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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, 2023
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,
​ |  | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Minera Santa Cruz S.A. (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from gold and silver sales | ​ | $ | 64,495 | ​ | $ | 65,278 | ​ | $ | 177,947 | ​ | $ | 176,808
Production costs applicable to sales | ​ | ​ | (43,380) | ​ | ​ | (48,930) | ​ | ​ | (131,434) | ​ | ​ | (130,231)
Depreciation and depletion | ​ | ​ | (15,190) | ​ | ​ | (9,376) | ​ | ​ | (37,783) | ​ | ​ | (21,629)
Gross profit | ​ | ​ | 5,925 | ​ | ​ | 6,972 | ​ | ​ | 8,730 | ​ | ​ | 24,948
Exploration | ​ | ​ | (2,538) | ​ | ​ | (1,960) | ​ | ​ | (7,336) | ​ | ​ | (6,788)
Other expenses(1) | ​ | ​ | (2,652) | ​ | ​ | (5,648) | ​ | ​ | (13,797) | ​ | ​ | (16,000)
Net income (loss) before tax | ​ | $ | 735 | ​ | $ | (636) | ​ | $ | (12,403) | ​ | $ | 2,160
Current and deferred tax recovery (expense) | ​ | ​ | (3,953) | ​ | ​ | 4,318 | ​ | ​ | 4,190 | ​ | ​ | 7,247
Net income (loss) | ​ | $ | (3,218) | ​ | $ | 3,682 | ​ | $ | (8,213) | ​ | $ | 9,407
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Mining Inc. (49%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | (1,577) | ​ | $ | 1,804 | ​ | $ | (4,025) | ​ | $ | 4,610
Amortization of fair value increments | ​ |  | (1,217) | ​ |  | (1,228) | ​ |  | (3,370) | ​ |  | (2,929)
Income tax recovery | ​ | ​ | 122 | ​ | ​ | 182 | ​ | ​ | 348 | ​ | ​ | 468
Income (loss) from investment in MSC, net of amortization | ​ | $ | (2,672) | ​ | $ | 758 | ​ | $ | (7,047) | ​ | $ | 2,149
​ (1) Other expenses include foreign exchange gains and losses, accretion of asset retirement obligations and other finance-related expenses.
Schedule of change in the entity's investment in MSC | ​
​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2023 |  | December 31, 2022
Investment in MSC, beginning of period | $ | 93,451 | ​ | $ | 90,961
Attributable net income from MSC | ​ | (4,025) | ​ | ​ | 6,303
Amortization of fair value increments |  | (3,370) | ​ |  | (4,155)
Income tax recovery | ​ | 348 | ​ | ​ | 628
Dividend distribution received |  | (295) | ​ |  | (286)
Investment in MSC, end of period | $ | 86,109 | ​ | $ | 93,451
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at September 30, 2023 | ​ | Balance excluding FV increments | ​ | Adjustments | ​ | Balance including FV increments
Current assets | ​ | $ | 86,887 | ​ | $ | 636 | ​ | $ | 87,523
Total assets | ​ | $ | 189,181 | ​ | $ | 74,460 | ​ | $ | 263,641
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (53,460) | ​ | $ | — | ​ | $ | (53,460)
Total liabilities | ​ | $ | (87,400) | ​ | $ | (585) | ​ | $ | (87,985)

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