McEwen Mining (MUX) 10-Q6 Aug 202020 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, 2020	Aug. 06, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
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		402,490,125
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000314203
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE:
Revenue	$ 18,291	$ 36,383	$ 49,691	$ 51,966
OPERATING EXPENSES:
Production costs applicable to sales	(22,354)	(24,699)	(50,741)	(35,848)
Depreciation and depletion	(4,812)	(7,007)	(11,510)	(10,013)
Gross (loss) profit	(8,875)	4,677	(12,560)	6,105
OTHER OPERATING EXPENSES:
Advanced projects	(2,887)	(2,095)	(5,437)	(4,741)
Exploration	(3,548)	(5,872)	(7,338)	(10,022)
General and administrative	(2,240)	(3,172)	(4,304)	(5,433)
Loss from investment in Minera Santa Cruz S.A. (note 10)	(1,045)	(4,137)	(3,721)	(6,447)
Depreciation	(114)	(169)	(229)	(321)
Revision of estimates and accretion of asset retirement obligations (note 12)	(457)	(427)	(1,117)	(888)
Impairment of mineral property interests and plant and equipment (note 9)			(83,805)
Other operating (note 4)	(1,968)		(1,968)
Total other operating expenses	(12,259)	(15,872)	(107,919)	(27,852)
Operating loss	(21,134)	(11,195)	(120,479)	(21,747)
OTHER INCOME (EXPENSE):
Interest and other finance expense, net	(1,754)	(2,783)	(3,631)	(3,296)
Other income (note 5)	3,044	463	3,981	1,510
Total other income (expense)	1,290	(2,320)	350	(1,786)
Loss before income and mining taxes	(19,844)	(13,515)	(120,129)	(23,533)
Income and mining tax recovery	30	501	1,124	383
Net loss	$ (19,814)	$ (13,014)	$ (119,005)	$ (23,150)
Net loss per share (note 14):
Basic and Diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.30)	$ (0.07)
Weighted average common shares outstanding (thousands) (note 14):
Basic and Diluted (in shares)	400,513	346,998	400,442	346,095
Gold and silver sales
REVENUE:
Revenue	$ 18,291	$ 36,383	$ 49,691	$ 51,966
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (22,354)	$ (24,699)	$ (50,741)	$ (35,848)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 18,410	$ 46,452
Investments (note 6)		1,885
Receivables, prepaids and other assets (note 7)	6,417	5,265
Inventories (note 8)	33,371	38,376
Total current assets	58,198	91,978
Mineral property interests and plant and equipment, net (note 9)	333,764	418,791
Investment in Minera Santa Cruz S.A. (note 10)	106,180	110,183
Inventories, long-term (note 8)	5,898	9,603
Other assets	667	668
TOTAL ASSETS	504,707	631,223
Current liabilities:
Accounts payable and accrued liabilities	28,121	34,070
Debt, current portion (note 11)		5,000
Debt to related party, current portion (note 11)		5,000
Lease liabilities, current portion	2,175	2,115
Asset retirement obligation, current portion (note 12)	2,383	2,610
Total current liabilities	32,679	48,795
Lease liabilities, long-term	3,904	5,018
Debt (note 11)	23,904	19,758
Debt to related party (note 11)	23,904	19,758
Asset retirement obligation, long-term (note 12)	30,355	29,591
Other liabilities	3,486	3,910
Deferred income and mining tax liability	3,763	4,914
Total liabilities	121,995	131,744
Shareholders' equity:
Common: 402,491 as of June 30, 2020 and 400,339 as of December 31, 2019 issued and outstanding (in thousands) (note 13)	1,532,940	1,530,702
Accumulated deficit	(1,150,228)	(1,031,223)
Total shareholders' equity	382,712	499,479
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 504,707	$ 631,223

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Jun. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Common, shares issued	402,491	400,339
Common, shares outstanding	402,491	400,339

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock and Additional Paid-in CapitalATM offering	Common Stock and Additional Paid-in Capital	Accumulated Deficit	ATM offering	Total
Balance at Dec. 31, 2018		$ 1,457,422	$ (971,476)		$ 485,946
Balance (in shares) at Dec. 31, 2018		344,560,000
Increase (Decrease) in Shareholders' Equity
Stock issued during the period				1,010,545
Balance at Mar. 31, 2019		$ 1,479,809	(981,612)		498,197
Balance (in shares) at Mar. 31, 2019		359,986,000
Balance at Dec. 31, 2018		$ 1,457,422	(971,476)		485,946
Balance (in shares) at Dec. 31, 2018		344,560,000
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 197			197
Exercise of stock options		$ 260			$ 260
Exercise of stock options (in shares)		258,000			257,500
Units issued in connection with registered direct offering , net of share issue costs		$ 22,910			$ 22,910
Units issued in connection with registered direct offering , net of share issue costs (in shares)		16,129,000
Stock issued during the period	$ 1,851			$ 1,851
Stock issued during the period	1,010,000
Net loss			(23,150)		(23,150)
Balance at Jun. 30, 2019		$ 1,482,640	(994,626)		488,014
Balance (in shares) at Jun. 30, 2019		361,957,000
Balance at Mar. 31, 2019		$ 1,479,809	(981,612)		498,197
Balance (in shares) at Mar. 31, 2019		359,986,000
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 136			136
Exercise of stock options		$ 37			37
Exercise of stock options (in shares)		36,000
Units issued in connection with registered direct offering , net of share issue costs		$ 2,658			2,658
Units issued in connection with registered direct offering , net of share issue costs (in shares)		1,935,000
Net loss			(13,014)		(13,014)
Balance at Jun. 30, 2019		$ 1,482,640	(994,626)		488,014
Balance (in shares) at Jun. 30, 2019		361,957,000
Balance at Dec. 31, 2019		$ 1,530,702	(1,031,223)		499,479
Balance (in shares) at Dec. 31, 2019		400,339,000
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 302			302
Exercise of stock options		$ 61			$ 61
Exercise of stock options (in shares)		60,000			60,000
Shares issued for debt refinancing		$ 1,875			$ 1,875
Shares issued for debt refinancing (in shares)		2,092,000
Net loss			(119,005)		(119,005)
Balance at Jun. 30, 2020		$ 1,532,940	(1,150,228)		382,712
Balance (in shares) at Jun. 30, 2020		402,491,000
Balance at Mar. 31, 2020		$ 1,530,852	(1,130,414)		400,438
Balance (in shares) at Mar. 31, 2020		400,399,000
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 213			213
Shares issued for debt refinancing		$ 1,875			1,875
Shares issued for debt refinancing (in shares)		2,092,000
Net loss			(19,814)		(19,814)
Balance at Jun. 30, 2020		$ 1,532,940	$ (1,150,228)		$ 382,712
Balance (in shares) at Jun. 30, 2020		402,491,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (119,005)	$ (23,150)
Adjustments to reconcile net loss from operating activities:
Impairment of mineral property interests and plant and equipment (note 9)	83,805
Loss from investment in Minera Santa Cruz S.A., net of amortization (note 10)	3,721	6,447
Depreciation and amortization	11,629	6,768
Loss (gain) on investments (note 6)	620	(1,752)
Income and mining tax (recovery)	(1,124)	(383)
Stock-based compensation	302	197
Revision of estimates and accretion of asset retirement obligations (note 12)	666	888
Foreign exchange (gain) loss	(969)	610
Change in non-cash working capital items:
Decrease (increase) in other assets related to operations	6,705	(2,895)
(Decrease) increase in liabilities related to operations	(6,449)	4,118
Cash used in operating activities	(20,099)	(9,152)
Cash flows from investing activities:
Additions to mineral property interests and plant and equipment	(8,503)	(24,484)
Proceeds from sale of investments (note 6)	305
Dividends received from Minera Santa Cruz S.A. (note 10)	282	2,020
Cash used in investing activities	(7,916)	(22,464)
Cash flows from financing activities:
Proceeds from sale of units, net of share issue costs (note 13)		22,910
Proceeds of at-the-market common stock issuance (note 13)		1,851
Proceeds of exercise of stock options	61	260
Payment of finance lease obligations	(1,057)	(1,026)
Cash (used in) provided by financing activities	(996)	23,995
Effect of exchange rate change on cash and cash equivalents	969	(383)
(Decrease) in cash, cash equivalents and restricted cash	(28,042)	(8,004)
Cash, cash equivalents and restricted cash, beginning of period	46,500	30,489
Cash, cash equivalents and restricted cash, end of period (note 18)	18,458	22,485
Supplemental disclosure of cash flow information:
Interest paid	(2,570)	(1,316)
Interest received	$ 151	$ 3

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	Jun. 30, 2020
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOTE 1 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 is engaged in the exploration, development, production and sale of gold and silver and exploration for copper. The Company operates in the United States, Canada, Mexico and Argentina. The Company owns a 100% interest in the Gold Bar gold mine in Nevada, the Black Fox gold mine in Ontario, Canada, the El Gallo gold project and the Fenix silver-gold project in Sinaloa, Mexico, the Los Azules copper deposit in San Juan, Argentina and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. It also owns 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 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. Certain information and note disclosures normally included in financial statements 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, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Loss Statement of Operations Consolidated Balance Sheets Consolidated Statement of Changes in Shareholders’ Equity Consolidated Statements of Cash Flows

