 ​ 3.31 ​ 3.77 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 6.5 ​ 10.2 ​ 30.1 ​ 44.4 ​ 26.8 Sold, excluding stream ​ ​ 5.9 ​ ​ 9.8 ​ ​ 27.7 ​ ​ 41.3 ​ ​ 24.5 Sold, stream ​ 0.7 ​ 0.8 ​ 2.6 ​ 3.5 ​ 2.2 Sold, including stream ​ ​ 6.6 ​ ​ 10.6 ​ ​ 30.3 ​ ​ 44.8 ​ ​ 26.7 Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 0.8 ​ 1.4 ​ 4.2 ​ 5.6 ​ 2.6 Sold ​ — ​ 0.9 ​ 4.3 ​ 5.6 ​ 3.0 GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 6.5 ​ 10.2 ​ 30.2 ​ 44.4 ​ ​ 36.7 Sold, excluding stream ​ ​ 5.9 ​ ​ 10.3 ​ ​ 27.7 ​ ​ 41.3 ​ ​ — Sold ​ ​ 6.6 ​ ​ 10.6 ​ ​ 30.3 ​ ​ 44.9 ​ ​ 36.7 Revenue from gold and silver sales ​ $ 16,269 ​ $ 19,448 ​ $ 67,808 ​ $ 81,295 ​ $ 60,848 Cash costs (1) ​ $ 12,423 ​ $ 13,298 ​ $ 49,766 ​ $ 51,895 ​ $ 36,845 Cash costs per ounce ($/GEO sold) (1) ​ $ 1,874 ​ $ 1,253 ​ $ 1,642 ​ $ 1,157 ​ $ 1,020 All‑in sustaining costs (1) ​ $ 14,852 ​ $ 15,570 ​ $ 59,994 ​ $ 60,617 ​ $ 52,912 AISC per ounce ($/GEO sold) (1) ​ $ 2,240 ​ $ 1,467 ​ $ 1,980 ​ $ 1,351 ​ $ 1,465 Gold : Silver ratio ​ 85 : 1 ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ 84 : 1 ​ (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
The comparative analysis below compares the operating and financial results of MSC on a 100% basis. 2023 compared to 2022 On a 100% basis, the San José mine produced 39,093 and 134,027 GEOs in Q4/23 and full year 2023, respectively, compared to 39,600 and 141,100 GEOs produced in Q4/22 and full year 2022, respectively.
The comparative analysis below compares the operating and financial results of MSC on a 100% basis. 2024 compared to 2023 On a 100% basis, the San José mine produced 122,653 GEOs for full year 2024, compared to 134,027 GEOs for full year 2023. In Q4/24, production was 38,389 GEOs, compared to 39,093 GEOs in Q4/23.
Key environmental permits for Phase 1 were received in 2019, including the approval for an in-pit tailings storage facility and process plant construction. The processing plant is expected to employ proven and conventional mineral processing and precious metal recovery technologies. Phase 1 is projected to have a processing rate of 3,400 tons per day.
Key environmental permits for Phase 1 were received in 2019, including the approval for an in-pit tailings storage facility and process plant construction. We are currently awaiting the renewal of key mining permits prior to a construction decision. The processing plant is expected to employ proven and conventional mineral processing and precious metal recovery technologies.
This loss represents our proportion of McEwen Copper’s net loss, which is driven primarily by exploration expenditure. Income from investment in MSC : For full year 2023, we recorded an income of $0.1 million from our investments in MSC, compared with $2.8 million income recorded in full year 2022.
Loss from investment in McEwen Copper: For full year 2024, we recorded a loss of $47.0 million from our investments in McEwen Copper, compared with $57.8 million recorded in full year 2023. This loss represents our proportion of McEwen Copper ’ s net loss, which is driven primarily by exploration expenditure.
Ounces of gold and silver sold for the San José mine are provided to us by MSC. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2023 2022 2023 2022 2021 Average realized price - 100% owned ​ (in thousands, except per ounce) Revenue from gold and silver sales ​ $ 58,680 ​ $ 28,240 ​ $ 166,231 ​ $ 110,417 ​ $ 136,541 Less: revenue from gold sales, stream ​ ​ 474 ​ ​ 512 ​ ​ 2,042 ​ ​ 1,748 ​ ​ 1,309 Revenue from gold and silver sales, excluding stream ​ $ 58,206 ​ $ 27,728 ​ $ 164,189 ​ $ 108,669 ​ $ 135,232 GEOs sold ​ ​ 30.6 ​ ​ 17.4 ​ ​ 88.7 ​ ​ 63.8 ​ ​ 77.3 Less: gold ounces sold, stream ​ ​ 0.8 ​ ​ 0.9 ​ ​ 3.5 ​ ​ 3.0 ​ ​ 2.3 GEOs sold, excluding stream ​ ​ 29.8 ​ ​ 16.5 ​ ​ 85.2 ​ ​ 60.8 ​ ​ 75.0 Average realized price per GEO sold, excluding stream ​ $ 1,956 ​ $ 1,674 ​ $ 1,927 ​ $ 1,788 ​ $ 1,803 80 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2023 2022 2023 2022 2021 Average realized price - San José mine (100% basis) ​ (in thousands, except per ounce) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold sales ​ $ 45,415 ​ $ 44,648 ​ $ 148,971 ​ $ 140,948 ​ $ 144,024 Silver sales ​ ​ 31,564 ​ 33,242 ​ ​ 93,490 ​ 113,750 ​ ​ 127,839 Gold and silver sales ​ $ 76,979 ​ $ 77,890 ​ $ 242,461 ​ $ 254,698 ​ $ 271,863 Gold ounces sold ​ 23.4 ​ 22.5 ​ ​ 75.1 ​ 77.2 ​ 81.8 Silver ounces sold ​ 1,384 ​ 1,435 ​ ​ 4,363 ​ 5,303 ​ 5,229 GEOs sold ​ 39.7 ​ 39.3 ​ ​ 127.3 ​ 139.5 ​ 155.3 Average realized price per gold ounce sold ​ $ 1,941 ​ $ 1,988 ​ $ 1,985 ​ $ 1,826 ​ $ 1,760 Average realized price per silver ounce sold ​ $ 22.81 ​ $ 23.20 ​ $ 21.43 ​ $ 21.50 ​ $ 24.45 Average realized price per GEO sold ​ $ 1,941 ​ $ 1,980 ​ $ 1,905 ​ $ 1,826 ​ $ 1,750 ​ CRITICAL ACCOUNTING ESTIMATES AND ACCOUNTING DEVELOPMENTS Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidated financial statements, which have been prepared in conformity with US GAAP.
