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EQUITY METHOD INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

McEwen Copper Inc.

Schedule of Equity Method Investments [Line Items]

Summary of MSC's financial information from operations


		Three months ended			Six months ended
		June 30, 2024			June 30, 2024
McEwen Copper (100%)
Advanced projects	$	(37,547)		$	(85,730)
Other expenses		(1,835)			(3,851)
Foreign exchange income (loss)		310			(3,682)
Interest and other income⁽¹⁾		3,841			20,295
Loss before tax	$	(35,231)		$	(72,968)
Current and deferred taxes		—			—
Net loss	$	(35,231)		$	(72,968)

Portion attributable to McEwen Mining (47.7%)
Net loss on investment in McEwen Copper	$	(16,816)		$	(34,828)

(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


	Six months ended			Year ended
	June 30, 2024			December 31, 2023
Investment, beginning of period	$	326,147		$	—
Deconsolidation of McEwen Copper		—			383,968
Attributable net loss from McEwen Copper		(34,828)			(57,821)
Investment, end of period	$	291,319		$	326,147

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


		Balance excluding						Balance including
As at June 30, 2024		fair value increments			Adjustments			fair value increments
Current assets		$	20,423		$	—		$	20,423
Total assets		$	203,671		$	262,494		$	466,165

Current liabilities		$	(21,938)		$	—		$	(21,938)
Total liabilities		$	(22,188)		$	—		$	(22,188)

Minera Santa Cruz S.A.

Schedule of Equity Method Investments [Line Items]

Summary of MSC's financial information from operations


		Three months ended June 30,						Six months ended June 30,
		2024			2023			2024			2023
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales		$	74,348		$	67,712		$	140,274		$	113,452
Production costs applicable to sales			(48,220)			(46,931)			(96,105)			(88,055)
Depreciation and depletion			(14,723)			(14,363)			(23,649)			(22,593)
Gross profit			11,405			6,418			20,520			2,804
Exploration			(3,018)			(2,846)			(5,122)			(4,798)
Other expense⁽¹⁾			(2,451)			(7,911)			(950)			(11,145)
Income (loss) before tax		$	5,936		$	(4,339)		$	14,448		$	(13,139)
Current and deferred tax recovery (expense)			4,514			4,828			(333)			8,143
Net income (loss)		$	10,450		$	489		$	14,115		$	(4,996)

Portion attributable to McEwen Mining Inc. (49%)
Net income (loss)		$	5,120		$	239		$	6,918		$	(2,448)
Amortization of fair value increments			(667)			(1,269)			(1,377)			(2,153)
Income tax recovery			248			116			438			226
Income (loss) from investment in MSC, net of amortization		$	4,701		$	(914)		$	5,979		$	(4,375)

(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


	Six months ended			Year ended
	June 30, 2024			December 31, 2023
Investment, beginning of period	$	93,218		$	93,451
Attributable net income from MSC		6,918			4,157
Amortization of fair value increments		(1,377)			(4,612)
Income tax recovery		438			517
Dividend distribution received		(383)			(295)
Investment, end of period	$	98,814		$	93,218

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


		Balance excluding						Balance including
As at June 30, 2024		fair value increments			Adjustments			fair value increments
Current assets		$	117,716		$	1,005		$	118,721
Total assets		$	210,900		$	68,970		$	279,870

Current liabilities		$	(42,792)		$	—		$	(42,792)
Total liabilities		$	(78,945)		$	654		$	(78,291)