McEwen files 10-K amendment for MSC financials

McEwen Inc. filed Amendment No. 2 to its annual report to add separate financial statements for Minera Santa Cruz S.A.

Rhea-AI Filing Summary

McEwen Inc. filed Amendment No. 2 to its annual report to add separate financial statements for Minera Santa Cruz S.A. (MSC), a significant equity investee in which it holds a 49% ownership interest. These MSC statements are prepared under IFRS to satisfy Rule 3-09 of Regulation S-X.

The company cautions that MSC results included in its annual report are presented under US GAAP and may differ from the standalone IFRS statements. Other disclosures from the original filing are not updated, and readers are directed to review this amendment together with the original report and subsequent SEC filings.

As of June 30, 2025, non-affiliate equity market value was $519,882,572 based on a $9.61 NYSE share price, and 59,452,799 common shares were outstanding on March 16, 2026.

Key Figures

Non-affiliate equity market value: $519,882,572 Closing share price: $9.61 per share Shares outstanding: 59,452,799 shares +2 more

5 metrics

Non-affiliate equity market value $519,882,572 As of June 30, 2025 based on NYSE closing price

Closing share price $9.61 per share NYSE price used to calculate June 30, 2025 market value

Shares outstanding 59,452,799 shares Common stock outstanding on March 16, 2026

MSC equity interest 49% Ownership interest in Minera Santa Cruz S.A.

Convertible note coupon 5.25% Rate on Convertible Senior Note due 2030 referenced in exhibits

Key Terms

Rule 3-09 of Regulation S-X, significant subsidiary tests, equity method, IFRS Accounting Standards, +1 more

5 terms

Rule 3-09 of Regulation S-X regulatory

"to amend Item 15 of Part IV ... pursuant to Rule 3-09 of Regulation S-X, to include the financial statements"

significant subsidiary tests regulatory

"meets the first or third condition of the significant subsidiary tests set forth in Rule 1-02(w)"

equity method financial

"if a 50%-or-less-owned person accounted for by the equity method meets the first or third condition"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

IFRS Accounting Standards financial

"prepared in accordance with ... US GAAP or IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board"

International Financial Reporting Standards (IFRS) are a set of common rules for preparing company financial reports so numbers like profit, assets and debt are presented consistently across countries. Think of them as a standardized recipe or blueprint that helps investors compare businesses the same way they would compare cars using the same list of features; consistent reporting reduces surprises and makes it easier to assess value, risk and performance.

internal control over financial reporting regulatory

"assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act"

Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does McEwen Inc. (MUX) change in this 10-K/A Amendment No. 2?

The amendment adds standalone financial statements for Minera Santa Cruz S.A. (MSC). These IFRS-based statements are required under Rule 3-09 of Regulation S-X because MSC meets significant subsidiary tests, and they supplement, but do not update, the original annual report disclosures.

Why must McEwen Inc. include Minera Santa Cruz S.A. financials in its 10-K/A?

MSC met the significant subsidiary test under Rule 3-09 using a 20% threshold. Because McEwen owns 49% of MSC and accounts for it under the equity method, separate MSC financial statements for 2025, 2024, and 2023 must be filed as part of the amendment.

How much of Minera Santa Cruz S.A. does McEwen Inc. own?

McEwen Inc. holds a 49% equity ownership interest in MSC. MSC is treated as a significant equity investee accounted for by the equity method, triggering the need for separate audited financial statements prepared under IFRS within the amended annual report.

What accounting frameworks are used for Minera Santa Cruz S.A. in McEwen’s filings?

MSC results appear under both US GAAP and IFRS in different contexts. The annual report includes MSC information under US GAAP, while this amendment files MSC’s own audited financial statements prepared under IFRS Accounting Standards as issued by the IASB, which may produce differing results.

Does this McEwen Inc. amendment update other information from the original 10-K?

No, other disclosures generally remain as of the original filing date. The company states it has not attempted to modify or update prior disclosures except for adding MSC’s financial statements and related exhibits, so conditions and forward-looking statements still reflect the earlier timeframe.

What is McEwen Inc.’s market value and share count mentioned in the amendment?

Non-affiliate equity market value was $519,882,572 as of June 30, 2025. This figure is based on a NYSE closing price of $9.61 per share, and the amendment notes 59,452,799 shares of common stock outstanding on March 16, 2026.

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Accepted by SEC EDGAR 06/24/2026 - 05:20 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 2)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 001-33190

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McEWEN INC.

(Exact name of registrant as specified in its charter)

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Colorado	​ ​ ​	84-0796160
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
150 King Street West, Suite 2800, Toronto, Ontario Canada (Address of principal executive offices)	​	M5H 1J9 (Zip Code)

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(866) 441-0690

(Registrant’s telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act:

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Common Stock, no par value	​ ​ ​	MUX	​ ​ ​	NYSE
Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered

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Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and emerging growth company in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ☐	Accelerated filer  ☒
Non-accelerated filer ☐	Smaller reporting company ☐
​	Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262 (b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2025 (the last business day of the registrant’s second fiscal quarter), the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was $519,882,572 based on the closing price of $9.61 per share as reported on the NYSE. There were 59,452,799 shares of common stock outstanding on March 16, 2026.

Auditor Name: Ernst & Young LLP      Auditor Location: Toronto, Canada          Auditor Firm ID: 1263

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EXPLANATORY NOTE

McEwen Inc. (the “Company”) is filing this Amendment No. 2 on Form 10-K/A (this “Amendment”) to its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2026 (the “Original Filing”) to amend Item 15 of Part IV of the Original Filing, pursuant to Rule 3-09 of Regulation S-X, to include the financial statements and related notes of Minera Santa Cruz S.A (“MSC”), a significant equity investee in which the Company holds a 49% equity ownership interest. In addition, the Company is filing the consent of the independent auditors of MSC and, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the Company’s Chief Executive Officer and Chief Financial Officer.

