INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)

12 Months Ended

Dec. 31, 2019

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE

Summary of MSC's financial information from operations

	Year ended December 31,
	2019		2018			2017
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	263,887	$	213,096	$	235,650
Production costs applicable to sales		(159,915)		(151,779)		(156,347)
Depreciation and depletion		(69,995)		(52,200)		(48,278)
Gross profit		33,977		9,117		31,025
Exploration		(10,635)		(5,884)		(5,198)
Other expenses(1)		(13,065)		(12,840)		(12,527)
Net income (loss) before tax	$	10,277	$	(9,607)	$	13,300
Current and deferred tax expense		(14,556)		(10,934)		(18,050)
Net loss	$	(4,279)	$	(20,541)	$	(4,750)
Portion attributable to McEwen Mining Inc. (49%)
Net loss	$	(2,097)	$	(10,065)	$	(2,328)
Amortization of fair value increments		(9,448)		(9,730)		(9,632)
Income tax recovery		2,791		7,930		11,916
Loss from investment in MSC, net of amortization	$	(8,754)	$	(11,865)	$	(44)

(1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance related expenses.

Schedule of change in the entity's investment in MSC

	December 31, 2019		December 31, 2018
Investment in MSC, beginning of period	$	127,814	$	150,064
Attributable net loss from MSC		(2,097)		(10,065)
Amortization of fair value increments		(9,448)		(9,730)
Income tax recovery		2,791		7,930
Dividend distribution received		(8,877)		(10,385)
Investment in MSC, end of period	$	110,183	$	127,814

Summary of key assets and liabilities, before and after adjustments to fair value

As at December 31, 2019	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	82,660	$	444	$	83,104
Total assets		180,832		119,707		300,539
Current liabilities	$	(39,381)	$	—	$	(39,381)
Total liabilities		(69,438)		(6,238)		(75,676)