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EQUITY METHOD INVESTMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
McEwen Copper Inc. |
Schedule of Equity Method Investments [Line Items] |
Summary of MSC's financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | ​ | Six months ended
​ | ​ | June 30, 2024 | ​ | ​ | June 30, 2024
McEwen Copper (100%) | ​ | ​ | ​ | ​ | ​
Advanced projects | $ | (37,547) | ​ | $ | (85,730)
Other expenses | ​ | (1,835) | ​ | ​ | (3,851)
Foreign exchange income (loss) | ​ | 310 | ​ | ​ | (3,682)
Interest and other income(1) | ​ | 3,841 | ​ | ​ | 20,295
Loss before tax | $ | (35,231) | ​ | $ | (72,968)
Current and deferred taxes | ​ | — | ​ | ​ | —
Net loss | $ | (35,231) | ​ | $ | (72,968)
​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Mining (47.7%) | ​ | ​ | ​ | ​ | ​
Net loss on investment in McEwen Copper | $ | (16,816) | ​ | $ | (34,828)
​ (1) Interest and other income include gains on marketable securities and other finance-related income.
Schedule of change in the entity's investment in MSC | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Six months ended | ​ | Year ended
​ | June 30, 2024 | ​ | December 31, 2023
Investment, beginning of period | $ | 326,147 | ​ | $ | —
Deconsolidation of McEwen Copper | ​ | — | ​ | ​ | 383,968
Attributable net loss from McEwen Copper | ​ | (34,828) | ​ | ​ | (57,821)
Investment, end of period | $ | 291,319 | ​ | $ | 326,147
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance excluding | ​ | ​ | ​ | ​ | Balance including
As at June 30, 2024 | ​ | fair value increments | ​ | Adjustments | ​ | fair value increments
Current assets | ​ | $ | 20,423 | ​ | $ | — | ​ | $ | 20,423
Total assets | ​ | $ | 203,671 | ​ | $ | 262,494 | ​ | $ | 466,165
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (21,938) | ​ | $ | — | ​ | $ | (21,938)
Total liabilities | ​ | $ | (22,188) | ​ | $ | — | ​ | $ | (22,188)
Minera Santa Cruz S.A. |
Schedule of Equity Method Investments [Line Items] |
Summary of MSC's financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Minera Santa Cruz S.A. (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from gold and silver sales | ​ | $ | 74,348 | ​ | $ | 67,712 | ​ | $ | 140,274 | ​ | $ | 113,452
Production costs applicable to sales | ​ | ​ | (48,220) | ​ | ​ | (46,931) | ​ | ​ | (96,105) | ​ | ​ | (88,055)
Depreciation and depletion | ​ | ​ | (14,723) | ​ | ​ | (14,363) | ​ | ​ | (23,649) | ​ | ​ | (22,593)
Gross profit | ​ | ​ | 11,405 | ​ | ​ | 6,418 | ​ | ​ | 20,520 | ​ | ​ | 2,804
Exploration | ​ | ​ | (3,018) | ​ | ​ | (2,846) | ​ | ​ | (5,122) | ​ | ​ | (4,798)
Other expense(1) | ​ | ​ | (2,451) | ​ | ​ | (7,911) | ​ | ​ | (950) | ​ | ​ | (11,145)
Income (loss) before tax | ​ | $ | 5,936 | ​ | $ | (4,339) | ​ | $ | 14,448 | ​ | $ | (13,139)
Current and deferred tax recovery (expense) | ​ | ​ | 4,514 | ​ | ​ | 4,828 | ​ | ​ | (333) | ​ | ​ | 8,143
Net income (loss) | ​ | $ | 10,450 | ​ | $ | 489 | ​ | $ | 14,115 | ​ | $ | (4,996)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Mining Inc. (49%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 5,120 | ​ | $ | 239 | ​ | $ | 6,918 | ​ | $ | (2,448)
Amortization of fair value increments | ​ |  | (667) | ​ |  | (1,269) | ​ |  | (1,377) | ​ |  | (2,153)
Income tax recovery | ​ | ​ | 248 | ​ | ​ | 116 | ​ | ​ | 438 | ​ | ​ | 226
Income (loss) from investment in MSC, net of amortization | ​ | $ | 4,701 | ​ | $ | (914) | ​ | $ | 5,979 | ​ | $ | (4,375)
​ (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 | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Six months ended | ​ | Year ended
​ | June 30, 2024 |  | December 31, 2023
Investment, beginning of period | $ | 93,218 | ​ | $ | 93,451
Attributable net income from MSC | ​ | 6,918 | ​ | ​ | 4,157
Amortization of fair value increments |  | (1,377) | ​ |  | (4,612)
Income tax recovery | ​ | 438 | ​ | ​ | 517
Dividend distribution received |  | (383) | ​ |  | (295)
Investment, end of period | $ | 98,814 | ​ | $ | 93,218
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance excluding | ​ | ​ | ​ | Balance including
As at June 30, 2024 | ​ | fair value increments | ​ | Adjustments | ​ | fair value increments
Current assets | ​ | $ | 117,716 | ​ | $ | 1,005 | ​ | $ | 118,721
Total assets | ​ | $ | 210,900 | ​ | $ | 68,970 | ​ | $ | 279,870
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | (42,792) | ​ | $ | — | ​ | $ | (42,792)
Total liabilities | ​ | $ | (78,945) | ​ | $ | 654 | ​ | $ | (78,291)
​

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