XML 83 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME AND MINING TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME AND MINING TAXES. |
INCOME AND MINING TAXES | NOTE 19 INCOME AND MINING TAXES The Company’s income and mining tax (recovery) expense consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
United States | ​ | $ | 971 | ​ | $ | — | ​ | $ | —
Foreign | ​ | ​ | (4,107) | ​ | ​ | 7,663 | ​ | ​ | —
Current tax (recovery) expense | ​ | $ | (3,136) | ​ | $ | 7,663 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | — | ​ | $ | — | ​ | $ | (387)
Foreign | ​ | ​ | 36,995 | ​ | ​ | (1,856) | ​ | ​ | (6,928)
Deferred tax (recovery) expense | ​ | $ | 36,995 | ​ | $ | (1,856) | ​ | $ | (7,315)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 971 | ​ | $ | — | ​ | $ | (387)
Foreign | ​ | ​ | 32,888 | ​ | ​ | 5,806 | ​ | ​ | (6,928)
Total income and mining tax (recovery) expense | ​ | $ | 33,859 | ​ | $ | 5,806 | ​ | $ | (7,315)
​ The Company’s (income) loss before income and mining tax consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 | ​ | 2021
United States | ​ | $ | (7,702) | ​ | $ | (20,618) | ​ | $ | (24,808)
Foreign | ​ | ​ | 74,738 | ​ | ​ | (59,670) | ​ | ​ | (39,391)
Income (loss) before income and mining taxes | ​ | $ | 67,036 | ​ | $ | (80,288) | ​ | $ | (64,199)
​ A reconciliation of the tax provision for 2023, 2022 and 2021 at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the consolidated financial statements is computed as follows: ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at December 31, 2023 and 2022, respectively, are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected tax expense at |  | 2023 |  | 2022 |  | 2021
Income (loss) before income and mining taxes | ​ | $ | 67,036 | ​ | $ | (80,288) | ​ | $ | (64,199)
Statutory tax rate | ​ | ​ | 21% | ​ | ​ | 21% | ​ | ​ | 21%
US Federal and State tax expense (recovery) at statutory rate | ​ | ​ | 14,078 | ​ | ​ | (16,860) | ​ | ​ | (13,482)
Reconciling items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity loss / (income) from investments | ​ |  | 15,310 | ​ |  | (583) | ​ |  | 1,326
Deconsolidation of McEwen Copper Inc. | ​ |  | (46,644) | ​ |  | — | ​ |  | —
Taxable gain on the disposal of McEwen Copper shares | ​ | ​ | 6,179 | ​ | ​ | — | ​ | ​ | —
Deferred tax liability on investment | ​ | ​ | 38,340 | ​ | ​ | — | ​ | ​ | —
Realized flow-through expenditures | ​ | ​ | 3,570 | ​ | ​ | 2,169 | ​ | ​ | 6,148
Realized flow-through premium | ​ | ​ | (3,423) | ​ | ​ | (2,011) | ​ | ​ | (3,486)
Withholding tax | ​ | ​ | 632 | ​ | ​ | — | ​ | ​ | —
Adjustment for foreign tax rates | ​ |  | (13,769) | ​ |  | (8,384) | ​ |  | (3,039)
Permanent differences | ​ |  | 9,909 | ​ |  | 9,353 | ​ |  | 4,371
Foreign exchange on translation of books | ​ | ​ | 42 | ​ | ​ | 4,308 | ​ | ​ | (2,720)
Losses expired | ​ | ​ | 8,282 | ​ | ​ | 1,877 | ​ | ​ | 1,497
Proceeds received from sale of NSR | ​ | ​ | — | ​ | ​ | 8,072 | ​ | ​ | —
Adjustments in relation to prior years | ​ | ​ | (629) | ​ | ​ | 7,760 | ​ | ​ | 6,446
Current and deferred mining tax liabilities | ​ | ​ | 1,455 | ​ | ​ | 116 | ​ | ​ | —
Movement in valuation allowance | ​ | ​ | 821 | ​ | ​ | (10) | ​ | ​ | (4,377)
Other | ​ | ​ | (294) | ​ | ​ | — | ​ | ​ | —
Income and mining tax expense (recovery) | ​ | $ | 33,859 | ​ | $ | 5,806 | ​ | $ | (7,315)
​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at December 31, 2023 and 2022 respectively are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforward | ​ | $ | 57,983 | ​ | $ | 65,174
Mineral properties | ​ |  | 52,471 | ​ |  | 69,326
Other temporary differences | ​ |  | 21,857 | ​ |  | 22,433
Total gross deferred tax assets | ​ |  | 132,311 | ​ |  | 156,933
Less: valuation allowance | ​ |  | (130,002) | ​ |  | (149,342)
Net deferred tax liabilities (assets) | ​ | $ | 2,309 | ​ | $ | 7,591
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Acquired mineral property interests | ​ | ​ | (2,895) | ​ | ​ | (7,746)
Other taxable temporary differences | ​ |  | (39,986) | ​ |  | —
Total deferred tax liabilities | ​ | $ | (42,881) | ​ | $ | (7,746)
Deferred income and mining tax liability | ​ | $ | (40,572) | ​ | $ | (155)
​ The Company reviews the measurement of its deferred tax assets at each Consolidated Balance Sheet date. On the basis of available information at December 31, 2023, the Company has provided a valuation allowance for certain of its deferred assets where the Company believes it is more likely than not that some portion or all of such assets will not be realized. The table below summarizes changes to the valuation allowance: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended December 31, |  | Balance at beginning of year |  | ​ | Additions(a) |  | Deductions(b) |  | Balance at end of year
2023 | ​ | $ | 149,342 | ​ | ​ | $ | 3,391 | ​ | $ | (22,731) | ​ | $ | 130,002
2022 | ​ | ​ | 149,921 | ​ | ​ | ​ | 6,600 | ​ | ​ | (7,179) | ​ | ​ | 149,342
2021 | ​ | ​ | 154,298 | ​ | ​ | ​ | 4,058 | ​ | ​ | (8,435) | ​ | ​ | 149,921
​
(a) | The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets.
(b) | The reductions to valuation allowance mainly result from the release of valuation allowance, expiration of the Company’s tax attributes, foreign exchange reductions of tax attributes in Canada, Mexico and Argentina and inflationary adjustments to tax attributes in Argentina.
As at December 31, 2023, 2022 and 2021, the Company did not have any income-tax-related accrued interest and tax penalties. ​ The following table summarizes the Company’s losses that can be applied against future taxable profit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Country |  | Type of Loss |  | Amount |  | Expiry Period
United States(a) | ​ | Net-operating losses | ​ | $ | 184,095 | ​ | 2027-Unlimited
Mexico | ​ | Net-operating losses | ​ | ​ | 53,596 | ​ | 2024-2033
Canada(a) | ​ | Net-operating losses | ​ | ​ | 14,890 | ​ | 2025-2042
Argentina(a) | ​ | Net-operating losses | ​ | ​ | 594 | ​ | 2024-2028
(a) | The losses in the United States, Canada, and Argentina are part of multiple consolidating groups, and, therefore, may be restricted in use to specific projects.
The Company or its subsidiaries file income tax returns in the United States, Canada, Mexico, and Argentina. These tax returns are subject to examination by local taxation authorities provided the tax years remain open to audit under the relevant statute of limitations. The following summarizes the open tax years by major jurisdiction: United States: 2018 to 2023 Canada: 2014 to 2023 Mexico: 2017 to 2023 Argentina: 2017 to 2023

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

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration