McEwen Mining (MUX) 10-Q9 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 09, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-33190
Entity Registrant Name	MCEWEN MINING INC.
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0796160
Entity Address, Address Line One	150 King Street West
Entity Address, Address Line Two	Suite 2800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5H 1J9
City Area Code	866
Local Phone Number	441-0690
Title of 12(b) Security	Common stock, no par value
Trading Symbol	MUX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,474,118
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000314203
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE:
Revenue	$ 34,395	$ 30,647	$ 69,147	$ 56,189
OPERATING EXPENSES:
Depreciation and depletion	(8,293)	(3,469)	(15,189)	(7,181)
Gross profit (loss)	(3,468)	4,235	975	(1,759)
OTHER OPERATING EXPENSES:
Advanced projects - Los Azules	(28,524)	(14,081)	(60,405)	(23,837)
Advanced projects - Other	(1,275)	(841)	(2,954)	(2,220)
Exploration	(5,852)	(4,293)	(11,752)	(7,503)
General and administrative	(2,050)	(2,456)	(5,491)	(4,437)
Income (loss) from investment in Minera Santa Cruz S.A. (Note 9)	(914)	2,511	(4,375)	1,391
Depreciation	(309)	(138)	(591)	(280)
Reclamation and remediation (Note 11)	(620)	(1,506)	(1,250)	(2,033)
Total other operating expenses	(39,544)	(20,804)	(86,818)	(38,919)
Operating loss	(43,012)	(16,569)	(85,843)	(40,678)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	19,577	(1,639)	28,041	(3,279)
Other (expense) income (Note 3)	(21,875)	5,802	(24,454)	9,672
Total other income	(2,298)	4,163	3,587	6,393
Loss before income and mining taxes	(45,310)	(12,406)	(82,256)	(34,285)
Income and mining tax recovery	2,049		2,585	815
Net loss after income and mining taxes	(43,261)	(12,406)	(79,671)	(33,470)
Net (income) loss attributable to non-controlling interests (Note 17)	21,634	(46)	14,968	288
Net loss and comprehensive loss attributable to McEwen shareholders	$ (21,627)	$ (12,452)	$ (64,703)	$ (33,182)
Net loss per share (Note 13):
Basic (in dollars per share)	$ (0.46)	$ (0.26)	$ (1.36)	$ (0.71)
Diluted (in dollars per share)	$ (0.46)	$ (0.26)	$ (1.36)	$ (0.71)
Weighted average common shares outstanding (thousands) (Note 13):
Basic (in shares)	47,428	47,427	47,428	46,917
Diluted (in shares)	47,428	47,427	47,428	46,917
Gold and silver sales
REVENUE:
Revenue	$ 34,395	$ 30,647	$ 69,147	$ 56,189
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (29,570)	$ (22,943)	$ (52,983)	$ (50,767)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents (Note 4)	$ 84,823	$ 39,782
Investments (Note 5)	29,188	1,295
Receivables, prepaids and other assets (Note 6)	6,860	8,840
Inventories (Note 7)	24,052	31,735
Total current assets	144,923	81,652
Mineral property interests and plant and equipment, net (Note 8)	338,893	346,281
Investment in Minera Santa Cruz S.A. (Note 9)	88,781	93,451
Inventories (Note 7)	15,603	2,432
Restricted cash (Note 16)	4,227	3,797
Other assets	757	1,106
TOTAL ASSETS	593,184	528,719
Current liabilities:
Accounts payable and accrued liabilities	35,105	42,521
Contract liability (Note 16)	4,971	6,155
Flow-through share premium (Note 12)	1,220	4,056
Debt, current portion (Note 10)		10,000
Lease liabilities	1,070	1,215
Reclamation and remediation liabilities (Note 11)	9,922	12,576
Tax liabilities	608	7,663
Total current liabilities	52,896	84,186
Lease liabilities	901	1,191
Debt (Note 10)	40,000	53,979
Reclamation and remediation liabilities (Note 11)	33,070	29,270
Other liabilities	4,240	3,819
Total liabilities	131,107	172,445
Shareholders' equity:
Common shares: 47,674 as of June 30, 2023 and 47,428 as of December 31, 2022 issued and outstanding (in thousands) (Note 12)	1,754,142	1,644,145
Non-controlling interests (Note 17)	93,974	33,465
Accumulated deficit	(1,386,039)	(1,321,336)
Total shareholders' equity	462,077	356,274
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 593,184	$ 528,719

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common, shares issued	47,474	47,428
Common, shares outstanding	47,474	47,428

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in Capital Flow-through common shares	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Flow-through common shares	Total
Balance at Dec. 31, 2021		$ 1,615,596	$ (1,240,432)	$ 14,777		$ 389,941
Balance (in shares) at Dec. 31, 2021		45,919
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 190				190
Sale of flow-through common stock	$ 10,320				$ 10,320
Sale of flow-through common stock (in shares)	1,450
Shares issued for debt refinancing		$ 500				500
Shares issued for debt refinancing (in shares)		59
Issuance of equity by subsidiary		$ 6,907		7,593		14,500
Net income (loss)			(33,182)	(288)		(33,470)
Balance at Jun. 30, 2022		$ 1,633,513	(1,273,614)	22,082		381,981
Balance (in shares) at Jun. 30, 2022		47,428
Balance at Mar. 31, 2022		$ 1,626,099	(1,261,162)	14,443		379,380
Balance (in shares) at Mar. 31, 2022		47,369
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 7				7
Shares issued for debt refinancing		$ 500				500
Shares issued for debt refinancing (in shares)		59
Issuance of equity by subsidiary		$ 6,907		7,593		14,500
Net income (loss)			(12,452)	46		(12,406)
Balance at Jun. 30, 2022		$ 1,633,513	(1,273,614)	22,082		381,981
Balance (in shares) at Jun. 30, 2022		47,428
Balance at Dec. 31, 2022		$ 1,644,145	(1,321,336)	33,465		356,274
Balance (in shares) at Dec. 31, 2022		47,428
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 84				84
Restricted shares issued (in shares)		46
Issuance of equity by subsidiary		$ 109,913		75,477		185,390
Net income (loss)			(64,703)	(14,968)		(79,671)
Balance at Jun. 30, 2023		$ 1,754,142	(1,386,039)	93,974		462,077
Balance (in shares) at Jun. 30, 2023		47,474
Balance at Mar. 31, 2023		$ 1,754,086	(1,364,412)	115,608		505,282
Balance (in shares) at Mar. 31, 2023		47,428
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 56				56
Restricted shares issued (in shares)		46
Net income (loss)			(21,627)	(21,634)		(43,261)
Balance at Jun. 30, 2023		$ 1,754,142	$ (1,386,039)	$ 93,974		$ 462,077
Balance (in shares) at Jun. 30, 2023		47,474

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (43,261)	$ (12,406)	$ (79,671)	$ (33,470)
Adjustments to reconcile net loss from operating activities:
Loss (income) from investment in Minera Santa Cruz S.A. (Note 9)	914	(2,511)	4,375	(1,391)
Depreciation and amortization			15,780	7,492
Unrealized gain on investments (Note 5)			(3,010)	(589)
Foreign exchange loss on investments (Note 5)			1,810
Foreign exchange (gain) loss			24,691	(7,980)
Reclamation accretion and adjustments to estimate (Note 11)			1,535	3,072
Income and mining tax recovery			(2,585)	(815)
Stock-based compensation			84	190
Change in non-cash working capital items:
Change in other assets related to operations			(378)	(5,250)
Change in liabilities related to operations			(16,393)	(13,594)
Cash used in operating activities			(53,762)	(52,335)
Cash flows from investing activities:
Net additions to mineral property interests and plant and equipment			(8,958)	(8,252)
Investment in marketable equity securities (Note 5)			(26,855)
Dividends received from Minera Santa Cruz S.A. (Note 9)			295	286
Cash used in investing activities			(35,518)	(7,966)
Cash flows from financing activities:
Proceeds from McEwen Copper financing (Note 17)			185,390	14,500
Issuance of flow-through common shares, net of issuance costs				14,376
Proceeds from promissory note				15,000	$ 15,000
Principal repayment on debt (Note 10)			(25,000)
Subscription proceeds received in advance				(2,850)
Payment of finance lease obligations			(948)	(1,521)
Cash provided by financing activities			159,442	39,505
Effect of exchange rate change on cash and cash equivalents			(24,691)	7,980
(Decrease) increase in cash, cash equivalents and restricted cash			45,471	(12,816)
Cash, cash equivalents and restricted cash, beginning of period			43,579	60,634	60,634
Cash, cash equivalents and restricted cash, end of period	$ 89,050	$ 47,818	89,050	47,818	43,579
Supplemental disclosure of cash flow information:
Interest paid			(2,106)	(2,829)
Interest received			30,782	$ 21
Tax paid			(4,746)
Minera Santa Cruz S.A. [Member]
Cash flows from investing activities:
Dividends received from Minera Santa Cruz S.A. (Note 9)			$ 295		$ 286