Ounces of gold and silver sold for the San José mine are provided to us by MSC. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2024 2023 2024 2023 2022 Average realized price - 100% owned ​ ​ (in thousands, except per ounce) ​ ​ ​ Revenue from gold and silver sales ​ $ 33,523 ​ $ 58,680 ​ $ 174,477 ​ $ 166,231 ​ $ 110,417 Less: revenue from gold sales, stream ​ ​ 421 ​ ​ 474 ​ ​ 1,528 ​ ​ 2,042 ​ ​ 1,748 Revenue from gold and silver sales, excluding stream ​ $ 33,102 ​ $ 58,206 ​ $ 172,949 ​ $ 164,189 ​ $ 108,669 GEOs sold ​ ​ 13.2 ​ ​ 30.6 ​ ​ 74.9 ​ ​ 88.7 ​ ​ 63.8 Less: gold ounces sold, stream ​ ​ 0.7 ​ ​ 0.8 ​ ​ 2.6 ​ ​ 3.5 ​ ​ 3.0 GEOs sold, excluding stream ​ ​ 12.5 ​ ​ 29.8 ​ ​ 72.4 ​ ​ 85.2 ​ ​ 60.8 Average realized price per GEO sold, excluding stream ​ $ 2,648 ​ $ 1,956 ​ $ 2,390 ​ $ 1,927 ​ $ 1,788 ​ 80 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2024 2023 2024 2023 2022 Average realized price - San José mine (100% basis) ​ (in thousands, except per ounce) Gold sales ​ $ 61,587 ​ $ 45,415 ​ $ 187,009 ​ $ 148,971 ​ $ 140,948 Silver sales ​ ​ 38,189 ​ 31,564 ​ ​ 123,402 ​ 93,490 ​ ​ 113,750 Gold and silver sales ​ $ 99,776 ​ $ 76,979 ​ $ 310,411 ​ $ 242,461 ​ $ 254,698 Gold ounces sold ​ 23.0 ​ 23.4 ​ ​ 74.3 ​ 75.1 ​ 77.2 Silver ounces sold ​ 1,213 ​ 1,384 ​ ​ 4,170 ​ 4,363 ​ 5,303 GEOs sold ​ 37.3 ​ 39.7 ​ ​ 123.5 ​ 127.3 ​ 139.5 Average realized price per gold ounce sold ​ $ 2,675 ​ $ 1,941 ​ $ 2,516 ​ $ 1,985 ​ $ 1,826 Average realized price per silver ounce sold ​ $ 31.49 ​ $ 22.81 ​ $ 29.59 ​ $ 21.43 ​ $ 21.45 Average realized price per GEO sold ​ $ 2,678 ​ $ 1,941 ​ $ 2,514 ​ $ 1,905 ​ $ 1,826 ​ CRITICAL ACCOUNTING ESTIMATES AND ACCOUNTING DEVELOPMENTS Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidated financial statements, which have been prepared in conformity with US GAAP.
Tailings generated during operations will be stored in the depleted Samaniego pit at the El Gallo site. This approach provides increased safety by avoiding the construction of embankment structures, focusing solely on the geochemical stability of the dam, rather than its physical stability.
Phase 1 is projected to have a processing rate of 3,400 tons per day. Tailings generated during operations are expected to be stored in the depleted Samaniego pit at the El Gallo site. This approach provides increased safety by avoiding the construction of embankment structures, focusing solely on the geochemical stability of the dam, rather than its physical stability.
Gold Bar mine The following table sets out operating results for the Gold Bar mine for the three months ended December 31, 2023, and 2023 and year ended December 31, 2023, compared to 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2023 ​ 2022 2023 2022 2021 Operating Results ​ (in thousands, unless otherwise indicated) ​ ​ ​ Mined mineralized material (t) ​ 699 ​ 87 ​ 2,495 ​ 1,382 ​ 2,227 Average grade (g/t Au) ​ 0.86 ​ 0.49 ​ 0.84 ​ 0.65 ​ 0.63 Processed mineralized material (t) ​ 877 ​ 140 ​ 2,537 ​ 1,336 ​ 2,296 Average grade (g/t Au) ​ 0.69 ​ 0.64 ​ 0.77 ​ 0.67 ​ 0.64 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 19.8 ​ 7.9 ​ 43.7 ​ 26.6 ​ 43.9 Sold ​ 19.2 ​ 8.0 ​ 43.0 ​ 26.8 ​ 43.9 Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 0.2 ​ 0.1 ​ 0.8 ​ 0.7 ​ 1.1 Sold ​ — ​ — ​ 0.7 ​ 0.6 ​ — GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 19.8 ​ 7.9 ​ 43.7 ​ 26.6 ​ 43.9 Sold ​ 19.2 ​ 8.0 ​ 43.0 ​ 26.8 ​ 43.9 Revenue from gold and silver sales ​ $ 37,883 ​ $ 13,592 ​ $ 83,409 ​ $ 47,926 ​ $ 79,205 Cash costs (1) ​ $ 25,889 ​ $ 8,666 ​ $ 67,335 ​ $ 43,500 ​ $ 73,990 Cash cost per ounce ($/GEO sold) (1) ​ $ 1,345 ​ $ 1,083 ​ $ 1,565 ​ $ 1,622 ​ $ 1,687 All‑in sustaining costs (1) ​ $ 28,978 ​ $ 11,156 ​ $ 81,370 ​ $ 53,328 ​ $ 76,870 AISC per ounce ($/GEO sold) (1) ​ $ 1,506 ​ $ 1,395 ​ $ 1,891 ​ $ 1,989 ​ $ 1,753 Gold : Silver ratio ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ 84 : 1 ​ 72 : 1 (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
Gold Bar mine The following table sets out operating results for the Gold Bar mine for the three months ended December 31, 2024, and 2023, and year ended December 31, 2024, compared to 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2024 ​ 2023 2024 2023 2022 Operating Results ​ (in thousands, unless otherwise indicated) ​ ​ ​ Mined mineralized material (t) ​ 251 ​ 699 ​ 1,960 ​ 2,495 ​ 1,382 Average grade (g/t Au) ​ 0.60 ​ 0.86 ​ 0.82 ​ 0.84 ​ 0.65 Stacked mineralized material (t) ​ 401 ​ 877 ​ 2,037 ​ 2,537 ​ 1,336 Average grade (g/t Au) ​ 0.66 ​ 0.69 ​ 0.85 ​ 0.77 ​ 0.67 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 6.9 ​ 19.8 ​ 44.6 ​ 43.7 ​ 26.6 Sold ​ 6.6 ​ 19.2 ​ 44.6 ​ 43.0 ​ 26.8 Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 0.1 ​ 0.2 ​ 0.5 ​ 0.8 ​ 0.7 Sold ​ 0.0 ​ — ​ 0.7 ​ 0.7 ​ 0.6 GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 6.9 ​ 19.8 ​ 44.6 ​ 43.7 ​ 26.6 Sold ​ 6.6 ​ 19.2 ​ 44.6 ​ 43.0 ​ 26.8 Revenue from gold and silver sales ​ $ 16,932 ​ $ 37,883 ​ $ 105,147 ​ $ 83,409 ​ $ 47,926 Cash costs (1) ​ $ 14,032 ​ $ 25,889 ​ $ 63,547 ​ $ 67,335 ​ $ 43,500 Cash costs per ounce ($/GEO sold) (1) ​ $ 2,136 ​ $ 1,345 ​ $ 1,425 ​ $ 1,565 ​ $ 1,622 All‑in sustaining costs (1) ​ $ 18,219 ​ $ 28,978 ​ $ 74,781 ​ $ 81,370 ​ $ 51,674 AISC per ounce ($/GEO sold) (1) ​ $ 2,773 ​ $ 1,506 ​ $ 1,677 ​ $ 1,891 ​ $ 1,927 Gold : Silver ratio ​ 85 : 1 ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ 84 : 1 ​ (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
Lease obligations disclosed above include long term leases covering office space, exploration expenditures, option payments and option payments on properties. ​ 75 Table of Contents NON-GAAP FINANCIAL PERFORMANCE M EASURES We have included in this report certain non-GAAP performance measures as detailed below.
