McEwen Mining (MUX) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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		474,275,626
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2022	Mar. 31, 2021
REVENUE:
Revenue	$ 25,542	$ 23,740
OPERATING EXPENSES:
Depreciation and depletion	(3,712)	(5,137)
Gross loss	(5,994)	(4,986)
OTHER OPERATING EXPENSES:
Advanced projects	(11,135)	(1,799)
Exploration	(3,210)	(4,956)
General and administrative	(1,981)	(2,083)
Loss from investment in Minera Santa Cruz S.A. (Note 9)	(1,120)	(574)
Depreciation	(142)	(75)
Reclamation and Remediation (Note 11)	(527)	(911)
Total other operating expenses	(18,115)	(10,398)
Operating loss	(24,109)	(15,384)
OTHER INCOME (EXPENSE):
Interest and other finance expenses, net	(1,640)	(509)
Other income (Note 4)	3,871	1,412
Total other income	2,231	903
Loss before income and mining taxes	(21,878)	(14,481)
Income and mining tax recovery	814	2,015
Net loss after income and mining taxes	(21,064)	(12,466)
Net loss attributable to non-controlling interests (Note 18)	1,737
Net loss and comprehensive loss attributable to McEwen shareholders	$ (19,327)	$ (12,466)
Net loss per share (Note 13):
Basic (in dollars per share)	$ (0.04)	$ (0.03)
Diluted (in dollars per share)	$ (0.04)	$ (0.03)
Weighted average common shares outstanding (thousands) (Note 13):
Basic (in shares)	464,021	441,794
Diluted (in shares)	464,021	441,794
Gold and silver sales
REVENUE:
Revenue	$ 25,542	$ 23,740
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (27,824)	$ (23,589)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents (Note 17)	$ 63,783	$ 54,287
Restricted cash (Note 17)	2,850	2,550
Investments (Note 5)	2,424	1,806
Receivables, prepaids and other assets (Note 6)	9,945	10,591
Inventories (Note 7)	16,293	15,792
Total current assets	95,295	85,026
Mineral property interests and plant and equipment, net (Note 8)	343,034	342,303
Investment in Minera Santa Cruz S.A. (Note 9)	89,841	90,961
Inventories, long-term (Note 7)	3,186	2,543
Restricted cash (Note 17)	3,797	3,797
Other assets	620	711
TOTAL ASSETS	535,773	525,341
Current liabilities:
Accounts payable and accrued liabilities	42,435	39,615
Flow-through share premium (Note 12)	4,804	1,572
Lease liabilities	2,484	2,901
Reclamation and remediation liabilities (Note 11)	6,532	5,761
Other liabilities	2,850	2,550
Total current liabilities	59,105	52,399
Lease liabilities	1,267	1,515
Debt (Note 10)	63,553	48,866
Reclamation and remediation liabilities (Note 11)	29,559	29,691
Other liabilities	2,909	2,929
Total liabilities	156,393	135,400
Shareholders' equity:
Common shares: 473,688 as of March 31, 2022 and 459,188 as of December 31, 2021 issued and outstanding (in thousands) (Note 12)	1,626,099	1,615,596
Non-controlling interests (Note 18)	13,040	14,777
Accumulated deficit	(1,259,759)	(1,240,432)
Total stockholders' equity	379,380	389,941
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 535,773	$ 525,341

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common, shares issued	473,688	459,188
Common, shares outstanding	473,688	459,188

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in CapitalFlow-through common shares	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Flow-through common shares	Total
Balance at Dec. 31, 2020		$ 1,548,876	$ (1,183,548)			$ 365,328
Balance (in shares) at Dec. 31, 2020		416,587
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 227				227
Sale of shares for cash		$ 29,875				29,875
Sale of shares for cash (in shares)		30,000
Sale of flow-through common stock	$ 10,785				$ 10,785
Sale of flow-through common stock (in shares)	12,601
Net loss			(12,466)			(12,466)
Balance at Mar. 31, 2021		$ 1,589,763	(1,196,014)			393,749
Balance (in shares) at Mar. 31, 2021		459,188
Balance at Dec. 31, 2021		$ 1,615,596	(1,240,432)	$ 14,777		389,941
Balance (in shares) at Dec. 31, 2021		459,188
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 183				183
Sale of flow-through common stock	$ 10,320				$ 10,320
Sale of flow-through common stock (in shares)	14,500
Net loss			(19,327)	(1,737)		(21,064)
Balance at Mar. 31, 2022		$ 1,626,099	$ (1,259,759)	$ 13,040		$ 379,380
Balance (in shares) at Mar. 31, 2022		473,688

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (21,064)	$ (12,466)
Adjustments to reconcile net loss from operating activities:
Loss from investment in Minera Santa Cruz S.A., net of amortization (Note 9)	1,120	574
Depreciation and amortization	3,606	4,662
Gain on investments (Note 5)	(618)
Unrealized foreign exchange loss and adjustment to estimate (Note 11)	195	152
Income and mining tax (recovery)	(814)	(2,015)
Stock-based compensation	183	227
Reclamation and remediation (Note 11)	527	911
Change in non-cash working capital items:
Increase in other assets related to operations	(763)	(1,562)
(Decrease) in liabilities related to operations	2,008	(626)
Cash used in operating activities	(15,620)	(10,143)
Cash flows from investing activities:
Net additions to mineral property interests and plant and equipment	(4,045)	(10,085)
Dividends received from Minera Santa Cruz S.A. (Note 9)		4,984
Cash used in investing activities	(4,045)	(5,101)
Cash flows from financing activities:
Proceeds from sale of shares, net of issuance costs (Note 12)		29,875
Sale of flow-through common shares, net of issuance costs (Note 12)	14,376	11,966
Proceeds from promissory note (Note 10 and Note 14)	15,000
Subscription proceeds received in advance	300
Payment of finance lease obligations	(215)	(8)
Cash provided by financing activities	29,461	41,833
Increase in cash, cash equivalents and restricted cash	9,796	26,589
Cash, cash equivalents and restricted cash, beginning of period	60,634
Cash, cash equivalents and restricted cash, end of period (Note 17)	70,430	51,027
Supplemental disclosure of cash flow information:
Interest paid	(1,202)	(1,215)
Interest received	$ 6	$ 7

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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 and development of 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 and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. As of March 31, 2022, the Company owns an 82% interest in the Los Azules copper deposit in San Juan, Argentina through its 100% owned subsidiary, Minera Andes Inc. 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. While information and note disclosures normally included in financial statements which are 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 are adequate and not misleading. 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

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties COVID-19 The Company continues to closely monitor and respond, as possible, to the ongoing COVID-19 pandemic. As the global situation continues to change rapidly, ensuring the health and safety of the Company’s employees and contractors is one of the Company’s top priorities. Many jurisdictions including the United States, Canada, Mexico, and Argentina have varied but continued restrictions to travel, public gatherings, and certain business operations. Unlike the year 2020, there were no mandated suspensions for the Company’s operations during 2021 or during the three months ended March 31, 2022 (although, as described in this report Covid-19 impacted the Company’s operations and results for the quarter). In addition, vaccination rates in countries where the Company operates continue to increase. The Company’s results of operations, financial position, and cash flows were adversely affected during the three months ended March 31, 2022 and 2021 due to COVID-19. The continuing impact of the COVID-19 pandemic 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, variants of the COVID-19 virus, the availability, ongoing effectiveness, development and distribution and effectiveness of vaccinations and treatments and on government advisories, restrictions, and financial assistance offered. To ensure a safe working environment for the Company’s employees and contractors and to prevent the spread of COVID-19, the Company continues to reinforce safety measures at all sites and offices including contact tracing, restricting non-essential travel, and complying with public health orders. The impact of COVID-19 on the global financial markets, the greater labor market, supply chains, and the overall economy and the Company is highly uncertain and cannot be predicted. Maintaining normal operating capacity is also dependent on the continued availability of supplies and contractors, which are out of the Company’s control. If the financial markets and/or the overall economy continue to be impacted, the Company’s results of operations, financial position and cash flows may be further affected. As the situation continues to evolve, the Company will continue to monitor market conditions closely and respond accordingly. Continuation of COVID-19 through 2022 and beyond could impact employee health, workforce availability and productivity, insurance premiums, ability to travel, our suppliers, labor costs, the availability of industry experts, personnel and equipment, restrictions or delays to field work, studies, and assay results, impeding access to capital markets when needed on acceptable terms and other factors that will depend on future developments that may be beyond the Company’s control. The Company has completed various scenario planning analyses to consider the potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). However, there is no assurance that these measures will prevent adverse effects from COVID-19 in the future. Flow-through Issuance During the three months ended March 31, 2022, the Company completed a Canadian Exploration Expenditures (“CEE”) flow-through common share financing for gross proceeds of $15.1 million. During 2021, the Company raised gross proceeds of $12.7 million through a Canadian Development Expenses (“CDE”) flow-through common share issuance and raised gross proceeds of $31.5 million through an equity financing (Note 12). In 2021a subsidiary of the Company secured an additional $40.0 million for its Los Azules project in Argentina (Note 18) and in March 2022, the Company entered into a $15.0 million unsecured subordinated promissory note and amended the terms of its $50.0 million senior secured term loan facility (Note 10).

