MUX on NYSE

McEwen Mining

McEwen Mining is a Canadian mining company based in Toronto, incorporated in Colorado.1 Its shares trade on NYSE under the symbol MUX.1

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Last updated Oct 20, 2026.

Overview

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  • TickerMUX on NYSE1
  • Industrymining1
  • HeadquartersToronto1
  • Websitewww.mcewenmining.com
  • Listed onNew York Stock Exchange (MUX), Toronto Stock Exchange1
  • Incorporated inCO4
  • Business addressSuite 2800, 150 King Street West, P.O. Box 24, Toronto4
  • Filer categoryAccelerated filer4
  • Legal formFor-Profit Corporation3
  • LEI5493000FX50GEWAF3U703
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O Capitol Corporate Services, Inc., 80601 Brighton, United States3
  • Registered withBusiness Division of the Secretary of State’s office, 198713784123

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McEwen Inc. (the “Company”) is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas. We were incorporated under the laws of the state of Colorado in 1979 as US Gold Corp. In September 2011, US Gold Corp. acquired Minera Andes Inc., and was renamed McEwen Mining Inc. Effective July 7, 2025, the Company changed its name from McEwen Mining Inc. to McEwen Inc. We own 100% of the Froome mine and Stock mill in Ontario, Canada; 100% of the Gold Bar Mine Complex in Nevada; 100% of El Gallo (previously known as the Fenix Project) in Sinaloa, Mexico; a 46.3% 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. In addition to the above, we hold interests in advanced-st…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.1%Gross margin6
1.3%Operating margin6
-0.6%Net margin7
13.2%Revenue growth, 20256
-0.2%Return on equity6
0.23×Debt to equity6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs86¢$170.1M
  • Income tax14¢$27.5M

Out of $197.6M in revenue.67 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$6.9M

Out of $6.9M of cash from operations.6

Financial statements

Revenue8910116$197.6M in 2025+69% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $117.0M$117.0M20192020: $104.8M$104.8M2020−10%2021: $136.5M$136.5M2021+30%2022: $110.4M$110.4M2022−19%2023: $166.2M$166.2M2023+51%2024: $174.5M$174.5M2024+5%2025: $197.6M$197.6M2025+13%
Gross profit8910116$47.6M in 2025+429% since 2019
-$40.0M-$20.0M0$20.0M$40.0M$60.0M2019: $9.0M$9.0M20192020: -$26.9M-$26.9M20202021: -$6.5M-$6.5M2021−76%2022: -$544.0K-$544.0K2022−92%2023: $17.8M$17.8M20232024: $30.9M$30.9M2024+74%2025: $47.6M$47.6M2025+54%
Operating income8910116$2.7M in 2025
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2019: -$63.9M-$63.9M20192020: -$153.2M-$153.2M2020+140%2021: -$64.3M-$64.3M2021−58%2022: -$95.4M-$95.4M2022+48%2023: -$162.1M-$162.1M2023+70%2024: -$50.6M-$50.6M2024−69%2025: $2.7M$2.7M2025
Net income89121167-$1.3M in 2025−98% since 2019
-$200.0M-$100.0M0$100.0M2019: -$59.7M-$59.7M20192020: -$152.3M-$152.3M2020+155%2021: -$56.7M-$56.7M2021−63%2022: -$81.1M-$81.1M2022+43%2023: $55.3M$55.3M20232024: -$43.7M-$43.7M20242025: -$1.3M-$1.3M2025−97%
Fiscal year2019202020212022202320242025
Revenue$117.0M8$104.8M9$136.5M10$110.4M11$166.2M6$174.5M6$197.6M6
Cost of revenue
Gross profit$9.0M8-$26.9M9-$6.5M10-$544.0K11$17.8M6$30.9M6$47.6M6
Operating expenses$57.8M10$94.9M11$179.8M6$81.5M6$749.0K7
Operating income-$63.9M8-$153.2M9-$64.3M10-$95.4M11-$162.1M6-$50.6M6$2.7M6
Income before tax-$64.2M10-$80.3M11$67.0M6-$46.7M6$6.9M6
Income tax-$3.8M8-$1.4M9-$7.3M10$5.8M11$33.9M6-$3.0M6-$27.5M6
Net income-$59.7M8-$152.3M9-$56.7M12-$81.1M11$55.3M6-$43.7M6-$1.3M7
Earnings per share-$0.178-$3.789-$1.2510-$1.7111$1.166-$0.866$0.646
Earnings per share (diluted)-$0.178-$3.789-$1.2510-$1.7111$1.166-$0.866$0.596
Shares (weighted, basic)45.5M shares1047.4M shares1147.5M shares651.0M shares654.0M shares6
Shares (weighted, diluted)45.5M shares1047.4M shares1147.5M shares651.0M shares665.6M shares6

