INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME AND MINING TAXES.

Schedule of income and mining tax (expense)/recovery

	2023		2022		2021
United States	$	971	$	—	$	—
Foreign		(4,107)		7,663		—
Current tax (recovery) expense	$	(3,136)	$	7,663	$	—
United States	$	—	$	—	$	(387)
Foreign		36,995		(1,856)		(6,928)
Deferred tax (recovery) expense	$	36,995	$	(1,856)	$	(7,315)
United States	$	971	$	—	$	(387)
Foreign		32,888		5,806		(6,928)
Total income and mining tax (recovery) expense	$	33,859	$	5,806	$	(7,315)

Schedule of net loss before income and mining tax

	2023		2022		2021
United States	$	(7,702)	$	(20,618)	$	(24,808)
Foreign		74,738		(59,670)		(39,391)
Income (loss) before income and mining taxes	$	67,036	$	(80,288)	$	(64,199)

Schedule of reconciliation of tax provision at statutory U.S. Federal and State income tax rates to actual tax provision recorded in financial statements

Expected tax expense at	2023		2022		2021
Income (loss) before income and mining taxes	$	67,036	$	(80,288)	$	(64,199)
Statutory tax rate		21%		21%		21%
US Federal and State tax expense (recovery) at statutory rate		14,078		(16,860)		(13,482)
Reconciling items:
Equity loss / (income) from investments		15,310		(583)		1,326
Deconsolidation of McEwen Copper Inc.		(46,644)		—		—
Taxable gain on the disposal of McEwen Copper shares		6,179		—		—
Deferred tax liability on investment		38,340		—		—
Realized flow-through expenditures		3,570		2,169		6,148
Realized flow-through premium		(3,423)		(2,011)		(3,486)
Withholding tax		632		—		—
Adjustment for foreign tax rates		(13,769)		(8,384)		(3,039)
Permanent differences		9,909		9,353		4,371
Foreign exchange on translation of books		42		4,308		(2,720)
Losses expired		8,282		1,877		1,497
Proceeds received from sale of NSR		—		8,072		—
Adjustments in relation to prior years		(629)		7,760		6,446
Current and deferred mining tax liabilities		1,455		116		—
Movement in valuation allowance		821		(10)		(4,377)
Other		(294)		—		—
Income and mining tax expense (recovery)	$	33,859	$	5,806	$	(7,315)

Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities

	2023		2022
Deferred tax assets:
Net operating loss carryforward	$	57,983	$	65,174
Mineral properties		52,471		69,326
Other temporary differences		21,857		22,433
Total gross deferred tax assets		132,311		156,933
Less: valuation allowance		(130,002)		(149,342)
Net deferred tax liabilities (assets)	$	2,309	$	7,591
Deferred tax liabilities:
Acquired mineral property interests		(2,895)		(7,746)
Other taxable temporary differences		(39,986)		—
Total deferred tax liabilities	$	(42,881)	$	(7,746)
Deferred income and mining tax liability	$	(40,572)	$	(155)

Summary of changes in valuation allowance

For the year ended December 31,	Balance at beginning of year		Additions(a)		Deductions(b)		Balance at end of year
2023	$	149,342	$	3,391	$	(22,731)	$	130,002
2022		149,921		6,600		(7,179)		149,342
2021		154,298		4,058		(8,435)		149,921

(a) The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets.

(b) The reductions to valuation allowance mainly result from the release of valuation allowance, expiration of the Company’s tax attributes, foreign exchange reductions of tax attributes in Canada, Mexico and Argentina and inflationary adjustments to tax attributes in Argentina.

Summary of losses that can be applied against future taxable profit

Country	Type of Loss	Amount		Expiry Period
United States(a)	Net-operating losses	$	184,095	2027-Unlimited
Mexico	Net-operating losses		53,596	2024-2033
Canada(a)	Net-operating losses		14,890	2025-2042
Argentina(a)	Net-operating losses		594	2024-2028

(a) The losses in the United States, Canada, and Argentina are part of multiple consolidating groups, and, therefore, may be restricted in use to specific projects.