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

6 Months Ended

Jun. 30, 2020

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

Summary of MSC's financial information from operations

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	47,081	$	65,997	$	84,471	$	114,818
Production costs applicable to sales		(30,402)		(46,514)		(58,718)		(76,047)
Depreciation and depletion		(7,650)		(16,545)		(14,977)		(31,925)
Gross profit		9,029		2,938		10,776		6,846
Exploration		(2,175)		(2,553)		(5,041)		(5,891)
Other expenses		(8,925)		(979)		(11,142)		(3,532)
Net (loss) before tax	$	(2,071)	$	(594)	$	(5,407)	$	(2,577)
Current and deferred tax recovery/(expense)		1,884		(3,049)		1,933		(3,838)
Net loss	$	(187)	$	(3,643)	$	(3,474)	$	(6,415)
Portion attributable to McEwen Mining Inc. (49%)
Net loss	$	(92)	$	(1,785)	$	(1,703)	$	(3,143)
Amortization of fair value increments		(1,251)		(2,459)		(2,636)		(4,372)
Income tax recovery		298		107		618		1,068
Loss from investment in MSC, net of amortization	$	(1,045)	$	(4,137)	$	(3,721)	$	(6,447)

Schedule of change in the entity's investment in MSC

	June 30, 2020		December 31, 2019
Investment in MSC, beginning of period	$	110,183	$	127,814
Attributable net loss from MSC		(1,703)		(2,097)
Amortization of fair value increments		(2,636)		(9,448)
Income tax recovery		618		2,791
Dividend distribution received		(282)		(8,877)
Investment in MSC, end of period	$	106,180	$	110,183

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

As at June 30, 2020	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	84,654	$	952	$	85,606
Total assets	$	180,986	$	113,628	$	294,614
Current liabilities	$	(43,958)	$	—	$	(43,958)
Total liabilities	$	(72,944)	$	(4,977)	$	(77,921)