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	Jun. 30, 2023
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	McEwen Mining Inc. (the “Company”) was organized under the laws of the State of Colorado on July 24, 1979. The Company produces and sells gold and silver from its operations in Canada, the United States and Argentina, and has a pipeline of exploration and development assets in Canada, the United States, Mexico and Argentina. The Company owns a 100% interest in the Gold Bar mine in Nevada, United States, the Fox Complex in Ontario, Canada, the Fenix Project in Sinaloa, Mexico and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. The Company also owns a 51.9% interest in McEwen Copper Inc. (“McEwen Copper”), which holds the Los Azules copper project in San Juan, Argentina and the Elder Creek exploration project in Nevada, United States, and a 49% interest in Minera Santa Cruz S.A. (“MSC”), owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which is operated by the joint venture majority owner Hochschild Mining plc. The Company reports its investment in McEwen Copper as a controlling interest and its investment in MSC as an equity investment. The interim consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. While information and note disclosures normally included in annual financial statements and prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the information and disclosures included in the interim consolidated financial statements are adequate and not misleading. Therefore, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and the summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2022. In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Loss Statement of Operations Consolidated Balance Sheet Consolidated Balance Sheet Consolidated Statement of Changes in Shareholders’ Equity Consolidated Statements of Cash Flows One-For-Ten Share Consolidation and Articles of Amendment Effective after the close of trading on July 27, 2022, the Company filed Articles of Amendment to its Second Amended and Restated Articles of Incorporation with the Colorado Secretary of State to, among other items, effect a one-for-ten reverse split of its outstanding common stock. This reverse split, or consolidation, resulted in every 10 shares of common stock outstanding immediately prior to the effective date being converted into one share of common stock after the effective date. The consolidation was effected following approval by the shareholders in order for the Company to regain compliance with the NYSE listing requirements, specifically those requiring a minimum share trading price of $1 per share. The consolidation was effective for trading purposes on July 28, 2022. Following the consolidation, the Company purchased fractional shares resulting from the split. All share and per share amounts in the consolidated financial statements have been retroactively restated to reflect the consolidation. The Articles of Amendment also served to reduce the Company’s authorized capital from 675,000,002 shares to 200,000,002 shares, with 200,000,000 shares being common stock and 2 shares being special preferred stock. Effective June 30, 2023, the Company filed Articles of Amendment to its Second Amended and Restated Articles of Incorporation with the Colorado Secretary of State to increase the Company’s authorized capital from 200,000,002 shares to 210,000,000 shares, with 200,000,000 shares being common stock and 10,000,000 shares being special preferred stock.

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	6 Months Ended
OPERATING SEGMENT REPORTING	Jun. 30, 2023
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 2 OPERATING SEGMENT REPORTING The Company is a mining and minerals production 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 or major mine/project 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 General and Administrative and Other Income or Expense 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 segment, which is 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, 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 profit (4,407) 939 — — — (3,468) Advanced projects (303) — (972) — (28,524) (29,799) Exploration (1,545) (4,307) — — — (5,852) Loss from investment in Minera Santa Cruz S.A. — — — (914) — (914) Segment loss $ (6,255) $ (3,368) $ (972) $ (914) $ (28,524) $ (40,033) General and administrative and other (5,277) 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 (3,419) 4,394 — — — 975 Advanced projects (592) — (2,362) — (60,405) (63,359) Exploration (2,320) (9,046) — — (386) (11,752) Loss from investment in Minera Santa Cruz S.A. — — — (4,375) — (4,375) Segment loss $ (6,331) $ (4,652) $ (2,362) $ (4,375) $ (60,791) $ (78,511) General and Administrative and other (3,745) Loss before income and mining taxes $ (82,256) Capital expenditures $ 6,226 $ 4,183 $ — $ — $ 1,515 $ 11,924 Three months ended June 30, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales $ 9,996 $ 20,246 $ 405 $ — $ — $ 30,647 Production costs applicable to sales (8,305) (11,260) (3,378) — — (22,943) Depreciation and depletion (943) (2,526) — — — (3,469) Gross profit (loss) 748 6,460 (2,973) — — 4,235 Advanced projects (3) (105) (733) — (14,081) (14,922) Exploration (1,244) (2,621) — — (428) (4,293) Income from investment in Minera Santa Cruz S.A. — — — 2,511 — 2,511 Segment income (loss) $ (499) $ 3,734 $ (3,706) $ 2,511 $ (14,509) $ (12,469) General and administrative and other 63 Loss before income and mining taxes $ (12,406) Capital expenditures $ 219 $ 4,008 $ — $ — $ 150 $ 4,377 Six months ended June 30, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales $ 21,739 $ 33,141 $ 1,309 $ — $ — $ 56,189 Production costs applicable to sales (22,477) (19,907) (8,383) — — (50,767) Depreciation and depletion (1,760) (5,421) — — — (7,181) Gross profit (loss) (2,498) 7,813 (7,074) — — (1,759) Advanced projects (49) (195) (1,976) — (23,837) (26,057) Exploration (2,695) (4,321) — — (487) (7,503) Income from investment in Minera Santa Cruz S.A. — — — 1,391 — 1,391 Segment loss $ (5,242) $ 3,297 $ (9,050) $ 1,391 $ (24,324) $ (33,928) General and Administrative and other (357) Loss before income and mining taxes $ (34,285) Capital expenditures $ 496 $ 7,554 $ — $ — $ 384 $ 8,434 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, 2023 2022 2023 2022 2023 2022 USA (2) $ 73,726 $ 70,577 $ 15,971 $ 9,996 $ 27,559 $ 21,739 Canada 92,347 91,552 18,424 20,246 41,588 33,141 Mexico 29,217 29,219 — 405 — 1,309 Argentina (3) 252,971 255,718 — — — — Total consolidated $ 448,261 $ 447,066 $ 34,395 $ 30,647 $ 69,147 $ 56,189 (1) Presented based on the location from which the precious metals originated. (2) Includes Elder Creek exploration property of $0.8 million as of June 30, 2023 (December 31, 2022 - $0.8 million). (3) Includes Investment in MSC of $88.8 million as of June 30, 2023 (December 31, 2022 – $93.5 million ).

