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

9 Months Ended

Sep. 30, 2022

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

Summary of MSC's financial information from operations

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	65,278	$	72,098	$	176,808	$	195,797
Production costs applicable to sales		(48,930)		(47,911)		(130,231)		(125,167)
Depreciation and depletion		(9,376)		(11,690)		(21,629)		(28,422)
Gross profit		6,972		12,498		24,948		42,209
Exploration		(1,960)		(2,710)		(6,788)		(7,887)
Other expenses(1)		(5,648)		(8,010)		(16,000)		(28,231)
Net income (loss) before tax	$	(636)	$	1,777	$	2,160	$	6,091
Current and deferred tax expense		4,318		(2,336)		7,247		(5,902)
Net income (loss)	$	3,682	$	(559)	$	9,407	$	189
Portion attributable to McEwen Mining Inc. (49%)
Net income (loss)	$	1,804	$	(273)	$	4,610	$	93
Amortization of fair value increments		(1,228)		(2,481)		(2,929)		(5,571)
Income tax recovery		182		104		468		401
Income (loss) from investment in MSC, net of amortization	$	758	$	(2,650)	$	2,149	$	(5,077)

(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

	Nine months ended September 30, 2022		Year ended December 31, 2021
Investment in MSC, beginning of period	$	90,961	$	108,326
Attributable net income from MSC		4,610		132
Amortization of fair value increments		(2,929)		(8,331)
Income tax recovery		468		666
Dividend distribution received		(286)		(9,832)
Investment in MSC, end of period	$	92,824	$	90,961

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

As at September 30, 2022	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	89,774	$	1,151	$	90,925
Total assets	$	197,130	$	84,120	$	281,250
Current liabilities	$	(57,912)	$	—	$	(57,912)
Total liabilities	$	(90,203)	$	(1,622)	$	(91,825)