As of December 31, 2024, no additional liability has been recognized for our surety bonds of $44.8 million. Lease obligations disclosed above include long term leases covering office space, exploration expenditures, option payments and option payments on properties. NON-GAAP FINANCIAL PERFORMANCE M EASURES We have included in this report certain non-GAAP performance measures as detailed below.
(2) As used here and elsewhere in this report, this is a non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 76. (3) On sales from 100% owned operations only, excluding streaming arrangement.
(2) As used here and elsewhere in this report, this is a non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 77.
Each of the following is a non-GAAP measure: adjusted net income or loss, adjusted net income or loss per share, cash gross profit, cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), all-in sustaining cost per ounce, and average realized price per ounce.
Each of the following is a non-GAAP measure: cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), all-in sustaining cost per ounce, adjusted earnings before interest, depreciation and amortization (“Adjusted EBITDA”), adjusted EBITDA per share and average realized price per ounce.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items. 78 Table of Contents The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposals, impairment charges and any items that are deducted for the purpose of normalizing items.
This is discussed further in Note 20 to the Consolidated Financial Statements. ​ Income and mining tax recovery (expense) : For the year ended December 31, 2023, the Company recorded $33.9 million in income tax expense, compared to $5.8 million of income tax expense for the full year 2022, primarily due to the deconsolidation of McEwen Copper and subsequent recognition of deferred income tax liability of $37.8 million, that was 63 Table of Contents partially offset by $3.8 million amortization of flow-through share premium.
This is discussed further in Note 9 to the Consolidated Financial Statements. ​ Income and mining tax recovery: For the year ended December 31, 2024, the Company recorded an income tax recovery of $3.0 million, compared to an income tax expense of $33.9 million for the full year 2023, primarily due to the amortization of the flow-through share premium.
Our net income for full year 2023 was driven primarily by $222.2 million accounting gain recognized on the deconsolidation of McEwen Copper. ● We reported an adjusted net loss (2) of $23.0 million, or $0.48 per share for full year 2023 compared with an adjusted net loss (2) of $17.0 million, or $0.36 per share for full year 2022.
Our net income for full year 2023 was driven primarily by a $222.2 million accounting gain recognized on the deconsolidation of McEwen Copper. ● Adjusted EBITDA (2) for full year 2024 was $29.2 million, or $0.57 per share, compared to full year 2023 adjusted EBITDA of $7.7 million, or $0.16 per share.
Our ESG highlights from 2021 to 2023 include: 64 Table of Contents Health and Safety At our 100% owned Fox Complex and Gold Bar operations: ● We reported a total recordable injury frequency rate (“TRIFR”) of 0.2 per 200,000 hours in 2023, a tremendous improvement from our TRIFR rate in 2021 of 3.53 and 2022 of 1.53. ● We continued to maintain a lost time injury frequency rate (“LTIFR”) of 0, consistent with 2021 and 2022.
Our ESG highlights from 2021 to 2024 include: ​ Health and Safety ​ At our 100% owned Fox Complex and Gold Bar operations: ​ ● We reported a total recordable injury frequency rate (“TRIFR”) of 1.30 for Fox Complex and 1.08 for Gold Bar in 2024. ● We continued to maintain a lost time injury frequency rate (“LTIFR”) of 0, consistent with 2022 and 2023. ​ McEwen Mining strives to maintain a safe, healthy working environment for all.
MSC – Operating Results The following table sets out operating results for the San José mine for the three months ended December 31, 2023, and 2022, and for the years ended December 31, 2023, 2022, and 2021 (on a 100% basis): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2023 2022 2023 2022 2021 Operating Results ​ (in thousands, except otherwise indicated) San José Mine—100% basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mined mineralized material (t) ​ 173 ​ 150 ​ 563 ​ 555 ​ 532 Average grade mined (g/t) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 4.69 ​ 5.00 ​ 4.83 ​ 5.00 ​ 5.4 Silver ​ 274 ​ 320 ​ 270 ​ 345 ​ 353 Processed mineralized material (t) ​ 154 ​ 153 ​ 579 ​ 507 ​ 539 Average grade processed (g/t) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 5.5 ​ 5.4 ​ 5.0 ​ 5.6 ​ 5.5 Silver ​ 297 ​ 332 ​ 270 ​ 369 ​ 344 Average recovery (%): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 87.2 ​ 86.3 ​ 86.5 ​ 87.0 ​ 88.1 Silver ​ 88.1 ​ 87.8 ​ 88.0 ​ 88.0 ​ 88.0 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 23.8 ​ 22.8 ​ 81.0 ​ 78.8 ​ 83.6 Sold ​ 23.4 ​ 22.5 ​ 75.1 ​ 77.2 ​ 81.8 Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 1,297 ​ 1,430 ​ 4,422 ​ 5,292 ​ 5,250 Sold ​ 1,384 ​ 1,435 ​ 4,363 ​ 5,303 ​ 5,229 GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 39.1 ​ 39.6 ​ 134.0 ​ 141.1 ​ 156.8 Sold ​ 39.7 ​ 39.3 ​ 127.3 ​ 139.5 ​ 155.3 Revenue from gold and silver sales ​ $ 76,979 ​ $ 77,890 ​ $ 242,461 ​ $ 254,698 ​ $ 271,863 Average realized price: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ($/Au oz) ​ $ 1,941 ​ $ 1,988 ​ $ 1,985 ​ $ 1,826 ​ $ 1,760 Silver ($/Ag oz) ​ $ 22.81 ​ $ 23.16 ​ $ 21.43 ​ $ 21.45 ​ $ 24.45 Cash costs (1) ​ $ 45,800 ​ $ 51,963 ​ $ 177,234 ​ $ 182,195 ​ $ 196,032 Cash cost per ounce sold ($/GEO) (1) ​ $ 1,155 ​ $ 1,321 ​ $ 1,393 ​ $ 1,306 ​ $ 1,262 All‑in sustaining costs (1) ​ $ 59,441 ​ $ 66,939 ​ $ 231,548 ​ $ 239,146 ​ $ 249,018 AISC per ounce sold ($/GEO) (1) ​ $ 1,499 ​ $ 1,701 ​ $ 1,820 ​ $ 1,714 ​ $ 1,603 Gold : Silver ratio ​ ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ 84 : 1 ​ ​ 72 : 1 ​ (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