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2022
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 3 OPERATING SEGMENT REPORTING The Company is a mining and minerals production and exploration company focused on precious 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 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 and are provided in this note 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 March 31, 2022 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales ​ $ 11,742 ​ $ 12,896 ​ $ 904 ​ $ — ​ $ — ​ $ 25,542 Production costs applicable to sales ​ ​ (14,172) ​ ​ (8,647) ​ ​ (5,005) ​ ​ — ​ ​ — ​ (27,824) Depreciation and depletion ​ ​ (818) ​ ​ (2,894) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,712) Gross profit (loss) ​ ​ (3,248) ​ ​ 1,355 ​ ​ (4,101) ​ ​ — ​ ​ — ​ ​ (5,994) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (45) ​ ​ (91) ​ ​ (1,243) ​ ​ — ​ ​ (9,756) ​ (11,135) Exploration ​ ​ (1,449) ​ ​ (1,700) ​ ​ (1) ​ ​ — ​ ​ (60) ​ ​ (3,210) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,120) ​ ​ — ​ (1,120) Segment loss ​ $ (4,742) ​ $ (436) ​ $ (5,345) ​ $ (1,120) ​ $ (9,816) ​ $ (21,459) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (419) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (21,878) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 277 ​ $ 3,546 ​ $ — ​ $ — ​ $ 234 ​ $ 4,057 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales ​ $ 12,893 ​ $ 8,561 ​ $ 2,286 ​ $ — ​ $ — ​ $ 23,740 Production costs applicable to sales ​ ​ (13,557) ​ ​ (6,656) ​ ​ (3,376) ​ ​ — ​ ​ — ​ ​ (23,589) Depreciation and depletion ​ ​ (1,741) ​ ​ (3,395) ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (5,137) Gross loss ​ ​ (2,405) ​ ​ (1,490) ​ ​ (1,091) ​ ​ — ​ ​ — ​ ​ (4,986) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (84) ​ ​ (623) ​ ​ (1,092) ​ ​ — ​ $ — ​ ​ (1,799) Exploration ​ ​ (864) ​ ​ (3,434) ​ ​ (8) ​ ​ — ​ $ (650) ​ ​ (4,956) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (574) ​ $ — ​ ​ (574) Segment loss ​ $ (3,353) ​ $ (5,547) ​ $ (2,191) ​ $ (574) ​ $ (650) ​ $ (12,315) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,166) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (14,481) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 757 ​ $ 9,567 ​ $ — ​ $ — ​ $ — ​ $ 10,324 ​ Geographic Information Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-lived Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2022 2021 2022 ​ 2021 USA ​ $ 35,865 ​ $ 37,877 ​ $ 11,742 ​ $ 12,893 Canada ​ ​ 96,448 ​ ​ 93,294 ​ ​ 12,896 ​ ​ 8,561 Mexico ​ ​ 26,558 ​ ​ 26,561 ​ ​ 904 ​ ​ 2,286 Argentina (2) ​ ​ 281,607 ​ ​ 282,583 ​ ​ — ​ ​ — Total consolidated (3) ​ $ 440,478 ​ $ 440,315 ​ $ 25,542 ​ $ 23,740 (1) Presented based on the location from which the precious metals originated. (2) Includes Investment in MSC of $89.8 million as of March 31, 2022 (December 31, 2021 – $90.9 million). (3) Total excludes $0.4 million related to the Company's Right of use office lease asset as the business activities related to corporate are not considered to be a part of the operating segments.

OTHER INCOME

OTHER INCOME	3 Months Ended
	Mar. 31, 2022
OTHER INCOME
OTHER INCOME	NOTE 4 OTHER INCOME The following is a summary of other income for the three months ended March 31, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 COVID-19 Relief $ — ​ $ 1,111 Unrealized and realized gain on investments (Note 5) ​ 445 ​ ​ — Foreign currency gain ​ 2,987 ​ ​ 291 Other income, net ​ 439 ​ ​ 10 Total other income $ 3,871 ​ $ 1,412 ​ During the three months ended March 31, 2022, the Company recognized $nil (three months ended March 31, 2021 - $1.1 million) of other income through COVID-19 relief from the Canadian government via the Canadian Emergency Wage Subsidy and Canada Emergency Rent Subsidy programs. ​ From time to time, the Company may acquire and transfer marketable securities to facilitate intragroup funding transfers between the U.S. parent and its Argentine subsidiary. ​ The Company does not acquire marketable securities or engage in these transactions for speculative purposes. In this regard, under this strategy, the Company generally uses marketable securities of large, well-established companies, with high trading volumes and low volatility. Nonetheless, as the process to acquire, transfer and ultimately sell the marketable securities occurs over several days, some fluctuations are unavoidable. ​ As the marketable securities are acquired with the intention of a near term sale, they are considered financial instruments that are held for trading. Accordingly, all changes in the fair value of the instruments, between acquisition and disposition, are recognized through profit or loss. Upon receipt of the transferred equity instruments by the local investment broker, the Company realizes an immediate foreign exchange impact. This foreign exchange impact is incurred directly as a result of holding equity instruments with the intention of trading, and as such the foreign exchange impact is also recognized through profit and loss. ​ As a result of having utilized this mechanism for intragroup funding for the three months ended March 31, 2022, the Company realized a net gain of $2.1 million. The net gain for the three months ended March 31, 2022, was comprised of a foreign currency gain of $2.2 million and a realized loss on investments of $0.1 million, including the impact of fees and commissions. During the three months ended March 31, 2021, no marketable securities were transferred between the U.S. parent and its Argentine subsidiary for intragroup funding purposes. ​

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2022
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS ​ The following is a summary of the activity in investments for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Net gain ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ (loss) on ​ transfers during ​ gain on ​ March 31, ​ 2021 period securities sold period securities held 2022 Marketable equity securities – fair value ​ ​ 1,644 ​ ​ — ​ ​ — ​ ​ — ​ ​ 618 ​ ​ 2,262 Warrants ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total Investments ​ $ 1,806 ​ $ — ​ $ — ​ $ — ​ $ 618 ​ $ 2,424 ​ On June 23, 2021, the Company closed the sale of two projects in Nevada, Limousine Butte and Cedar Wash, with Nevgold Corp. (“Nevgold”, and formerly Silver Mountain Mines Inc.). In addition to $0.5 million cash received as part of the consideration, the Company received 4,963,455 common shares and 2,481,727 warrants of Nevgold. Upon issuance, the common shares received by the Company represented 10% of the issued and outstanding shares of Nevgold. The warrants have an exercise price of $0.60 per share and are exercisable until June 23, 2023. The common shares trade on the TSX Venture Exchange.

