XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (43,261) $ (12,406) $ (79,671) $ (33,470)  
Adjustments to reconcile net loss from operating activities:          
Loss (income) from investment in Minera Santa Cruz S.A. (Note 9) 914 (2,511) 4,375 (1,391)  
Depreciation and amortization     15,780 7,492  
Unrealized gain on investments (Note 5)     (3,010) (589)  
Foreign exchange loss on investments (Note 5)     1,810    
Foreign exchange (gain) loss     24,691 (7,980)  
Reclamation accretion and adjustments to estimate (Note 11)     1,535 3,072  
Income and mining tax recovery     (2,585) (815)  
Stock-based compensation     84 190  
Change in non-cash working capital items:          
Change in other assets related to operations     (378) (5,250)  
Change in liabilities related to operations     (16,393) (13,594)  
Cash used in operating activities     (53,762) (52,335)  
Cash flows from investing activities:          
Net additions to mineral property interests and plant and equipment     (8,958) (8,252)  
Investment in marketable equity securities (Note 5)     (26,855)    
Dividends received from Minera Santa Cruz S.A. (Note 9)     295 286  
Cash used in investing activities     (35,518) (7,966)  
Cash flows from financing activities:          
Proceeds from McEwen Copper financing (Note 17)     185,390 14,500  
Issuance of flow-through common shares, net of issuance costs       14,376  
Proceeds from promissory note       15,000 $ 15,000
Principal repayment on debt (Note 10)     (25,000)    
Subscription proceeds received in advance       (2,850)  
Payment of finance lease obligations     (948) (1,521)  
Cash provided by financing activities     159,442 39,505  
Effect of exchange rate change on cash and cash equivalents     (24,691) 7,980  
(Decrease) increase in cash, cash equivalents and restricted cash     45,471 (12,816)  
Cash, cash equivalents and restricted cash, beginning of period     43,579 60,634 60,634
Cash, cash equivalents and restricted cash, end of period $ 89,050 $ 47,818 89,050 47,818 43,579
Supplemental disclosure of cash flow information:          
Interest paid     (2,106) (2,829)  
Interest received     30,782 $ 21  
Tax paid     (4,746)    
Minera Santa Cruz S.A. [Member]          
Cash flows from investing activities:          
Dividends received from Minera Santa Cruz S.A. (Note 9)     $ 295   $ 286