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INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables) | 9 Months Ended
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Sep. 30, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE |
Summary of MSC's financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30, | ​ | ​
​ |  | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 | ​ |
Minera Santa Cruz S.A. (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from gold and silver sales | ​ | $ | 65,278 | ​ | $ | 72,098 | ​ | $ | 176,808 | ​ | $ | 195,797 | ​ | ​
Production costs applicable to sales | ​ | ​ | (48,930) | ​ | ​ | (47,911) | ​ | ​ | (130,231) | ​ | ​ | (125,167) | ​ | ​
Depreciation and depletion | ​ | ​ | (9,376) | ​ | ​ | (11,690) | ​ | ​ | (21,629) | ​ | ​ | (28,422) | ​ | ​
Gross profit | ​ | ​ | 6,972 | ​ | ​ | 12,498 | ​ | ​ | 24,948 | ​ | ​ | 42,209 | ​ | ​
Exploration | ​ | ​ | (1,960) | ​ | ​ | (2,710) | ​ | ​ | (6,788) | ​ | ​ | (7,887) | ​ | ​
Other expenses(1) | ​ | ​ | (5,648) | ​ | ​ | (8,010) | ​ | ​ | (16,000) | ​ | ​ | (28,231) | ​ | ​
Net income (loss) before tax | ​ | $ | (636) | ​ | $ | 1,777 | ​ | $ | 2,160 | ​ | $ | 6,091 | ​ | ​
Current and deferred tax expense | ​ | ​ | 4,318 | ​ | ​ | (2,336) | ​ | ​ | 7,247 | ​ | ​ | (5,902) | ​ | ​
Net income (loss) | ​ | $ | 3,682 | ​ | $ | (559) | ​ | $ | 9,407 | ​ | $ | 189 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Mining Inc. (49%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 1,804 | ​ | $ | (273) | ​ | $ | 4,610 | ​ | $ | 93 | ​ | ​
Amortization of fair value increments | ​ |  | (1,228) | ​ |  | (2,481) | ​ |  | (2,929) | ​ |  | (5,571) | ​ | ​
Income tax recovery | ​ | ​ | 182 | ​ | ​ | 104 | ​ | ​ | 468 | ​ | ​ | 401 | ​ | ​
Income (loss) from investment in MSC, net of amortization | ​ | $ | 758 | ​ | $ | (2,650) | ​ | $ | 2,149 | ​ | $ | (5,077) | ​ | ​
​ (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 | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Nine months ended September 30, 2022 |  | Year ended December 31, 2021
Investment in MSC, beginning of period | $ | 90,961 | ​ | $ | 108,326
Attributable net income from MSC | ​ | 4,610 | ​ | ​ | 132
Amortization of fair value increments |  | (2,929) | ​ |  | (8,331)
Income tax recovery | ​ | 468 | ​ | ​ | 666
Dividend distribution received |  | (286) | ​ |  | (9,832)
Investment in MSC, end of period | $ | 92,824 | ​ | $ | 90,961
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at September 30, 2022 | ​ | Balance excluding FV increments | ​ | Adjustments | ​ | Balance including FV increments
Current assets | ​ | $ | 89,774 | ​ | $ | 1,151 | ​ | $ | 90,925
Total assets | ​ | $ | 197,130 | ​ | $ | 84,120 | ​ | $ | 281,250
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (57,912) | ​ | $ | — | ​ | $ | (57,912)
Total liabilities | ​ | $ | (90,203) | ​ | $ | (1,622) | ​ | $ | (91,825)

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