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties COVID-19 On March 11, the World Health Organization (“WHO”) declared the COVID-19 virus a global pandemic. As a result of the pandemic, many jurisdictions, including the United States, Canada, Mexico and Argentina, instituted restrictions on travel, public gatherings, and certain business operations. Even absent government-mandated shut-downs, we were required to suspend operations at our mines to protect the health and safety of our employees and contractors. This resulted in temporary shutdowns of all or a portion of our operations at all our mine sites at the start of Q2. Since that date, all operations at all of our operating mines and at El Gallo in Mexico have recommenced following a ramp-up period, with operations at the San Jose mine in Argentina still compromised due to travel restrictions which affect mobilization of personnel. The temporary shutdowns adversely impacted the Company’s operations, cash flow, and liquidity in the second quarter of 2020. In addition to the adverse effect on revenue, we have incurred costs in connection with the shutdowns and subsequent ramp-up. However, the long-term impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. Achieving normal operating capacity is also dependant on the continued availability of supplies, which is out of the Company’s control. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be further affected. The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in business developments and shipments of product occur. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor market conditions and respond accordingly. The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). As of the date of the issuance of these unaudited Condensed Consolidated Financial Statements, there have been no other significant impacts, including impairments, to the Company’s operations and financial statements. Going Concern In the preparation of the interim financial statements, management is required to identify when events or conditions indicate that substantial doubt may exist about the Company’s ability to continue as a going concern. Substantial doubt about the Company’s ability to continue as a going concern would exist when relevant conditions and events, considered in aggregate, indicate that the Company will not be able to meet its obligations as they become due for a period of at least, but not limited to, 12 months from the balance sheet date. When the Company identifies conditions or events that raise potential for substantial doubt about its ability to continue as a going concern, the Company considers whether its plans that are intended to mitigate those relevant conditions or events will alleviate the potential substantial doubt. In June 2020, the Company refinanced its senior secured term loan facility (see note 11) and was in full compliance with financial covenants as at June 30, 2020. However, as a result of the significant expected resource reduction at the Gold Bar mine, resulting in an initial revised mine plan which yields less cash flow coupled with, operational challenges at Black Fox, and the disruptions to the Company’s operations caused by the COVID-19 pandemic, there is uncertainty about the Company’s ability to generate sufficient operating cash flow to both conduct further operation, exploration and development of its mineral properties and to remain in compliance with certain of its financial covenants, over the next 12 months. Non-compliance with these covenants would result in a breach under the Company’s debt agreement. In response to this uncertainty, the Company is evaluating options to raise additional equity, and curtail expenditures. The Company’s ability to continue as a going concern is dependent on the successful completion of one or both of these initiatives to ensure that the Company has sufficient liquidity in order to fund its operations and remain in compliance with its debt covenants. After considering its plans, management has concluded that there are no material uncertainties relating to events or conditions that may cast substantial doubt upon the Company’s ability to continue as a going concern for a period of 12 months from the consolidated balance sheet date. The estimates used by management in reaching this conclusion are based on information available as at the date these financial statements were authorized for issuance and include internally generated cash flow forecasts. Accordingly, actual results could differ from these estimates and resulting variances may be material to management’s assessment. Recently Adopted Accounting Pronouncements Accounting for Government Assistance: In June 2020, the Company analogized guidance to account for the COVID relief funds received from the Small Business Administration (SBA) and the Canada Revenue Agency (“CRA”). The ability to analogize standards from other GAAP sources is provisioned under ASC 105-05-2 when guidance is not provided for certain transactions under US GAAP. The adoption of the standard had a material impact on the financial statements as of June 30, 2020. Under this policy, the Company has recognized a deferred government assistance liability in the consolidated balance sheets with regards to the funds received and will recognize the income from the funds in the Statement of Operations as the criteria for recognition of the relief funds are met. Changes to the Disclosure Requirements for Fair Value Measurement: Recently Issued Accounting Pronouncements Income Taxes:

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	6 Months Ended
OPERATING SEGMENT REPORTING	Jun. 30, 2020
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 3 OPERATING SEGMENT REPORTING McEwen Mining Inc. is engaged in the exploration, development, production and sale of gold and silver and exploration for copper, with operations located in the United States, Canada, Mexico, and Argentina. The Company’s chief operating decisions maker (“CODM”) reviews the operating results, assesses performance and makes decisions about allocation of resources to these segments at the geographic region level or major mine/project where the economic characteristics of the individual mines or projects are not alike. As a result, these operating segments also represent the Company’s reportable segments. The Company’s business activities that are not considered operating segments are included in General and Administrative and other The CODM reviews segment income (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. Production costs applicable to sales for the El Gallo project of $7.3 million for the six months ended June 30, 2020 (same period in 2019 - $10.7 million) include $3.1 million of residual leaching spending in the period, net of $2.0 million capitalized in inventory (same period in 2019 - $3.8 million, net of $1.8 million capitalized in inventory) with the remainder representing costs recorded in the leach pad inventory balances in prior periods. 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 is summarized in the tables below: Three months ended June 30, 2020 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 10,770 $ 4,166 $ 3,355 $ — $ — $ 18,291 Production costs applicable to sales (11,039) (8,150) (3,165) — — (22,354) Depreciation and depletion (2,565) (2,184) (63) — — (4,812) Gross (loss) profit (2,834) (6,168) 127 — — (8,875) Advanced projects (183) (1,760) (944) — — (2,887) Exploration (2,031) (840) (36) — (641) (3,548) Loss from investment in Minera Santa Cruz S.A. — — — (1,045) — (1,045) Other operating (1,390) (578) — — — (1,968) Segment loss $ (6,438) $ (9,346) $ (853) $ (1,045) $ (641) $ (18,323) General and Administrative and other (1,521) Loss before income and mining taxes $ (19,844) Capital expenditures $ 2,799 211 — — — $ 3,010 Six months ended June 30, 2020 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 25,088 $ 16,905 $ 7,698 $ — $ — $ 49,691 Production costs applicable to sales (28,071) (15,357) (7,313) — — (50,741) Depreciation and depletion (6,428) (4,932) (150) — — (11,510) Gross (loss) profit (9,411) (3,384) 235 — — (12,560) Advanced projects (548) (2,826) (2,063) — — (5,437) Exploration (2,840) (3,245) (36) — (1,217) (7,338) Impairment of mineral property interests and plant and equipment (note 9) (83,805) — — — — (83,805) Loss from investment in Minera Santa Cruz S.A. — — — (3,721) — (3,721) Other operating (1,390) (578) — — — (1,968) Segment loss $ (97,994) $ (10,033) $ (1,864) $ (3,721) $ (1,217) $ (114,829) General and Administrative and other (5,300) Loss before income and mining taxes $ (120,129) Capital expenditures $ 4,606 $ 3,940 $ — $ — $ — $ 8,546 Three months ended June 30, 2019 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 11,522 $ 16,049 $ 8,812 $ — $ — $ 36,383 Production costs applicable to sales (7,835) (10,639) (6,225) — — (24,699) Depreciation and depletion (2,568) (4,221) (218) — — (7,007) Gross profit 1,119 1,189 2,369 — — 4,677 Advanced projects (390) — (1,705) — — (2,095) Exploration (1,292) (4,062) — — (518) (5,872) Loss from investment in Minera Santa Cruz S.A. — — — (4,137) — (4,137) Segment (loss) income $ (563) $ (2,873) $ 664 $ (4,137) $ (518) $ (7,427) General and Administrative and other (6,088) Loss before income and mining taxes $ (13,515) Capital expenditures $ 3,606 $ 4,518 $ — $ — $ — $ 8,124 Six months ended June 30, 2019 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 12,364 $ 24,992 $ 14,610 $ — $ — $ 51,966 Production costs applicable to sales (8,643) (16,475) (10,730) — — (35,848) Depreciation and depletion (2,720) (6,931) (362) — — (10,013) Gross profit 1,001 1,586 3,518 — — 6,105 Advanced projects (586) — (4,155) — — (4,741) Exploration (1,902) (6,483) — — (1,637) (10,022) Loss from investment in Minera Santa Cruz S.A. — — — (6,447) — (6,447) Segment loss $ (1,487) $ (4,897) $ (637) $ (6,447) $ (1,637) $ (15,105) General and Administrative and other (8,428) Loss before income and mining taxes $ (23,533) Capital expenditures $ 16,614 $ 7,875 $ — $ — $ — $ 24,489 Geographic information Geographic information includes the long-lived assets balance and revenues presented for the Company’s operating segments, as follows: Long-lived Assets Revenue (1) June 30, December 31, Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 2020 2019 USA $ 50,906 $ 135,854 $ 10,770 $ 11,522 $ 25,088 $ 12,364 Canada 76,697 77,147 4,166 16,049 16,905 24,992 Mexico 20,139 23,551 3,355 8,812 7,698 14,610 Argentina (2) 297,670 302,598 — — — — Total consolidated (3) $ 445,412 $ 539,150 $ 18,291 $ 36,383 $ 49,691 $ 51,966 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $106.2 million as of June 30, 2020 (December 31, 2019 – $110.2 million). (3) Total excludes $1.1 million related to the Company's office lease asset as the business activities related to corporate are not considered to be a part of the operating segments .

