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INVESTMENT IN MSC - SAN JOSE MINE (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENT IN MSC - SAN JOSE MINE

Summary of MSC's financial information from operations

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,								​
​	​	2022		​	2021		​	​	2020
Minera Santa Cruz S.A. (100%)	​	​	​	​	​	​	​	​	​	​
Revenue from gold and silver sales	​	$	254,698	​	$	271,863	​	$	219,020	​
Production costs applicable to sales	​	​	(182,195)	​	​	(196,033)	​	​	(138,182)	​
Depreciation and depletion	​	​	(32,200)	​	​	(39,948)	​	​	(29,809)	​
Gross profit	​	​	40,303	​	​	35,882	​	​	51,029	​
Exploration	​	​	(8,946)	​	​	(10,602)	​	​	(10,446)	​
Other expenses(1)	​	​	(19,715)	​	​	(17,077)	​	​	(30,515)	​
Net income before tax	​	$	11,642	​	$	8,203	​	$	10,068	​
Current and deferred tax recovery (expense)	​	​	1,221	​	​	(7,934)	​	​	(4,466)	​
Net income	​	$	12,863	​	$	269	​	$	5,602	​
​	​	​	​	​	​	​	​	​	​	​
Portion attributable to McEwen Mining Inc. (49%)	​	​	​	​	​	​	​	​	​	​
Net income	​	$	6,303	​	$	132	​	$	2,745	​
Amortization of fair value increments	​		(4,155)	​		(8,331)	​		(5,390)	​
Income tax recovery	​	​	628	​	​	666	​	​	1,128	​
Income (loss) from investment in MSC, net of amortization	​	$	2,776	​	$	(7,533)	​	$	(1,517)	​

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

Schedule of change in the entity's investment in MSC

Changes in the Company’s investment in MSC for the year ended December 31, 2022 and 2021 is as follows:

​	​	​	​	​	​
​	December 31, 2022			December 31, 2021
Investment in MSC, beginning of period	$	90,961	​	$	108,326
Attributable net income from MSC	​	6,303	​	​	132
Amortization of fair value increments		(4,155)	​		(8,331)
Income tax recovery	​	628	​	​	666
Dividend distribution received		(286)	​		(9,832)
Investment in MSC, end of period	$	93,451	​	$	90,961

​

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

​

​	​	​	​	​	​	​	​	​	​
As at December 31, 2022	​	Balance excluding FV increments		​	Adjustments		​	Balance including FV increments
Current assets	​	$	98,956	​	$	1,103	​	$	100,059
Total assets	​	$	204,671	​	$	81,434	​	$	286,105
Current liabilities	​	$	(60,584)	​	$	—	​	$	(60,584)
Total liabilities	​	$	(82,185)	​	$	(1,295)	​	$	(83,480)

​

​

​

​	​	​	​	​	​	​	​	​	​
As at December 31, 2021	​	Balance excluding FV increments		​	Adjustments		​	Balance including FV increments
Current assets	​	$	89,876	​	$	469	​	$	90,345
Total assets	​	$	180,302	​	$	89,975	​	$	270,277
Current liabilities	​	$	(51,244)	​	$	—	​	$	(51,244)
Total liabilities	​	$	(82,075)	​	$	(2,577)	​	$	(84,652)

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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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