MSC – Operating Results The following table sets out operating results for the San José mine for the three months ended December 31, 2024, and 2023, and for the years ended December 31, 2024, 2023, and 2022 (on a 100% basis): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ 2024 2023 2024 2023 ​ 2022 Operating Results ​ (in thousands, except otherwise indicated) ​ ​ ​ San José Mine—100% basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stacked mineralized material (t) ​ 174 ​ 173 ​ 641 ​ 563 ​ ​ 555 Average grade mined (g/t) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 4.7 ​ 4.7 ​ 3.9 ​ 4.8 ​ ​ 5.0 Silver ​ 269 ​ 274 ​ 209 ​ 270 ​ ​ 345 Processed mineralized material (t) ​ 160 ​ 154 ​ 581 ​ 579 ​ ​ 507 Average grade processed (g/t) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 5.3 ​ 5.5 ​ 4.5 ​ 5.0 ​ ​ 5.6 Silver ​ 275 ​ 297 ​ 253 ​ 270 ​ ​ 369 Average recovery (%): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 87.3 ​ 87.2 ​ 86.7 ​ 86.5 ​ ​ 87.0 Silver ​ 88.6 ​ 88.1 ​ 87.8 ​ 88.0 ​ ​ 88.0 Gold ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 23.6 ​ 23.8 ​ 73.7 ​ 81.0 ​ ​ 78.8 Sold ​ 23.0 ​ 23.4 ​ 74.3 ​ 75.1 ​ ​ 77.2 Silver ounces: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 1,256 ​ 1,297 ​ 4,150 ​ 4,422 ​ ​ 5,292 Sold ​ 1,213 ​ 1,384 ​ 4,170 ​ 4,363 ​ ​ 5,303 GEOs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ 38.4 ​ 39.1 ​ 122.7 ​ 134.0 ​ ​ 141.1 Sold ​ 37.3 ​ 39.7 ​ 123.5 ​ 127.3 ​ ​ 139.5 Revenue from gold and silver sales ​ $ 99,776 ​ $ 76,979 ​ $ 310,411 ​ $ 242,461 $ ​ 254,698 Average realized price: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ($/Au oz) ​ $ 2,675 ​ $ 1,941 ​ $ 2,516 ​ $ 1,985 $ ​ 1,826 Silver ($/Ag oz) ​ $ 31.49 ​ $ 22.81 ​ $ 29.59 ​ $ 21.43 $ ​ 21.45 Cash costs (1) ​ $ 60,929 ​ $ 45,800 ​ $ 215,065 ​ $ 177,234 $ ​ 182,195 Cash costs per ounce sold ($/GEO) (1) ​ $ 1,635 ​ $ 1,155 ​ $ 1,742 ​ $ 1,393 $ ​ 1,306 All‑in sustaining costs (1) ​ $ 75,931 ​ $ 59,348 ​ $ 264,056 ​ $ 231,013 $ ​ 238,746 AISC per ounce sold ($/GEO) (1) ​ $ 2,038 ​ $ 1,497 ​ $ 2,139 ​ $ 1,815 $ ​ 1,711 Gold : Silver ratio ​ ​ 85 : 1 ​ 85 : 1 ​ 85 : 1 ​ 83 : 1 ​ ​ 84 : 1 ​ (1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items).
We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations. ​ 77 Table of Contents Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items).
Forward-looking statements and information are based upon several estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate.
Many of these statements can be found by looking for words such as “believes”, “expects”, “anticipates”, “estimates” or similar expressions used in this report or incorporated by reference in this report. 83 Table of Contents Forward-looking statements and information are based upon several estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate.
Reserves involve many estimates and are not guarantees that the Company will recover the indicated quantities of metals. Changes in the estimates could result in material adjustments to the Company’s reserves and asset values.
Reserves also play a key role in the valuation of certain assets in the determination of the purchase price allocations for acquisitions. Reserves involve many estimates and there are no guarantees that the Company will recover the indicated quantities of metals. Changes in the estimates could result in material adjustments to the Company’s reserves and asset values.
We are committed to the safe handling of tailings, and we adhere to the Global Industry Standard on Tailings Management, as issued by the International Council on Mining and Metals, the UN Environment Programme and Principles for Responsible Investment.
We are committed to the safe handling of tailings, and we adhere to the Global Industry Standard on Tailings Management, as issued by the International Council on Mining and Metals, as well as the UN Environment Programme and Principles for Responsible Investment. ​ Community Engagement ​ McEwen Mining is engaged and proactive in its efforts to improve the quality of life for the communities around us, our employees, and all our stakeholders.
For full year 2022, cash costs (2) and AISC (2) per GEO sold for the Fox Complex were $1,020 and $1,465, respectively. ● Cash costs (2) and AISC (2) per GEO sold for the Gold Bar mine for full year 2023 were $1,565 and $1,891, respectively, compared to full year 2023 guidance of $1,400 and $1,680, respectively.
For full year 2023, cash costs and AISC per GEO sold for the Gold Bar mine were $1,565 and $1,891, respectively. ● San Jos é unit costs: Cash costs (2) and AISC (2) per GEO sold for MSC for full year 2024 were $1,742 and $2,139, respectively, compared to full year 2024 guidance of $1,300 to $1,500 and $1,500 to $1,700, respectively.
Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 76 for additional information. 66 Table of Contents 2023 compared to 2022 The Gold Bar mine produced 19,797 and 43,678 GEOs in Q4/23 and full year 2023, respectively.
Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 77 for additional information. 2024 compared to 2023 The Fox Complex mine produced 6,514 and 30,151 GEOs in Q4/24 and full year 2024, respectively, compared to 10,215 and 44,439 GEOs produced in Q4/23 and full year 2023, respectively.
This compares to revenue of $110.4 million from the sale of 63,825 GEOs from our 100% owned operations at an average realized price (2) of $1,788 per GEO during full year 2022. ● We reported a gross profit of $17.8 million and cash gross profit (2) of $47.0 million for full year 2023, compared with gross loss of $0.5 million and cash gross profit (2) of $19.2 million for full year 2022.
This compares to revenue of $166.2 million from the sale of 88,699 GEOs at an average realized price (2) of $1,927 per GEO during full year 2023. ● We reported a gross profit of $30.9 million for full year 2024, compared with gross profit of $17.8 million for full year 2023.
See “Non-GAAP Financial Performance Measures” beginning on page 76. ​ SELECTED CONSOLIDATED FINANCIAL AND OPERATING RESULTS ​ The following tables present selected financial and operating results of our company for the three months ended December 31, 2023, and 2022 and for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2023 2022 2023 2022 2021 ​ ​ (in thousands, except per share) Revenue from gold and silver sales (1) ​ $ 58,680 ​ $ 28,240 ​ $ 166,231 ​ $ 110,417 ​ $ 136,541 Production costs applicable to sales (1) ​ $ (39,332) ​ $ (20,321) ​ $ (119,230) ​ $ (91,260) ​ $ (119,223) Gross profit (loss) (1) ​ $ 13,050 ​ $ (288) ​ $ 17,780 ​ $ (544) ​ $ (6,480) Adjusted net income (loss) (2) ​ $ 21,111 ​ $ (8,586) ​ $ (23,047) ​ $ (16,964) ​ $ (43,034) Adjusted net income (loss) per share (2) ​ $ 0.44 ​ $ (0.18) ​ $ (0.48) ​ $ (0.36) ​ $ (0.95) Net income (loss) ​ $ 138,453 ​ $ (37,364) ​ $ 55,299 ​ $ (81,075) ​ $ (56,712) Net income (loss) per share ​ $ 2.89 ​ $ (0.79) ​ $ 1.16 ​ $ (1.71) ​ $ (1.25) Cash gross profit (1) (2) ​ $ 19,493 ​ $ 7,919 ​ $ 47,001 ​ $ 19,157 ​ $ 17,318 Cash from (used) in operating activities ​ $ 16,405 ​ $ (8,057) ​ $ (39,637) ​ $ (56,580) ​ $ (20,063) Cash additions to mineral property interests and plant and equipment ​ $ (7,822) ​ $ (7,047) ​ $ (26,099) ​ $ (24,187) ​ $ (34,888) ​ (1) Excludes revenue from the San José mine, which is accounted for under the equity method.