OTHER INCOME

OTHER INCOME	6 Months Ended
OTHER INCOME	Jun. 30, 2023
OTHER INCOME
OTHER INCOME	NOTE 3 OTHER INCOME The following is a summary of other income for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Unrealized and realized gain on investments (Note 5) $ 2,586 $ 168 $ 2,882 $ 612 Foreign currency gain on Blue Chip Swap — 4,399 7,993 6,588 Foreign currency gain (loss) (24,472) 1,670 (35,113) 2,468 Other income (loss), net 11 (435) (216) 4 Total other income $ (21,875) $ 5,802 $ (24,454) $ 9,672 During the three and six months ended June 30, 2023, the Company completed two Blue Chip Swap transactions to transfer funds from its Canadian USD bank account to Argentina. The Company realized a net gain of $7.6 million comprised of a foreign currency gain of $8.0 million and a realized loss on investments of $0.4 million, including the impact of fees and commissions. For the three and six months ended June 30, 2022, the Company completed three and six Blue Chip Swap transactions, and realized a net gain of $4.0 million and $6.1 million, respectively. The net gain for the three and six months ended June 30, 2022 was comprised of a foreign currency gain of $4.4 million and $6.6 million and a realized loss on investments of $0.4 million and $0.5 million, respectively.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	6 Months Ended
CASH AND CASH EQUIVALENTS	Jun. 30, 2023
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	NOTE 4 CASH AND CASH EQUIVALENTS The following table provides a reconciliation of cash and cash equivalents reported in the Consolidated Balance Sheets June 30, 2023 December 31, 2022 Cash and cash equivalents held in USD $ 14,568 $ 36,305 Cash and cash equivalents held in ARS¹ 68,959 2,144 Cash and cash equivalents held in other currencies 1,296 1,333 Total cash and cash equivalents $ 84,823 $ 39,782 (1) Argentine Peso (“ARS”) As of June 30, 2023, the cash balance of ARS $17.7 billion was converted to the USD using the official exchange rate of 256.7:1. As of December 31, 2022, the cash balance of ARS $0.4 billion was converted to the USD using the official exchange rate of 177.2:1. As of June 30, 2023, of $84.8 million of cash and cash equivalents, $77.3 million in cash and $4.8 million in bankers’ acceptance notes with maturity dates between 34

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2023
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS The following is a summary of the activity in investments for the six months ended June 30, 2023: As at Additions/ Disposals/ Unrealized Unrealized foreign As at December 31, transfers during transfers during gain on exchange loss June 30, 2022 period period securities held on securities held 2023 Marketable equity securities – fair value $ 1,133 $ 26,855 $ — $ 3,010 $ (1,810) $ 29,188 Warrants 162 — (162) — — — Total Investments $ 1,295 $ 26,855 $ (162) $ 3,010 $ (1,810) $ 29,188 In May 2023, Andes Corporation Minera S.A. (“ACMSA”), an Argentinian subsidiary of McEwen Copper, invested $26.9 million in equity securities trading on the Bolsa de Comercio de Buenos Aires (“BCBA”) exchange as Argentinian depositary receipts (“CEDEARs”) and denominated in ARS. During the three and six months ended June 30, 2023, the Company recognized an unrealized gain on CEDEARs of $2.7 million.

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	6 Months Ended
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	Jun. 30, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	NOTE 6 RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS The following is a breakdown of balances in receivables, prepaids and other assets as at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Government sales tax receivable $ 1,251 $ 2,868 Prepaids and other assets 5,609 5,972 Receivables, prepaid and other current assets $ 6,860 $ 8,840

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Material on leach pads $ 13,716 $ 7,571 In-process inventory 4,844 3,674 Stockpiles 11,463 15,392 Precious metals 2,332 2,119 Materials and supplies 7,300 5,411 $ 39,655 $ 34,167 Less long-term portion (15,603) (2,432) Current portion $ 24,052 $ 31,735 During the six months ended June 30, 2023, inventory at Fox Complex and Gold Bar operations was written down to their estimated net realizable value by $1.0 million and $2.8 million, respectively. During the six months ended June 30, 2022, inventory at Fox Complex, El Gallo mine and Gold Bar operations were written down to their net realizable value by $1.6 million, $4.3 million and $nil Statement of Operations.

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	6 Months Ended
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	Jun. 30, 2023
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT The applicable definition of proven and probable reserves is set forth in the new Regulation S-K 1300 requirements of the SEC. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and probable reserves estimated in accordance with S-K 1300. The Fox Complex is depleted and depreciated using the units-of-production method over the stated mine life, as the project does not have proven and probable reserves that conform to the guidance under S-K 1300. The Company reviews and evaluates its long-lived assets for impairment on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Once it is determined that impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its estimated fair value. During the six months ended June 30, 2023, no indicators of impairment have been noted for any of the Company’s mineral property interests.

INVESTMENT IN MINERA SANTA CRUZ

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	6 Months Ended
	Jun. 30, 2023
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	NOTE 9 INVESTMENT IN MINERA SANTA CRUZ S.A. (“MSC”) – SAN JOSÉ MINE The Company accounts for investments over which it exerts significant influence but does not control through majority ownership using the equity method of accounting. MSC is operated by the Company’s joint venture partner, Hochschild Mining PLC. In applying the equity method of accounting, MSC’s financial statements, which are prepared by MSC in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, have been adjusted to conform with U.S. GAAP. As such, the summarized financial data presented under this heading is presented in accordance with U.S. GAAP. A summary of the operating results for MSC for the three and six months ended June 30, 2023 and 2022 is as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Minera Santa Cruz S.A. ( 100% ) Revenue from gold and silver sales $ 67,712 $ 70,827 $ 113,452 $ 111,530 Production costs applicable to sales (46,931) (45,959) (88,055) (81,302) Depreciation and depletion (14,363) (5,357) (22,593) (12,253) Gross profit 6,418 19,511 2,804 17,975 Exploration (2,846) (3,093) (4,798) (4,828) Other expenses (1) (7,911) (8,529) (11,145) (10,351) Net income (loss) before tax $ (4,339) $ 7,889 $ (13,139) $ 2,796 Current and deferred tax recovery (expense) 4,828 (877) 8,143 2,929 Net income (loss) $ 489 $ 7,012 $ (4,996) $ 5,725 Portion attributable to McEwen Mining Inc. ( 49% ) Net income $ 239 $ 3,436 $ (2,448) $ 2,805 Amortization of fair value increments (1,269) (1,088) (2,153) (1,700) Income tax recovery 116 163 226 286 Income (loss) from investment in MSC, net of amortization $ (914) $ 2,511 $ (4,375) $ 1,391 (1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance-related expenses. The income or loss from the investment in MSC attributable to the Company includes amortization of the fair value increments arising from the initial purchase price allocation and related income tax recovery. The income tax recovery reflects the impact of the devaluation of the Argentine peso against the U.S. dollar on the peso-denominated deferred tax liability recognized at the time of acquisition, as well as income tax rate changes over the periods. Changes in the Company’s investment in MSC for the six months ended June 30, 2023 and year ended December 31, 2022 are as follows: June 30, 2023 December 31, 2022 Investment in MSC, beginning of period $ 93,451 $ 90,961 Attributable net income from MSC (2,448) 6,303 Amortization of fair value increments (2,153) (4,155) Income tax recovery 226 628 Dividend distribution received (295) (286) Investment in MSC, end of period $ 88,781 $ 93,451 A summary of the key assets and liabilities of MSC as at June 30, 2023, before and after adjustments for fair value increments arising from the purchase price allocation, are as follows: As at June 30, 2023 Balance excluding FV increments Adjustments Balance including FV increments Current assets $ 85,497 $ 629 $ 86,126 Total assets $ 192,151 $ 76,866 $ 269,017 Current liabilities $ (54,723) $ — $ (54,723) Total liabilities $ (87,074) $ (834) $ (87,908)

