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INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)

3 Months Ended

Mar. 31, 2022

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE

Summary of MSC's financial information from operations

​

​	​	​	​	​	​	​
​	​	Three months ended March 31,
​		2022		​	2021
Minera Santa Cruz S.A. (100%)	​	​	​	​	​	​
Revenue from gold and silver sales	​	$	39,207	​	$	53,303
Production costs applicable to sales	​	​	(31,789)	​	​	(36,367)
Depreciation and depletion	​	​	(6,896)	​	​	(6,953)
Gross profit	​	​	522	​	​	9,983
Exploration	​	​	(1,735)	​	​	(2,236)
Other expenses(1)	​	​	(3,880)	​	​	(5,536)
Net income (loss) before tax	​	$	(5,093)	​	$	2,211
Current and deferred tax expense	​	​	3,807	​	​	(1,629)
Net income (loss)	​	$	(1,286)	​	$	582
​	​	​	​	​	​	​
Portion attributable to McEwen Mining Inc. (49%)	​	​	​	​	​	​
Net income (loss)	​	$	(630)	​	$	285
Amortization of fair value increments	​		(613)	​		(1,071)
Income tax recovery	​	​	123	​	​	212
Loss from investment in MSC, net of amortization	​	$	(1,120)	​	$	(574)

​

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

Schedule of change in the entity's investment in MSC

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​	​	​	​	​	​
​	Three months ended March 31, 2022			Year ended December 31, 2021
Investment in MSC, beginning of period	$	90,961	​	$	108,326
Attributable net (loss) income from MSC	​	(630)	​	​	132
Amortization of fair value increments		(613)	​		(8,331)
Income tax recovery	​	123	​	​	666
Dividend distribution received		—	​		(9,832)
Investment in MSC, end of period	$	89,841	​	$	90,961

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

​

​	​	​	​	​	​	​	​	​	​
As at March 31, 2022	​	Balance excluding FV increments		​	Adjustments		​	Balance including FV increments
Current assets	​	$	85,336	​	$	889	​	$	86,225
Total assets	​	$	176,818	​	$	88,710	​	$	265,528
​	​	​	​	​	​	​	​	​	​
Current liabilities	​	$	(51,574)	​	$	—	​	$	(51,574)
Total liabilities	​	$	(79,865)	​	$	(2,326)	​	$	(82,191)

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Tabular disclosure of MSC's financial information from operations.

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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
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