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Corporate structure

McEwen Mining sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of McEwen Mining

  • State Street Corporation Filed SCHEDULE 13G on McEwen Mining, latest Aug 7, 2026 (2 filings since May 12, 2026)
  • BlackRock Filed SCHEDULE 13G on McEwen Mining, latest Jul 29, 2026
  • McEwen Mining Toronto, Ontario, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What McEwen Mining reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$51.0M6 Dec 31, 2025$13.7M6 Dec 31, 2024+272.6%
Marketable securities, current$21.1M6 Dec 31, 2025$1.6M6 Dec 31, 2024+1205.8%
Equity securities at fair value$21.1M6 Dec 31, 2025$1.6M6 Dec 31, 2024+1205.8%
Stakes in other companies (equity method)$428.6M6 Dec 31, 2025$400.8M6 Dec 31, 2024+6.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$26.8M6 Dec 31, 2025$18.1M6 Dec 31, 2024+48.2%
Work in process$5.1M6 Dec 31, 2025$2.6M6 Dec 31, 2024+100.1%

Properties, in its own words

We classify our mineral properties into reportable segments consistent with the manner in which they are grouped in Item 8. Financial Statements and Supplementary Data, Note 3, Operating Segment Reporting and subdivide them within each segment by their respective stage of development: “production properties”, “advanced-stage properties” and “exploration properties.” Advanced-stage properties consist of properties for which advanced studies and reports have been completed indicating the presence of economically mineable mineralized material or in some cases, proven and probable reserves, and for which we have obtained or are in the process of obtaining the required permitting. Our designation of certain properties as “production properties” or “advanced-stage properties” should not suggest that we have proven or probable reserves at those properties as defined by S-K 1300. Our current operating or advanced stage properties are the following: the Fox Complex in Ontario, Canada; the Gold Bar Mine Complex in Nevada, United States; El Gallo in Sinaloa, Mexico; the Los Azules copper project in San Juan, Argentina; and the San José mine in Santa Cruz, Argentina.

The location of our significant production, advanced-stage and exploration properties is shown below:

The rest of Item 2

SEGMENT: UNITED STATES

The following map depicts the location of our major properties in the United States segment, including the Gold Bar Mine Complex and exploration properties which are fully owned by us or subject to joint venture agreements. The Gold Bar mine is located in the southern Roberts Creek Mountains along the prolific Battle Mountain-Eureka-Cortez gold trend in central Nevada. Approximately 25 miles northwest of the Gold Bar mine is the Cortez gold mine owned by Nevada Gold Mines (Barrick Gold Corporation and Newmont Corporation joint venture), and 25 miles southeast is the producing Ruby Hill mine owned by i-80 Gold Corp.

The following table summarizes the land position of our properties in Nevada as of December 31, 2025:

Number of · Square · Square

United States Mineral Property Interest · Claims · Miles · Kilometers

Gold Bar mine · 2,376 · 97 · 251

Tonkin · 1,390 · 45 · 117

Eureka · 1,076 · 29 · 75

Other Properties · 1,389 · 44 · 114

Total United States Properties · 6,231 · 215 · 557

Gold Bar Mine Complex, Nevada (100% owned)

For detailed information on the Gold Bar Mine Complex production statistics and financial results, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Gold Bar Mine Complex consists of the currently operating Gold Bar mine, as well as the Tonkin and Eureka exploration projects. The Gold Bar mine is an open pit, oxide gold mine with a processing facility, heap leach pad and gold recovery plant. The mine is located primarily on public lands managed by the Nevada Bureau of Land Management. We commenced construction in November 2017 following receipt of the signed Record of Decision from the U.S. Environmental Protection Agency. The Gold Bar mine achieved commercial production on May 23, 2019. Mining currently occurs at the Pick, Ridge, and Gold Bar South deposits.

The property is located within the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Nevada. The property was previously mined from 1987 to 1994 by Atlas Precious Metals Inc.

The Gold Bar mine is located in the Southern Roberts Creek Mountains, in Eureka County, Nevada, approximately 30 miles northwest of the town of Eureka, Nevada, primarily in Township 22 North, Range 50 East (N39°48’16.5”; W116°21’09.65”). The mine site is accessed from US Highway 50 by travelling north on Robert’s Creek Road, an unimproved dirt road maintained by the Company. The mine area is approximately 15 miles from U.S. Highway 50.

