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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).