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
DEBT
DEBT.	NOTE 10 DEBT On May 19, 2023, the Company repaid outstanding amounts to Sprott Private Resource Lending II (Collector), LP (“Sprott”) of $25.0 million in principal and $0.1 million in accrued interest. The Company subsequently entered into the Third Amended and Restated Credit Agreement (“ARCA”) effective May 23, 2023, which included the following revisions: ● Sprott was removed as the administrative agent and lender. An affiliate of Robert R. McEwen remained as a lender and replaced Sprott as the administrative agent. ● An affiliate of Robert R. McEwen added the $15.0 million outstanding under its unsecured promissory note with the Company dated March 31, 2022 as an advance under the ARCA, forming a loan of $40.0 million with interest payable monthly at a rate of 9.75% per annum. Concurrently, the unsecured promissory note was cancelled. ● Scheduled repayments of principal under the ARCA were extended by 18 months compared with the Second Amended and Restated Credit Agreement. Monthly repayments of principal in the amount of $1.0 million are due beginning on January 31, 2025 and will continue for 18 months, followed by a final principal payment of $21.0 million and any accrued interest on August 31, 2026. The remaining principal terms of the original agreement remained unchanged. A reconciliation of the Company’s debt for the six months ended June 30, 2023 and for the year ended December 31, 2022 is as follows: Six months ended June 30, 2023 Year ended December 31, 2022 Balance, beginning of year $ 63,979 $ 48,866 Promissory note- initial recognition — 15,000 Principal repayment on debt (25,000) — Interest expense 3,025 5,488 Interest payments (2,004) (4,875) Bonus Interest - Equity based financing fee — (500) Balance, end of period $ 40,000 $ 63,979 Less: current portion — 10,000 Long-term portion $ 40,000 $ 53,979

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
ASSET RETIREMENT OBLIGATIONS	Jun. 30, 2023
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	NOTE 11 ASSET RETIREMENT OBLIGATIONS The Company is responsible for the reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Fox Complex properties in Canada and the El Gallo mine in Mexico. A reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2023 and for the year ended December 31, 2022 are as follows: Six months ended June 30, 2023 Year ended December 31, 2022 Reclamation and remediation liability, beginning balance $ 41,846 $ 35,452 Settlements (909) (774) Accretion of liability 1,230 2,354 Revisions to estimates and discount rate 540 5,664 Foreign exchange revaluation 285 (850) Reclamation and remediation liability, ending balance $ 42,992 $ 41,846 Less: current portion 9,922 12,576 Long-term portion $ 33,070 $ 29,270 Reclamation expense in the Statement of Operations Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Reclamation adjustment reflecting updated estimates $ — $ 986 $ 20 $ 986 Reclamation accretion 620 520 1,230 1,047 Total $ 620 $ 1,506 $ 1,250 $ 2,033

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 12 SHAREHOLDERS’ EQUITY Equity Issuances Flow-Through Shares Issuance – Canadian Exploration Expenditures (“CEE”) The Company is required to spend the flow-through share proceeds from the 2022 issuance on flow-through eligible CEE as defined by subsection 66.1(6) of the Income Tax Act (Canada). As of June 30, 2023, the Company had incurred a total of $9.9 million in eligible CEE (as of December 31, 2022 – $1.0 million). The Company expects to fulfill its remaining CEE commitments of $5.2 million by the end of 2023.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
NET LOSS PER SHARE	Jun. 30, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 13 NET LOSS PER SHARE Basic net loss per share is computed by dividing the net loss attributable to the Company’s common shareholders by the weighted average number of common shares outstanding during the period. Potentially dilutive instruments are not included in the calculation of diluted net loss per share for the six months ended June 30, 2023 and 2022, as they would be anti-dilutive. For the six months ended June 30, 2023, all 973,170 outstanding stock options and all 2,976,816 outstanding warrants were excluded from the computation of diluted loss per share. Similarly, for the six months ended June 30, 2022, all 525,043 outstanding stock options and all 2,977,077 outstanding warrants were excluded.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14 RELATED PARTY TRANSACTIONS The Company recorded the following expense in respect to the related parties outlined below during the periods presented: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 REVlaw $ 49 $ 39 $ 97 $ 254 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: June 30, 2023 December 31, 2022 REVlaw $ 110 112 REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount. An affiliate of Robert R. McEwen, Chairman and Chief Executive Officer acted as a lender in the restructured $40.0 million term loan and continued as such under the ARCA. During the three and six months ended June 30, 2023, the Company paid $0.8 million and $1.7 million, respectively (three and six months ended June 30, 2022 – $0.9 million and $1.5 million, respectively) in interest to this affiliate.

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	6 Months Ended
FAIR VALUE ACCOUNTING	Jun. 30, 2023
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 15 FAIR VALUE ACCOUNTING As required by accounting guidance, certain assets and liabilities on the Consolidated Balance Sheets Assets and liabilities measured at fair value on a recurring basis. The following table identifies certain of the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at June 30, 2023 and December 31, 2022, as reported in the Consolidated Balance Sheets Fair value as at June 30, 2023 Fair value as at December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities $ 29,188 $ — $ 29,188 $ 1,133 $ — $ 1,133 Total investments $ 29,188 $ — $ 29,188 $ 1,133 $ — $ 1,133 Marketable equity securities that the Company holds are exchange-traded and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investment is calculated as the quoted market price of the marketable equity security multiplied by the number of shares held by the Company. The fair value of financial assets and liabilities held at June 30, 2023 were assumed to approximate their carrying values due to their historically negligible credit losses. Debt is recorded at a carrying value of $40.0 million (December 31, 2022 – $64.0 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16 COMMITMENTS AND CONTINGENCIES In addition to the commitments for payments on operating and finance leases and the repayment of long-term debt ( Note 10 Reclamation Obligations As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations. As at June 30, 2023, the Company had a surety facility in place to cover all its bonding obligations, which include $27.8 million of bonding in Nevada and $11.7 million (C$15.6 million) of bonding in Canada. The terms of the facility carry an average annual financing fee of 2.3% and require a deposit of 10%. The surety bonds are available for draw-down by the beneficiary in the event the Company does not perform its reclamation obligations. If the specific reclamation requirements are met, the beneficiary of the surety bonds will release the instrument to the issuing entity. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements, through existing or alternative means, as they arise. As at June 30, 2023, the Company recorded $4.2 million in restricted cash in non-current assets as a deposit against the surety facility. Streaming Agreement As part of the acquisition of the Black Fox Complex in 2017, the Company assumed a gold purchase agreement (streaming contract) related to production from certain land claims. The Company is obligated to sell 8% of gold production from the Black Fox mine (including the Froome deposit) and 6.3% from the adjoining Pike River property (Black Fox extension) to Sandstorm Gold Ltd. at the lesser of market price or $561 per ounce (with inflation adjustments of up to 2% per year) until 2090. During the six months ended June 30, 2023, the realized price for the streaming contract was $589 per ounce including inflation adjustments. The Company records the revenue from these shipments based on the contract price at the time of delivery to the customer. During the three and six months ended June 30, 2023, the Company recorded revenue of $0.6 million and $1.0 million, respectively (three and six months ended June 30, 2022 - $0.4 million and $0.8 million, respectively) related to the gold stream sales. Flow-through Eligible Expenses On March 2, 2022, the Company completed a flow-through share issuance for gross proceeds of $15.1 million. The proceeds of this offering are required to be used for the continued exploration of the Company’s properties in the Timmins region of Canada. As at June 30, 2023, the Company has incurred $9.9 million of the required CEE spend and expects to fulfill the remaining $5.2 million of the CEE commitments by the end of 2023. Prepayment Agreement On July 27, 2022, the Company entered into a precious metals purchase agreement with Auramet International LLC (“Auramet”). Under this agreement, the Company may sell the gold on a Spot Basis, on a Forward Basis and on a Supplier Advance basis, i.e., the gold is priced and paid for while the gold is: (i) at a mine for a maximum of 15 business days before shipment; or (ii) in transit to a refinery; or (iii) while being refined at a refinery. During the three and six months ended June 30, 2023, the Company received the combined net proceeds of $29.4 million and $52.2 million, respectively, from the sales on a Supplier Advance Basis (three and six months ended June 30, 2022 - $nil). The Company recorded revenue of $47.2 million related to the gold sales, with the remaining $5.0 million representing 2,590 ounces pledged but not yet delivered to Auramet, recorded as a contract liability on the Consolidated Balance Sheets. Other potential contingencies The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company and its predecessors have transferred their interest in several mining properties to third parties throughout its history. The Company could remain potentially liable for environmental enforcement actions related to its prior ownership of such properties. However, the Company has no reasonable belief that any violation of relevant environmental laws or regulations has occurred regarding these transferred properties.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	6 Months Ended
NON-CONTROLLING INTERESTS	Jun. 30, 2023
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	NOTE 17 NON-CONTROLLING INTERESTS On February 23, 2023, the Company and its subsidiary, McEwen Copper, closed the equity financing with a single investor, FCA Argentina S.A., an Argentinian subsidiary of Stellantis N.V. (“Stellantis”), which consisted of a private placement of 2,850,000 additional common shares issued by McEwen Copper for gross proceeds of ARS $20.9 billion ($108.8 million) and a secondary sale of an additional 1,250,000 shares of McEwen Copper common stock indirectly owned by the Company for aggregate proceeds of ARS $9.1 billion ($46.6 million). On March 15, 2023, Nuton LLC, a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“Nuton”), exercised its preemptive rights under an existing shareholder agreement to purchase 350,000 shares of McEwen Copper common stock directly from McEwen Copper for aggregate proceeds of $6.6 million. On the same date, the Company and Nuton closed a secondary sale of an additional 1,250,000 shares of McEwen Copper common stock indirectly owned by the Company for aggregate proceeds of $23.4 million. As a result of the transactions, the Company’s 68.1% ownership in McEwen Copper was reduced by 16.2% to 51.9%. The Company determined that it still controlled McEwen Copper and, consequently, the Company recorded $75.5 million as non-controlling interests and $109.9 million as additional paid-in-capital in 2023. As of June 30, 2023, the Company recorded $15.0 million in net losses attributable to non-controlling interests of 48.1% (June 30, 2022 - $0.3 million in net losses attributable to non-controlling interests of 23.9%).