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Government sales tax receivable ​ $ 2,930 ​ $ 3,708 Prepaids and other assets ​ ​ 7,015 ​ ​ 6,883 Receivables, prepaid and other current assets ​ $ 9,945 ​ $ 10,591 ​ Included in government sales tax receivable for the three months ended March 31, 2022 is $1.2 million HST receivable from our operations in Black Fox (December 31, 2021 - $2.2 million). Government sales tax receivable includes $0.9 million of Mexican value-added tax (“VAT”) at March 31, 2022 (December 31, 2021 – $0.9 million). The Company collected $0.3 million of VAT during the three months ended March 31, 2022 (March 31, 2021 – $0.6 million).

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2022
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories at March 31, 2022, and December 31, 2021, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Material on leach pads ​ $ 385 ​ $ 4,660 In-process inventory ​ 4,602 ​ 3,049 Stockpiles ​ 6,713 ​ 5,105 Precious metals ​ 1,783 ​ 1,819 Materials and supplies ​ 5,996 ​ 3,702 ​ ​ $ 19,479 ​ $ 18,335 Less long-term portion ​ ​ (3,186) ​ ​ (2,543) ​ ​ $ 16,293 ​ $ 15,792 ​ During the three months ended March 31, 2022, inventory at the Black Fox, El Gallo and Gold bar operation were written down to their net realizable value by $0.8 million, $3.4 million and $nil respectively. In March 31, 2021 inventory of Black Fox, El Gallo and Gold Bar were written down to their net realizable value by $nil, $0.8 million and $1.4 Million respectively. These write-downs during the period ended March 31, 2022, a total of $4.2 million (three months ended March 31, 2021 – $2.1 million) were included in production costs applicable to sales and $nil was included in depreciation and depletion (three months ended March 31, 2021 - $0.1 million) in the Statement of Operation. ​

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
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 and Black Fox properties have proven and probable reserves estimated in accordance with Regulation S-K 1300. The El Gallo Project is depleted and depreciated using the straight line, as the project does not have proven and probable reserves as defined in Regulation 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 three months ended March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
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. 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 presented in accordance with U.S. GAAP. A summary of the operating results for MSC for the three months ended March 31, 2022, and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 ​ 2021 Minera Santa Cruz S.A. ( 100% ) ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 39,207 ​ $ 53,303 Production costs applicable to sales ​ ​ (31,789) ​ ​ (36,367) Depreciation and depletion ​ ​ (6,896) ​ ​ (6,953) Gross profit ​ ​ 522 ​ ​ 9,983 Exploration ​ ​ (1,735) ​ ​ (2,236) Other expenses (1) ​ ​ (3,880) ​ ​ (5,536) Net income (loss) before tax ​ $ (5,093) ​ $ 2,211 Current and deferred tax expense ​ ​ 3,807 ​ ​ (1,629) Net income (loss) ​ $ (1,286) ​ $ 582 ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. ( 49% ) ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (630) ​ $ 285 Amortization of fair value increments ​ (613) ​ (1,071) Income tax recovery ​ ​ 123 ​ ​ 212 Loss from investment in MSC, net of amortization ​ $ (1,120) ​ $ (574) ​ (1) Other expenses include foreign exchange, accretion of asset retirement obligations, other finance-related expenses. ​ The loss from 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 three months ended March 31, 2022 and year ended December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Investment in MSC, beginning of period $ 90,961 ​ $ 108,326 Attributable net (loss) income from MSC ​ (630) ​ ​ 132 Amortization of fair value increments (613) ​ (8,331) Income tax recovery ​ 123 ​ ​ 666 Dividend distribution received — ​ (9,832) Investment in MSC, end of period $ 89,841 ​ $ 90,961 ​ During the three months ended March 31, 2022, the Company received $nil in dividends from MSC (three months ended March 31, 2021 – $5.0 million). A summary of the key assets and liabilities of MSC on a 100% basis as at March 31, 2022, 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 March 31, 2022 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 85,336 ​ $ 889 ​ $ 86,225 Total assets ​ $ 176,818 ​ $ 88,710 ​ $ 265,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (51,574) ​ $ — ​ $ (51,574) Total liabilities ​ $ (79,865) ​ $ (2,326) ​ $ (82,191) ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
DEBT
DEBT	NOTE 10 DEBT $50 Million Term Loan Facility 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 $50.0 million loan: ​ ● Scheduled repayments of the principal were 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 11 months , followed by a final principal payment of $26.0 million, and any accrued interest on August 31, 2023 (but, later extended, as described below). ● Additionally, the minimum working capital maintenance requirement was reduced from $10.0 million under the original term loan to $nil between June 30, 2020, through December 31, 2020, and from $10.0 million to $2.5 million from March 31, 2021, until the end of 2021. The working capital requirement increases to $5.0 million at March 31, 2022, $7.0 million at June 30, 2022, and $10 million at September 30, 2022, and each fiscal quarter thereafter. ● The Company issued 2,091,700 shares of common stock valued at $1,875,000 to the lenders as consideration for the maintenance, continuation, and extension of the maturity date of the loan. The value of the shares plus the unamortized costs of the original term loan are being amortized over the modified term of the loan. ● Sprott Private Resource Lending II (Collector), LP replaced Royal Capital Management Corp. as the administrative agent and certain lenders. An affiliate of Robert R. McEwen remained as a lender. The remaining principal terms of the original agreement remained unchanged. On March 31, 2022, further amendments were made to the “ARCA” which refinanced the outstanding $50.0 million loan and which terms differed in material respects from the prior last amendment as follows: ● Scheduled repayments of the principal were extended by 18 months ; monthly repayments of principal in the amount of $2.0 million are due beginning on August 31, 2023, and continuing for 18 months , followed by a final principal payment of $12.0 million, and any accrued interest on March 31, 2025. ● The minimum working capital maintenance requirement was reduced from $10.0 million under the amended term loan to $5.0 million at March 31, 2022, to March 31, 2023. The working capital requirement increases to $7.0 million at June 30, 2023, and $10 million at September 30, 2023, and each fiscal quarter thereafter. ● The Company issued shares of common stock valued at $0.5 million to the lenders as consideration for the maintenance, continuation, and extension of the maturity date of the loan. The value of the shares plus the unamortized costs of the original term loan are being amortized over the modified term of the loan. The remaining principal terms of the original agreement remained unchanged. The Company is currently in full compliance with all covenants. $15 Million Subordinated Promissory Note On March 31, 2022, the Company entered into a $15.0 million unsecured subordinated promissory note with a company controlled by Robert R. McEwen, the Company’s Chairman and Chief Executive Officer of McEwen Mining Inc (“Promissory Note”). The Promissory Note is payable in full on or before September 25, 2025, interest is payable monthly at a rate of 8% per annum and is subordinated to the ARCA loan facility. A reconciliation of the Company’s long-term debt for the three months ended March 31, 2022, and for the year ended December 31, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Balance, beginning of year ​ $ 48,866 ​ $ 48,160 Promissory note- initial recognition ​ ​ 15,000 ​ ​ — Interest expense ​ 1,389 ​ 5,581 Interest payments ​ (1,202) ​ (4,875) Bonus Interest - Equity based financing fee ​ ​ (500) ​ ​ — Balance, end of period ​ $ 63,553 ​ $ 48,866 ​