OTHER OPERATING

OTHER OPERATING	6 Months Ended
OTHER OPERATING	Jun. 30, 2020
OTHER OPERATING
OTHER OPERATING	NOTE 4 OTHER OPERATING During Q2 2020, the Company temporarily suspended operations at its Gold Bar and Black Fox mine sites as measures to combat COVID-19. Costs incurred while operations were suspended total $0.9 million at Gold Bar and $0.6 million at Black Fox. In addition, the Gold Bar operational shutdown was extended while the Company conducted a thorough review of its resource and mine plan during Q2 2020. Upon completion of this review, the Company commenced a controlled and phased ramp up of operations through the remainder of the second quarter. Costs incurred due to the resource review were $0.5 million. .

OTHER INCOME

OTHER INCOME	6 Months Ended
OTHER INCOME	Jun. 30, 2020
OTHER (EXPENSE) INCOME
OTHER (EXPENSE) INCOME	NOTE 5 OTHER INCOME The following is a summary of other income for the three and six months ended June 30 and 2019 : Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 COVID Relief $ 2,691 $ — $ 2,691 $ — Unrealized and realized (loss) gain on investments (note 5) 279 925 (619) 1,752 Foreign currency gain (loss) 60 (537) 1,868 (374) Other income, net 14 75 41 132 Total other income $ 3,044 $ 463 $ 3,981 $ 1,510 In response to COVID-19, the United States and Canadian governments enacted significant relief measures to support businesses directly and adversely impacted by the pandemic. During Q2 2020, the Company secured $1.9 million of relief from the US government under the paychecks protection (“PPP”) program. The funds are fully forgivable so long as sufficient eligible expenditures are incurred in a 24 week period. The Company expects to comply with the forgiveness criteria. The income from the PPP program is recognized on a systematic basis as eligible forgivable expenditures are incurred. As at June 30, 2020, $1.2 million has been recognized as other income. The Company also secured $1.5 million of government relief in Canada through the Canadian Emergency Wage Subsidy program all of which has been recognized in other income.

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2020
INVESTMENTS
INVESTMENTS	NOTE 6 INVESTMENTS The following is a summary of the activity in investments for the six months ended June 30, 2020 and 2019: As at Additions/ Disposals/ Unrealized Fair value December 31, transfers during Net (loss) on transfers during (loss) on June 30, 2019 period securities sold period securities held 2020 Marketable equity securities $ 1,885 $ — $ (619) $ (1,266) $ — $ — As at Additions/ Net gain Disposals/ Unrealized Fair value December 31, transfers during (loss) on transfers during gain on June 30, 2018 period securities sold period securities held 2019 Marketable equity securities $ 2,718 $ 264 $ — $ — $ 1,372 $ 4,354 Warrants 413 — — — 380 793 Investments $ 3,131 $ 264 $ — $ — $ 1,752 $ 5,147 During the six months ended June 30, 2020, the Company sold marketable equity securities for proceeds of $1.3 million (six months ended June 30,2019 - $nil), and realized a loss of $0.6 million (six months ended June 30, 2019 - $nil). During the three months ended June 30, 2020, the Company sold marketable equity securities for proceeds of $1.2 million (three months ended June 30, 2019 - $nil) and realized loss of $0.6 million (three months ended June 30, 2019 – $nil) The cost of marketable equity securities at June 30, 2020 was $nil (December 31, 2019 – $1.3 million).

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER ASSETS	6 Months Ended
RECEIVABLES, PREPAIDS AND OTHER ASSETS	Jun. 30, 2020
RECEIVABLES, PREPAIDS AND OTHER ASSETS
RECEIVABLES, PREPAIDS AND OTHER ASSETS	NOTE 7 RECEIVABLES, PREPAIDS AND OTHER ASSETS The following is a breakdown of balances in receivables, prepaids and other assets as at June 30 and December 31, 2019: June 30, 2020 December 31, 2019 Trade and other receivables $ 1,843 $ — Government sales tax receivable 1,460 2,658 Prepaids and other assets 3,114 2,607 Receivables and other current assets $ 6,417 $ 5,265 Government sales tax receivable includes $0.8 million of Mexican value added tax (“VAT”) at June 30, 2020 (December 31, 2019 – $0.7 million). The Company collected $0.5 million of VAT during the six months ended June 30, 2020 (June 30, 2019 – $1.0 million). Trade and other receivables includes $0.9 million receivable from gold sales and $0.9 million receivable from the sale of marketable securities. The funds were received subsequent to quarter end.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2020
INVENTORIES
INVENTORIES	NOTE 8 INVENTORIES Inventories at June 30, 2020 and December 31, 2019 consisted of the following: June 30, 2020 December 31, 2019 Material on leach pads $ 29,632 $ 37,328 In-process inventory 3,770 3,847 Stockpiles 696 1,384 Precious metals 739 1,038 Materials and supplies 4,432 4,382 Inventories $ 39,269 $ 47,979 Less current portion 33,371 38,376 Long-term portion $ 5,898 $ 9,603 During the three and six months ended June 30, 2020, the inventory of the Black Fox Mine was written down to its net realizable value. The write-down was $1.9 million, of which $1.5 million was included in production costs applicable to sales (three and six months ended June 30, 2019 - $nil). In addition, the inventory of the Gold Bar Mine was also written down to its net realizable value in the first quarter of 2020. The write-down was $1.2 million, of which $1.1 million was included in production costs applicable to sales (three and six months ended June 30, 2019 - $nil).

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	6 Months Ended
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	Jun. 30, 2020
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	NOTE 9 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT The definition of proven and probable reserves is set forth in the SEC Industry Guide 7. 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, Black Fox and San José properties have proven and probable reserves estimated in accordance with SEC Industry Guide 7. 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 fair value. As part of the analysis conducted in Q1 2020, the Company determined that indicators of impairment existed for the long-lived assets at the Gold Bar mine and that the long-lived assets at the Gold Bar mine were not recoverable on an undiscounted basis. The fair value of the Gold Bar mine was determined using the discounted cash flow method, coupled with an in-situ resource multiple for mineralized material not included in the life of mine plan. Future cash flows were estimated based on estimated quantities of recoverable mineralized material, expected gold prices, estimated production levels, operating costs, capital requirements and reclamation costs, all based on the life-of-mine plan using the preliminary estimated resources. The in-situ resource multiple applied to the mineralized material not included in the life-of-mine plan was estimated by evaluating observable market transactions. The Company concluded that the carrying value of the long-lived assets at the Gold Bar mine was impaired and recorded a non-cash impairment charge reducing plant and equipment and mineral property interests by the amount of $83.8 million. The following table sets forth a summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company’s non-recurring Level 3 fair value measurement of the Gold Bar mine: Date of Fair Value Measurement Valuation Technique Unobservable Input Range/ Weighted Average Gold Bar Mine March 31, 2020 Discounted Cash Flow Discount Rate 9% Long Term Gold Price $1,430/oz United States Inflation Index 2% The estimated future cash flows are based on numerous assumptions and uncertainties. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold prices, production levels and costs of capital are each subject to significant risks and uncertainties.

INVESTMENT IN MINERA SANTA CRUZ

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	6 Months Ended
	Jun. 30, 2020
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	NOTE 10 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. In applying the equity method of accounting to the Company’s investment in MSC, MSC’s financial statements, which are originally 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 in accordance with U.S. GAAP. A summary of the operating results for MSC for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Minera Santa Cruz S.A. (100%) Revenue from gold and silver sales $ 47,081 $ 65,997 $ 84,471 $ 114,818 Production costs applicable to sales (30,402) (46,514) (58,718) (76,047) Depreciation and depletion (7,650) (16,545) (14,977) (31,925) Gross profit 9,029 2,938 10,776 6,846 Exploration (2,175) (2,553) (5,041) (5,891) Other expenses (8,925) (979) (11,142) (3,532) Net (loss) before tax $ (2,071) $ (594) $ (5,407) $ (2,577) Current and deferred tax recovery/(expense) 1,884 (3,049) 1,933 (3,838) Net loss $ (187) $ (3,643) $ (3,474) $ (6,415) Portion attributable to McEwen Mining Inc. (49%) Net loss $ (92) $ (1,785) $ (1,703) $ (3,143) Amortization of fair value increments (1,251) (2,459) (2,636) (4,372) Income tax recovery 298 107 618 1,068 Loss from investment in MSC, net of amortization $ (1,045) $ (4,137) $ (3,721) $ (6,447) Shutdown costs related to the COVID-19 pandemic were recognized in other expenses and totaled $5.9 million during the three months ended June 30, 2020 and $7.2 million for the six months ended June 30, 2020. The loss from investment in MSC attributable to the Company includes the 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 devaluation of the Argentine peso against the U.S. dollar on the peso-denominated deferred tax liability recognized at the time of acquisition. Changes in the Company’s investment in MSC for the six months ended June 30, 2020 and year ended December 31, 2019 are as follows: June 30, 2020 December 31, 2019 Investment in MSC, beginning of period $ 110,183 $ 127,814 Attributable net loss from MSC (1,703) (2,097) Amortization of fair value increments (2,636) (9,448) Income tax recovery 618 2,791 Dividend distribution received (282) (8,877) Investment in MSC, end of period $ 106,180 $ 110,183 During the three and six months ended June 30, 2020, the Company received $0.3 million A summary of the key assets and liabilities of MSC as at June 30, 2020, before and after adjustments to fair value on acquisition and amortization of the fair value increments arising from the purchase price allocation, are as follows: As at June 30, 2020 Balance excluding FV increments Adjustments Balance including FV increments Current assets $ 84,654 $ 952 $ 85,606 Total assets $ 180,986 $ 113,628 $ 294,614 Current liabilities $ (43,958) $ — $ (43,958) Total liabilities $ (72,944) $ (4,977) $ (77,921)