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	6 Months Ended
OPERATING SEGMENT REPORTING (Tables)	Jun. 30, 2023
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	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 profit (4,407) 939 — — — (3,468) Advanced projects (303) — (972) — (28,524) (29,799) Exploration (1,545) (4,307) — — — (5,852) Loss from investment in Minera Santa Cruz S.A. — — — (914) — (914) Segment loss $ (6,255) $ (3,368) $ (972) $ (914) $ (28,524) $ (40,033) General and administrative and other (5,277) 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 (3,419) 4,394 — — — 975 Advanced projects (592) — (2,362) — (60,405) (63,359) Exploration (2,320) (9,046) — — (386) (11,752) Loss from investment in Minera Santa Cruz S.A. — — — (4,375) — (4,375) Segment loss $ (6,331) $ (4,652) $ (2,362) $ (4,375) $ (60,791) $ (78,511) General and Administrative and other (3,745) Loss before income and mining taxes $ (82,256) Capital expenditures $ 6,226 $ 4,183 $ — $ — $ 1,515 $ 11,924 Three months ended June 30, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales $ 9,996 $ 20,246 $ 405 $ — $ — $ 30,647 Production costs applicable to sales (8,305) (11,260) (3,378) — — (22,943) Depreciation and depletion (943) (2,526) — — — (3,469) Gross profit (loss) 748 6,460 (2,973) — — 4,235 Advanced projects (3) (105) (733) — (14,081) (14,922) Exploration (1,244) (2,621) — — (428) (4,293) Income from investment in Minera Santa Cruz S.A. — — — 2,511 — 2,511 Segment income (loss) $ (499) $ 3,734 $ (3,706) $ 2,511 $ (14,509) $ (12,469) General and administrative and other 63 Loss before income and mining taxes $ (12,406) Capital expenditures $ 219 $ 4,008 $ — $ — $ 150 $ 4,377 Six months ended June 30, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales $ 21,739 $ 33,141 $ 1,309 $ — $ — $ 56,189 Production costs applicable to sales (22,477) (19,907) (8,383) — — (50,767) Depreciation and depletion (1,760) (5,421) — — — (7,181) Gross profit (loss) (2,498) 7,813 (7,074) — — (1,759) Advanced projects (49) (195) (1,976) — (23,837) (26,057) Exploration (2,695) (4,321) — — (487) (7,503) Income from investment in Minera Santa Cruz S.A. — — — 1,391 — 1,391 Segment loss $ (5,242) $ 3,297 $ (9,050) $ 1,391 $ (24,324) $ (33,928) General and Administrative and other (357) Loss before income and mining taxes $ (34,285) Capital expenditures $ 496 $ 7,554 $ — $ — $ 384 $ 8,434
Schedule of geographic information	Non-current Assets Revenue (1) Revenue (1) June 30, December 31, Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 2023 2022 USA (2) $ 73,726 $ 70,577 $ 15,971 $ 9,996 $ 27,559 $ 21,739 Canada 92,347 91,552 18,424 20,246 41,588 33,141 Mexico 29,217 29,219 — 405 — 1,309 Argentina (3) 252,971 255,718 — — — — Total consolidated $ 448,261 $ 447,066 $ 34,395 $ 30,647 $ 69,147 $ 56,189 (1) Presented based on the location from which the precious metals originated. (2) Includes Elder Creek exploration property of $0.8 million as of June 30, 2023 (December 31, 2022 - $0.8 million). (3) Includes Investment in MSC of $88.8 million as of June 30, 2023 (December 31, 2022 – $93.5 million ).

OTHER INCOME (Tables)

OTHER INCOME (Tables)	6 Months Ended
OTHER INCOME (Tables)	Jun. 30, 2023
OTHER INCOME
Schedule of other income	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Unrealized and realized gain on investments (Note 5) $ 2,586 $ 168 $ 2,882 $ 612 Foreign currency gain on Blue Chip Swap — 4,399 7,993 6,588 Foreign currency gain (loss) (24,472) 1,670 (35,113) 2,468 Other income (loss), net 11 (435) (216) 4 Total other income $ (21,875) $ 5,802 $ (24,454) $ 9,672

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Jun. 30, 2023
CASH AND CASH EQUIVALENTS
Schedule of reconciliation of cash and cash equivalents	June 30, 2023 December 31, 2022 Cash and cash equivalents held in USD $ 14,568 $ 36,305 Cash and cash equivalents held in ARS¹ 68,959 2,144 Cash and cash equivalents held in other currencies 1,296 1,333 Total cash and cash equivalents $ 84,823 $ 39,782 (1) Argentine Peso (“ARS”)

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2023
INVESTMENTS
Summary of investment portfolio	As at Additions/ Disposals/ Unrealized Unrealized foreign As at December 31, transfers during transfers during gain on exchange loss June 30, 2022 period period securities held on securities held 2023 Marketable equity securities – fair value $ 1,133 $ 26,855 $ — $ 3,010 $ (1,810) $ 29,188 Warrants 162 — (162) — — — Total Investments $ 1,295 $ 26,855 $ (162) $ 3,010 $ (1,810) $ 29,188

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	Jun. 30, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Schedule of balances in receivables, prepaids and other assets	June 30, 2023 December 31, 2022 Government sales tax receivable $ 1,251 $ 2,868 Prepaids and other assets 5,609 5,972 Receivables, prepaid and other current assets $ 6,860 $ 8,840

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
INVENTORIES
Schedule of inventories	June 30, 2023 December 31, 2022 Material on leach pads $ 13,716 $ 7,571 In-process inventory 4,844 3,674 Stockpiles 11,463 15,392 Precious metals 2,332 2,119 Materials and supplies 7,300 5,411 $ 39,655 $ 34,167 Less long-term portion (15,603) (2,432) Current portion $ 24,052 $ 31,735

