{"url_path":"/sec/mux/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K/A","doc_date":"2026-06-24","source_url":"https://www.sec.gov/Archives/edgar/data/314203/0001104659-26-077359-index.html","accession_number":"0001104659-26-077359","cik":"0000314203","ticker":"MUX","issuer_name":"McEwen Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/314203/0001104659-26-077359-index.html","primary_entity_key":"0000314203","primary_entity_name":"McEwen Inc."},"word_count":1239,"has_tables":true,"body_markdown":"McEWEN INC._December 31, 2025\n\nfalse00003142032025FY00003142032025-06-3000003142032026-03-1600003142032025-01-012025-12-31xbrli:sharesiso4217:USD\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-K/A**\n\n**(Amendment No. 2)**\n\n**☒**\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the fiscal year ended****December 31****, 2025******\n\n**☐**\n\n**TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the transition period from __________ to __________**\n\n**Commission file number****001-33190**\n\n​\n\n**McEWEN INC.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n**Colorado**\n\n**  ​ ​ ​**\n\n**84-0796160**\n\n(State or other jurisdiction of incorporation or organization)\n\n​\n\n(I.R.S. Employer Identification No.)\n\n**150 King Street West****,****Suite 2800****,****Toronto****,****Ontario********Canada**\n(Address of principal executive offices)\n\n​\n\n**M5H 1J9**\n(Zip Code)\n\n​\n\n**(****866****)****441-0690**\n\n(Registrant’s telephone number, including area code)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n**Common Stock, no par value**\n\n  ​ ​ ​\n\n**MUX**\n\n  ​ ​ ​\n\n**NYSE**\n\nTitle of each class\n\n​\n\nTrading Symbol(s)\n\n​\n\nName of each exchange on which registered\n\n​\n\nSecurities registered pursuant to Section 12(g) of the Act: **None**\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate 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 ☒\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\n​\n\n​\n\nLarge accelerated filer ☐\n\nAccelerated filer  ☒\n\nNon-accelerated filer ☐\n\nSmaller reporting company ☐\n\n​\n\nEmerging growth company  ☐\n\nIf 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. ☐\n\nIndicate 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. ☒\n\nIf 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. ☐\n\nIndicate 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). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n**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.**\n\nAuditor Name: Ernst & Young LLP      Auditor Location: Toronto, Canada          Auditor Firm ID: 1263\n\n​\n\n​\n\n​\n\n​\n\n**EXPLANATORY NOTE**\n\nMcEwen 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.\n\nRule 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.\n\n​\n\nNo 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.\n\n​\n\n2\n\n​\n\n**PART IV**\n\n​"}