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2020
DEBT
DEBT	NOTE 11 DEBT On August 10, 2018, the Company finalized a $50.0 million senior secured three year term loan facility with Royal Capital Management Corp., as administrative agent, and the lenders party thereto. Interest on the loan accrued at the rate of 9.75% per annum with interest due monthly and was secured by a lien on certain of the Company’s and its subsidiaries’ assets. On June 25, 2020, the Company entered into an Amended and Restated Credit Agreement (“ARCA”) which refinanced the outstanding $50 million and which terms differed in material respects from the old loan as follows: ● Sprott Private Resource Lending II (Collector), LP replaced Royal Capital Management Corp. as a lender and the administrative agent and an affiliate of Robert McEwen remains as a lender. ● Scheduled repayments of the principal are extended by two years . Monthly repayments of principal in the amount of $2.0 million are due beginning on August 31, 2022 and continuing for 12 months , followed by a final principal payment of $26.0 million plus any accrued interest on August 31, 2023. ● The minimum working capital maintenance requirement was reduced from $10.0 million under the original term loan to $nil at June 30, 2020 to December 31, 2020 and from $10.0 million to $2.5 million at March 31, 2021 to the end of 2021. The working capital requirement increases to $5.0 million for March 31, 2022, $7.0 million for June 30, 2022, and $10 million for September 30, 2022 and thereafter. ● The Company issued 2,091,700 shares valued at $1,875,000 to the lenders as bonus interest. The value of the shares plus the unamortized costs of the original term loan will be amortized over the modified term of the loan. The remaining principal terms of the original agreement remain unchanged. A reconciliation of the Company’s long-term debt for the six months ended June 30, 2020 and for the year ended December 31, 2019 is as follows: Six months ending June 30, 2020 Year ending December 31, 2019 Balance, beginning of period $ 49,516 $ 49,206 Interest expense 2,598 5,185 Interest payments (2,431) (4,875) Debt amendment fee (1,875) — Balance, end of period $ 47,808 $ 49,516 Less current portion — 10,000 Long-term portion $ 47,808 $ 39,516 During the six months ended June 30, 2020, $nil of interest was capitalized in plant and equipment (six months ended June 30, 2019 – $0.6 million, capitalized to Gold Bar construction).

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
ASSET RETIREMENT OBLIGATIONS	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	NOTE 12 ASSET RETIREMENT OBLIGATIONS The Company is responsible for 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 Timmins properties in Canada and the El Gallo Project in Mexico. A reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2020 and for the year ended December 31, 2019 are as follows: June 30, 2020 December 31, 2019 Asset retirement obligation liability, beginning balance $ 32,201 $ 29,402 Settlements (128) (513) Accretion of liability 914 1,680 Adjustment reflecting updated estimates 262 1,012 Foreign exchange revaluation (511) 620 Asset retirement obligation liability, ending balance $ 32,738 $ 32,201 Less current portion 2,383 2,610 Long-term portion $ 30,355 $ 29,591 The Company’s reclamation expenses consisted of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Reclamation adjustment reflecting updated estimates $ — $ 24 $ 203 $ 88 Reclamation accretion 457 403 914 800 Total $ 457 $ 427 $ 1,117 888

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2020
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 13 SHAREHOLDERS’ EQUITY Equity Issuances June 2020 Amended and Restated Credit Agreement Pursuant to the ARCA executed on June 25, 2020, the Company issued 2,091,700 common shares to the lenders as consideration for the maintenance, continuation, and the extension of the maturity date of the loan. The Company valued the shares at $1.9 million. March 2019 Registered Offering On March 29, 2019, the Company issued 14,193,548 Units at $1.55 per Unit, for net proceeds of $20.3 million (net of issuance costs of $1.7 million). Each Unit consisted of one common share and one On March 29, 2019, the Company also issued 1,935,484 Subscription Receipts at $1.55 per Subscription Receipt to certain executive officers, directors, employees and consultants. Upon shareholder and NYSE approval on May 23, 2019, the Subscription Receipts were converted into 1,935,484 Units for net proceeds of $2.6 million (net of issuance costs of $0.4 million). All Units issued under the offering have identical terms. At-the-market (“ATM”) Offering Pursuant to an equity distribution agreement dated November 8, 2018, the Company was permitted to offer and sell from time to time shares of its common stock having an aggregate offering price of up to $90.0 million, with the net proceeds to fund working capital and general corporate purposes. During the three months ended March 31, 2019, the Company issued an aggregate of 1,010,545 common shares for gross and net proceeds of $1.9 million. The Company terminated the agreement on March 13, 2019. Stock Options During the six months ended June 30, 2020, the Company issued 60,000 common shares for proceeds of $0.1 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.06 per share. During the six months ending June 30, 2019, the Company issued 257,500 common shares for proceeds of $0.3 million upon the exercise of the same number of stock options at a weighted average exercise price of $1.01 per share. Shareholders’ Distributions Pursuant to the ARCA ( Note 11

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
NET LOSS PER SHARE	Jun. 30, 2020
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 14 NET LOSS PER SHARE Basic net loss per share is computed by dividing the net loss attributable to 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 three and six months ended June 30, 2020 and 2019, as they would be anti-dilutive. For the six months ended June 30, 2020, all of the outstanding options (4,436,784) and all of the outstanding warrants (29,770,766) were excluded from the computation of diluted loss per share (June 30, 2019 – 6,345,150 outstanding options and 8,064,150 outstanding warrants).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 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, 2020 2019 2020 2019 Lexam L.P. $ — $ 16 $ 76 $ 77 REVlaw 50 86 88 128 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: June 30, 2020 December 31, 2019 Lexam L.P. $ 59 $ 65 REVlaw $ 52 $ 12 An affiliate of Mr. McEwen participated as a lender in the $50.0 million term loan by providing $25.0 million of the total $50.0 million funding and continued as such under the ARCA. During the three and six months ended June 30, 2020, the Company paid $0.6 million and $1.2 million, respectively, (three and six months ended June 30, 2019 – $0.6 million and $1.2 million, respectively) in interest to this affiliate. Note 11

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	6 Months Ended
FAIR VALUE ACCOUNTING	Jun. 30, 2020
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 16 FAIR VALUE ACCOUNTING As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis. The following table identifies the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at June 30, 2020 and December 31, 2019, as reported in the Consolidated Balance Sheets Fair value as at June 30, 2020 Fair value as at December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities $ — $ — $ — $ 1,885 $ — $ 1,885 The Company’s investments consisted of marketable equity securities which were exchange-traded and valued using quoted market prices in active markets and as such were classified within Level 1 of the fair value hierarchy. The fair value of the investments was calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. During the six months ended June 30, 2020, the Company recorded an impairment of long-lived assets at the Gold Bar Mine totaling $83.8 million based on Level 3 inputs. See Note 9 Debt is recorded at amortized cost of $47.8 million (December 31, 2019 – $49.5 million). The debt is not traded on quoted markets. The fair value of other financial assets and liabilities were assumed to approximate their carrying values due to their historically negligible credit losses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17 COMMITMENTS AND CONTINGENCIES In addition to the commitments for payments on operating and finance leases and the repayment of long-term debt ( Note 11 Reclamation Obligations As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations of $20.1 million in Nevada pertaining primarily to the Tonkin and the Gold Bar properties and $11.2 million (C$14.9 million) in Canada with respect to the Black Fox Complex. In addition, under Canadian regulations, the Company was required to deposit approximately $0.1 million with respect to its Lexam properties in Timmins, which is recorded as restricted cash in other assets ( Note 18) Surety Bonds As at June 30, 2020, the Company has a surety facility in place to cover all its bonding obligations, which include $20.1 million of bonding in Nevada and $11.2 million (C$14.9 million) of bonding in Canada. The terms of the facility carry an annual financing fee of 2%. 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. Subsequent to quarter end, the Company provided $2.8 million as collateral 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 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. 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, 2020, the Company recorded revenue of $0.2 million and $0.7 million, respectively, (for the three and six months ended June 30, 2019 – $0.5 million and $0.9 million, respectively) related to the gold stream sales.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	Jun. 30, 2020
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	NOTE 18 CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets Consolidated Statements of Cash flows June 30, 2020 December 31, 2019 Cash and cash equivalents $ 18,410 $ 46,452 Restricted cash included in other assets 48 48 Total cash, cash equivalents, and restricted cash $ 18,458 $ 46,500