INVESTMENT IN MINERA SANTA CR_2

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)	6 Months Ended
	Jun. 30, 2023
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Summary of MSC's financial information from operations	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Minera Santa Cruz S.A. ( 100% ) Revenue from gold and silver sales $ 67,712 $ 70,827 $ 113,452 $ 111,530 Production costs applicable to sales (46,931) (45,959) (88,055) (81,302) Depreciation and depletion (14,363) (5,357) (22,593) (12,253) Gross profit 6,418 19,511 2,804 17,975 Exploration (2,846) (3,093) (4,798) (4,828) Other expenses (1) (7,911) (8,529) (11,145) (10,351) Net income (loss) before tax $ (4,339) $ 7,889 $ (13,139) $ 2,796 Current and deferred tax recovery (expense) 4,828 (877) 8,143 2,929 Net income (loss) $ 489 $ 7,012 $ (4,996) $ 5,725 Portion attributable to McEwen Mining Inc. ( 49% ) Net income $ 239 $ 3,436 $ (2,448) $ 2,805 Amortization of fair value increments (1,269) (1,088) (2,153) (1,700) Income tax recovery 116 163 226 286 Income (loss) from investment in MSC, net of amortization $ (914) $ 2,511 $ (4,375) $ 1,391
Schedule of change in the entity's investment in MSC	June 30, 2023 December 31, 2022 Investment in MSC, beginning of period $ 93,451 $ 90,961 Attributable net income from MSC (2,448) 6,303 Amortization of fair value increments (2,153) (4,155) Income tax recovery 226 628 Dividend distribution received (295) (286) Investment in MSC, end of period $ 88,781 $ 93,451
Summary of key assets and liabilities, before and after adjustments to fair value	As at June 30, 2023 Balance excluding FV increments Adjustments Balance including FV increments Current assets $ 85,497 $ 629 $ 86,126 Total assets $ 192,151 $ 76,866 $ 269,017 Current liabilities $ (54,723) $ — $ (54,723) Total liabilities $ (87,074) $ (834) $ (87,908)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
DEBT
Schedule of debt activity	Six months ended June 30, 2023 Year ended December 31, 2022 Balance, beginning of year $ 63,979 $ 48,866 Promissory note- initial recognition — 15,000 Principal repayment on debt (25,000) — Interest expense 3,025 5,488 Interest payments (2,004) (4,875) Bonus Interest - Equity based financing fee — (500) Balance, end of period $ 40,000 $ 63,979 Less: current portion — 10,000 Long-term portion $ 40,000 $ 53,979

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Jun. 30, 2023
ASSET RETIREMENT OBLIGATIONS
Schedule of reconciliation of asset retirement obligations	Six months ended June 30, 2023 Year ended December 31, 2022 Reclamation and remediation liability, beginning balance $ 41,846 $ 35,452 Settlements (909) (774) Accretion of liability 1,230 2,354 Revisions to estimates and discount rate 540 5,664 Foreign exchange revaluation 285 (850) Reclamation and remediation liability, ending balance $ 42,992 $ 41,846 Less: current portion 9,922 12,576 Long-term portion $ 33,070 $ 29,270
Schedule of reclamation expense	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Reclamation adjustment reflecting updated estimates $ — $ 986 $ 20 $ 986 Reclamation accretion 620 520 1,230 1,047 Total $ 620 $ 1,506 $ 1,250 $ 2,033

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
Schedule of related party expense and outstanding accounts payable	The Company recorded the following expense in respect to the related parties outlined below during the periods presented: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 REVlaw $ 49 $ 39 $ 97 $ 254 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: June 30, 2023 December 31, 2022 REVlaw $ 110 112

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	6 Months Ended
FAIR VALUE ACCOUNTING (Tables)	Jun. 30, 2023
FAIR VALUE ACCOUNTING
Schedule of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	Fair value as at June 30, 2023 Fair value as at December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities $ 29,188 $ — $ 29,188 $ 1,133 $ — $ 1,133 Total investments $ 29,188 $ — $ 29,188 $ 1,133 $ — $ 1,133

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	6 Months Ended
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	Jun. 30, 2023	Jun. 30, 2022
Nature of operations
Ownership interests in various mines (as a percent)	100%
Minera Andes Inc.
Nature of operations
Subsidiary ownership interest (as a percent)	49%	49%
Minera Santa Cruz S.A. \| Minera Andes Inc.
Nature of operations
Subsidiary ownership interest (as a percent)	51.90%

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION - Share consolidation and Articles of Amendment (Details)	Jul. 27, 2022 $ / shares shares	Jun. 30, 2023 shares	Jul. 28, 2022 shares
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Stock split conversion ratio	1
Reverse stock splits shares	10
Price per unit \| $ / shares	$ 1
Authorized capital	675,000,002	210,000,000	200,000,002
Common stock, shares authorized		200,000,000	200,000,000
Preferred stock, shares authorized		10,000,000	2

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Segment Reporting
Revenue from gold and silver sales	$ 34,395,000	$ 30,647,000	$ 69,147,000	$ 56,189,000
Depreciation and depletion	(8,293,000)	(3,469,000)	(15,189,000)	(7,181,000)
Gross profit	(3,468,000)	4,235,000	975,000	(1,759,000)
Advanced projects	(29,799,000)	(14,922,000)	(63,359,000)	(26,057,000)
Impairment loss on mineral property interests and plant and equipment (Note 8)			0
Income (Loss) from investment in Minera Santa Cruz S.A.	(914,000)	2,511,000	(4,375,000)	1,391,000
Segment loss	(40,033,000)	(12,469,000)	(78,511,000)	(33,928,000)
General and Administrative and other	(5,277,000)	63,000	(3,745,000)	(357,000)
Loss before income and mining taxes	(45,310,000)	(12,406,000)	(82,256,000)	(34,285,000)
Capital expenditures	5,206,000	4,377,000	11,924,000	8,434,000
USA
Operating Segment Reporting
Depreciation and depletion	(3,263,000)	(943,000)	(4,523,000)	(1,760,000)
Gross profit	(4,407,000)	748,000	(3,419,000)	(2,498,000)
Advanced projects	(303,000)	(3,000)	(592,000)	(49,000)
Segment loss	(6,255,000)	(499,000)	(6,331,000)	(5,242,000)
Capital expenditures	3,235,000	219,000	6,226,000	496,000
Canada
Operating Segment Reporting
Depreciation and depletion	(5,030,000)	(2,526,000)	(10,666,000)	(5,421,000)
Gross profit	939,000	6,460,000	4,394,000	7,813,000
Advanced projects		(105,000)		(195,000)
Segment loss	(3,368,000)	3,734,000	(4,652,000)	3,297,000
Capital expenditures	1,410,000	4,008,000	4,183,000	7,554,000
Mexico
Operating Segment Reporting
Gross profit		(2,973,000)		(7,074,000)
Advanced projects	(972,000)	(733,000)	(2,362,000)	(1,976,000)
Segment loss	(972,000)	(3,706,000)	(2,362,000)	(9,050,000)
MSC
Operating Segment Reporting
Income (Loss) from investment in Minera Santa Cruz S.A.	(914,000)	2,511,000	(4,375,000)	1,391,000
Segment loss	(914,000)	2,511,000	(4,375,000)	1,391,000
McEwen Copper
Operating Segment Reporting
Advanced projects	(28,524,000)	(14,081,000)	(60,405,000)	(23,837,000)
Segment loss	(28,524,000)	(14,509,000)	(60,791,000)	(24,324,000)
Capital expenditures	561,000	150,000	1,515,000	384,000
Gold and silver sales
Operating Segment Reporting
Revenue from gold and silver sales	34,395,000	30,647,000	69,147,000	56,189,000
Gold and silver sales \| USA
Operating Segment Reporting
Revenue from gold and silver sales	15,971,000	9,996,000	27,559,000	21,739,000
Gold and silver sales \| Canada
Operating Segment Reporting
Revenue from gold and silver sales	18,424,000	20,246,000	41,588,000	33,141,000
Gold and silver sales \| Mexico
Operating Segment Reporting
Revenue from gold and silver sales		405,000		1,309,000
Product
Operating Segment Reporting
Production costs applicable to sales	(29,570,000)	(22,943,000)	(52,983,000)	(50,767,000)
Product \| USA
Operating Segment Reporting
Production costs applicable to sales	(17,115,000)	(8,305,000)	(26,455,000)	(22,477,000)
Product \| Canada
Operating Segment Reporting
Production costs applicable to sales	(12,455,000)	(11,260,000)	(26,528,000)	(19,907,000)
Product \| Mexico
Operating Segment Reporting
Production costs applicable to sales		(3,378,000)		(8,383,000)
Exploration
Operating Segment Reporting
Production costs applicable to sales	(5,852,000)	(4,293,000)	(11,752,000)	(7,503,000)
Exploration \| USA
Operating Segment Reporting
Production costs applicable to sales	(1,545,000)	(1,244,000)	(2,320,000)	(2,695,000)
Exploration \| Canada
Operating Segment Reporting
Production costs applicable to sales	$ (4,307,000)	(2,621,000)	(9,046,000)	(4,321,000)
Exploration \| McEwen Copper
Operating Segment Reporting
Production costs applicable to sales		$ (428,000)	$ (386,000)	$ (487,000)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	$ 448,261		$ 448,261		$ 447,066
Revenue	34,395	$ 30,647	69,147	$ 56,189
Investment in MSC	88,781		88,781		93,451
Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	67,712	70,827	113,452	111,530
Investment in MSC	88,781		88,781		93,451	$ 90,961
USA
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	73,726		73,726		70,577
Revenue	15,971	9,996	27,559	21,739
Investment in Elder Creek exploration property	800		800		800
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	92,347		92,347		91,552
Revenue	18,424	20,246	41,588	33,141
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	29,217		29,217		29,219
Revenue		$ 405		$ 1,309
Argentina
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	252,971		252,971		255,718
Argentina \| Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets [Line Items]
Investment in MSC	$ 88,800		$ 88,800		$ 93,500