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
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 Timmins properties in Canada and the El Gallo Project in Mexico. A reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2022, and for the year ended December 31, 2021, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Asset retirement obligation liability, beginning balance $ 35,452 ​ $ 34,000 Settlements (83) ​ (2,225) Accretion of liability 527 ​ 2,405 Revisions to estimates and discount rate — ​ 1,257 Foreign exchange revaluation ​ 195 ​ ​ 15 Asset retirement obligation liability, ending balance $ 36,091 ​ $ 35,452 Less current portion ​ 6,532 ​ ​ 5,761 Long-term portion $ 29,559 ​ $ 29,691 ​ The Company’s reclamation expenses for the periods presented consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 ​ 2021 Reclamation adjustment reflecting updated estimates $ — ​ $ 425 Reclamation accretion ​ 527 ​ ​ 486 Total $ 527 ​ ​ 911 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	​ NOTE 12 SHAREHOLDERS’ EQUITY Equity Issuances Flow-Through Shares Issuance – Canadian Exploration Expenditures (“CEE”) On March 2, 2022, the Company issued 14,500,000 flow-through common shares priced at $1.04 per share for gross proceeds of $15.1 million. The proceeds of this offering will be used for the continued development of the Company’s properties in the Timmins region of Canada. The total proceeds were allocated between the sale of tax benefits and the sale of common shares. The total issuance costs related to the issuance of the flow-through shares were $0.8 million, which were accounted for as a reduction to the common shares. The net proceeds of 14.4 million were allocated between the sale of tax benefits in the amount of $4.1 million and the sale of common shares in the amount of $10.3 million. On December 31, 2020, the Company issued 7,669,900 flow-through common shares priced at $1.28 per share for gross proceeds of $9.8 million. The purpose of this offering was to fund exploration activities on the Company’s properties in the Timmins region of Canada. No issuance costs were incurred as part of this issuance. Proceeds of $9.8 million were allocated between the sale of tax benefits in the amount of $2.1 million and the sale of common shares in the amount of $7.7 million. On September 10, 2020, the Company issued 6,298,166 flow-through common shares priced at $1.65 per share for gross proceeds of $10.4 million. The purpose of this offering was to fund exploration activities on the Company’s properties in the Timmins region of Canada. The total issuance costs related to the issuance of the flow-through shares were $0.6 million, which are accounted for as a reduction to the common shares. The net proceeds of $9.8 million were allocated between the sale of tax benefits in the amount of $2.0 million and the sale of common shares in the amount of $7.8 million. The Company is required to spend these flow-through share proceeds on flow-through eligible CEE as defined by subsection 66.1(6) of the Income Tax Act (Canada) . . Flow-Through Shares Issuance – Canadian Development Expenses (“CDE”) On January 29, 2021, the Company issued 12,600,600 flow-through common shares priced at $1.01 per share for gross proceeds of $12.7 million. The purpose of this offering was also to fund the continued development of the Froome deposit. The total proceeds were allocated between the sale of tax benefits and the sale of common shares. The total issuance costs related to the issuance of the flow-through shares were $0.7 million, which were accounted for as a reduction to the common shares. The net proceeds of $12.0 million were allocated between the sale of tax benefits in the amount of $1.2 million and the sale of common shares in the amount of $10.8 million. The Company is required to spend these flow-through share proceeds on flow-through eligible CDE as defined by subsection 66.2(5) of the Income Tax Act (Canada). The Company had reach the total $12.7 million CDE spend requirement during 2021. Shareholders’ Distributions Pursuant to the ARCA ( Note 10 ​

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2022
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 McEwen Mining Inc. 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 months ended March 31, 2022, and 2021, as they would be anti-dilutive. For the three months ended March 31, 2022, all the outstanding stock options (5,991,100) and all of the outstanding warrants (29,770,766) were excluded from the computation of diluted loss per share. Similarly, for the three months ended March 31, 2021, the outstanding stock options (6,118,817) and the outstanding warrants (29,770,766) were also excluded. ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
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 March 31, ​ 2022 2021 Lexam L.P. $ — ​ $ 11 Execaire, a division of IMP Group $ 53 ​ ​ — REVlaw $ 214 ​ ​ 35 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 Execaire, a division of IMP Group $ 53 ​ $ — REVlaw $ 98 ​ ​ 137 ​ An aircraft owned by Lexam L.P. (controlled by Robert R. McEwen, limited partner and beneficiary of Lexam L.P. and the Company’s Chairman and Chief Executive Officer) has been made available to the Company to expedite business travel. As Chairman and Chief Executive Officer of the Company, Mr. McEwen must travel extensively and frequently on short notice. Mr. McEwen is able to charter the aircraft from Lexam L.P. at a preferential rate approved by the Company’s independent board members under a policy whereby only the variable expenses of operating this aircraft for business related travel are eligible for reimbursement by the Company. ​ 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 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 months ended March 31, 2022, the Company paid $0.6 million (three months ended March 31, 2021 – $0.6 million) in interest to this affiliate. (Note 10) On March 31, 2022, the Company entered into a $15.0 million unsecured subordinated promissory note with a company controlled by Mr. McEwen, the Company’s Chairman and Chief Executive Officer of McEwen Mining Inc. (“Promissory Note”). The Promissory Note is payable in full on or before September 25, 2025, interest is payable monthly at a rate of 8% per annum and is subordinated to the ARCA loan facility (Note 10). On August 23, 2021, an affiliate of Mr. McEwen participated in the Series B private placement offering conducted by McEwen Copper Inc. (“McEwen Copper”) (Note 18).

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	3 Months Ended
	Mar. 31, 2022
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 15 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. Warrants Upon initial recognition, the warrants received as part of the asset sale to Nevgold (Note 5) 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 March 31, 2022, and December 31, 2021, as reported in the Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at March 31, 2022 Fair value as at December 31, 2021 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 2,262 ​ $ — ​ $ 2,262 ​ $ 1,644 ​ $ — ​ $ 1,644 Total investments ​ $ 2,262 ​ $ — ​ $ 2,262 ​ $ 1,644 ​ $ — ​ $ 1,644 ​ 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 March 31, 2022, were assumed to approximate their carrying values due to their historically negligible credit losses. Debt is recorded at a carrying value of $63.5 million (December 31, 2021 – $48.9 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing. Impairment of Mineral Property During the three months ended March 31, 2022, there were no indicators of impairment for the Company’s long-lived assets and the Company did not record any impairments.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
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 surety bonding for its environmental reclamation obligations of $25.3 million in Nevada pertaining primarily to the Tonkin and the Gold Bar properties and $12.4 million (C$15.6 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 non-current restricted cash ( Note 17) Surety Bonds As at March 31, 2022, the Company had a surety facility in place to cover all its bonding obligations, which include $25.3 million of bonding in Nevada and $12.4 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 March 31, 2022, the Company recorded $3.8 million in restricted cash 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 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 months ended March 31, 2022, the Company recorded revenue of $0.4 million (for the three months ended March 31, 2021 – $0.3 million) 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 will be used for the continued development of the Company’s properties in the Timmins region of Canada. As at March 31, 2022, the Company has not started to incur the required CEE spend. In January 2021, the Company closed a flow-through share issuance to fund the development at the Froome deposit. The Company incurred the full required spend of $12.7 million in CDE during 2021. In 2020, the Company completed two flow-through share issuances. The total proceeds of $18.3 million will be used to incur qualifying CEE in the Timmins region of Ontario by December 31, 2022. As of March 31, 2022, the Company has incurred $14.4 million of the required CEE spend ($12.7 million as of December 2021).

