EQUITY INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

McEwen Copper Inc.

Schedule of Equity Method Investments [Line Items]

Summary of MSC's financial information from operations

	Three months ended March 31,
	2024		2023
McEwen Copper (100%)
Advanced projects	$	(48,183)	$	—
Other expenses		(2,016)		—
Foreign exchange loss		(3,992)		—
Interest and other income(1)		16,454		—
Loss before tax	$	(37,737)	$	—
Current and deferred taxes		—		—
Net loss	$	(37,737)	$	—
Portion attributable to McEwen Mining (47.7%)
Net loss on investment in McEwen Copper	$	(18,012)	$	—

(1) Interest and other income include gains on marketable securities and other finance-related income.

Schedule of change in the entity's investment in MSC

	March 31, 2024		December 31, 2023
Investment, beginning of period	$	326,147	$	—
Deconsolidation of McEwen Copper		—		383,968
Attributable net loss from McEwen Copper		(18,012)		(57,821)
Investment, end of period	$	308,135	$	326,147

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

As at March 31, 2024	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	65,374	$	—	$	65,374
Total assets	$	248,682	$	262,494	$	511,176
Current liabilities	$	(31,694)	$	—	$	(31,694)
Total liabilities	$	(31,969)	$	—	$	(31,969)

Minera Santa Cruz S.A.

Schedule of Equity Method Investments [Line Items]

Summary of MSC's financial information from operations

	Three months ended March 31,
	2024		2023
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	65,927	$	45,740
Production costs applicable to sales		(47,884)		(41,124)
Depreciation and depletion		(8,926)		(8,230)
Gross profit (loss)		9,117		(3,614)
Exploration		(2,104)		(1,952)
Other income (expense)(1)		1,501		(3,234)
Income (loss) before tax	$	8,514	$	(8,800)
Current and deferred tax recovery (expense)		(4,847)		3,315
Net income (loss)	$	3,667	$	(5,485)
Portion attributable to McEwen Mining Inc. (49%)
Net income (loss)	$	1,796	$	(2,687)
Amortization of fair value increments		(709)		(884)
Income tax recovery		191		110
Income (loss) from investment in MSC, net of amortization	$	1,278	$	(3,461)

(1) Other expenses include foreign exchange gains and losses, accretion of asset retirement obligations and other finance-related expenses.

Schedule of change in the entity's investment in MSC

	March 31, 2024		December 31, 2023
Investment, beginning of period	$	93,218	$	93,451
Attributable net income from MSC		1,796		4,157
Amortization of fair value increments		(709)		(4,612)
Income tax recovery		191		517
Dividend distribution received		—		(295)
Investment, end of period	$	94,496	$	93,218

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

As at March 31, 2024	Balance excluding FV increments		Adjustments		Balance including FV increments
Current assets	$	107,710	$	732	$	108,442
Total assets	$	201,995	$	70,166	$	272,161
Current liabilities	$	(45,171)	$	—	$	(45,171)
Total liabilities	$	(79,538)	$	149	$	(79,389)