INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME AND MINING TAXES.

Schedule of income and mining tax (expense)/recovery

	Year ended December 31,
	2024		2023		2022
United States	$	2,073	$	971	$	—
Foreign		2,231		(4,107)		7,662
Current tax (recovery) expense	$	4,304	$	(3,136)	$	7,662
United States	$	(195)	$	—	$	—
Foreign		(7,157)		36,995		(1,856)
Deferred tax (recovery) expense	$	(7,352)	$	36,995	$	(1,856)
United States	$	1,878	$	971	$	—
Foreign		(4,926)		32,888		5,806
Total income and mining tax (recovery) expense	$	(3,048)	$	33,859	$	5,806

Schedule of net loss before income and mining tax

	Year ended December 31,
	2024		2023		2022
United States	$	6,130	$	(7,702)	$	(20,618)
Foreign		(52,869)		74,738		(59,670)
(Loss) income before income and mining taxes	$	(46,739)	$	67,036	$	(80,288)

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

		Year ended December 31,
Expected tax expense at	2024		2023		2022
(Loss) income before income and mining taxes	$	(46,739)	$	67,036	$	(80,288)
Statutory tax rate		21%		21%		21%
US Federal and State tax (recovery) expense at statutory rate		(9,815)		14,078		(16,860)
Reconciling items:
Equity loss (income) from investments		10,555		15,310		(583)
Deconsolidation of McEwen Copper Inc.		—		(46,644)		—
Disposal of McEwen Copper Inc.'s shares		(1,531)		6,179		—
Deferred tax liability on investment in associate		—		38,340		—
Realized flow-through expenditures		4,017		3,570		2,169
Realized flow-through premium		(2,304)		(3,423)		(2,011)
Withholding tax		426		632		—
Adjustment for foreign tax rates		(3,746)		(13,769)		(8,384)
Permanent differences		(2,014)		9,909		9,353
Foreign exchange on translation of books		(4,157)		42		4,308
Losses expired		3,330		8,282		1,876
Proceeds received from sale of NSR		—		—		8,072
Adjustments in relation to prior years		367		(629)		7,760
Current and deferred mining tax liabilities		2,283		1,455		116
Movement in valuation allowance		(505)		821		(10)
Other		46		(294)		—
Income and mining tax (recovery) expense	$	(3,048)	$	33,859	$	5,806

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

	Year ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforward	$	61,135	$	57,983
Mineral properties		52,228		52,471
Other temporary differences		22,259		21,857
Total gross deferred tax assets		135,622		132,311
Less: valuation allowance		(132,396)		(130,002)
Net deferred tax assets	$	3,226	$	2,309
Deferred tax liabilities:
Acquired mineral property interests		(3,928)		(2,895)
Other taxable temporary differences		(35,928)		(39,986)
Total deferred tax liabilities	$	(39,856)	$	(42,881)
Deferred income and mining tax liability	$	(36,630)	$	(40,572)

Summary of changes in valuation allowance

	Balance at							Balance at
For the year ended December 31,	beginning of year		Additions (1)		Deductions (2)			end of year
2024	$	130,002	$	2,780	$	(386)	$	132,396
2023		149,342		3,391		(22,731)		130,002
2022		149,921		6,600		(7,179)		149,342

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

(2) The reductions to valuation allowance mainly result from release of valuation allowance in Canada and Argentina.

Summary of losses that can be applied against future taxable profit

Country	Type of Loss	Amount		Expiry Period
United States (1)	Net operating losses	$	199,400	2027-Unlimited
Mexico	Net operating losses		54,163	2025-2034
Canada (1)	Net operating losses		11,380	2026-2042
Argentina (1)	Net operating losses		503	2024-2028

(1) 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.