Rule 3-09 of Regulation S-X provides that if a 50%-or-less-owned person accounted for by the equity method meets the first or third condition of the significant subsidiary tests set forth in Rule 1-02(w) of Regulation S-X, substituting 20% for 10%, separate financial statements for such 50%-or-less-owned person shall be filed. These financial statements shall be prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) or IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). MSC met the significant subsidiary test described above for the Company’s fiscal years ending December 31, 2025, 2024 and 2023 and accordingly, the Company has included in this Amendment the required Statements of Financial Position as of December 31, 2025 and 2024, and the related Statements of Profit (Loss) and Other Comprehensive Income, Statements of Changes in Equity, and Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, and the accompanying Notes to the Financial Statements of MSC, prepared in accordance with IFRS. We caution readers that the MSC financial results included in our Annual Report on Form 10-K are presented in accordance with US GAAP and may therefore differ from the MSC results presented as separate financial statements reported under IFRS.

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No attempt has been made in this Amendment to modify or update the disclosures in the Original Filing except as required to reflect the effect of the revisions discussed herein. Except as otherwise noted herein, this Amendment continues to describe conditions as of the date of the Original Filing and the disclosures contained herein have not been updated to reflect events, results or developments that occurred after the date of the Original Filing, or to modify or update those disclosures affected by subsequent events. Among other things, forward-looking statements made in the Original Filing and Prior Amendment have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Filing, and such forward-looking statements should be read in conjunction with our filings with the SEC subsequent to the filing of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company’s other filings with the SEC subsequent to March 16, 2026. Furthermore, readers are cautioned to review the reliability of information disclosure, contained in our Annual Report on Form 10-K, pertaining to the disclosure of MSC results.

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PART IV

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ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES

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The exhibits listed in the accompanying exhibit index are filed (except where otherwise indicated) as part of this report:

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3.1.1	​	Second Amended and Restated Articles of Incorporation of the Company as filed with the Colorado Secretary of State on January 20, 2012 (incorporated by reference from the Current Report on Form 8-K filed with the SEC on January 24, 2012, Exhibit 3.1, File No. 001-33190).
3.1.2	​	Articles of Amendment to the Second Amended and Restated Articles of Incorporation of the Company as filed with the Colorado Secretary of State on January 24, 2012 (incorporated by reference from the Current Report on Form 8 K filed with the SEC on January 24, 2012, Exhibit 3.2, File No. 001-33190).
3.1.3	​	Articles of Amendment to the Second Amended and Restated Articles of Incorporation (incorporated by reference from the Current Report on the Form 8-K filed with the SEC on June 30, 2021, Exhibit 3.1, File No. 001-33190).
3.1.4	​	Articles of Amendment to the Second Amended and Restated Articles of Incorporation as filed with the Colorado Secretary of State on July 25, 2022 (incorporated by reference from the Current Report on the Form 8-K filed with the SEC on July 28, 2022, Exhibit 3.1, File No. 001-33190).
3.1.5	​	Articles of Amendment to the Second Amended and Restated Articles of Incorporation as filed with the Colorado Secretary of State on June 30, 2023 (incorporated by reference from the Current Report on the Form 8-K filed with the SEC on July 03, 2023, Exhibit 3.1, File No. 001-33190).
3.1.6	​	Articles of Amendment to the Second Amended and Restated Articles of Incorporation of the Company as filed with the Colorado Secretary of State on July 7, 2025 (incorporated by reference from the Current Report on Form 8-K filed with the SEC on July 10, 2025, File No. 001-33190).
3.2	​	Amended and Restated Bylaws of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on March 12, 2012, Exhibit 3.2, File No. 001-33190).
4.1	​	Form of 5.25% Convertible Senior Note due 2030 (incorporated by reference from the Annual Report on Form 10-K filed with the SEC on March 16, 2026, Exhibit 10.1, File No. 001-33190).
10.1	​	Loan Agreement between McEwen Inc., McEwen Copper Inc., and the Lenders, dated February 6, 2026 (Incorporated by reference from the Annual Report on Form 10-K filed with the SEC on March 16, 2026, Exhibit 10.6, File No. 001-33190).
19	​	Insider Trading Policy (Incorporated by reference from the Annual Report on Form 10-K filed with the SEC on March 14, 2025, Exhibit 19, File No. 001-33190).
21*	​	List of subsidiaries of the Company.
23.1*	​	Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.19+	​	Consent of Independent Auditors.
31.1+	​	Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 for Robert R. McEwen, Chief Executive Officer.
31.2+	​	Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 for Perry Ing, Chief Financial Officer.
32+	​	Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
95*	​	Mine safety disclosure.
99.1+	​	Audited Financial Statements of Minera Santa Cruz S.A for the years ended December 31, 2025, and 2024, with report of Independent Auditor.
101 SCH	​	Inline XRBL Taxonomy Extension Schema Document.
101 CAL	​	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101 DEF	​	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101 LAB	​	Inline XBRL Taxonomy Extension Label Linkbase Document.
101 PRE	​	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

*        Previously filed with the original Form 10-K on March 16, 2026, File No. 001-33190.

+        Furnished with this report.

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SIGNATURES

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In accordance with Section 13 or 15(d) of the Exchange Act, the Company caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized.

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McEWEN INC.
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​	By:	/s/ Perry Y. Ing
Dated: June 24, 2026	​	Perry Y. Ing, Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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