EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

McEwen Copper

EQUITY METHOD INVESTMENTS

Summary of financial information from operations

	Period ended December 31,
	2024		2023
McEwen Copper (100%)
Advanced projects	$	(114,544)	$	(36,475)
Other expenses		(6,196)		(4,684)
Foreign exchange gain (loss)		2,631		(99,338)
Interest and other income(1)		19,130		19,356
Loss before tax	$	(98,979)	$	(121,141)
Current and deferred taxes		—		—
Net loss	$	(98,979)	$	(121,141)
Portion attributable to McEwen Mining Inc.
Loss from investment in McEwen Copper	$	(46,977)	$	(57,821)

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

Schedule of change in the company's investment

	Year ended December 31,
	2024		2023
Investment, beginning of year	$	326,147	$	—
Additional investment in McEwen Copper		14,000		—
Dilution gain		5,777		—
Deconsolidation of McEwen Copper		—		383,968
Attributable net loss from McEwen Copper		(46,977)		(57,821)
Investment, end of year	$	298,947	$	326,147

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

As at	December 31, 2024		December 31, 2023
Current assets	$	34,067	$	104,195
Total assets	$	226,329	$	281,353
Current liabilities	$	(14,656)	$	(23,988)
Total liabilities	$	(14,856)	$	(24,287)

Minera Santa Cruz S.A.

EQUITY METHOD INVESTMENTS

Summary of financial information from operations

	Year ended December 31,
	2024		2023			2022
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales	$	310,411	$	254,926	$	254,698
Production costs applicable to sales		(215,065)		(177,234)		(182,195)
Depreciation and depletion		(51,188)		(58,935)		(32,200)
Gross profit		44,158		18,757		40,303
Exploration		(11,257)		(9,346)		(8,946)
Other expense(1)		(1,717)		(3,977)		(19,715)
Net income before tax	$	31,184	$	5,434	$	11,642
Current and deferred tax (expense) recovery		(6,548)		3,051		1,221
Net income	$	24,636	$	8,485	$	12,863
Portion attributable to McEwen Mining Inc.
Net income	$	12,072	$	4,157	$	6,303
Amortization of fair value increments		(3,088)		(4,612)		(4,155)
Income tax recovery		37		517		628
Income from investment in MSC, net of amortization	$	9,021	$	62	$	2,776

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

Schedule of change in the company's investment

	Year ended December 31,
	2024		2023
Investment, beginning of year	$	93,218	$	93,451
Attributable net income from MSC		12,072		4,157
Amortization of fair value increments		(3,088)		(4,612)
Income tax recovery		37		517
Dividend distribution received		(385)		(295)
Investment, end of year	$	101,854	$	93,218

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

As at	December 31, 2024		December 31, 2023
Current assets	$	144,327	$	101,572
Total assets	$	233,003	$	196,617
Current liabilities	$	(57,373)	$	(44,785)
Total liabilities	$	(89,594)	$	(77,742)