The mine is located in the Battle Mountain-Eureka-Cortez mineral belt in a large window of lower-plate carbonate rocks surrounded by upper-plate rocks. The lower-plate carbonates consist of (from oldest to youngest) an east-dipping section of Silurian Lone Mountain Dolomite, Devonian McColley Canyon Formation, Devonian Denay Formation, Devonian Devils Gate Limestone, and Devonian Horse Canyon siltstone. Gold mineralization is hosted primarily in the Bartine Member of the McColley Canyon Formation, which consists of carbonate wackestones and packstones approximately 250 to 380 feet thick. Minor amounts of mineralization are found in the underlying dolomitic limestone Kobeh Member of the McColley Canyon Formation where it is adjacent to apparent feeder structures. The project is in an area with “Carlin-Type” sediment-hosted gold mineralization characteristics with typical associated alteration (decalcification, argillization, and silicification).

At Ridge, extensive alteration (silicification) and gold mineralization occurs at surface and at depth proximal to three historical open pits. Drilling is ongoing to extend mineralization beyond the currently defined resource.

At Pick, strong alteration and gold mineralization is strata-bound in the Bartine Member of the McColley Canyon Formation and controlled by high-angle north to northeast faults. Mineralization is typically associated with strong decalcification and argillization of the host limestone and local pods of remobilized carbon.

At Gold Bar South, oxide gold mineralization is stratigraphically hosted in Devonian Horse Canyon siltstone overlying the Devonian Devils Gate Limestone. Mineralization occurs along the crest of a broad fold with higher-grade mineralization focused along the intersection of northwest and northeast faults. The alteration footprint significantly extends to the north and south of the deposit with future drilling planned to expand the current footprint.

Item 2 of the 10-K filed Mar 17, 2026.5

Leadership

Who has led McEwen Mining, and when. Pick a name to see everywhere that person has worked.

President

  1. Ann S. Carpenter2007
  2. Colin Sutherland2016
  3. Xavier Ochoa2017

Chief financial officer

  1. Perry Ing2009–2015
  2. Andrew Louis Elinesky2015–2017
  3. Merushe Verli2019
  4. Anna Man-Yue Ladd-Kruger2020–2021

Chief operating officer

  1. Ann S. Carpenter2007
  2. William Alexander Faust2011–2016
  3. Xavier Ochoa2016–2017
  4. G. Peter Mah2020–2022
  5. Michael Leon Stein2020
  6. William M. Shaver2024–now
2010201520202025
Board members and other officers (35)

Former names

  • McEwen Mining Inc.Nov 3, 2011 to Jul 3, 20254
  • U S GOLD CORPJan 10, 1994 to Jan 24, 20124

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure61
  2. Sep 1, 20268-K Regulation FD disclosure62
  3. Aug 26, 20268-K Executive or director change; Regulation FD disclosure63
  4. Aug 7, 20268-K Results of operations64
  5. Jun 30, 20268-K Regulation FD disclosure65
  6. Jun 10, 20268-K Shareholder vote66
  7. Jun 2, 20268-K Regulation FD disclosure67
  8. Jun 1, 20268-K Other events68
  9. May 22, 20268-K Other events69
  10. May 8, 20268-K Results of operations70
  11. May 5, 20268-K Regulation FD disclosure71
  12. Mar 24, 20268-K Regulation FD disclosure72
  13. Jul 24, 1979Founded McEwen Mining is founded3

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.01) a share, on Nov 5, 2025.73

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results64
  2. May 8, 2026Reported quarterly or annual results70
  3. Mar 12, 2026Reported quarterly or annual results74
  4. Nov 7, 2025Reported quarterly or annual results75
  5. Aug 8, 2025Reported quarterly or annual results76
  6. May 13, 2025Reported quarterly or annual results77
  7. Mar 24, 2025Reported quarterly or annual results78
  8. Feb 6, 2025Reported quarterly or annual results79

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

314 filings to the SEC since October 2021: 15 annual reports, 15 quarterly reports, 112 major events, 114 insider forms, 3 large holders, 55 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Sep 1, 20268-K EDGAR
  3. Aug 26, 20268-K EDGAR
  4. Aug 7, 20268-K EDGAR
  5. Aug 7, 2026SCHEDULE 13G EDGAR
  6. Aug 5, 202610-Q EDGAR
  7. Jul 29, 2026SCHEDULE 13G EDGAR
  8. Jul 29, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jun 30, 20264/A OWNERSHIP DOCUMENT EDGAR
  17. Jun 30, 20268-K EDGAR
  18. Jun 24, 202610-K/A EDGAR
  19. Jun 10, 20268-K EDGAR
  20. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR

The 314 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 4 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 29, 2026Brissenden Richard W.DirectorSale3,275$18.13$59.4KForm 4
Jun 5, 2026Kaszas Stephen DouglasDirectorBuy1,000$18.36$18.4KForm 4
Sep 22, 2025Brissenden Richard W.DirectorSale11,203$14.89$166.8KForm 4
Sep 22, 2025Chan JeffreyVP - FinanceSale13,333$14.89$198.5KForm 4
Sep 19, 2025Spears Stephan MichaelVP Corporate DevelopmentSale12,600$14.35$180.8KForm 4
Sep 19, 2025Diges Carmen LGeneral Counsel/Corp SecSale21,000$14.34$301.1KForm 4
Sep 19, 2025McEwen Robert RossChairman and CEOSale50,000$14.35$717.5KForm 4
Sep 19, 2025Diges Carmen LGeneral Counsel/Corp SecSale21,000$14.34$301.1KForm 4
Sep 19, 2025McEwen Robert RossChairman and CEOSale50,000$14.35$717.5KForm 4
Aug 12, 2025Ball Ian JDirectorSale2,656$10.49$27.9KForm 4
Dec 6, 2024Darveau-Garneau NicolasDirectorBuy2,285$8.37$19.1KForm 4
Jun 21, 2024Diges Carmen LGeneral Counsel/Corp SecSale17,066$9.44$161.1KForm 4
Jun 18, 2024Spears Stephan MichaelVP Corporate DevelopmentSale2,503$9.80$24.5KForm 4
Jun 18, 2024Ing PerryChief Financial OfficerSale23,332$9.76$227.7KForm 4
Jun 18, 2024Chan JeffreyVP - FinanceSale964$9.78$9.4KForm 4
Jun 23, 2023Ball Ian JDirectorBuy2,656$7.16$19.0KForm 4
Mar 15, 2022Mah G. PeterCHIEF OPERATING OFFICERBuy23,575$1.06$25.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025William Shaver Chief Operating Officer78$470.5K$934.8K82
2025Robert R. McEwen Chairman and Chief Executive Officer76$1$776.5K82
2025Perry Ing Chief Financial Officer50$394.5K$714.7K82
2025Carmen Diges General Counsel and Corporate Secretary55$121.5K$536.1K82
2025Jeffrey Chan Vice President – Finance40$194.4K$465.4K82
2024William Shaver Chief Operating Officer78$321.9K$444.4K82
2024Perry Ing Chief Financial Officer50$243.5K$347.7K82
2024Jeffrey Chan Vice President – Finance40$193.5K$277.0K82
2024Carmen Diges General Counsel and Corporate Secretary55$96.3K$236.2K82
2024Robert R. McEwen Chairman and Chief Executive Officer76$1$4.9K82
2023William Shaver Chief Operating Officer78$289.4K$539.2K82
2023Perry Ing Chief Financial Officer50$222.6K$443.7K82
2023Carmen Diges General Counsel and Corporate Secretary55$89.1K$441.7K82
2023Robert R. McEwen Chairman and Chief Executive Officer76$1$342.2K82
2023Jeffrey Chan Vice President – Finance40$171.0K$298.7K82

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,746,836$86.1M0.0%+2,798,408
State Street Corp4,254,551$77.1M0.0%+891,024
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,054,059$37.2M0.0%−79,750
Van Eck Associates Corp1,519,282$27.5M0.0%−49,675
Tidal Investments LLC1,478,168$26.8M0.1%+117,791
Geode Capital Management, LLC1,435,094$26.0M0.0%+832,050
Dimensional Fund Advisors LP1,365,177$24.7M0.0%+95,417
Two Sigma Investments, LP1,023,116$18.5M0.0%−280,522
Bank Of Montreal /can/883,013$16.0M0.0%+196,543
Bnp Paribas Financial Markets865,033$15.7M0.0%−224,340
Synergy Asset Management, LLC803,122$14.6M1.4%+193,005
Morgan Stanley764,429$13.9M0.0%−82,660
UBS Group AG748,244$13.6M0.0%−328,485
Fmr LLC609,404$11.0M0.0%−147,634
Bank Of America Corp /de/582,363$10.6M0.0%+47,539
Vanguard Capital Management LLC572,185$10.4M0.0%+15,975
Nuveen, LLC562,533$10.2M0.0%New
Royal Bank Of Canada548,005$9.9M0.0%+12,913
Northern Trust Corp543,295$9.8M0.0%+377,229
Vanguard Portfolio Management LLC504,555$9.1M0.0%+363,350
Nomura Holdings Inc481,086$8.7M0.0%+72,169
Wells Fargo & Company/mn467,893$8.5M0.0%+144,490
Alps Advisors Inc443,191$8.0M0.0%+17,681
Charles Schwab Investment Management Inc416,192$7.5M0.0%+121,425
Mawer Investment Management Ltd.410,707$7.4M0.1%−296,144