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
Risks and Uncertainties	Risks and Uncertainties COVID-19 On March 11, the World Health Organization (“WHO”) declared the COVID-19 virus a global pandemic. As a result of the pandemic, many jurisdictions, including the United States, Canada, Mexico and Argentina, instituted restrictions on travel, public gatherings, and certain business operations. Even absent government-mandated shut-downs, we were required to suspend operations at our mines to protect the health and safety of our employees and contractors. This resulted in temporary shutdowns of all or a portion of our operations at all our mine sites at the start of Q2. Since that date, all operations at all of our operating mines and at El Gallo in Mexico have recommenced following a ramp-up period, with operations at the San Jose mine in Argentina still compromised due to travel restrictions which affect mobilization of personnel. The temporary shutdowns adversely impacted the Company’s operations, cash flow, and liquidity in the second quarter of 2020. In addition to the adverse effect on revenue, we have incurred costs in connection with the shutdowns and subsequent ramp-up. However, the long-term impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. Achieving normal operating capacity is also dependant on the continued availability of supplies, which is out of the Company’s control. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be further affected. The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in business developments and shipments of product occur. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor market conditions and respond accordingly. The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). As of the date of the issuance of these unaudited Condensed Consolidated Financial Statements, there have been no other significant impacts, including impairments, to the Company’s operations and financial statements. Going Concern In the preparation of the interim financial statements, management is required to identify when events or conditions indicate that substantial doubt may exist about the Company’s ability to continue as a going concern. Substantial doubt about the Company’s ability to continue as a going concern would exist when relevant conditions and events, considered in aggregate, indicate that the Company will not be able to meet its obligations as they become due for a period of at least, but not limited to, 12 months from the balance sheet date. When the Company identifies conditions or events that raise potential for substantial doubt about its ability to continue as a going concern, the Company considers whether its plans that are intended to mitigate those relevant conditions or events will alleviate the potential substantial doubt. In June 2020, the Company refinanced its senior secured term loan facility (see note 11) and was in full compliance with financial covenants as at June 30, 2020. However, as a result of the significant expected resource reduction at the Gold Bar mine, resulting in an initial revised mine plan which yields less cash flow coupled with, operational challenges at Black Fox, and the disruptions to the Company’s operations caused by the COVID-19 pandemic, there is uncertainty about the Company’s ability to generate sufficient operating cash flow to both conduct further operation, exploration and development of its mineral properties and to remain in compliance with certain of its financial covenants, over the next 12 months. Non-compliance with these covenants would result in a breach under the Company’s debt agreement. In response to this uncertainty, the Company is evaluating options to raise additional equity, and curtail expenditures. The Company’s ability to continue as a going concern is dependent on the successful completion of one or both of these initiatives to ensure that the Company has sufficient liquidity in order to fund its operations and remain in compliance with its debt covenants. After considering its plans, management has concluded that there are no material uncertainties relating to events or conditions that may cast substantial doubt upon the Company’s ability to continue as a going concern for a period of 12 months from the consolidated balance sheet date. The estimates used by management in reaching this conclusion are based on information available as at the date these financial statements were authorized for issuance and include internally generated cash flow forecasts. Accordingly, actual results could differ from these estimates and resulting variances may be material to management’s assessment.
Recently Adopted And Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting for Government Assistance: In June 2020, the Company analogized guidance to account for the COVID relief funds received from the Small Business Administration (SBA) and the Canada Revenue Agency (“CRA”). The ability to analogize standards from other GAAP sources is provisioned under ASC 105-05-2 when guidance is not provided for certain transactions under US GAAP. The adoption of the standard had a material impact on the financial statements as of June 30, 2020. Under this policy, the Company has recognized a deferred government assistance liability in the consolidated balance sheets with regards to the funds received and will recognize the income from the funds in the Statement of Operations as the criteria for recognition of the relief funds are met. Changes to the Disclosure Requirements for Fair Value Measurement: Recently Issued Accounting Pronouncements Income Taxes:

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	6 Months Ended
OPERATING SEGMENT REPORTING (Tables)	Jun. 30, 2020
OPERATING SEGMENT REPORTING
Schedule of the financial information relating to the Company's segments	Three months ended June 30, 2020 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 10,770 $ 4,166 $ 3,355 $ — $ — $ 18,291 Production costs applicable to sales (11,039) (8,150) (3,165) — — (22,354) Depreciation and depletion (2,565) (2,184) (63) — — (4,812) Gross (loss) profit (2,834) (6,168) 127 — — (8,875) Advanced projects (183) (1,760) (944) — — (2,887) Exploration (2,031) (840) (36) — (641) (3,548) Loss from investment in Minera Santa Cruz S.A. — — — (1,045) — (1,045) Other operating (1,390) (578) — — — (1,968) Segment loss $ (6,438) $ (9,346) $ (853) $ (1,045) $ (641) $ (18,323) General and Administrative and other (1,521) Loss before income and mining taxes $ (19,844) Capital expenditures $ 2,799 211 — — — $ 3,010 Six months ended June 30, 2020 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 25,088 $ 16,905 $ 7,698 $ — $ — $ 49,691 Production costs applicable to sales (28,071) (15,357) (7,313) — — (50,741) Depreciation and depletion (6,428) (4,932) (150) — — (11,510) Gross (loss) profit (9,411) (3,384) 235 — — (12,560) Advanced projects (548) (2,826) (2,063) — — (5,437) Exploration (2,840) (3,245) (36) — (1,217) (7,338) Impairment of mineral property interests and plant and equipment (note 9) (83,805) — — — — (83,805) Loss from investment in Minera Santa Cruz S.A. — — — (3,721) — (3,721) Other operating (1,390) (578) — — — (1,968) Segment loss $ (97,994) $ (10,033) $ (1,864) $ (3,721) $ (1,217) $ (114,829) General and Administrative and other (5,300) Loss before income and mining taxes $ (120,129) Capital expenditures $ 4,606 $ 3,940 $ — $ — $ — $ 8,546 Three months ended June 30, 2019 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 11,522 $ 16,049 $ 8,812 $ — $ — $ 36,383 Production costs applicable to sales (7,835) (10,639) (6,225) — — (24,699) Depreciation and depletion (2,568) (4,221) (218) — — (7,007) Gross profit 1,119 1,189 2,369 — — 4,677 Advanced projects (390) — (1,705) — — (2,095) Exploration (1,292) (4,062) — — (518) (5,872) Loss from investment in Minera Santa Cruz S.A. — — — (4,137) — (4,137) Segment (loss) income $ (563) $ (2,873) $ 664 $ (4,137) $ (518) $ (7,427) General and Administrative and other (6,088) Loss before income and mining taxes $ (13,515) Capital expenditures $ 3,606 $ 4,518 $ — $ — $ — $ 8,124 Six months ended June 30, 2019 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales $ 12,364 $ 24,992 $ 14,610 $ — $ — $ 51,966 Production costs applicable to sales (8,643) (16,475) (10,730) — — (35,848) Depreciation and depletion (2,720) (6,931) (362) — — (10,013) Gross profit 1,001 1,586 3,518 — — 6,105 Advanced projects (586) — (4,155) — — (4,741) Exploration (1,902) (6,483) — — (1,637) (10,022) Loss from investment in Minera Santa Cruz S.A. — — — (6,447) — (6,447) Segment loss $ (1,487) $ (4,897) $ (637) $ (6,447) $ (1,637) $ (15,105) General and Administrative and other (8,428) Loss before income and mining taxes $ (23,533) Capital expenditures $ 16,614 $ 7,875 $ — $ — $ — $ 24,489
Schedule Of Geographic Information	Geographic information Geographic information includes the long-lived assets balance and revenues presented for the Company’s operating segments, as follows: Long-lived Assets Revenue (1) June 30, December 31, Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 2020 2019 USA $ 50,906 $ 135,854 $ 10,770 $ 11,522 $ 25,088 $ 12,364 Canada 76,697 77,147 4,166 16,049 16,905 24,992 Mexico 20,139 23,551 3,355 8,812 7,698 14,610 Argentina (2) 297,670 302,598 — — — — Total consolidated (3) $ 445,412 $ 539,150 $ 18,291 $ 36,383 $ 49,691 $ 51,966 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $106.2 million as of June 30, 2020 (December 31, 2019 – $110.2 million). (3) Total excludes $1.1 million related to the Company's office lease asset as the business activities related to corporate are not considered to be a part of the operating segments .