See “Non-GAAP Financial Performance Measures” beginning on page 77. ​ ​ 64 Table of Contents SE LECTED CONSOLIDATED FINANCIAL AND OPERATING RESULTS ​ The following tables present selected financial and operating results of the company for the three months ended December 31, 2024, and 2023 and for the years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Year ended December 31, ​ ​ 2024 2023 2024 2023 ​ 2022 ​ ​ (in thousands, except per share) ​ ​ ​ Revenue from gold and silver sales (1) ​ $ 33,523 ​ $ 58,680 ​ $ 174,477 ​ $ 166,231 $ ​ 110,417 Production costs applicable to sales (1) ​ $ (26,455) ​ $ (39,332) ​ $ (113,313) ​ $ (119,230) $ ​ (91,260) Gross profit (loss) (1) ​ $ 363 ​ $ 13,050 ​ $ 30,935 ​ $ 17,780 $ ​ (544) Adjusted EBITDA (2) ​ $ 5,196 ​ $ (4,867) ​ $ 29,235 ​ $ 7,669 $ ​ (6,486) Adjusted EBITDA per share (2) ​ $ 0.10 ​ $ (0.10) ​ $ 0.57 ​ $ 0.16 $ ​ (0.14) Net (loss) profit ​ $ (8,232) ​ $ 138,453 ​ $ (43,691) ​ $ 55,299 $ ​ (81,075) Net (loss) profit per share ​ $ (0.16) ​ $ 2.89 ​ $ (0.86) ​ $ 1.16 $ ​ (1.71) Cash from (used in) operating activities ​ $ (1,212) ​ $ 16,405 ​ $ 29,454 ​ $ (39,617) $ ​ (56,580) Additions to mineral property interests and plant and equipment ​ $ (12,749) ​ $ (7,822) ​ $ (43,095) ​ $ (26,099) $ ​ (24,187) ​ (1) Excludes revenue from the San José mine, which is accounted for under the equity method.
These statements may be made expressly in this document or may be incorporated by reference to other documents that we will file with the SEC. Many of these statements can be found by looking for words such as “believes”, “expects”, “anticipates”, “estimates” or similar expressions used in this report or incorporated by reference in this report.
These statements may be made expressly in this document or may be incorporated by reference to other documents that we will file with the SEC.
Reserve estimates are used in determining appropriate rates of units-of-production depreciation, with net book value of many assets depreciated over remaining estimated reserves. Reserves are also a key component in forecasts, with which the Company compares future cash flows to current asset values to ensure that carrying values are reported appropriately.
Reserves are also a key component in forecasts, with which the Company compares future cash flows to current asset values to ensure that carrying values are reported appropriately. The Company’s forecasts are also used in determining the level of valuation allowances on the Company’s deferred tax assets.
(1) At our 49% attributable interest. (2) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
During Q4/24, we commenced exploration activities at newly acquired properties from the Timberline acquisition, incurring $1.2 million in expenses. (1) At our 49% attributable interest. (2) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure.
This will allow us to maximize the utilization of the acquired equipment, with the mills being the first to be mobilized and refurbished, now ready for installation. ​ The decision to proceed with the project remains under review. ​ 70 Table of Contents MSC Segment , Argentina ​ The MSC segment is comprised of a 49% interest in the San José mine, located in Santa Cruz, Argentina.
The decision to proceed with the project remains under review. ​ ​ 72 Table of Contents MSC Segment , Argentina ​ The MSC segment is comprised of a 49% interest in the San José mine, located in Santa Cruz, Argentina.
Actual production results are sensitive to variances in any of the key factors and assumptions noted above. As a result, we frequently evaluate and reconcile actual results to budgeted results to determine if key assumptions and estimates require modification. Any changes will, in turn, influence production guidance.
As a result, we frequently evaluate and reconcile actual results to budgeted results to determine if key assumptions and estimates require modification. Any changes will, in turn, influence production guidance. We caution you not to put undue reliance on these forward-looking statements, which speak only as of the date of this report.
Fix Gold ($/oz) ​ $ 1,971 ​ $ 1,726 ​ $ 1,940 ​ $ 1,800 ​ $ 1,799 Cash cost per ounce ($/GEO sold): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% owned operations ​ $ 1,313 ​ $ 1,112 ​ $ 1,356 ​ $ 1,276 ​ $ 1,453 San José mine (49% attributable) ​ $ 1,155 ​ $ 1,321 ​ $ 1,393 ​ $ 1,306 ​ $ 1,262 AISC per ounce ($/GEO sold): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% owned operations ​ $ 1,492 ​ $ 1,509 ​ $ 1,615 ​ $ 1,688 ​ $ 1,635 San José mine (49% attributable) ​ $ 1,499 ​ $ 1,701 ​ $ 1,820 ​ $ 1,714 ​ $ 1,603 Cash gross profit (2) ​ $ 19,493 ​ $ 7,919 ​ $ 47,001 ​ $ 19,157 ​ $ 17,318 Gold : Silver ratio (1) ​ ​ 85 : 1 ​ ​ 85 : 1 ​ ​ 83 : 1 ​ ​ 84 : 1 ​ ​ 72:1 (1) Silver production is presented as a gold equivalent; the silver to gold ratio used is 83:1 for 2023, 84:1 for 2022, 72:1 for 2021 and 85:1 for Q4/23 and Q4/22.
Fix Gold ($/oz) ​ $ 2,663 ​ $ 1,971 ​ $ 2,386 ​ $ 1,940 $ ​ 1,800 Cash costs per ounce ($/GEO sold) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% owned operations ​ $ 2,004 ​ $ 1,313 ​ $ 1,513 ​ $ 1,356 $ ​ 1,276 San José mine (49% attributable) ​ $ 1,635 ​ $ 1,155 ​ $ 1,742 ​ $ 1,393 $ ​ 1,306 AISC per ounce ($/GEO sold) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% owned operations ​ $ 2,505 ​ $ 1,492 ​ $ 1,799 ​ $ 1,615 $ ​ 1,662 San José mine (49% attributable) ​ $ 2,038 ​ $ 1,497 ​ $ 2,139 ​ $ 1,815 $ ​ 1,711 Gold : Silver ratio (1) ​ ​ 85 : 1 ​ ​ 85 : 1 ​ ​ 85 : 1 ​ ​ 83 : 1 ​ ​ 84 : 1 ​ (1) Silver production is presented as a gold equivalent; the silver to gold ratio used is 85:1 for 2024, 83:1 for 2023, 84:1 for 2022 and 85:1 for Q4/24 and 85:1 for Q4/23.
OPERATIONS REVIEW United States Segment The United States segment is comprised of the Gold Bar mine and our exploration properties in the State of Nevada.
We also achieved a major milestone with the approval of the EIA, demonstrating our commitment to environmental stewardship and community engagement. ​ OPERATIONS REVIEW United States Segment The United States segment is comprised of the Gold Bar mine and our exploration properties in the State of Nevada.
Production costs applicable to sales : For the year ended December 31, 2023, production costs applicable to sales increased to $119.2 million, compared with $91.3 million in 2022. This 31% increase was primarily driven by the increase in GEOs sold.
