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OPERATING SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2023
OPERATING SEGMENT REPORTING |
OPERATING SEGMENT REPORTING | NOTE 2 OPERATING SEGMENT REPORTING ​ The Company is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The Company’s Chief Operating Decision Maker (“CODM”) reviews the operating results, assesses performance and makes decisions about the allocation of resources to these segments at the geographic region level or major mine/project level where the economic characteristics of the individual mines or projects within a geographic region are not alike. As a result, these operating segments also represent the Company’s reportable segments for accounting purposes. The Company’s business activities that are not considered operating segments are included in General and Administrative and Other Income or Expense line item in the below table, and are provided for reconciliation purposes. ​ The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects and exploration costs, for all segments except for the MSC segment, which is evaluated based on the attributable equity income or loss. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods. ​ Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ Geographic Information Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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).

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