OTHER INCOME (Tables)

OTHER INCOME (Tables)	6 Months Ended
OTHER INCOME (Tables)	Jun. 30, 2020
OTHER (EXPENSE) INCOME
Schedule of other income (expense)	Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 COVID Relief $ 2,691 $ — $ 2,691 $ — Unrealized and realized (loss) gain on investments (note 5) 279 925 (619) 1,752 Foreign currency gain (loss) 60 (537) 1,868 (374) Other income, net 14 75 41 132 Total other income $ 3,044 $ 463 $ 3,981 $ 1,510

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2020
INVESTMENTS
Summary of investment portfolio	As at Additions/ Disposals/ Unrealized Fair value December 31, transfers during Net (loss) on transfers during (loss) on June 30, 2019 period securities sold period securities held 2020 Marketable equity securities $ 1,885 $ — $ (619) $ (1,266) $ — $ — As at Additions/ Net gain Disposals/ Unrealized Fair value December 31, transfers during (loss) on transfers during gain on June 30, 2018 period securities sold period securities held 2019 Marketable equity securities $ 2,718 $ 264 $ — $ — $ 1,372 $ 4,354 Warrants 413 — — — 380 793 Investments $ 3,131 $ 264 $ — $ — $ 1,752 $ 5,147

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER ASSETS (Tables)	6 Months Ended
RECEIVABLES, PREPAIDS AND OTHER ASSETS (Tables)	Jun. 30, 2020
RECEIVABLES, PREPAIDS AND OTHER ASSETS
Schedule of balances in receivables and other current assets	June 30, 2020 December 31, 2019 Trade and other receivables $ 1,843 $ — Government sales tax receivable 1,460 2,658 Prepaids and other assets 3,114 2,607 Receivables and other current assets $ 6,417 $ 5,265

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2020
INVENTORIES
Schedule of inventories	June 30, 2020 December 31, 2019 Material on leach pads $ 29,632 $ 37,328 In-process inventory 3,770 3,847 Stockpiles 696 1,384 Precious metals 739 1,038 Materials and supplies 4,432 4,382 Inventories $ 39,269 $ 47,979 Less current portion 33,371 38,376 Long-term portion $ 5,898 $ 9,603

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Tables)	6 Months Ended
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Tables)	Jun. 30, 2020
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements	Date of Fair Value Measurement Valuation Technique Unobservable Input Range/ Weighted Average Gold Bar Mine March 31, 2020 Discounted Cash Flow Discount Rate 9% Long Term Gold Price $1,430/oz United States Inflation Index 2%

INVESTMENT IN MINERA SANTA CR_2

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 2020 2019 Minera Santa Cruz S.A. (100%) Revenue from gold and silver sales $ 47,081 $ 65,997 $ 84,471 $ 114,818 Production costs applicable to sales (30,402) (46,514) (58,718) (76,047) Depreciation and depletion (7,650) (16,545) (14,977) (31,925) Gross profit 9,029 2,938 10,776 6,846 Exploration (2,175) (2,553) (5,041) (5,891) Other expenses (8,925) (979) (11,142) (3,532) Net (loss) before tax $ (2,071) $ (594) $ (5,407) $ (2,577) Current and deferred tax recovery/(expense) 1,884 (3,049) 1,933 (3,838) Net loss $ (187) $ (3,643) $ (3,474) $ (6,415) Portion attributable to McEwen Mining Inc. (49%) Net loss $ (92) $ (1,785) $ (1,703) $ (3,143) Amortization of fair value increments (1,251) (2,459) (2,636) (4,372) Income tax recovery 298 107 618 1,068 Loss from investment in MSC, net of amortization $ (1,045) $ (4,137) $ (3,721) $ (6,447)
Schedule of change in the entity's investment in MSC	June 30, 2020 December 31, 2019 Investment in MSC, beginning of period $ 110,183 $ 127,814 Attributable net loss from MSC (1,703) (2,097) Amortization of fair value increments (2,636) (9,448) Income tax recovery 618 2,791 Dividend distribution received (282) (8,877) Investment in MSC, end of period $ 106,180 $ 110,183
Summary of key assets and liabilities, before and after adjustments to fair value	As at June 30, 2020 Balance excluding FV increments Adjustments Balance including FV increments Current assets $ 84,654 $ 952 $ 85,606 Total assets $ 180,986 $ 113,628 $ 294,614 Current liabilities $ (43,958) $ — $ (43,958) Total liabilities $ (72,944) $ (4,977) $ (77,921)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2020
DEBT
Schedule of Movements In Debt	Six months ending June 30, 2020 Year ending December 31, 2019 Balance, beginning of period $ 49,516 $ 49,206 Interest expense 2,598 5,185 Interest payments (2,431) (4,875) Debt amendment fee (1,875) — Balance, end of period $ 47,808 $ 49,516 Less current portion — 10,000 Long-term portion $ 47,808 $ 39,516

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS
Schedule of reconciliation of asset retirement obligations	June 30, 2020 December 31, 2019 Asset retirement obligation liability, beginning balance $ 32,201 $ 29,402 Settlements (128) (513) Accretion of liability 914 1,680 Adjustment reflecting updated estimates 262 1,012 Foreign exchange revaluation (511) 620 Asset retirement obligation liability, ending balance $ 32,738 $ 32,201 Less current portion 2,383 2,610 Long-term portion $ 30,355 $ 29,591
Schedule of reclamation expense	The Company’s reclamation expenses consisted of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Reclamation adjustment reflecting updated estimates $ — $ 24 $ 203 $ 88 Reclamation accretion 457 403 914 800 Total $ 457 $ 427 $ 1,117 888

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 2020
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, 2020 2019 2020 2019 Lexam L.P. $ — $ 16 $ 76 $ 77 REVlaw 50 86 88 128 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: June 30, 2020 December 31, 2019 Lexam L.P. $ 59 $ 65 REVlaw $ 52 $ 12

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	6 Months Ended
FAIR VALUE ACCOUNTING (Tables)	Jun. 30, 2020
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, 2020 Fair value as at December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities $ — $ — $ — $ 1,885 $ — $ 1,885

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Jun. 30, 2020
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Reconciliation of cash and cash equivalents and restricted cash	June 30, 2020 December 31, 2019 Cash and cash equivalents $ 18,410 $ 46,452 Restricted cash included in other assets 48 48 Total cash, cash equivalents, and restricted cash $ 18,458 $ 46,500

NATURE OF OPERATIONS AND RECENT

NATURE OF OPERATIONS AND RECENT ACCOUNTING PRONOUNCEMENTS (Details)	6 Months Ended
	Jun. 30, 2020
Ownership interest (as a percent)	49.00%
Subsidiary (as a percent)	100.00%
MSC
Ownership interest (as a percent)	49.00%

