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

3 Months Ended

Mar. 31, 2020

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

Summary of MSC's financial information from operations

	Three months ended March 31,
	2020		2019
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	37,390	$	47,885
Production costs applicable to sales		(28,316)		(29,533)
Depreciation and depletion		(7,327)		(15,380)
Gross profit		1,747		2,972
Exploration		(2,866)		(3,338)
Other expenses		(2,217)		(1,617)
Net (loss) before tax	$	(3,336)	$	(1,983)
Current and deferred tax expense		49		(789)
Net loss	$	(3,287)	$	(2,772)
Portion attributable to McEwen Mining Inc. (49%)
Net loss	$	(1,611)	$	(1,358)
Amortization of fair value increments		(1,385)		(1,913)
Income tax recovery		320		961
Loss from investment in MSC, net of amortization	$	(2,676)	$	(2,310)

Schedule of change in the entity's investment in MSC

	March 31, 2020		December 31, 2019
Investment in MSC, beginning of period	$	110,183	$	127,814
Attributable net loss from MSC		(1,611)		(2,097)
Amortization of fair value increments		(1,385)		(9,448)
Income tax recovery		320		2,791
Dividend distribution received		—		(8,877)
Investment in MSC, end of period	$	107,507	$	110,183

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

As at March 31, 2020	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	86,238	$	1,102	$	87,340
Total assets	$	185,137	$	116,609	$	301,746
Current liabilities	$	(46,692)	$	—	$	(46,692)
Total liabilities	$	(76,759)	$	(5,585)	$	(82,344)