OPERATING SEGMENT REPORTING

3 Months Ended

Mar. 31, 2024

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING

NOTE 2 OPERATING SEGMENT REPORTING

The Company is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The Company’s Chief Operating Decision Maker (“CODM”) reviews the operating results, assesses performance, and makes decisions about the allocation of resources to these segments at the geographic region level, major mine/project level or investment level where the economic characteristics of the individual mines or projects within a geographic region are not alike. As a result, these operating segments also represent the Company’s reportable segments for accounting purposes. The Company’s business activities that are not considered operating segments are included in the General and Administrative and Other line item in the below table and are provided for reconciliation purposes.

The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation, and depletion, advanced projects, and exploration costs, for all segments except for the MSC and McEwen Copper segments, which are evaluated based on the attributable equity income or loss. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods.

Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below:

Three months ended March 31, 2024	USA		Canada		Mexico		MSC		McEwen Copper		Total
Revenue from gold and silver sales	$	25,278	$	14,750	$	1,200	$	—	$	—	$	41,228
Production costs applicable to sales		(13,268)		(11,842)		—		—		—		(25,110)
Depreciation and depletion		(6,037)		(4,070)		—		—		—		(10,107)
Gross profit (loss)		5,973		(1,162)		1,200		—		—		6,011
Advanced projects		—		—		(2,454)		—		—		(2,454)
Exploration		(1,082)		(2,789)		—		—		—		(3,871)
Income (loss) from equity investments		—		—		—		1,278		(18,012)		(16,734)
Segment income (loss)	$	4,891	$	(3,951)	$	(1,254)	$	1,278	$	(18,012)	$	(17,048)
General and administrative and other												(5,892)
Loss before income and mining taxes											$	(22,940)
Capital expenditures	$	929	$	2,780	$	813	$	—	$	—	$	4,522

Three months ended March 31, 2023	USA		Canada		Mexico		MSC		McEwen Copper		Total
Revenue from gold and silver sales	$	11,587	$	23,165	$	—	$	—	$	—	$	34,752
Production costs applicable to sales		(9,341)		(14,072)		—		—		—		(23,413)
Depreciation and depletion		(1,260)		(5,636)		—		—		—		(6,896)
Gross profit		986		3,457		—		—		—		4,443
Advanced projects		(289)		—		(1,391)		—		(31,880)		(33,560)
Exploration		(773)		(4,740)		—		—		(387)		(5,900)
Loss from equity investments		—		—		—		(3,461)		—		(3,461)
Segment loss	$	(76)	$	(1,283)	$	(1,391)	$	(3,461)	$	(32,267)	$	(38,478)
General and administrative and other												1,532
Loss before income and mining taxes											$	(36,946)
Capital expenditures	$	2,991	$	2,773	$	—	$	—	$	954	$	6,718

Geographic information

Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows:

	Non-current Assets				Revenue (1)
	March 31,		December 31,		Three months ended March 31,
	2024		2023		2024		2023
USA	$	73,028	$	71,234	$	25,278	$	11,587
Canada		61,908		83,674		14,750		23,165
Mexico		31,116		30,304		1,200		—
Argentina (2)		420,643		419,366		—		—
Total Consolidated	$	586,695	$	604,578	$	41,228	$	34,752

(1) Presented based on the location from which the precious metals originated.

(2) Includes Investment in MSC of $94.5 million (December 31, 2023 – $93.2 million) and Investment in McEwen Copper of $308.1 million (December 31, 2023 – $326.1 million).