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3 Months Ended
	Mar. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	NOTE 17 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 Cash and cash equivalents ​ $ 63,783 ​ $ 54,287 Restricted cash - current ​ ​ 2,850 ​ ​ 2,550 Restricted cash - non-current ​ ​ 3,797 ​ ​ 3,797 Total cash, cash equivalents, and restricted cash ​ $ 70,430 ​ $ 60,634 ​ The current portion of restricted cash are proceeds received as at March 31, 2022, as part of the Company’s ongoing second tranche financing for McEwen Copper. The cash and cash equivalent include $35.6 million related to McEwen Copper for the continued development of the Los Azules project. The non-current portion of restricted cash includes deposits related to the Company’s reclamation obligations and surety facility (Note 16). ​

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2022
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	NOTE 18 NON-CONTROLLING INTERESTS ​ On August 23, 2021, the Company announced that its subsidiary, McEwen Copper, closed the first tranche of Series B private placement offering where McEwen Copper issued 4,000,000 common shares at a price of $10.00 per share for gross proceeds of $40.0 million. An affiliate of Mr. McEwen purchased all the shares pursuant to this first tranche. As of March 31, 2022, the affiliate holds 18.6% ownership of McEwen Copper. ​ As a result of the common shares issued, the Company’s 100% ownership in McEwen Copper was reduced by 18.6%. The Company assessed 18.6% as non-redeemable non-controlling interests. Consequently, the Company recorded $14.9 million as non-controlling interests and $25.1 million as additional paid-in-capital in 2021. ​ On March 31, 2022, the Company recorded $1.7 million net loss attributed to affiliate’s 18.6% ownership.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties	Risks and Uncertainties COVID-19 The Company continues to closely monitor and respond, as possible, to the ongoing COVID-19 pandemic. As the global situation continues to change rapidly, ensuring the health and safety of the Company’s employees and contractors is one of the Company’s top priorities. Many jurisdictions including the United States, Canada, Mexico, and Argentina have varied but continued restrictions to travel, public gatherings, and certain business operations. Unlike the year 2020, there were no mandated suspensions for the Company’s operations during 2021 or during the three months ended March 31, 2022 (although, as described in this report Covid-19 impacted the Company’s operations and results for the quarter). In addition, vaccination rates in countries where the Company operates continue to increase. The Company’s results of operations, financial position, and cash flows were adversely affected during the three months ended March 31, 2022 and 2021 due to COVID-19. The continuing impact of the COVID-19 pandemic 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, variants of the COVID-19 virus, the availability, ongoing effectiveness, development and distribution and effectiveness of vaccinations and treatments and on government advisories, restrictions, and financial assistance offered. To ensure a safe working environment for the Company’s employees and contractors and to prevent the spread of COVID-19, the Company continues to reinforce safety measures at all sites and offices including contact tracing, restricting non-essential travel, and complying with public health orders. The impact of COVID-19 on the global financial markets, the greater labor market, supply chains, and the overall economy and the Company is highly uncertain and cannot be predicted. Maintaining normal operating capacity is also dependent on the continued availability of supplies and contractors, which are out of the Company’s control. If the financial markets and/or the overall economy continue to be impacted, the Company’s results of operations, financial position and cash flows may be further affected. As the situation continues to evolve, the Company will continue to monitor market conditions closely and respond accordingly. Continuation of COVID-19 through 2022 and beyond could impact employee health, workforce availability and productivity, insurance premiums, ability to travel, our suppliers, labor costs, the availability of industry experts, personnel and equipment, restrictions or delays to field work, studies, and assay results, impeding access to capital markets when needed on acceptable terms and other factors that will depend on future developments that may be beyond the Company’s control. The Company has completed various scenario planning analyses to consider the potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). However, there is no assurance that these measures will prevent adverse effects from COVID-19 in the future.
Flow-through Issuance	Flow-through Issuance During the three months ended March 31, 2022, the Company completed a Canadian Exploration Expenditures (“CEE”) flow-through common share financing for gross proceeds of $15.1 million. During 2021, the Company raised gross proceeds of $12.7 million through a Canadian Development Expenses (“CDE”) flow-through common share issuance and raised gross proceeds of $31.5 million through an equity financing (Note 12). In 2021a subsidiary of the Company secured an additional $40.0 million for its Los Azules project in Argentina (Note 18) and in March 2022, the Company entered into a $15.0 million unsecured subordinated promissory note and amended the terms of its $50.0 million senior secured term loan facility (Note 10).

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2022
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales ​ $ 11,742 ​ $ 12,896 ​ $ 904 ​ $ — ​ $ — ​ $ 25,542 Production costs applicable to sales ​ ​ (14,172) ​ ​ (8,647) ​ ​ (5,005) ​ ​ — ​ ​ — ​ (27,824) Depreciation and depletion ​ ​ (818) ​ ​ (2,894) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,712) Gross profit (loss) ​ ​ (3,248) ​ ​ 1,355 ​ ​ (4,101) ​ ​ — ​ ​ — ​ ​ (5,994) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (45) ​ ​ (91) ​ ​ (1,243) ​ ​ — ​ ​ (9,756) ​ (11,135) Exploration ​ ​ (1,449) ​ ​ (1,700) ​ ​ (1) ​ ​ — ​ ​ (60) ​ ​ (3,210) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,120) ​ ​ — ​ (1,120) Segment loss ​ $ (4,742) ​ $ (436) ​ $ (5,345) ​ $ (1,120) ​ $ (9,816) ​ $ (21,459) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (419) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (21,878) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 277 ​ $ 3,546 ​ $ — ​ $ — ​ $ 234 ​ $ 4,057 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 USA Canada Mexico MSC Los Azules Total Revenue from gold and silver sales ​ $ 12,893 ​ $ 8,561 ​ $ 2,286 ​ $ — ​ $ — ​ $ 23,740 Production costs applicable to sales ​ ​ (13,557) ​ ​ (6,656) ​ ​ (3,376) ​ ​ — ​ ​ — ​ ​ (23,589) Depreciation and depletion ​ ​ (1,741) ​ ​ (3,395) ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (5,137) Gross loss ​ ​ (2,405) ​ ​ (1,490) ​ ​ (1,091) ​ ​ — ​ ​ — ​ ​ (4,986) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (84) ​ ​ (623) ​ ​ (1,092) ​ ​ — ​ $ — ​ ​ (1,799) Exploration ​ ​ (864) ​ ​ (3,434) ​ ​ (8) ​ ​ — ​ $ (650) ​ ​ (4,956) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (574) ​ $ — ​ ​ (574) Segment loss ​ $ (3,353) ​ $ (5,547) ​ $ (2,191) ​ $ (574) ​ $ (650) ​ $ (12,315) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,166) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (14,481) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 757 ​ $ 9,567 ​ $ — ​ $ — ​ $ — ​ $ 10,324 ​
Schedule of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-lived Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2022 2021 2022 ​ 2021 USA ​ $ 35,865 ​ $ 37,877 ​ $ 11,742 ​ $ 12,893 Canada ​ ​ 96,448 ​ ​ 93,294 ​ ​ 12,896 ​ ​ 8,561 Mexico ​ ​ 26,558 ​ ​ 26,561 ​ ​ 904 ​ ​ 2,286 Argentina (2) ​ ​ 281,607 ​ ​ 282,583 ​ ​ — ​ ​ — Total consolidated (3) ​ $ 440,478 ​ $ 440,315 ​ $ 25,542 ​ $ 23,740 (1) Presented based on the location from which the precious metals originated. (2) Includes Investment in MSC of $89.8 million as of March 31, 2022 (December 31, 2021 – $90.9 million). (3) Total excludes $0.4 million related to the Company's Right of use 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)	3 Months Ended
	Mar. 31, 2022
OTHER INCOME
Schedule of other income (expense)	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 COVID-19 Relief $ — ​ $ 1,111 Unrealized and realized gain on investments (Note 5) ​ 445 ​ ​ — Foreign currency gain ​ 2,987 ​ ​ 291 Other income, net ​ 439 ​ ​ 10 Total other income $ 3,871 ​ $ 1,412

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
INVESTMENTS
Summary of investment portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Net gain ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ (loss) on ​ transfers during ​ gain on ​ March 31, ​ 2021 period securities sold period securities held 2022 Marketable equity securities – fair value ​ ​ 1,644 ​ ​ — ​ ​ — ​ ​ — ​ ​ 618 ​ ​ 2,262 Warrants ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total Investments ​ $ 1,806 ​ $ — ​ $ — ​ $ — ​ $ 618 ​ $ 2,424

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Schedule of balances in receivables and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Government sales tax receivable ​ $ 2,930 ​ $ 3,708 Prepaids and other assets ​ ​ 7,015 ​ ​ 6,883 Receivables, prepaid and other current assets ​ $ 9,945 ​ $ 10,591