Production costs applicable to sales: For the year ended December 31, 2024, production costs applicable to sales decreased to $113.3 million, down from $119.2 million in 2023, reflecting a decrease of 5%. This reduction was primarily driven by the lower number of GEOs produced and sold .
The increase in cash costs and AISC per GEO sold primarily resulted from lower sold ounces as a result of lower mined silver grades. ​ Investment in MSC Our 49% attributable share of operations from our investment in MSC in 2023 resulted in a income of $0.1 million, compared to an income of $2.8 million in 2022.
The increase in both cash costs and AISC on a year-over-year basis was primarily due to 18% higher production costs and 11% lower GEOs sold during 2024, as noted above. ​ Investment in MSC Our 49% attributable share of operations from our investment in MSC in 2024 resulted in an income of $9.0 million, compared to an income of $0.1 million in 2023.
For full year 2022, cash costs (2) and AISC (2) per GEO sold for MSC were $1,306 and $1,714, respectively. Exploration and Mineral Resources and Reserves ● We invested a total of $128.7 million in the Los Azules copper project in Argentina in 2023.
For full year 2023, cash costs and AISC per GEO sold for MSC were $1,393 and $1,815, respectively. 63 Table of Contents Exploration and Mineral Resources and Reserves ● During 2024, McEwen Copper invested $114.5 million in Los Azules to advance to the feasibility stage.
With respect to reclamation cost commitments disclosed above, we have surety bonds outstanding to provide bonding for our obligations in the United States and Canada. These surety bonds are available for draw down in the event we do not perform our reclamation obligations. If the bond is drawn, we would be obligated to reimburse the surety.
These surety bonds are available for draw down in the event we do not perform our reclamation obligations. If the bond is drawn, we would be obligated to reimburse the surety. When the specific reclamation requirements are met, the beneficiary of the surety bonds will cancel and/or return the instrument to the issuing entity.
Exploration costs : Exploration costs of $20.2 million in full year 2023 increased by $5.2 million compared to full year 2022. Exploration expenditures of $13.6 million were incurred to advance our Stock West project at the Fox Complex.
Exploration costs: Explorations costs of $16.5 million in full year 2024 decreased by $3.6 million compared to full year 2023 primarily due to lower exploration targets. Exploration expenditures of $8.1 million were incurred to advance our Grey Fox and Stock drill programs at the Fox Complex.
Environment At our 100% owned Fox Complex and Gold Bar operations: ● Zero significant environmental incidents and zero reportable spills in 2021, 2022 and 2023. ● Our rates of water recycling have improved significantly from 2021 to 2023, increasing from 30% at our 100% owned operations in 2021, to over 90% in 2022 and 2023. ● Our Scope 1 greenhouse gas (“GHG”) emissions decreased 11% from an estimated 13,850 tonnes of CO2 in 2021 to 12,350 tonnes CO2 in 2023, despite an increase in processed tonnage of 15% over the same period. ● Our water consumption has decreased 11% from 2021 to 2023, decreasing from 1.8 million m3 to 1.6 million m3. ● During 2023, we revised our Operations, Maintenance and Surveillance manual for tailings handling, in line with our policies.
We conduct regular training and safety audits and foster a culture of safety throughout our organization. ​ Environment ​ At our 100% owned Fox Complex and Gold Bar operations: ​ ● We reported zero significant environmental incidents and zero reportable spills in 2022, 2023 and 2024. ● Our rates of water recycling have improved significantly from 2021 to 2024, increasing from 24% at our 100% owned operations in 2021, to over 90% in 2023 and 2024 for both operations. ● Our water consumption decreased by 38% at the Fox Complex, from 1,423,000 m³ in 2023 to 884,000 m³ in 2024, and by 21% at the Gold Bar Mine, from 206,000 m³ to 163,000 m³ over the same period. ● During 2024, we revised our Operations, Maintenance and Surveillance manual for tailings handling, in line with our policies.
The change is primarily attributable to the derecognition of liabilities from the deconsolidation of McEwen Copper. ​ The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.
The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months. 67 Table of Contents ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ​ McEwen Mining is committed to upholding the highest corporate governance and sustainability standards, adhering to Environmental, Social and Governance (“ESG”) guidelines, as defined by the Global Reporting Initiative (“GRI”) and other organizations.
Future plans may include potentially accessing this satellite body from the planned Stock West ramp. ​ 2024 Production and Cost Outlook We expect to begin the development of underground ramp access to the Stock orebodies during Q1/24, which will become the primary source of feed in 2026 following the completion of mining the Froome deposit.
The survey aims to identify mineralization similar to our Black Fox deposit, both adjacent to and beneath the Grey Fox deposit. 2025 Production and Cost Outlook We expect to continue the development of underground ramp access from the portal to the Stock orebodies during 2025, which will become the primary source of feed in 2026 following the completion of mining the Froome and Black Fox deposits.
Cash cost and AISC per GEO sold were $1,345 and $1,506 in Q4/23, respectively, compared to $1,083 and $1,395 in Q4/22, respectively. The increase in cash costs was driven by higher year-over-year mining costs as a result of lower mining activity in Q4/22 while Gold Bar onboarded our current mining contractor.
In Q4/24, cash cost and AISC per GEO sold were $2,136 and $2,773, respectively, compared to $1,345 and $1,506 in Q4/23. The increase in cash costs and AISC per GEO was primarily driven by lower GEOs sold, as noted above.
For full year 2022, cash costs (2) and AISC (2) per GEO sold for the Gold Bar mine were $1,622 and $1,989, respectively. 60 Table of Contents ● Cash costs (2) and AISC (2) per GEO sold for MSC for full year 2023 were $1,393 and $1,820, respectively, compared to full year 2023 guidance of $1,250 and $1,550, respectively.
Lower production, described above, negatively impacted unit costs. ● Gold Bar unit costs: Cash costs (2) and AISC (2) per GEO sold for the Gold Bar mine for full year 2024 were $1,425 and $1,677, respectively, compared to full year 2024 guidance of $1,450 to $1,550 and $1,650 to $1,750, respectively.
Full production from the Odin area is expected to be reached by the second half of 2024. ​ For full year 2024, we expect to produce between 50,000 to 60,000 attributable GEOs at a cash cost per GEO sold between $1,300 and $1,500 per ounce and an AISC per GEO sold between $1,500 and $1,700 per ounce ​ McEwen Copper Inc.
MSC Dividend Distribution (49%) We received $0.4 million in dividends from MSC for full year 2024 (2023 - $0.3 million). 2025 Production and Cost Outlook For full year 2025, we expect to produce between 50,000 to 60,000 attributable GEOs at a cash cost per GEO sold between $1,600 and $1,800 per ounce and an AISC per GEO sold between $1,900 and $2,100 per ounce. ​ McEwen Copper Inc.
For full year 2023, cash cost and AISC per GEO sold were $1,393 and $1,820 respectively, compared to $1,306 and $1,714 for full year 2022.
For full year 2023, cash costs and AISC per GEO sold for the Fox Complex were $1,157 and $1,351, respectively.
Financial Highlights ● We reported consolidated cash and cash equivalents of $23.0 million and consolidated working capital of $22.7 million as at December 31, 2023 (December 31, 2022 - $39.8 million and negative $2.5 million, respectively). ● Revenue of $166.2 million was reported for full year 2023 from the sale of 88,699 GEOs from our 100% owned operations at an average realized price (2) of $1,927 per GEO.
