INVESTMENT IN MSC - SAN JOSE MINE (Tables)

3 Months Ended

Mar. 31, 2023

INVESTMENT IN MSC - SAN JOSE MINE

Summary of MSC's financial information from operations

	Three months ended March 31,
	2023		2022
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	45,740	$	39,207
Production costs applicable to sales		(41,124)		(31,789)
Depreciation and depletion		(8,230)		(6,896)
Gross (loss) profit		(3,614)		522
Exploration		(1,952)		(1,735)
Other expenses(1)		(3,234)		(3,880)
Net loss before tax	$	(8,800)	$	(5,093)
Current and deferred tax expense		3,315		3,807
Net loss	$	(5,485)	$	(1,286)
Portion attributable to McEwen Mining Inc. (49%)
Net loss	$	(2,687)	$	(630)
Amortization of fair value increments		(884)		(613)
Income tax recovery		110		123
Loss from investment in MSC, net of amortization	$	(3,461)	$	(1,120)

(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

	Three months ended March 31, 2023		Year ended December 31, 2022
Investment in MSC, beginning of period	$	93,451	$	90,961
Attributable net (loss) income from MSC		(2,687)		6,303
Amortization of fair value increments		(884)		(4,155)
Income tax recovery		110		628
Dividend distribution received		—		(286)
Investment in MSC, end of period	$	89,990	$	93,451

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

As at March 31, 2023	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	81,676	$	705	$	82,381
Total assets	$	188,078	$	79,484	$	267,562
Current liabilities	$	(52,936)	$	—	$	(52,936)
Total liabilities	$	(82,855)	$	(1,071)	$	(83,926)