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2022
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Material on leach pads ​ $ 385 ​ $ 4,660 In-process inventory ​ 4,602 ​ 3,049 Stockpiles ​ 6,713 ​ 5,105 Precious metals ​ 1,783 ​ 1,819 Materials and supplies ​ 5,996 ​ 3,702 ​ ​ $ 19,479 ​ $ 18,335 Less long-term portion ​ ​ (3,186) ​ ​ (2,543) ​ ​ $ 16,293 ​ $ 15,792

INVESTMENT IN MINERA SANTA CR_2

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)	3 Months Ended
	Mar. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 ​ 2021 Minera Santa Cruz S.A. ( 100% ) ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 39,207 ​ $ 53,303 Production costs applicable to sales ​ ​ (31,789) ​ ​ (36,367) Depreciation and depletion ​ ​ (6,896) ​ ​ (6,953) Gross profit ​ ​ 522 ​ ​ 9,983 Exploration ​ ​ (1,735) ​ ​ (2,236) Other expenses (1) ​ ​ (3,880) ​ ​ (5,536) Net income (loss) before tax ​ $ (5,093) ​ $ 2,211 Current and deferred tax expense ​ ​ 3,807 ​ ​ (1,629) Net income (loss) ​ $ (1,286) ​ $ 582 ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. ( 49% ) ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (630) ​ $ 285 Amortization of fair value increments ​ (613) ​ (1,071) Income tax recovery ​ ​ 123 ​ ​ 212 Loss from investment in MSC, net of amortization ​ $ (1,120) ​ $ (574) ​ (1) Other expenses include foreign exchange, accretion of asset retirement obligations, other finance-related expenses.
Schedule of change in the entity's investment in MSC	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Investment in MSC, beginning of period $ 90,961 ​ $ 108,326 Attributable net (loss) income from MSC ​ (630) ​ ​ 132 Amortization of fair value increments (613) ​ (8,331) Income tax recovery ​ 123 ​ ​ 666 Dividend distribution received — ​ (9,832) Investment in MSC, end of period $ 89,841 ​ $ 90,961
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 85,336 ​ $ 889 ​ $ 86,225 Total assets ​ $ 176,818 ​ $ 88,710 ​ $ 265,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (51,574) ​ $ — ​ $ (51,574) Total liabilities ​ $ (79,865) ​ $ (2,326) ​ $ (82,191)

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
DEBT
Schedule of debt activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Balance, beginning of year ​ $ 48,866 ​ $ 48,160 Promissory note- initial recognition ​ ​ 15,000 ​ ​ — Interest expense ​ 1,389 ​ 5,581 Interest payments ​ (1,202) ​ (4,875) Bonus Interest - Equity based financing fee ​ ​ (500) ​ ​ — Balance, end of period ​ $ 63,553 ​ $ 48,866

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
ASSET RETIREMENT OBLIGATIONS
Schedule of reconciliation of asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 Year ended Asset retirement obligation liability, beginning balance $ 35,452 ​ $ 34,000 Settlements (83) ​ (2,225) Accretion of liability 527 ​ 2,405 Revisions to estimates and discount rate — ​ 1,257 Foreign exchange revaluation ​ 195 ​ ​ 15 Asset retirement obligation liability, ending balance $ 36,091 ​ $ 35,452 Less current portion ​ 6,532 ​ ​ 5,761 Long-term portion $ 29,559 ​ $ 29,691
Schedule of reclamation expense	The Company’s reclamation expenses for the periods presented consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 ​ 2021 Reclamation adjustment reflecting updated estimates $ — ​ $ 425 Reclamation accretion ​ 527 ​ ​ 486 Total $ 527 ​ ​ 911

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, ​ 2022 2021 Lexam L.P. $ — ​ $ 11 Execaire, a division of IMP Group $ 53 ​ ​ — REVlaw $ 214 ​ ​ 35 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 Execaire, a division of IMP Group $ 53 ​ $ — REVlaw $ 98 ​ ​ 137

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Fair value as at December 31, 2021 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 2,262 ​ $ — ​ $ 2,262 ​ $ 1,644 ​ $ — ​ $ 1,644 Total investments ​ $ 2,262 ​ $ — ​ $ 2,262 ​ $ 1,644 ​ $ — ​ $ 1,644

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of reconciliation of cash and cash equivalents, and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 Cash and cash equivalents ​ $ 63,783 ​ $ 54,287 Restricted cash - current ​ ​ 2,850 ​ ​ 2,550 Restricted cash - non-current ​ ​ 3,797 ​ ​ 3,797 Total cash, cash equivalents, and restricted cash ​ $ 70,430 ​ $ 60,634

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2022
Nature of operations and recent accounting pronouncements
Ownership interests in various mines (as a percent)	100.00%
Ownership interest (as a percent)	49.00%
Minera Andes Inc.
Nature of operations and recent accounting pronouncements
Ownership interest (as a percent)	100.00%
Minera Santa Cruz S.A. | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Nature of operations and recent accounting pronouncements
Ownership interest (as a percent)	49.00%
Los Azules Copper Project | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Nature of operations and recent accounting pronouncements
Ownership interest (as a percent)	82.00%

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risks and Uncertainties (Details) - USD ($) $ in Thousands	Mar. 02, 2022	Jan. 29, 2021	Dec. 31, 2020	Sep. 10, 2020	Mar. 31, 2022	Dec. 31, 2021
Long-term debt					$ 63,553	$ 48,866
Secured Debt
Long-term debt					50,000
Unsecured Debt
Long-term debt					15,000
Canadian Development Expenses | Los Azules Copper Project
Long-term debt					40,000
Canadian Development Expenses | Equity Financing In February 2021
Gross proceeds						31,500
Canadian Development Expenses | Flow Through Common Shares
Gross proceeds		$ 12,700				$ 12,700
Canadian Exploration Expenditures | Flow Through Common Shares
Gross proceeds	$ 15,100		$ 9,800	$ 10,400	$ 15,100

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Segment Reporting
Revenue from gold and silver sales	$ 25,542	$ 23,740
Depreciation and depletion	(3,712)	(5,137)
Gross profit (loss)	(5,994)	(4,986)
Advanced projects	(11,135)	(1,799)
Loss from investment in Minera Santa Cruz S.A.	(1,120)	(574)
Loss before income and mining taxes	(21,878)	(14,481)
Capital expenditures	4,057	10,324
United States Reportable Segment [Member]
Operating Segment Reporting
Depreciation and depletion	(818)	(1,741)
Gross profit (loss)	(3,248)	(2,405)
Advanced projects	(45)	(84)
Segment loss	(4,742)	(3,353)
Capital expenditures	277	757
Canada
Operating Segment Reporting
Depreciation and depletion	(2,894)	(3,395)
Gross profit (loss)	1,355	(1,490)
Advanced projects	(91)	(623)
Segment loss	(436)	(5,547)
Capital expenditures	3,546	9,567
Mexico Reportable Segment [Member]
Operating Segment Reporting
Depreciation and depletion		(1)
Gross profit (loss)	(4,101)	(1,091)
Advanced projects	(1,243)	(1,092)
Segment loss	(5,345)	(2,191)
MSC
Operating Segment Reporting
Loss from investment in Minera Santa Cruz S.A.	(1,120)	(574)
Segment loss	(1,120)	(574)
Los Azules
Operating Segment Reporting
Advanced projects	(9,756)
Segment loss	(9,816)	(650)
Capital expenditures	234
Total Segment
Operating Segment Reporting
Depreciation and depletion	(3,712)	(5,137)
Gross profit (loss)	(5,994)	(4,986)
Advanced projects	(11,135)	(1,799)
Loss from investment in Minera Santa Cruz S.A.	(1,120)	(574)
Segment loss	(21,459)	(12,315)
General and Administrative and other	(419)	(2,166)
Gold and silver sales
Operating Segment Reporting
Revenue from gold and silver sales	25,542	23,740
Gold and silver sales | United States Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales	11,742	12,893
Gold and silver sales | Canada
Operating Segment Reporting
Revenue from gold and silver sales	12,896	8,561
Gold and silver sales | Mexico Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales	904	2,286
Gold and silver sales | Total Segment
Operating Segment Reporting
Revenue from gold and silver sales	25,542	23,740
Product [Member]
Operating Segment Reporting
Production costs applicable to sales	(27,824)	(23,589)
Product [Member] | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(14,172)	(13,557)
Product [Member] | Canada
Operating Segment Reporting
Production costs applicable to sales	(8,647)	(6,656)
Product [Member] | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(5,005)	(3,376)
Product [Member] | Total Segment
Operating Segment Reporting
Production costs applicable to sales	(27,824)	(23,589)
Exploration | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(1,449)	(864)
Exploration | Canada
Operating Segment Reporting
Production costs applicable to sales	(1,700)	(3,434)
Exploration | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(1)	(8)
Exploration | Los Azules
Operating Segment Reporting
Production costs applicable to sales	(60)	(650)
Exploration | Total Segment
Operating Segment Reporting
Production costs applicable to sales	$ (3,210)	$ (4,956)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Operating Segment Reporting
Long-lived Assets	$ 440,478		$ 440,315
Revenue	25,542	$ 23,740
Investment in MSC	89,841		90,961
Total which excludes Company's ROU office lease asset	400
Minera Santa Cruz S.A. [Member]
Operating Segment Reporting
Revenue	39,207	53,303
Investment in MSC	89,841		90,961	$ 108,326
UNITED STATES
Operating Segment Reporting
Long-lived Assets	35,865		37,877
Revenue	11,742	12,893
Canada
Operating Segment Reporting
Long-lived Assets	96,448		93,294
Revenue	12,896	8,561
MEXICO
Operating Segment Reporting
Long-lived Assets	26,558		26,561
Revenue	904	$ 2,286
ARGENTINA
Operating Segment Reporting
Long-lived Assets	281,607		282,583
ARGENTINA | Minera Santa Cruz S.A. [Member]
Operating Segment Reporting
Investment in MSC	$ 89,800		$ 90,900

OTHER INCOME - Summary of Other

OTHER INCOME - Summary of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OTHER INCOME
COVID-19 relief		$ 1,111
Unrealized and realized gain (loss) on investments (Note 5)	$ 445
Foreign currency gain	2,987	291
Other income, net	439	10
Total other income	$ 3,871	$ 1,412

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OTHER INCOME
COVID-19 relief		$ 1,111
Realized gain from a mechanism whereby US funds are used to buy and then sell government bonds denominated in pesos	$ 2,100
Foreign currency gain	2,200
Realized loss on investments	$ (100)
Additions/transfers during the period		$ 0

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments rollforward
Opening balance	$ 1,806
Additions/transfers during the period		$ 0
Net gain (loss) on securities sold	(100)
Unrealized gain (loss) on securities held	618
Fair Value end of the period	2,424
Marketable equity securities
Investments rollforward
Opening balance	1,644
Unrealized gain (loss) on securities held	618
Fair Value end of the period	2,262
Warrants
Investments rollforward
Opening balance	162
Fair Value end of the period	$ 162

INVESTMENTS (Details)

INVESTMENTS (Details) $ / shares in Units, $ in Millions	Jun. 23, 2021USD ($)property$ / sharesshares
Investments
Number of common shares	4,963,455
Warrants received	2,481,727
Disposal Group | Projects in Nevada
Investments
Number of projects sold | property	2
Cash consideration received | $	$ 0.5
Percentage of common shares received	10.00%
Price per common share for each warrant | $ / shares	$ 0.60

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Receivables, prepaids and other current assets
Government sales tax receivable	$ 2,930		$ 3,708
Prepaids and other assets	7,015		6,883
Receivables and other current assets	9,945		10,591
VAT collected	300	$ 600
Black Fox Complex
Receivables, prepaids and other current assets
Government sales tax receivable	1,200		2,200
Mexican Tax Authority
Receivables, prepaids and other current assets
Government sales tax receivable	$ 900		$ 900

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Inventories
Material on leach pads	$ 385		$ 4,660
In-process inventory	4,602		3,049
Stockpiles	6,713		5,105
Precious metals	1,783		1,819
Materials and supplies	5,996		3,702
Inventories	19,479		18,335
Less long-term portion	(3,186)		(2,543)
Inventories	16,293		$ 15,792
Cost Of Sales [Member]
Inventories
Inventory write-down	4,200	$ 2,100
Depreciation and depletion
Inventories
Inventory write-down		100
Black Fox Complex
Inventories
Inventories	800
Gold Bar mine
Inventories
Inventories		1,400
El Gallo Project
Inventories
Inventories	$ 3,400	$ 800

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
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 from MSC (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 25,542	$ 23,740
Depreciation and depletion	(3,712)	(5,137)
Gross Profit	(5,994)	(4,986)
Exploration	(1,735)	(2,236)
Net income before tax	(21,878)	(14,481)
Net income (loss)	(19,327)	(12,466)
Income tax recovery	814	2,015
Loss from investment in MSC, net of amortization	$ (1,120)	(574)
Subsidiary (as a percent)	100.00%
Ownership interest (as a percent)	49.00%
Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 39,207	53,303
Production costs applicable to sales	(31,789)	(36,367)
Depreciation and depletion	(6,896)	(6,953)
Gross Profit	522	9,983
Other expenses	(3,880)	(5,536)
Net income before tax	(5,093)	2,211
Current and deferred tax expense	3,807	(1,629)
Net income (loss)	(1,286)	582
Net income (loss)	(630)		$ 132
Amortization of fair value increments	(613)		(8,331)
Income tax recovery	123		$ 666
Loss from investment in MSC, net of amortization	(1,120)	(574)
Minera Santa Cruz S.A. [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Net income (loss)	(630)	285
Amortization of fair value increments	(613)	(1,071)
Income tax recovery	$ 123	$ 212
Ownership interest (as a percent)	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		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Change in the investment in MSC
Investment in MSC, beginning of period	$ 90,961
Income tax recovery	814	$ 2,015
Dividend distribution received		(4,984)
Investment in MSC, end of period	89,841		$ 90,961
Minera Santa Cruz S.A. [Member]
Change in the investment in MSC
Investment in MSC, beginning of period	90,961	108,326	108,326
Attributable net income from MSC	(630)		132
Amortization of fair value increments	(613)		(8,331)
Income tax recovery	123		666
Dividend distribution received			(9,832)
Investment in MSC, end of period	$ 89,841		$ 90,961
Dividends received		$ 5,000

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	Mar. 31, 2022	Dec. 31, 2021
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 95,295	$ 85,026
Total assets	535,773	525,341
Current liabilities	(59,105)	(52,399)
Total liabilities	(156,393)	$ (135,400)
Balance excluding FV increments | Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	85,336
Total assets	176,818
Current liabilities	(51,574)
Total liabilities	(79,865)
Adjustments | Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	889
Total assets	88,710
Total liabilities	(2,326)
Balance including FV increments | Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	86,225
Total assets	265,528
Current liabilities	(51,574)
Total liabilities	$ (82,191)

DEBT (Details)

DEBT (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 02, 2022	Jun. 25, 2020	Aug. 10, 2018	Jun. 30, 2020	Mar. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Sale of flow-through common stock							$ 14,400,000
Term Loan
LONG-TERM DEBT
Working capital covenant										$ 10,000,000
Term Loan | Chairman and Chief Executive Officer [Member]
LONG-TERM DEBT
Face amount						$ 50,000,000			$ 50,000,000		$ 50,000,000
Term of debt instrument									3 years
Stated interest rate (as a percent)									9.75%
Amended loan agreement
LONG-TERM DEBT
Face amount						$ 50,000,000		$ 50,000,000			50,000,000
Extension term for repayment of debt						18 months		2 years
Term loan retirement period						18 months		11 months
Principal repayments						$ 2,000,000		$ 2,000,000
Final payment						12,000,000		$ 26,000,000			12,000,000
Working capital covenant	$ 10,000,000	$ 7,000,000	$ 5,000,000	$ 10,000,000	$ 7,000,000	5,000,000					10,000,000	$ 2,500,000
Shares issued as bonus interest								2,091,700
Sale of flow-through common stock								$ 1,875,000			500,000
Commercial Paper | Company Controlled by Mcewen
LONG-TERM DEBT
Due to Related Parties						$ 15,000,000					$ 15,000,000
Related Party Transaction, Interest Rate						8.00%					8.00%

