XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

OPERATING SEGMENT REPORTING (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
OPERATING SEGMENT REPORTING |
Schedule of significant information relating to reportable operating segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2023 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 17,967 | ​ | $ | 20,259 | ​ | $ | 178 | ​ | $ | — | ​ | $ | — | ​ | $ | 38,404
Production costs applicable to sales | ​ | ​ | (14,399) | ​ | ​ | (12,069) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (26,468)
Depreciation and depletion | ​ | ​ | (2,647) | ​ | ​ | (5,534) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,181)
Gross profit (loss) | ​ | ​ | 921 | ​ | ​ | 2,656 | ​ | ​ | 178 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,755
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,966) | ​ | ​ | — | ​ | ​ | (18,478) | ​ |  | (20,444)
Exploration | ​ | ​ | (1,813) | ​ | ​ | (2,861) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,674)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,672) | ​ | ​ | — | ​ |  | (2,672)
Segment loss | ​ | $ | (892) | ​ | $ | (205) | ​ | $ | (1,788) | ​ | $ | (2,672) | ​ | $ | (18,478) | ​ | $ | (24,035)
General and administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,582)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (28,617)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 5,211 | ​ | $ | 2,574 | ​ | $ | 705 | ​ | $ | — | ​ | $ | 1,573 | ​ | $ | 10,063
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2023 |  | USA |  | ​ | Canada | ​ | Mexico | ​ | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 45,526 | ​ | $ | 61,847 | ​ | $ | 178 | ​ | $ | — | ​ | $ | — | ​ | $ | 107,551
Production costs applicable to sales (1) | ​ | ​ | (41,446) | ​ | ​ | (38,597) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (80,043)
Depreciation and depletion | ​ | ​ | (7,170) | ​ | ​ | (16,200) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,370)
Gross profit (loss) | ​ | ​ | (3,090) | ​ | ​ | 7,050 | ​ | ​ | 178 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,138
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,308) | ​ | ​ | — | ​ | ​ | (78,883) | ​ |  | (83,191)
Exploration | ​ | ​ | (4,133) | ​ | ​ | (11,907) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (386) | ​ |  | (16,426)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7,047) | ​ | ​ | — | ​ |  | (7,047)
Segment loss | ​ | $ | (7,223) | ​ | $ | (4,857) | ​ | $ | (4,130) | ​ | $ | (7,047) | ​ | $ | (79,269) | ​ | $ | (102,526)
General and Administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,347)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (110,873)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 11,437 | ​ | $ | 6,757 | ​ | $ | 705 | ​ | $ | — | ​ | $ | 3,088 | ​ | $ | 21,987
​
| (1) | Certain amounts in prior quarter have been reclassified to conform to the current quarter’s presentation. Reclassified amounts were not material to the financial statements and relate to the presentation of Production costs applicable to sales and Advanced projects in the Statement of Operations.
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2022 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 12,596 | ​ | $ | 13,058 | ​ | $ | 334 | ​ | $ | — | ​ | $ | — | ​ | $ | 25,988
Production costs applicable to sales | ​ | ​ | (12,357) | ​ | ​ | (6,196) | ​ | ​ | (1,619) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (20,172)
Depreciation and depletion | ​ | ​ | (1,514) | ​ | ​ | (2,799) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,313)
Gross profit (loss) | ​ | ​ | (1,275) | ​ | ​ | 4,063 | ​ | ​ | (1,285) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,503
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (4) | ​ | ​ | (30) | ​ | ​ | (1,160) | ​ | ​ | — | ​ | ​ | (7,623) | ​ | ​ | (8,817)
Exploration | ​ | ​ | (1,055) | ​ | ​ | (2,733) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (141) | ​ | ​ | (3,929)
Income from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 758 | ​ | ​ | — | ​ | ​ | 758
Segment income (loss) | ​ | $ | (2,334) | ​ | $ | 1,300 | ​ | $ | (2,445) | ​ | $ | 758 | ​ | $ | (7,764) | ​ | $ | (10,485)
General and administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (581)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (11,066)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 1,012 | ​ | $ | 4,080 | ​ | $ | 2,827 | ​ | $ | — | ​ | $ | 159 | ​ | $ | 8,078
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2022 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 34,334 | ​ | $ | 46,200 | ​ | $ | 1,643 | ​ | $ | — | ​ | $ | — | ​ | $ | 82,177
Production costs applicable to sales | ​ | ​ | (34,834) | ​ | ​ | (26,103) | ​ | ​ | (10,002) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (70,939)
Depreciation and depletion | ​ | ​ | (3,275) | ​ | ​ | (8,219) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (11,494)
Gross profit (loss) | ​ | ​ | (3,775) | ​ | ​ | 11,878 | ​ | ​ | (8,359) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (256)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (52) | ​ | ​ | (227) | ​ | ​ | (3,135) | ​ | ​ | — | ​ | ​ | (31,460) | ​ | ​ | (34,874)
Exploration | ​ | ​ | (3,747) | ​ | ​ | (7,056) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (629) | ​ | ​ | (11,432)
Income from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,149 | ​ | ​ | — | ​ | ​ | 2,149
Segment income (loss) | ​ | $ | (7,574) | ​ | $ | 4,595 | ​ | $ | (11,494) | ​ | $ | 2,149 | ​ | $ | (32,089) | ​ | $ | (44,413)
General and Administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (938)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (45,351)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 1,508 | ​ | $ | 11,633 | ​ | $ | 2,827 | ​ | $ | — | ​ | $ | 544 | ​ | $ | 16,512
Schedule of geographic information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-current Assets | ​ | Revenue (1) | ​ | Revenue (1)
​ | ​ | September 30, | ​ | December 31, | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 | ​ | 2022
USA (2) | ​ | $ | 76,366 | ​ | $ | 70,577 | ​ | $ | 17,967 | ​ | $ | 12,596 | ​ | $ | 45,526 | ​ | $ | 34,334
Canada | ​ | ​ | 89,153 | ​ | ​ | 91,552 | ​ | ​ | 20,259 | ​ | ​ | 13,058 | ​ | ​ | 61,847 | ​ | ​ | 46,200
Mexico | ​ | ​ | 29,753 | ​ | ​ | 29,219 | ​ | ​ | 178 | ​ | ​ | 334 | ​ | ​ | 178 | ​ | ​ | 1,643
Argentina (3) | ​ | ​ | 251,631 | ​ | ​ | 255,718 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total consolidated | ​ | $ | 446,903 | ​ | $ | 447,066 | ​ | $ | 38,404 | ​ | $ | 25,988 | ​ | $ | 107,551 | ​ | $ | 82,177
​
(1) | Presented based on the location from which the precious metals originated.
(2) | Includes Elder Creek exploration property of $0.8 million as of September 30, 2023 (December 31, 2022 - $0.8 million).
(3) | Includes Investment in MSC of $86.1 million as of September 30, 2023 (December 31, 2022 – $93.5 million).

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph b -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration