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

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	70,827	$	70,396	$	111,530	$	123,699
Production costs applicable to sales		(45,959)		(40,888)		(81,302)		(77,256)
Depreciation and depletion		(5,357)		(9,779)		(12,253)		(16,732)
Gross profit		19,511		19,729		17,975		29,711
Exploration		(3,093)		(2,941)		(4,828)		(5,177)
Other expenses(1)		(8,529)		(14,684)		(10,351)		(20,220)
Net income before tax	$	7,889	$	2,104	$	2,796	$	4,314
Current and deferred tax expense		(877)		(1,937)		2,929		(3,566)
Net income	$	7,012	$	167	$	5,725	$	748
Portion attributable to McEwen Mining Inc. (49%)
Net income	$	3,436	$	81	$	2,805	$	366
Amortization of fair value increments		(1,088)		(2,019)		(1,700)		(3,090)
Income tax recovery		163		85		286		297
Income (loss) from investment in MSC, net of amortization	$	2,511	$	(1,853)	$	1,391	$	(2,427)

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

Schedule of change in the entity's investment in MSC

	Six months ended June 30, 2022		Year ended December 31, 2021
Investment in MSC, beginning of period	$	90,961	$	108,326
Attributable net income from MSC		2,805		132
Amortization of fair value increments		(1,700)		(8,331)
Income tax recovery		286		666
Dividend distribution received		(286)		(9,832)
Investment in MSC, end of period	$	92,066	$	90,961

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

As at June 30, 2022	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	86,562	$	887	$	87,449
Total assets	$	192,423	$	86,915	$	279,338
Current liabilities	$	(53,324)	$	—	$	(53,324)
Total liabilities	$	(89,467)	$	(1,993)	$	(91,460)