DEBT - Rollforward (Details)

DEBT - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Balance, beginning of year	$ 48,866	$ 48,160
Promissory note- initial recognition	15,000
Interest expense	1,389	5,581
Interest payments	(1,202)	(4,875)
Bonus Interest - Equity based financing fee	(500)
Balance, end of year	$ 63,553	$ 48,866

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Retirement obligation rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Changes in the reclamation and remediation liability
Asset retirement obligation liability, beginning balance	$ 35,452	$ 34,000
Settlements	(83)	(2,225)
Accretion of liability	527	2,405
Revisions to estimates and discount rate		1,257
Foreign exchange revaluation	195	15
Asset retirement obligation liability, ending balance	36,091	35,452
Less current portion	6,532	5,761
Long-term portion	$ 29,559	$ 29,691

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS - Reclamation and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclamation obligations
Reclamation adjustment reflecting updated estimates		$ 425
Reclamation accretion	$ 527	486
Total	$ 527	$ 911

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2022	Jan. 29, 2021	Dec. 31, 2020	Sep. 10, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Mar. 31, 2022
Net proceeds	$ 14,400
Issuance costs		$ 700
Sale of common stock for cash, net of issuance costs						$ 29,875
Exploration expenditures					$ 1,735	$ 2,236
Canadian Development Expenses
Price per unit		$ 1.01
Equity Financing In February 2021 | Canadian Development Expenses
Gross proceeds							$ 31,500
Flow Through Common Shares | Canadian Development Expenses
Number of units issued		12,600,600
Gross proceeds		$ 12,700					12,700
Net proceeds allocated to the sale of tax benefits		12,000
Sale of common stock for cash, net of issuance costs		10,800
Exploration expenditures							12,700
Flow Through Common Shares | Canadian Exploration Expenditures
Number of units issued	14,500,000		7,669,900	6,298,166
Price per unit	$ 1.04		$ 1.28	$ 1.65
Gross proceeds	$ 15,100		$ 9,800	$ 10,400	15,100
Net proceeds			9,800	9,800
Issuance costs			0	600
Net proceeds allocated to the sale of tax benefits	4,100	$ 1,200	2,100	2,000
Sale of common stock for cash, net of issuance costs	10,300		$ 7,700	$ 7,800
Exploration expenditures					$ 1,700		$ 12,700	$ 14,400
Recent Raise					$15.1
Flow Through CEE
Issuance costs	$ 800

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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)	5,991,100	6,118,817
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)	29,770,766	29,770,766

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - Entity Affiliated With Related Party [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lexam LP [Member]
RELATED PARTY TRANSACTIONS
Expense		$ 11
REVlaw
RELATED PARTY TRANSACTIONS
Expense	$ 214	$ 35
Related party outstanding accounts payable (receivable)	98		$ 137
Execaire, a division of IMP Group
RELATED PARTY TRANSACTIONS
Expense	53
Related party outstanding accounts payable (receivable)	$ 53

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	Mar. 02, 2022	Mar. 31, 2022	Mar. 31, 2021	Aug. 10, 2018
RELATED PARTY TRANSACTIONS
Sale of flow-through common stock	$ 14.4
Chairman and Chief Executive Officer | Term Loan
RELATED PARTY TRANSACTIONS
Face amount		$ 50		$ 50
Long-term debt from related party		25
Affiliate of Robert McEwen
RELATED PARTY TRANSACTIONS
Debt interest expense		0.6	$ 0.6
Company Controlled by Mcewen | Commercial Paper
RELATED PARTY TRANSACTIONS
Due to Related Parties		$ 15
Related Party Transaction, Interest Rate		8.00%

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Jun. 23, 2021$ / shares
Liabilities:
Long term debt	$ 63,500	$ 48,900
Impairment of long-lived assets	0
Disposal Group | Projects in Nevada
Liabilities:
Price per common share for each warrant | $ / shares			$ 0.60
Fair Value, Measurements, Recurring [Member]
Assets:
Investments	2,262	1,644
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	2,262	1,644
Marketable equity securities. | Fair Value, Measurements, Recurring [Member]
Assets:
Investments	2,262	1,644
Marketable equity securities. | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	$ 2,262	$ 1,644
Warrant | Disposal Group | Projects in Nevada
Liabilities:
Price per common share for each warrant | $ / shares	$ 0.60
Warrants exercised | shares	0
Warrant | Volatility | Valuation Technique, Option Pricing Model | Projects in Nevada
Liabilities:
Average volatility	94.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds and Surety Bonds (Details) $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022CAD ($)
Surety Bonds
Reclamation Bonds
Percentage of annual fees on surety bonds	2.30%	2.30%
Percentage of required deposit on value of surety bonds	10.00%	10.00%
Restricted cash	$ 3.8
Surety Bonds | Nevada
Reclamation Bonds
Surety bonding obligation	25.3
Surety Bonds | Canada [Member]
Reclamation Bonds
Surety bonding obligation	12.4	$ 15.6
Reclamation Bonds | Black Fox Complex
Reclamation Bonds
Reclamation bonding obligation	12.4	$ 15.6
Reclamation Bonds | Tonkin and Gold Bar Properties
Reclamation Bonds
Reclamation bonding obligation	25.3
Reclamation Bonds | Timmins
Reclamation Bonds
Restrictive time deposits for reclamation bonding	$ 0.1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions	Aug. 25, 2017$ / oz	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Pike River property
Other commitments
Obligation to sell (as a percent)	6.30%
Black Fox Complex
Other commitments
Obligation to sell (as a percent)	8.00%
Long term gold price (in dollars per ounce) | $ / oz	561
Revenue of acquiree since acquisition date and implementation of streaming agreement | $		$ 0.4	$ 0.3
Black Fox Complex | Maximum [Member]
Other commitments
Inflation adjustment (as a percent)	2.00%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Flow-through Eligible Expenses (Details) $ in Thousands	Mar. 02, 2022USD ($)	Jan. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020item	Mar. 31, 2022USD ($)
Other commitments
Exploration expenditures			$ 1,735	$ 2,236
Flow Through CDE | Froome deposit
Other commitments
Exploration expenditures		$ 12,700
Flow Through CEE
Other commitments
Number of flow through share issuances | item						2
Flow Through CEE | Timmins
Other commitments
Exploration expenditures					$ 12,700		$ 14,400
Gross proceeds	$ 15,100		$ 18,300

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2019
Cash and cash equivalents (Note 17)	$ 63,783	$ 54,287
Restricted cash - current	2,850	2,550
Restricted cash - non-current	3,797	3,797
Total cash, cash equivalents, and restricted cash	70,430	$ 60,634	$ 51,027	$ 24,438
McEwen Copper Inc. | Los Azules Copper Project
Total cash, cash equivalents, and restricted cash	$ 35,600

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 23, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Noncontrolling Interest
Net loss		$ (21,064)	$ (12,466)
McEwen Copper
Noncontrolling Interest
Percentage of ownership by noncontrolling shareholders		18.60%
Percentage of ownership by company before private placement		100.00%
Nonredeemable non-controlling interest				$ 14,900
Contributed Surplus				$ 25,100
Sale To Related Parties | McEwen Copper
Noncontrolling Interest
Sale of flow-through common stock (in shares)	4,000,000
Share price	$ 10
Gross proceeds from private placement offering	$ 40,000
Percentage of ownership by noncontrolling shareholders		18.60%
Net loss		$ 1,700