OTHER INCOME - Summary of Other

OTHER INCOME - Summary of Other Income (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($) security	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($) security
OTHER INCOME
Unrealized and realized gain on investments (Note 5)	$ 2,586	$ 168	$ 2,882	$ 612
Foreign currency gain on Blue Chip Swap		4,399	7,993	6,588
Foreign currency gain (loss)	(24,472)	1,670	(35,113)	2,468
Other income (loss), net	11	(435)	(216)	4
Total other income	$ (21,875)	$ 5,802	$ (24,454)	$ 9,672
Number Blue Chip Swaps \| security	2	3	2	6

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
OTHER INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OTHER INCOME
Realized gain from a mechanism whereby US funds are used to buy and then sell government bonds denominated in pesos	$ 4,000	$ 7,600	$ 6,100
Foreign currency gain	4,400	8,000	6,600
Realized loss on investments	$ (400)	(400)	$ (500)
Additions/transfers during the period		$ 26,855

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 ARS ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 ARS ($)
Cash and cash equivalents	$ 84,823		$ 39,782
Cash	77,300	$ 17,700,000	2,500	$ 400,000
Bankers' acceptance notes	$ 4,800		$ 35,600
Exchange rate	256.7	256.7	177.2	177.2
Minimum
Term of debt instrument	34 days
Maximum
Term of debt instrument	81 days
USD
Cash and cash equivalents	$ 14,568		$ 36,305
Other currencies
Cash and cash equivalents	$ 1,296	$ 68,959	$ 1,333	$ 2,144

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Investments rollforward
Opening balance	$ 1,295
Additions/transfers during the period	26,855
Disposals/transfers during period	(162)
Unrealized gain on securities held	3,010
Unrealized foreign exchange loss on securities held	(1,810)
Ending balance	29,188
Marketable equity securities
Investments rollforward
Opening balance	1,133
Additions/transfers during the period	26,855
Unrealized gain on securities held	3,010
Unrealized foreign exchange loss on securities held	(1,810)
Ending balance	29,188
Warrants
Investments rollforward
Opening balance	162
Disposals/transfers during period	$ (162)

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2023	May 31, 2023
Investments
Unrealized gain on securities held		$ 3,010
Andes Corporation Minera S A
Investments
Equity securities			$ 26,900
Unrealized gain on securities held	$ 2,700	$ 2,700

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Government sales tax receivable	$ 1,251	$ 2,868
Prepaids and other assets	5,609	5,972
Receivables and other current assets	$ 6,860	$ 8,840

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventories
Material on leach pads	$ 13,716		$ 7,571
In-process inventory	4,844		3,674
Stockpiles	11,463		15,392
Precious metals	2,332		2,119
Materials and supplies	7,300		5,411
Inventories	39,655		34,167
Less long-term portion	(15,603)		(2,432)
Current portion	24,052		$ 31,735
Cost of sales
Inventories
Inventory write-down	3,000	$ 5,600
Depreciation and depletion
Inventories
Inventory write-down	800	300
Black Fox Complex
Inventories
Current portion	1,000
Inventory write-down		1,600
El Gallo Project
Inventories
Inventory write-down		4,300
Gold Bar Mine
Inventories
Current portion	$ 2,800
Inventory write-down		$ 0

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
MINERAL PROPERTY INTERESTS
Impairment charges	$ 0

INVESTMENT IN MINERA SANTA CR_3

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE - Summary of Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 34,395	$ 30,647	$ 69,147	$ 56,189
Depreciation and depletion	(8,293)	(3,469)	(15,189)	(7,181)
Net loss before tax	(45,310)	(12,406)	(82,256)	(34,285)
Net Income (Loss)	(21,627)	(12,452)	(64,703)	(33,182)
Income tax recovery	2,049		2,585	815
Loss from investment in MSC, net of amortization	$ (914)	$ 2,511	$ (4,375)	$ 1,391
Subsidiary (as a percent)	100%	100%	100%	100%
Subsidiary of Common Parent
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Subsidiary ownership interest (as a percent)	49%	49%	49%	49%
Minera Santa Cruz S.A. \| Subsidiary of Common Parent
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Net loss	$ 239	$ 3,436	$ (2,448)	$ 2,805
Amortization of fair value increments	(1,269)	(1,088)	(2,153)	(1,700)
Income tax recovery	116	163	226	286
Loss from investment in MSC, net of amortization	(914)	2,511	(4,375)	1,391
Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	67,712	70,827	113,452	111,530
Production costs applicable to sales	(46,931)	(45,959)	(88,055)	(81,302)
Depreciation and depletion	(14,363)	(5,357)	(22,593)	(12,253)
Gross (loss) profit	6,418	19,511	2,804	17,975
Exploration	(2,846)	(3,093)	(4,798)	(4,828)
Other expenses	(7,911)	(8,529)	(11,145)	(10,351)
Net loss before tax	(4,339)	7,889	(13,139)	2,796
Current and deferred tax recovery (expense)	4,828	(877)	8,143	2,929
Net Income (Loss)	$ 489	$ 7,012	(4,996)	$ 5,725
Net loss			(2,448)		$ 6,303
Amortization of fair value increments			(2,153)		(4,155)
Income tax recovery			$ 226		$ 628
Minera Santa Cruz S.A. \| Subsidiary of Common Parent
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Subsidiary ownership interest (as a percent)	51.90%		51.90%

INVESTMENT IN MINERA SANTA CR_4

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE - Changes in Company's Investment in MSC (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Change in the investment in MSC
Investment in MSC, beginning of period		$ 93,451
Income tax recovery	$ 2,049	2,585	$ 815
Dividend distribution received		(295)	(286)
Investment in MSC, end of period	88,781	88,781		$ 93,451
Minera Santa Cruz S.A.
Change in the investment in MSC
Dividend distribution received		(295)		(286)
Minera Santa Cruz S.A.
Change in the investment in MSC
Investment in MSC, beginning of period		93,451	$ 90,961	90,961
Attributable net (loss) income from MSC		(2,448)		6,303
Amortization of fair value increments		(2,153)		(4,155)
Income tax recovery		226		628
Investment in MSC, end of period	$ 88,781	$ 88,781		$ 93,451