OPERATING SEGMENT REPORTING (De

OPERATING SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating Segment Reporting
Inventory	$ 33,371			$ 33,371		$ 38,376
Revenue from gold and silver sales	18,291		$ 36,383	49,691	$ 51,966
Production costs applicable to sales	(22,354)		(24,699)	(50,741)	(35,848)
Depreciation and depletion	(4,812)		(7,007)	(11,510)	(10,013)
Gross (loss) profit	(8,875)		4,677	(12,560)	6,105
Advanced projects	(2,887)		(2,095)	(5,437)	(4,741)
Impairment of mineral property interests and plant and equipment (note 8)		$ (83,800)		(83,805)
Loss from investment in Minera Santa Cruz S.A. (note 8)	(1,045)		(4,137)	(3,721)	(6,447)
Segment (loss) income	(18,323)		(7,427)	(114,829)	(15,105)
General and Administrative and other	(1,521)		(6,088)	(5,300)	(8,428)
Loss before income and mining taxes	(19,844)		(13,515)	(120,129)	(23,533)
Capital expenditures	3,010		8,124	8,546	24,489
Other operating	(1,968)			(1,968)
El Gallo Project
Operating Segment Reporting
Inventory	2,000		1,800	2,000	1,800
Production costs applicable to sales				(7,300)	(10,700)
Sunk costs				3,100	3,800
U.S.
Operating Segment Reporting
Depreciation and depletion	(2,565)		(2,568)	(6,428)	(2,720)
Gross (loss) profit	(2,834)		1,119	(9,411)	1,001
Advanced projects	(183)		(390)	(548)	(586)
Impairment of mineral property interests and plant and equipment (note 8)				(83,805)
Segment (loss) income	(6,438)		(563)	(97,994)	(1,487)
Capital expenditures	2,799		3,606	4,606	16,614
Other operating	(1,390)			(1,390)
Canada
Operating Segment Reporting
Depreciation and depletion	(2,184)		(4,221)	(4,932)	(6,931)
Gross (loss) profit	(6,168)		1,189	(3,384)	1,586
Advanced projects	(1,760)			(2,826)
Segment (loss) income	(9,346)		(2,873)	(10,033)	(4,897)
Capital expenditures	211		4,518	3,940	7,875
Other operating	(578)			(578)
Mexico
Operating Segment Reporting
Depreciation and depletion	(63)		(218)	(150)	(362)
Gross (loss) profit	127		2,369	235	3,518
Advanced projects	(944)		(1,705)	(2,063)	(4,155)
Segment (loss) income	(853)		664	(1,864)	(637)
MSC
Operating Segment Reporting
Loss from investment in Minera Santa Cruz S.A. (note 8)	(1,045)		(4,137)	(3,721)	(6,447)
Segment (loss) income	(1,045)		(4,137)	(3,721)	(6,447)
Los Azules
Operating Segment Reporting
Segment (loss) income	(641)		(518)	(1,217)	(1,637)
MSC
Operating Segment Reporting
Revenue from gold and silver sales	47,081		65,997	84,471	114,818
Production costs applicable to sales	(30,402)		(46,514)	(58,718)	(76,047)
Depreciation and depletion	(7,650)		(16,545)	(14,977)	(31,925)
Gross (loss) profit	9,029		2,938	10,776	6,846
Loss from investment in Minera Santa Cruz S.A. (note 8)	(1,045)		(4,137)	(3,721)	(6,447)
Loss before income and mining taxes	(2,071)		(594)	(5,407)	(2,577)
Gold and silver sales
Operating Segment Reporting
Revenue from gold and silver sales	18,291		36,383	49,691	51,966
Gold and silver sales \| U.S.
Operating Segment Reporting
Revenue from gold and silver sales	10,770		11,522	25,088	12,364
Gold and silver sales \| Canada
Operating Segment Reporting
Revenue from gold and silver sales	4,166		16,049	16,905	24,992
Gold and silver sales \| Mexico
Operating Segment Reporting
Revenue from gold and silver sales	3,355		8,812	7,698	14,610
Production costs applicable to sales
Operating Segment Reporting
Production costs applicable to sales	(22,354)		(24,699)	(50,741)	(35,848)
Production costs applicable to sales \| U.S.
Operating Segment Reporting
Production costs applicable to sales	(11,039)		(7,835)	(28,071)	(8,643)
Production costs applicable to sales \| Canada
Operating Segment Reporting
Production costs applicable to sales	(8,150)		(10,639)	(15,357)	(16,475)
Production costs applicable to sales \| Mexico
Operating Segment Reporting
Production costs applicable to sales	(3,165)		(6,225)	(7,313)	(10,730)
Exploration
Operating Segment Reporting
Production costs applicable to sales	(3,548)		(5,872)	(7,338)	(10,022)
Exploration \| U.S.
Operating Segment Reporting
Production costs applicable to sales	(2,031)		(1,292)	(2,840)	(1,902)
Exploration \| Canada
Operating Segment Reporting
Production costs applicable to sales	(840)		(4,062)	(3,245)	(6,483)
Exploration \| Mexico
Operating Segment Reporting
Production costs applicable to sales	(36)			(36)
Exploration \| Los Azules
Operating Segment Reporting
Production costs applicable to sales	$ (641)		$ (518)	$ (1,217)	$ (1,637)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Operating Segment Reporting
Revenue from gold and silver sales	$ 18,291	$ 36,383	$ 49,691	$ 51,966
Long-lived Assets	445,412		445,412		$ 539,150
Investment in MSC	106,180		106,180		110,183
Lease assets	1,100		1,100
MSC
Operating Segment Reporting
Revenue from gold and silver sales	47,081	65,997	84,471	114,818
Investment in MSC	106,180		106,180		110,183	$ 127,814
United States
Operating Segment Reporting
Revenue from gold and silver sales	10,770	11,522	25,088	12,364
Long-lived Assets	50,906		50,906		135,854
Canada
Operating Segment Reporting
Revenue from gold and silver sales	4,166	16,049	16,905	24,992
Long-lived Assets	76,697		76,697		77,147
MEXICO
Operating Segment Reporting
Revenue from gold and silver sales	3,355	$ 8,812	7,698	$ 14,610
Long-lived Assets	20,139		20,139		23,551
ARGENTINA
Operating Segment Reporting
Long-lived Assets	297,670		297,670		302,598
ARGENTINA \| MSC
Operating Segment Reporting
Investment in MSC	$ 106,200		$ 106,200		$ 110,200

OTHER OPERATING (Details)

OTHER OPERATING (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
OTHER OPERATING (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2020
Shut Down Costs [Line Items]
Costs incurred while operations were suspended	$ 1,968	$ 1,968
Costs incurred in review of resources	500
Gold Bar mine
Shut Down Costs [Line Items]
Costs incurred while operations were suspended	900
Black Fox
Shut Down Costs [Line Items]
Costs incurred while operations were suspended	$ 600

OTHER INCOME - Summary of Other

OTHER INCOME - Summary of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
OTHER (EXPENSE) INCOME
COVID Relief	$ 2,691		$ 2,691
Unrealized and realized (loss) gain on investments (note 6)	279	$ 925	(619)	$ 1,752
Foreign currency gain (loss)	60	(537)	1,868	(374)
Other income, net	14	75	41	132
Total other (expense) income	$ 3,044	$ 463	$ 3,981	$ 1,510

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Costs incurred	$ 500
Other income	3,044	$ 463	$ 3,981	$ 1,510
Paycheck Protection Program
Debt Instrument [Line Items]
Amount of relief secured	$ 1,900		1,900
Period over which paychecks protection ("PPP") program funds are fully forgiven so long eligible expenditures are incurred	168 days
Other income	$ 1,200
Canadian Emergency Wage Subsidy
Debt Instrument [Line Items]
Amount of relief secured	$ 1,500		$ 1,500

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Investments rollforward
Opening balance		$ 1,885	$ 3,131	$ 3,131
Additions/transfers during the period			264
Unrealized (loss) on securities held			1,752
Fair Value end of the period			5,147	1,885
Proceeds from sale of investments		305
Cost of purchase of marketable equity securities				1,300
Marketable equity securities receivable	$ 900	900
Marketable equity securities
Investments rollforward
Opening balance		1,885	2,718	2,718
Additions/transfers during the period			264
Net (loss) on securities sold	(600)	(619)
Disposals/transfers during period		(1,266)
Unrealized (loss) on securities held			1,372
Fair Value end of the period			4,354	1,885
Proceeds from sale of investments	$ 1,200	$ 1,300
Warrants
Investments rollforward
Opening balance			413	$ 413
Unrealized (loss) on securities held			380
Fair Value end of the period			$ 793

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Receivables, prepaids and other assets
Trade and other receivables	$ 1,843
Government sales tax receivable	1,460		$ 2,658
Prepaids and other assets	3,114		2,607
Receivables and other current assets	6,417		5,265
Marketable equity securities receivable	900
VAT collected	500	$ 1,000
Mexican Tax Authority
Receivables, prepaids and other assets
Government sales tax receivable	800		$ 700
Gold and silver sales
Receivables, prepaids and other assets
Trade and other receivables	$ 900

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Inventories
Material on leach pads	$ 29,632	$ 29,632	$ 37,328
In-process inventory	3,770	3,770	3,847
Stockpiles	696	696	1,384
Precious metals	739	739	1,038
Materials and supplies	4,432	4,432	4,382
Inventories	39,269	39,269	47,979
Less current portion	33,371	33,371	38,376
Long-term portion	5,898	5,898	$ 9,603
Black Fox \| Production cost of sales
Inventories
Inventory write-down	$ 1,900	1,500
Gold Bar mine
Inventories
Inventory write-down		1,200
Gold Bar mine \| Production cost of sales
Inventories
Inventory write-down		$ 1,100

MINERAL PROPERTY INTERESTS AN_3

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020USD ($)$ / oz	Jun. 30, 2020USD ($)
Mineral property interests and plant and equipment
Impairment charges \| $	$ 83,800	$ 83,805
Nonrecurring \| Level 3 \| Gold Bar mine \| Weighted Average
Mineral property interests and plant and equipment
Long term gold price (in dollars per ounce) \| $ / oz	1,430
Nonrecurring \| Level 3 \| Gold Bar mine \| Discounted Cash Flow \| Weighted Average
Mineral property interests and plant and equipment
Discount Rate (as a percent)	9.00%
Nonrecurring \| Level 3 \| Gold Bar mine \| Discounted Cash Flow \| United States \| Weighted Average
Mineral property interests and plant and equipment
Inflation index (as a percent)	2.00%

INVESTMENT IN MINERA SANTA CR_3

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE - Summary of Operating Results from MSC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 18,291	$ 36,383	$ 49,691	$ 51,966
Production costs applicable to sales	(22,354)	(24,699)	(50,741)	(35,848)
Depreciation and depletion	(4,812)	(7,007)	(11,510)	(10,013)
Gross Profit	(8,875)	4,677	(12,560)	6,105
Net income (loss) before tax	(19,844)	(13,515)	(120,129)	(23,533)
Net loss	(19,814)	(13,014)	(119,005)	(23,150)
Income tax recovery	30	501	1,124	383
(Loss) from investment in MSC, net of amortization	$ (1,045)	(4,137)	$ (3,721)	(6,447)
Subsidiary (as a percent)			100.00%
Ownership interest (as a percent)	49.00%		49.00%
Shutdown Costs	$ 1,968		$ 1,968
Cost of Sales And Other Expenses
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Shutdown Costs	5,900		7,200
MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	47,081	65,997	84,471	114,818
Production costs applicable to sales	(30,402)	(46,514)	(58,718)	(76,047)
Depreciation and depletion	(7,650)	(16,545)	(14,977)	(31,925)
Gross Profit	9,029	2,938	10,776	6,846
Exploration	(2,175)	(2,553)	(5,041)	(5,891)
Other expenses	(8,925)	(979)	(11,142)	(3,532)
Net income (loss) before tax	(2,071)	(594)	(5,407)	(2,577)
Current and deferred tax expense	1,884	(3,049)	1,933	(3,838)
Net loss	(187)	(3,643)	(3,474)	(6,415)
Net income (loss)	(92)	(1,785)	(1,703)	(3,143)	$ (2,097)
Amortization of fair value increments	(1,251)	(2,459)	(2,636)	(4,372)	(9,448)
Income tax recovery	298	107	618	1,068	$ 2,791
(Loss) from investment in MSC, net of amortization	$ (1,045)	$ (4,137)	$ (3,721)	$ (6,447)
Ownership interest (as a percent)	49.00%		49.00%