Financial Highlights ● Revenue of $174.5 million was reported for full year 2024 from the sale of 74,911 GEOs from our 100% owned operations at an average realized price (2) of $2,390 per GEO.
McEwen Mining is engaged and proactive in its efforts to improve the quality of life for the communities around us, our employees, and all our stakeholders. Our initiatives range from local development projects to educational and health programs. We engage closely with local communities to ensure our activities yield sustainable and positive outcomes.
Our initiatives range from local development projects to educational and health programs. We engage closely with local communities to ensure our activities yield sustainable and positive outcomes. ​ McEwen Copper ​ At McEwen Copper, we integrate ESG principles into our business model, focusing on sustainable development and responsible mining.
The most directly comparable measure prepared in accordance with GAAP is gross profit or loss. Cash gross profit or loss is calculated by adding depletion and depreciation to gross profit or loss.
The most directly comparable measure prepared in accordance with GAAP is net loss before income and mining taxes. Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes.
Revenue from gold and silver sales was $83.4 million for full year 2023 compared to $47.9 million for full year 2022, with the increase driven by both higher GEO sales (43,034 GEO in 2023 compared to 26,810 GEO in 2022), and higher realized gold prices ( $1,927 per GEO in 2023 compared with $1,788 per GEO in 2022).
Revenue from gold and silver sales for full year 2024 was $105.1 million, up from $83.4 million in 2023, driven by a 4% increase in GEOs sold and a 20% higher realized gold price.
The increase was primarily due to a higher average realized gold price per ounce ($1,941/oz gold in Q4/23 compared with $1,988/oz gold in Q4/22). Revenue from gold and silver sales was $242.5 million for full year 2023 compared to $254.7 million for full year 2022, primarily due to lower GEOs sold and offset by an increase in realized gold prices.
This increase was primarily driven by 27% and 38%% higher realized gold and silver prices, respectively, partially offset by a 3% decrease in GEOs sold. In Q4/24, revenue from gold and silver sales was $99.8 million, compared to $77.0 million in Q4/23. The increase in Q4/24 was primarily driven by 38% higher average realized prices for both gold and silver.
Revenue from gold and silver sales was $19.4 million in Q4/23 compared to $14.6 million in Q4/22. The increase was primarily due to a higher average realized gold price per ounce ($1,956/oz gold in Q4/23 compared with $1,674/oz gold in Q4/22).
This decrease was primarily driven by a 32% reduction in GEOs sold, partially offset by a 16% increase in the average realized gold price. In Q4/24, revenue from gold and silver sales was $16.3 million, a decrease from $19.4 million in Q4/23.
We sold 49,991 GEOs in Q4/23, including 19,432 attributable GEOs from the San José mine (1) , bringing our total sales in full year 2023 to 151,054 GEOs, including 62,355 attributable GEOs from the San José mine (1) .
Our GEO sales in full year 2023 totaled 151,054 GEOs, including 62,355 GEOs from the San José mine (1) . ​ 62 Table of Contents ● At the Fox Complex, we invested $9.0 million in advancing the development of the Stock project.
Further details are provided in Note 11 to the Consolidated Financial Statements . Working capital as at December 31, 2023 was $22.7 million, and increased by $25.2 million from negative $2.5 million as at December 31, 2022.
Working capital as at December 31, 2024 was negative $6.5 million, a $29.2 million decrease from $22.7 million as at December 31, 2023.
An improved crushing process has resulted in mill throughput approximately 10% above planned levels for the year. Cash cost and AISC per GEO sold were $1,253 and $1,467 in Q4/23, respectively, compared to $1,137 and $1,606 in Q4/22, respectively.
Cash cost and AISC per GEO sold were $1,642 and $1,980 for full year 2024, respectively, compared to $1,157 and $1,351 for full year 2023. In Q4/24, cash cost and AISC per GEO sold were $1,874 and $2,240, respectively, compared to $1,253 and $1,467 in Q4/23.
Including our 49% ownership of San José mine, we reported a total cash gross profit (2) for full year 2023 of $85.1 million compared with $54.7 million for full year 2022. ● Net income for full year 2023 was $55.3 million, or $1.16 per share, compared to net loss of $81.1 million, or $1.71 per share for full year 2022.
Higher revenues described above and a 3% decrease in production costs contributed to the improvement in gross profit. ● Net loss for full year 2024 was $43.7 million, or $0.86 per share, compared to net income of $55.3 million, or $1.16 per share for full year 2023.
The decrease in GEOs produced was due to a 10% and 27% decrease in gold and silver head grades processed, respectively, and slightly offset by a 14% increase in ore tonnes processed. 71 Table of Contents Revenue from gold and silver sales was $77.0 million in Q4/23 compared to $77.9 million in Q4/22.
The year-over-year decrease in production was primarily due to a 10% reduction in gold and a 6% decline in silver head grades processed, partially offset by a 1% increase in ore tonnes processed compared to 2023.
This was primarily due to Argentina’s inflation, combined with an official fixed foreign exchange conversion rate. ​ Cash cost and AISC per GEO sold were $1,155 and $1,499 in Q4/23, respectively, compared to $1,321 and $1,701 in Q4/22, respectively.
In Q4/24, cash cost and AISC per GEO sold were $1,635 and $2,038, respectively, compared to $1,155 and $1,497 in Q4/23.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

17 edited+1 added−3 removed15 unchanged
Biggest changeThe following chart illustrates changes in the value of these currencies compared to the U.S. dollar in the twelve months ended December 31, 2023: ​ ​ 86 Table of Contents The value of cash and cash equivalents denominated in foreign currencies also fluctuates with changes in currency exchange rates.
Biggest changeDuring 2024, the Canadian dollar depreciated by 5.6% against the U.S. dollar, compared to an appreciation of 1.3% in 2023 and a depreciation of 6% in 2022. ​ 86 Table of Contents The following chart illustrates changes in the value of these currencies compared to the U.S. dollar in the twelve months ended December 31, 2024: ​ The value of cash and cash equivalents denominated in foreign currencies also fluctuates with changes in currency exchange rates.
As of December 31, 2023, we do not believe we have any significant credit exposure associated with precious metals and our doré sales agreements . ​ In Mexico, we are exposed to credit loss regarding our VAT taxes receivable if the Mexican tax authorities are unable or unwilling to make payments in accordance with our monthly filings.
As of December 31, 2024, we do not believe we have any significant credit exposure associated with precious metals and our doré sales agreements . ​ In Mexico, we are exposed to credit loss regarding our VAT taxes receivable if the Mexican tax authorities are unable or unwilling to make payments in accordance with our monthly filings.
Changes in the price of gold and silver can also affect the provisionally priced sales that we make under agreements with refiners and other purchasers of our products. As at December 31, 2023, we had no gold or silver sales subject to final pricing.
Changes in the price of gold and silver can also affect the provisionally priced sales that we make under agreements with refiners and other purchasers of our products. As at December 31, 2024, we had no gold or silver sales subject to final pricing.