INVESTMENT IN MINERA SANTA CR_5

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE - Assets and Liabilities Associated with MSC (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 144,923	$ 81,652
Total assets	593,184	528,719
Current liabilities	(52,896)	(84,186)
Total liabilities	(131,107)	$ (172,445)
Balance excluding FV increments \| Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	85,497
Total assets	192,151
Current liabilities	(54,723)
Total liabilities	(87,074)
Adjustments \| Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	629
Total assets	76,866
Total liabilities	(834)
Balance including FV increments \| Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	86,126
Total assets	269,017
Current liabilities	(54,723)
Total liabilities	$ (87,908)

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
DEBT (Details) - USD ($) $ in Thousands	May 23, 2023	May 19, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Repayments of principal		$ 25,000
Repayments of accrued interest		$ 100
Proceeds from promissory note			$ 15,000	$ 15,000
Outstanding loan				$ 63,979	$ 40,000	$ 48,866
Final payment	$ 21,000
Third Amended And Restated Credit Agreement (ARCA)
Debt Instrument [Line Items]
Proceeds from promissory note	$ 15,000
Stated interest rate (as a percent)	9.75%
Outstanding loan	$ 40,000
Extension term for repayment of debt	18 months
Monthly repayments of principal	$ 1,000

DEBT - Rollforward (Details)

DEBT - Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
DEBT - Rollforward (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Long-term debt
Balance, beginning of year	$ 63,979	$ 48,866	$ 48,866
Promissory note - initial recognition		$ 15,000	15,000
Principal repayment on debt	(25,000)
Interest expense	3,025		5,488
Interest payments	(2,004)		(4,875)
Bonus Interest - Equity based financing fee			(500)
Balance, end of period	40,000		63,979
Less: current portion			10,000
Long-term portion	$ 40,000		$ 53,979

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Retirement obligation rollforward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Changes in the reclamation and remediation liability
Reclamation and remediation liability, beginning balance	$ 41,846	$ 35,452
Settlements	(909)	(774)
Accretion of liability	1,230	2,354
Revisions to estimates and discount rate	540	5,664
Foreign exchange revaluation	285	(850)
Reclamation and remediation liability, ending balance	42,992	41,846
Less: current portion	9,922	12,576
Long-term portion	$ 33,070	$ 29,270

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS - Reclamation and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclamation obligations
Reclamation adjustment reflecting updated estimates		$ 986	$ 20	$ 986
Reclamation accretion	$ 620	520	1,230	1,047
Total	$ 620	$ 1,506	$ 1,250	$ 2,033

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - Flow Through Common Shares - Canadian Exploration Expenditures - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Exploration expenditures	$ 9.9	$ 1
Remaining CEE commitments	$ 5.2

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	6 Months Ended
NET LOSS PER SHARE (Details) - shares	Jun. 30, 2023	Jun. 30, 2022
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	973,170	525,043
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	2,976,816	2,977,077

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - REVlaw - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Expense	$ 49	$ 39	$ 97	$ 254
Related party outstanding accounts payable (receivable)	$ 110		$ 110		$ 112

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Affiliate of Robert McEwen - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
Debt interest expense	$ 0.8	$ 0.9	$ 1.7	$ 1.5
Stated interest rate (as a percent)	9.75%		9.75%
Original term loan
RELATED PARTY TRANSACTIONS
Face amount	$ 40		$ 40

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities:
Long term debt	$ 40,000	$ 64,000
Fair Value, Measurements, Recurring
Assets:
Investments	29,188	1,133
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Assets:
Investments	29,188	1,133
Marketable equity securities. \| Fair Value, Measurements, Recurring
Assets:
Investments	29,188	1,133
Marketable equity securities. \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Assets:
Investments	$ 29,188	$ 1,133

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds and Surety Bonds (Details) - Surety Bonds $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)
Reclamation Bonds
Percentage of annual fees on surety bonds	2.30%	2.30%
Percentage of required deposit on value of surety bonds	10%	10%
Restricted cash	$ 4.2
Nevada
Reclamation Bonds
Surety bonding obligation	27.8
Canada
Reclamation Bonds
Surety bonding obligation	$ 11.7	$ 15.6

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 25, 2017 $ / oz	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / oz	Jun. 30, 2022 USD ($)
Other commitments
Realized price for streaming contract per ounce				589
Pike River property
Other commitments
Obligation to sell (as a percent)	6.30%
Black Fox Complex
Other commitments
Obligation to sell (as a percent)	8%
Long term gold price (in dollars per ounce)	561
Revenue of acquiree since acquisition date and implementation of streaming agreement \| $		$ 0.6	$ 0.4	$ 1	$ 0.8
Black Fox Complex \| Maximum
Other commitments
Inflation adjustment (as a percent)	2%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Flow-through Eligible Expenses (Details) - Timmins - USD ($) $ in Millions		6 Months Ended
	Mar. 02, 2022	Jun. 30, 2023
Flow through Eligible Expenses
Other commitments
Exploration expenditures		$ 9.9
Remaining CEE commitments		$ 5.2
Flow Through CEE
Other commitments
Gross proceeds	$ 15.1

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Prepayment Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Commitments [Line Items]
Revenue	$ 34,395,000	$ 30,647,000	$ 69,147,000	$ 56,189,000
Remaining net proceeds recorded as deferred revenue	4,971,000		4,971,000		$ 6,155,000
Gold and silver sales
Other Commitments [Line Items]
Revenue	34,395,000	30,647,000	69,147,000	56,189,000
Prepayment Agreement \| Auramet International LLC guarantee obligation
Other Commitments [Line Items]
Remaining net proceeds recorded as deferred revenue	$ 5,000,000		$ 5,000,000
Number of ounces of gold pledged but not delivered	2,590		2,590
Prepayment Agreement \| Auramet International LLC guarantee obligation \| Auramet Revolving Facility
Other Commitments [Line Items]
Net proceeds from Auramet Facility	$ 29,400,000	$ 0	$ 52,200,000	$ 0
Prepayment Agreement \| Auramet International LLC guarantee obligation \| Gold and silver sales
Other Commitments [Line Items]
Revenue			$ 47,200,000

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) $ in Thousands, $ in Billions				3 Months Ended		6 Months Ended
	Mar. 15, 2023 USD ($) shares	Feb. 23, 2023 USD ($) shares	Feb. 23, 2023 ARS ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Noncontrolling Interest
Issuance of equity by subsidiary					$ 14,500	$ 185,390	$ 14,500
Net loss attributed to non-controlling interests				$ (21,634)	46	(14,968)	(288)
Noncontrolling Interest
Noncontrolling Interest
Issuance of equity by subsidiary	$ 75,500				7,593	75,477	7,593
Net loss attributed to non-controlling interests						15,000	(300)
Common Shares and Additional Paid-in Capital
Noncontrolling Interest
Issuance of equity by subsidiary	$ 109,900				$ 6,907	$ 109,913	$ 6,907
McEwen Copper
Noncontrolling Interest
Percentage of ownership by company before private placement	68.10%
Percentage decrease of stock owned by parent of subsidiary's or equity investee	16.20%
Percentage of ownership by company after private placement	51.90%
McEwen Copper \| Noncontrolling Interest
Noncontrolling Interest
Company's non-redeemable non-controlling interests (as a percent)				48.10%	23.90%	48.10%	23.90%
Stellantis Private Placement \| McEwen
Noncontrolling Interest
Sale of flow-through common stock (in shares) \| shares		2,850,000	2,850,000
Gross proceeds from private placement offering		$ 108,800	$ 20.9
Stellantis Secondary Transaction \| McEwen
Noncontrolling Interest
Sale of flow-through common stock (in shares) \| shares		1,250,000	1,250,000
Gross proceeds from private placement offering		$ 46,600	$ 9.1
Nuton LOI \| McEwen \| Nuton LLC
Noncontrolling Interest
Sale of flow-through common stock (in shares) \| shares	1,250,000
Gross proceeds from private placement offering	$ 23,400
Nuton Secondary LOI \| McEwen \| Nuton LLC
Noncontrolling Interest
Sale of flow-through common stock (in shares) \| shares	350,000
Gross proceeds from private placement offering	$ 6,600

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,627)	$ (12,452)	$ (64,703)	$ (33,182)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false