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Change in the investment in MSC
Investment in MSC, beginning of period			$ 110,183
Income tax recovery	$ 30	$ 501	1,124	$ 383
Dividend distribution received			(282)	(2,020)
Investment in MSC, end of period	106,180		106,180		$ 110,183
MSC
Change in the investment in MSC
Investment in MSC, beginning of period			110,183	127,814	127,814
Attributable net loss from MSC	(92)	(1,785)	(1,703)	(3,143)	(2,097)
Amortization of fair value increments	(1,251)	(2,459)	(2,636)	(4,372)	(9,448)
Income tax recovery	298	107	618	1,068	2,791
Dividend distribution received			(282)		(8,877)
Investment in MSC, end of period	106,180		106,180		$ 110,183
Proceeds from Dividends Received	$ 300	$ 0	$ 300	$ 2,000

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, 2020	Dec. 31, 2019
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 58,198	$ 91,978
Total assets	504,707	631,223
Current liabilities	(32,679)	(48,795)
Total liabilities	(121,995)	$ (131,744)
Balance excluding FV increments \| MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	84,654
Total assets	180,986
Current liabilities	(43,958)
Total liabilities	(72,944)
Adjustments \| MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	952
Total assets	113,628
Total liabilities	(4,977)
Balance including FV increments \| MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	85,606
Total assets	294,614
Current liabilities	(43,958)
Total liabilities	$ (77,921)

DEBT (Details)

DEBT (Details) - USD ($)	Jun. 25, 2020	May 23, 2019	Mar. 29, 2019	Aug. 10, 2018	Mar. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
LONG-TERM DEBT
Long-term debt from related party									$ 23,904,000		$ 19,758,000
Shares issued as bonus interest		1,935,484	14,193,548
Stock issued during the period		$ 2,600,000	$ 20,300,000
Reduction of minimum working capital covenant									$ 10,000,000
Gold Bar mine \| Construction in Process
LONG-TERM DEBT
Interest costs capitalized										$ 600,000
Affiliate of Robert McEwen
LONG-TERM DEBT
Shares issued as bonus interest									1,045,850
Stock issued during the period									$ 900,000
Term Loan \| Robert McEwen
LONG-TERM DEBT
Face amount				$ 50,000,000
Term of debt instrument				3 years
Long-term debt from related party				$ 25,000,000
Stated interest rate (as a percent)				9.75%
Amended loan agreement
LONG-TERM DEBT
Face amount	$ 50,000,000
Principal repayments	$ 2,000,000
Term loan retirement period	12 months
Final payment	$ 26,000,000
Extension term for repayment of debt	2 years
Shares issued as bonus interest	2,091,700
Stock issued during the period	$ 1,875,000
Reduction of minimum working capital covenant					$ 2,500,000				$ 10,000,000
Increase in working capital covenant						$ 10,000,000	$ 7,000,000	$ 5,000,000

DEBT- Rollforward (Details)

DEBT- Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
DEBT- Rollforward (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term debt
Long-term portion	$ 23,904	$ 19,758
Term Loan \| Gold Bar Complex
Long-term debt
Balance, beginning of year	49,516	49,206
Interest expense	2,598	5,185
Interest payments	(2,431)	(4,875)
Debt amendment fee	(1,875)
Balance, end of year	47,808	49,516
Less current portion		10,000
Long-term portion	$ 47,808	$ 39,516

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Retirement obligation rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Changes in the asset retirement obligations
Asset retirement obligation, beginning of the period			$ 32,201	$ 29,402	$ 29,402
Settlements			(128)		(513)
Accretion of liability			914		1,680
Adjustment reflecting updated estimates			262		1,012
Foreign exchange revaluation			(511)		620
Asset retirement obligation, ending balance	$ 32,738		32,738		32,201
Less current portion	2,383		2,383		2,610
Long-term portion	30,355		30,355		$ 29,591
Reclamation obligations
Reclamation adjustment reflecting updated estimates		$ 24	203	88
Remediation Accretion	457	403	914	800
Total	$ 457	$ 427	$ 1,117	$ 888

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 25, 2020	May 23, 2019	Mar. 29, 2019	Nov. 08, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Number of units issued		1,935,484	14,193,548
Price per unit			$ 1.55
Net proceeds		$ 2,600	$ 20,300
Issuance costs		$ 400	$ 1,700
Number of shares of common stock			1
Number of warrants received for each share of common stock share sold			0.5
Sale of common stock for cash, net of issuance costs								$ 22,910
Shares of common stock issued upon exercise of stock options							60,000	257,500
Proceeds from exercise of stock options							$ 61	$ 260
Weighted average exercise price of stock options (in dollars per share)							$ 1.06	$ 1.01
Maximum
Proceeds from exercise of stock options								$ 300
June 2020 Amended and Restated Credit Agreement
Number of units issued	2,091,700
Net proceeds	$ 1,900
Common Stock and Additional Paid-in Capital
Shares of common stock issued upon exercise of stock options					36,000		60,000	258,000
Warrants
Number of shares of common stock			1
Price per common share for each warrant			$ 2
Warrant expiration term			3 years
Subscription Receipts \| Officers, directors and certain employees
Number of units issued			1,935,484
Price per unit			$ 1.55
ATM offering
Number of units issued						1,010,545
Net proceeds								$ 1,851
Aggregate offering price				$ 90,000
Sale of common stock for cash, net of issuance costs						$ 1,900
ATM offering \| Common Stock and Additional Paid-in Capital
Number of units issued								1,010,000
Net proceeds								$ 1,851

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	6 Months Ended
NET LOSS PER SHARE (Details) - shares	Jun. 30, 2020	Jun. 30, 2019
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)	4,436,784	6,345,150
Warrants
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)	29,770,766	8,064,150

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	May 23, 2019	Mar. 29, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Aug. 10, 2018
RELATED PARTY TRANSACTIONS
Long-term debt from related party (note 18)			$ 23,904		$ 23,904		$ 19,758
Number of units issued	1,935,484	14,193,548
Net proceeds	$ 2,600	$ 20,300
Robert McEwen \| Term Loan
RELATED PARTY TRANSACTIONS
Face amount								$ 50,000
Long-term debt from related party (note 18)								$ 25,000
Affiliate of Robert McEwen
RELATED PARTY TRANSACTIONS
Debt interest expense			600	$ 600	$ 1,200	$ 1,200
Number of units issued					1,045,850
Net proceeds					$ 900
Entity Affiliated With Related Party \| Lexam L.P.
RELATED PARTY TRANSACTIONS
Expense				16	76	77
Related party outstanding accounts payable			59		59		65
Entity Affiliated With Related Party \| REVlaw
RELATED PARTY TRANSACTIONS
Expense			50	$ 86	88	$ 128
Related party outstanding accounts payable			$ 52		$ 52		$ 12

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	6 Months Ended
FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Long term debt	$ 47,800	$ 49,500
Gold Bar mine
Assets:
Impairment of long-lived assets	$ 83,800
Marketable equity securities. \| Recurring
Assets:
Investments		1,885
Marketable equity securities. \| Recurring \| Level 1
Assets:
Investments		$ 1,885

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds, surety bonds (Details) $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Jul. 01, 2020USD ($)
Timmins
Reclamation Bonds
Restrictive time deposits for reclamation bonding	$ 0.1
Surety Bonds
Reclamation Bonds
Percentage of annual fees on surety bonds	2.00%	2.00%
Collateral for borrowed securities			$ 2.8
Surety bonding obligation	$ 20.1
Surety Bonds \| Canada
Reclamation Bonds
Surety bonding obligation	11.2	$ 14.9
Reclamation Bonds \| Tonkin and Gold Bar Properties
Reclamation Bonds
Reclamation bonding obligation	20.1
Black Fox \| Reclamation Bonds
Reclamation Bonds
Reclamation bonding obligation	$ 11.2	$ 14.9

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions	Aug. 25, 2017$ / oz	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Black Fox
Other commitments
Obligation to sell (as a percent)	8.00%
Long term gold price (in dollars per ounce) \| $ / oz	561
Revenue of acquiree since acquisition date and implementation of streaming agreement \| $		$ 0.2	$ 0.5	$ 0.7	$ 0.9
Black Fox \| Maximum
Other commitments
Inflation adjustment (as a percent)	2.00%
Pike River property
Other commitments
Obligation to sell (as a percent)	6.30%

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 18,410	$ 46,452
Restricted cash included in other assets	48	48
Total cash, cash equivalents, and restricted cash	$ 18,458	$ 46,500	$ 22,485	$ 30,489