McEwen (NYSE: MUX) adds Minera Santa Cruz IFRS financials
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.
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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
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
