Three months ended September 30,

Nine months ended September 30,

2023

2022

2023

2022

Minera Santa Cruz S.A. (100%)

Revenue from gold and silver sales

$

64,495

$

65,278

$

177,947

$

176,808

Production costs applicable to sales

(43,380)

(48,930)

(131,434)

(130,231)

Depreciation and depletion

(15,190)

(9,376)

(37,783)

(21,629)

Gross profit

5,925

6,972

8,730

24,948

Exploration

(2,538)

(1,960)

(7,336)

(6,788)

Other expenses⁽¹⁾

(2,652)

(5,648)

(13,797)

(16,000)

Net income (loss) before tax

$

735

$

(636)

$

(12,403)

$

2,160

Current and deferred tax recovery (expense)

(3,953)

4,318

4,190

7,247

Net income (loss)

$

(3,218)

$

3,682

$

(8,213)

$

9,407

Portion attributable to McEwen Mining Inc. (49%)

Net income

$

(1,577)

$

1,804

$

(4,025)

$

4,610

Amortization of fair value increments

(1,217)

(1,228)

(3,370)

(2,929)

Income tax recovery

122

182

348

468

Income (loss) from investment in MSC, net of amortization

$

(2,672)

$

758

$

(7,047)

$

2,149