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How McEwen Mining is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMcEwen Inc.2
  • CIK0000314203
  • Employer ID (EIN)84-07961605
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inColorado5
  • Fiscal year endsDecember 312
  • Industry code (SIC)1040 Gold and Silver Ores2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business addressSuite 2800, 150 King Street West, P.O. Box 24, Toronto, Ontario, Ontario, Canada2
  • Phone647-258-03952
  • Shares outstanding61,358,566 as of Aug 5, 202613
  • Public float$519.9M as of Jun 30, 20255
  • AuditorErnst & Young LLP, Toronto, Canada PCAOB ID 1263; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJan 10, 19942
  • Filings1,781 in all: 8-K (695), 4 (396), 10-Q (59), 425 (48), 3 (47), CORRESP (36), DEFA14A (35), 10QSB (34)2
    All 61 form types

    UPLOAD (33), SC 13G/A (25), DEF 14A (24), 10-K/A (23), 4/A (22), 8-K/A (21), 10-K (19), EFFECT (17), S-4/A (17), SC 13D/A (16), SC 13G (14), 10KSB (12), 10QSB/A (12), 424B3 (12), 5 (12), 144 (11), 424B5 (10), S-8 (10), S-4 (9), PRE 14A (8), SC 13D (8), 10KSB/A (7), S-3 (7), SB-2/A (7), NT 10-Q (6), PRER14A (6), ARS (5), S-8 POS (5), SC TO-T/A (5), 10-Q/A (4), NT 10-K (4), RW (3), S-3/A (3), SB-2 (3), SCHEDULE 13G (3), SD (3), 424B2 (2), 5/A (2), 8-A12B (2), DEFM14A (2), FWP (2), POS AM (2), PREM14A (2), REGDEX (2), 25 (1), 3/A (1), CERTAMX (1), CERTNYS (1), DEFR14A (1), POS EX (1), REGDEX/A (1), SC TO-T (1), SC14D1F (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par valueMUXNew York Stock Exchange

From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks McEwen Mining names in Item 1A of its 10-K filed Mar 17, 2026: 47 risks under these headings, as written.5

  • 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.
  • We have incurred substantial losses in prior years and may not be consistently profitable in future years.
  • 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. 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.
  • 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.
  • 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.
  • 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 price.
  • 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.
The other 36 risks
  • Our continuing reclamation obligations at Tonkin, Gold Bar Complex, the Fox Complex, the El Gallo mine, 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, under actual conditions, 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 (“OJVA”), and our 46.3% 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.
  • Even if McEwen Copper Inc. is successful in achieving one or more of its strategic initiatives at the Los Azules project, its development and copper price assumption provide uncertainty 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 the Company.
  • Our operations in Argentina and Mexico are subject to political and social risks.
  • Our operations and properties in Canada expose us to additional political 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 and countries in which they operate in order to maintain operations.
  • Risks Relating to Our Common Stock
  • A small number of existing shareholders own a significant portion of McEwen Inc. 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 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 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.
  • General Risks
  • We do not insure against all risks to which we may be subject in our operations.
  • We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment.
  • We conduct operations in several foreign countries and are exposed to legal, political and social risks associated with those operations.
  • Our business could be negatively impacted by security threats, including cybersecurity threats, and other disruptions.
  • Environmental, social and governance matters may impact our business and reputation.
  • 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. Such write- downs may adversely affect the results of our operations and financial condition.
  • A significant delay or disruption in sales of concentrates 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.

Legal proceedings

We are not currently subject to any material legal proceedings. To the best of our knowledge, no such proceeding is threatened, the results of which would have a material impact on our properties, results of operations, or financial condition. Nor, to the best of our knowledge, are any of our officers or directors involved in any legal proceedings in which we are an adverse party.

The opening of Item 3, Legal Proceedings.5

Sources

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