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OPERATING SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
OPERATING SEGMENT REPORTING |
OPERATING SEGMENT REPORTING | NOTE 2 OPERATING SEGMENT REPORTING ​ The Company is a mining and minerals production, development, 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, major mine/project level or investment 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 the General and Administrative and Other 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 and McEwen Copper segments, which are 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 June 30, 2024 |  | USA |  | Canada | ​ | Mexico | ​ | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 29,686 | ​ | $ | 17,790 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 47,476
Production costs applicable to sales | ​ | ​ | (19,170) | ​ | ​ | (12,896) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (32,066)
Depreciation and depletion | ​ | ​ | (434) | ​ | ​ | (4,218) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,652)
Gross profit | ​ | ​ | 10,082 | ​ | ​ | 676 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,758
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,990) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,990)
Exploration | ​ | ​ | (2,547) | ​ | ​ | (2,437) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (4,984)
Income (loss) from equity method investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,701 | ​ | ​ | (16,816) | ​ |  | (12,115)
Segment profit (loss) | ​ | $ | 7,535 | ​ | $ | (1,761) | ​ | $ | (2,990) | ​ | $ | 4,701 | ​ | $ | (16,816) | ​ | $ | (9,331)
General and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,461)
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,579)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (15,371)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 520 | ​ | $ | 5,424 | ​ | $ | 740 | ​ | $ | — | ​ | $ | — | ​ | $ | 6,684
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2024 |  | USA |  | Canada | ​ | Mexico | ​ | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 54,964 | ​ | $ | 32,540 | ​ | $ | 1,200 | ​ | $ | — | ​ | $ | — | ​ | $ | 88,704
Production costs applicable to sales | ​ | ​ | (32,437) | ​ | ​ | (24,739) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (57,176)
Depreciation and depletion | ​ | ​ | (6,470) | ​ | ​ | (8,289) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,759)
Gross profit (loss) | ​ | ​ | 16,057 | ​ | ​ | (488) | ​ | ​ | 1,200 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,769
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,444) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,444)
Exploration | ​ | ​ | (3,628) | ​ | ​ | (5,227) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (8,855)
Income (loss) from equity method investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,979 | ​ | ​ | (34,828) | ​ |  | (28,849)
Segment profit (loss) | ​ | $ | 12,429 | ​ | $ | (5,715) | ​ | $ | (4,244) | ​ | $ | 5,979 | ​ | $ | (34,828) | ​ | $ | (26,379)
General and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,534)
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,398)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (38,311)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 1,449 | ​ | $ | 8,204 | ​ | $ | 1,553 | ​ | $ | — | ​ | $ | — | ​ | $ | 11,206
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended June 30, 2023 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 15,971 | ​ | $ | 18,424 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 34,395
Production costs applicable to sales | ​ | ​ | (17,115) | ​ | ​ | (12,455) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (29,570)
Depreciation and depletion | ​ | ​ | (3,263) | ​ | ​ | (5,030) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,293)
Gross (loss) profit | ​ | ​ | (4,407) | ​ | ​ | 939 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,468)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (303) | ​ | ​ | — | ​ | ​ | (972) | ​ | ​ | — | ​ | ​ | (28,524) | ​ | ​ | (29,799)
Exploration | ​ | ​ | (1,545) | ​ | ​ | (4,307) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,852)
Loss from equity method investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (914) | ​ | ​ | — | ​ | ​ | (914)
Segment loss | ​ | $ | (6,255) | ​ | $ | (3,368) | ​ | $ | (972) | ​ | $ | (914) | ​ | $ | (28,524) | ​ | $ | (40,033)
General and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,050)
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,227)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (45,310)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 3,235 | ​ | $ | 1,410 | ​ | $ | — | ​ | $ | — | ​ | $ | 561 | ​ | $ | 5,206
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2023 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 27,559 | ​ | $ | 41,588 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 69,147
Production costs applicable to sales | ​ | ​ | (26,455) | ​ | ​ | (26,528) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (52,983)
Depreciation and depletion | ​ | ​ | (4,523) | ​ | ​ | (10,666) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,189)
Gross profit (loss) | ​ | ​ | (3,419) | ​ | ​ | 4,394 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 975
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (592) | ​ | ​ | — | ​ | ​ | (2,362) | ​ | ​ | — | ​ | ​ | (60,405) | ​ | ​ | (63,359)
Exploration | ​ | ​ | (2,320) | ​ | ​ | (9,046) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (386) | ​ | ​ | (11,752)
Loss from equity method investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,375) | ​ | ​ | — | ​ | ​ | (4,375)
Segment loss | ​ | $ | (6,331) | ​ | $ | (4,652) | ​ | $ | (2,362) | ​ | $ | (4,375) | ​ | $ | (60,791) | ​ | $ | (78,511)
General and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,491)
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,746
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (82,256)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 6,226 | ​ | $ | 4,183 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,515 | ​ | $ | 11,924
​ 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)
​ | ​ | June 30, | ​ | December 31, | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 |  | 2024 | ​ | 2023
USA | ​ | $ | 70,267 | ​ | $ | 71,234 | ​ | $ | 29,686 | ​ | $ | 15,971 | ​ | $ | 54,964 | ​ | $ | 27,559
Canada | ​ | ​ | 80,731 | ​ | ​ | 83,674 | ​ | ​ | 17,790 | ​ | ​ | 18,424 | ​ | ​ | 32,540 | ​ | ​ | 41,588
Mexico | ​ | ​ | 31,856 | ​ | ​ | 30,304 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,200 | ​ | ​ | —
Argentina (2)(3) | ​ | ​ | 390,135 | ​ | ​ | 419,366 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Consolidated | ​ | $ | 572,989 | ​ | $ | 604,578 | ​ | $ | 47,476 | ​ | $ | 34,395 | ​ | $ | 88,704 | ​ | $ | 69,147
​
(1) | Presented based on the location from which the precious metals originated.
(2) | Includes Investment in MSC of $98.8 million (December 31, 2023 – $93.2 million) and Investment in McEwen Copper of $291.3 million (December 31, 2023 – $326.1 million).
(3) | Revenue is not reported on a consolidated basis for equity method investments. For a breakdown of Argentina segment revenue, refer to Note 9 Equity Method Investments.

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