In our case, the functional currency of all our Argentine subsidiaries has always been our reporting currency, the U.S. dollar. As such, we do not expect the classification of Argentina’s economy as a highly inflationary economy, to change our financial reporting methodology. ​ ​ 88 Table of Contents
In our case, the functional currency of all our Argentine subsidiaries has always been our reporting currency, the U.S. dollar. As such, we do not expect the classification of Argentina’s economy as a highly inflationary economy, to change our financial reporting methodology. ​ ​ 89 Table of Contents
Exposure to variable rates is very limited, (less than 30 days) and as the debt is at fixed rates, we consider our interest rate risk exposure to be insignificant at this time. Inflationary Risk Argentina has experienced a significant amount of inflation over the last ten years and has now been classified as a highly inflationary economy.
Exposure to variable rates is very limited, (less than 30 days) and as the debt is at fixed rates, we consider our interest rate risk exposure to be insignificant at this time. 88 Table of Contents Inflationary Risk Argentina has experienced a significant amount of inflation over the last ten years and has now been classified as a highly inflationary economy.
We do not hedge any of our sales and are therefore subject to all changes in commodity prices. 87 Table of Contents Credit Risk We may be exposed to credit loss through our precious metals and doré sales agreements with Canadian and American financial institutions and refineries, should these customers be unable to make payment in accordance with the terms of the agreements.
We do not hedge any of our sales and are therefore subject to all changes in commodity prices. Credit Risk We may be exposed to credit loss through our precious metals and doré sales agreements with Canadian and American financial institutions and refineries, should these customers be unable to make payment in accordance with the terms of the agreements.
As a result, there is a risk that we may not be able to sell equity securities at an acceptable price to meet future funding requirements. We have invested and may continue to invest in shares of common stock of other entities in the mining sector.
As a result, there is a risk that we may not be able to sell equity securities at an acceptable price to meet future funding requirements. 87 Table of Contents We have invested and may continue to invest in shares of common stock of other entities in the mining sector.
However, at this time we are uncertain when, if ever, our Mexican operations will generate sufficient taxable operating profits to offset this receivable against taxes payable. We continue to face risk on the collection of our VAT receivables, which amount to $0.9 million as at December 31, 2023.
However, at this time we are uncertain when, if ever, our Mexican operations will generate sufficient taxable operating profits to offset this receivable against taxes payable. We continue to face risk on the collection of our VAT receivables, which amount to $0.7 million as at December 31, 2024.
As of December 31, 2023, our VAT receivable balance was MEX$14.9 million, equivalent to approximately $0.9 million, for which a 1% change in the Mexican peso would have resulted in a gain/loss of less than $0.1 million in the Consolidated Statements of Operations and Comprehensive (Loss) Income .
As of December 31, 2024, our VAT receivable balance was MEX$14.8 million, equivalent to approximately $0.7 million, for which a 1% change in the Mexican peso would have resulted in a gain/loss of less than $0.1 million in the Consolidated Statements of Operations and Comprehensive (Loss) Income .
In Nevada and Ontario, Canada we are required to provide security to cover our projected reclamation costs. As at December 31, 2023, we have surety bonds of $42.5 million in place to satisfy bonding requirements for this purpose.
In Nevada and Ontario, Canada we are required to provide security to cover our projected reclamation costs. As at December 31, 2024, we have surety bonds of $44.8 million in place to satisfy bonding requirements for this purpose.
Based on our revenues from gold and silver sales of $166.2 million for the year ended December 31, 2023, with all other variables held constant, a 10% change in the price of gold and silver would have had resulted in an additional income or loss before income and mining taxes of approximately $16.6 million.
Based on our revenues from gold and silver sales of $174.5 million for the year ended December 31, 2024, with all other variables held constant, a 10% change in the price of gold and silver would have had resulted in an additional income or loss before income and mining taxes of approximately $17.5 million.
The bonds have an annual fee of 2.3% of their value and require a deposit of 11% of the amount of the bond.
The bonds have an annual fee of 2.4% of their value and require a deposit of 7.2% of the amount of the bond.
As of December 31, 2023, 95% of our foreign currency holdings was held in Canadian dollars, representing 58% of our total treasury. We held minor positions in Mexican and Argentine Pesos.
As of December 31, 2024, 54% of our foreign currency holdings was held in Canadian dollars, representing 3.3% of our total treasury. We held minor positions in Mexican and Argentine Pesos.
Furthermore, our participation in the joint venture with Hochschild for the 49% interest held at MSC creates additional risks because, among other things, we do not exercise decision-making power over the day-to-day activities at MSC; however, implications from our partner’s decisions may result in us having to provide additional funding to MSC or in a decrease in our percentage of ownership.
Further, our participation in the joint venture with Hochschild for the 49.0% interest held at MSC and our 46.4% ownership in McEwen Copper as of December 31, 2024, each creates additional risks because, among other things, we do not exercise decision-making power over the day-to-day activities at MSC or McEwen Copper; however, implications from our partner’s decisions may result in us having to provide additional funding to MSC or McEwen Copper, or result in a further decrease in our percentage of ownership.
Based on our Canadian cash balance of $13.4 million (C$17.8 million) as at December 31, 2023, a 1% change in the Canadian dollar would result in a gain/loss of $0.1 million in the Consolidated Statements of Operations and Comprehensive (Loss) Income .
Based on our Canadian cash balance of $0.5 million (C$0.7 million) as at December 31, 2024, a 1% fluctuation in the Canadian dollar would result in a gain/loss of less than $0.1 million in the Consolidated Statements of Operations and Comprehensive (Loss) Income .
As noted in the graph below, during 2023 the Argentine peso devalued 73% compared to devaluations of 41% and 18% in 2022 and 2021 respectively. During 2023, the Mexican peso appreciated 14% against the US dollar, compared to an appreciation of 12% in 2022 and a devaluation of 3% in 2021.
During 2024, the Mexican peso depreciated 15% against the US dollar, compared to an appreciation of 14% and 12% in 2023 and 2022, respectively.
Although we transact most of our business in U.S. dollars, some expenses, labor, operating supplies and property and equipment are denominated in Canadian dollars, Mexican pesos or Argentine pesos. Since 2008, the Argentine peso has been steadily devaluing against the U.S. dollar by 10% to 73% on an annual basis.
Although we transact most of our business in U.S. dollars, some expenses, labor, operating supplies and property and equipment are denominated in Canadian dollars, Mexican pesos, and Argentine pesos. In respect of McEwen Copper and MSC, the Argentine peso is used to conduct a significant portion of their business.
Removed
During 2023, the Canadian dollar appreciated by 1.3% against the U.S. dollar, compared to a devaluation of 6% and 0.4% in 2022 and 2021, respectively.
Added
Since 2008, the Argentine peso has been steadily devaluing against the U.S. dollar by 10% to 73% on an annual basis. As noted in the graph below, during 2024 the Argentine peso devalued 37% compared to devaluations of 73% and 41% in 2023 and 2022 respectively.
Removed
McEwen Copper Inc. holds a large portion of its local cash balance in Argentine pesos and is exposed to the effects of the significant, and at times sudden, devaluation of the currency.
Removed
McEwen Copper has purchased $33.9 million in equity securities trading on the Bolsa de Comercio de Buenos Aires exchange as Argentinian depositary receipts, known as CEDEARs, and other short term investment instruments to partially offset the impact of devaluation of the Argentine peso. A severe devaluation could result in material foreign exchange losses as reported in U.S. dollars.

Other MUX 10-K year-over-year comparisons