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

12 Months Ended

Dec. 31, 2021

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

Summary of MSC's financial information from operations

	Year ended December 31,
	2021		2020			2019
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	271,863	$	219,020	$	263,887
Production costs applicable to sales		(196,033)		(138,182)		(159,915)
Depreciation and depletion		(39,948)		(29,809)		(69,995)
Gross profit		35,882		51,029		33,977
Exploration		(10,602)		(10,446)		(10,635)
Other expenses(1)		(17,077)		(30,515)		(13,065)
Net income before tax	$	8,203	$	10,068	$	10,277
Current and deferred tax expense		(7,934)		(4,466)		(14,556)
Net income (loss)	$	269	$	5,602	$	(4,279)
Portion attributable to McEwen Mining Inc. (49%)
Net income (loss)	$	132	$	2,745	$	(2,097)
Amortization of fair value increments		(8,331)		(5,390)		(9,448)
Income tax recovery		666		1,128		2,791
(Loss) income from investment in MSC, net of amortization	$	(7,533)	$	(1,517)	$	(8,754)

(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, 2021		December 31, 2020
Investment in MSC, beginning of period	$	108,326	$	110,183
Attributable net income from MSC		132		2,745
Amortization of fair value increments		(8,331)		(5,390)
Income tax recovery		666		1,128
Dividend distribution received		(9,832)		(340)
Investment in MSC, end of period	$	90,961	$	108,326

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

As at December 31, 2021	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	89,876	$	469	$	90,345
Total assets	$	180,302	$	89,975	$	270,277
Current liabilities	$	(51,244)	$	—	$	(51,244)
Total liabilities	$	(82,075)	$	(2,577)	$	(84,652)

As at December 31, 2020	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	94,965	$	362	$	95,327
Total assets	$	186,438	$	107,821	$	294,259
Current liabilities	$	(40,396)	$	—	$	(40,396)
Total liabilities	$	(69,255)	$	(3,936)	$	(73,191)