McEwen Mining (MUX) 10-K 13 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 13, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 172,281,488
Entity Common Stock, Shares Outstanding		47,427,584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000314203
Amendment Flag	false
Auditor Firm ID	1263
Auditor Name	Ernst & Young LLP
Auditor Location	Toronto, Canada

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Revenue	$ 110,417	$ 136,541	$ 104,789
OPERATING EXPENSES:
Depreciation and depletion	(19,701)	(23,798)	(22,910)
Gross profit (loss)	(544)	(6,480)	(26,948)
OTHER OPERATING INCOME (EXPENSES):
Advanced projects - Los Azules	(61,148)	(5,019)
Advanced projects - Other	(5,580)	(7,420)	(11,681)
Exploration	(14,973)	(22,604)	(15,861)
General and administrative	(11,890)	(11,435)	(9,201)
Gain (loss) from investment in Minera Santa Cruz S.A. (Note 9)	2,776	(7,533)	(1,517)
Depreciation	(733)	(339)	(405)
Reclamation and remediation (Note 12)	(3,345)	(3,450)	(1,788)
Impairment loss on mineral property interests and plant and equipment	0	0	83,805
Other operating			(1,968)
Total other operating expenses	(94,893)	(57,800)	(126,226)
Operating loss	(95,437)	(64,280)	(153,174)
OTHER INCOME (EXPENSE):
Interest and other finance expenses, net	(7,789)	(6,200)	(7,434)
Other income (Note 4)	22,938	6,281	6,893
Total other income (expense)	15,149	81	(541)
Loss before income and mining taxes	(80,288)	(64,199)	(153,715)
Income and mining tax (expense) recovery (Note 19)	(5,806)	7,315	1,390
Net loss after income and mining taxes	(86,094)	(56,884)	(152,325)
Net loss attributable to non-controlling interests (Note 20)	5,019	172
Net loss and comprehensive loss attributable to McEwen shareholders	$ (81,075)	$ (56,712)	$ (152,325)
Net loss per share (Note 14):
Basic (in dollars per share)	$ (1.71)	$ (1.25)	$ (3.78)
Diluted (in dollars per share)	$ (1.71)	$ (1.25)	$ (3.78)
Weighted average common shares outstanding (thousands) (Note 14):
Basic (in shares)	47,427	45,490	40,346
Diluted (in shares)	47,427	45,490	40,346
Gold and silver sales
REVENUE:
Revenue	$ 110,417	$ 136,541	$ 104,789
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (91,260)	$ (119,223)	$ (108,827)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents (Note 18)	$ 39,782	$ 54,287
Restricted cash (Note 18)		2,550
Investments (Note 5)	1,295	1,806
Receivables, prepaids and other assets (Note 6)	8,840	10,591
Inventories (Note 7)	31,735	15,792
Total current assets	81,652	85,026
Mineral property interests and plant and equipment, net (Note 8)	346,281	342,303
Investment in Minera Santa Cruz S.A. (Note 9)	93,451	90,961
Inventories (Note 7)	2,432	2,543
Restricted cash (Note 18)	3,797	3,797
Other assets	1,106	711
TOTAL ASSETS	528,719	525,341
Current liabilities:
Accounts payable and accrued liabilities	42,521	39,615
Contract liability (Note 17)	6,155
Flow-through share premium (Note 13)	4,056	1,572
Debt, current portion (Note 11)	10,000
Lease liabilities (Note 10)	1,215	2,901
Reclamation and remediation liabilities (Note 12)	12,576	5,761
Tax liabilities (Note 19)	7,663
Other liabilities		2,550
Total current liabilities	84,186	52,399
Lease liabilities (Note 10)	1,191	1,515
Debt (Note 11)	53,979	48,866
Reclamation and remediation liabilities (Note 12)	29,270	29,691
Other liabilities	3,819	2,929
Total liabilities	172,445	135,400
Shareholders' equity:
Common shares: 47,428 as of December 31, 2022 and 45,919 as of December 31, 2021 issued and outstanding (in thousands) (Note 13)	1,644,145	1,615,424
Non-controlling interests (Note 20)	33,465	14,777
Accumulated deficit	(1,321,336)	(1,240,260)
Total shareholders' equity	356,274	389,941
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 528,719	$ 525,341

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common, shares issued	47,428	45,919
Common, shares outstanding	47,428	45,919

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Total
Balance at Dec. 31, 2019	$ 1,530,702	$ (1,031,223)		$ 499,479
Balance (in shares) at Dec. 31, 2019	40,034
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 613			613
Sale of flow-through shares	$ 15,478			15,478
Sale of flow-through shares (in shares)	1,397
Exercise of stock options	$ 138			$ 138
Exercise of stock options (in shares)	14			14
Shares issued for debt refinancing	$ 1,875			$ 1,875
Shares issued for debt refinancing (in shares)	209
Shares issued for acquisition of mineral property interests	$ 70			70
Shares issued for acquisition of mineral property interests (in shares)	5
Net loss		(152,325)		(152,325)
Balance at Dec. 31, 2020	$ 1,548,876	(1,183,548)		365,328
Balance (in shares) at Dec. 31, 2020	41,659
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 837			837
Sale of flow-through shares	$ 10,785			10,785
Sale of flow-through shares (in shares)	1,260
Sale of shares for cash	$ 29,875			29,875
Sale of shares for cash (in shares)	3,000
Issuance of equity by subsidiary (Note 20)	$ 25,051		$ 14,949	40,000
Net loss		(56,712)	(172)	(56,884)
Balance at Dec. 31, 2021	$ 1,615,424	(1,240,260)	14,777	389,941
Balance (in shares) at Dec. 31, 2021	45,919
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 340			340
Sale of flow-through shares	$ 10,320			10,320
Sale of flow-through shares (in shares)	1,450
Shares issued for debt refinancing	$ 500			500
Shares issued for debt refinancing (in shares)	59
Issuance of equity by subsidiary (Note 20)	$ 17,643		23,707	41,350
Share repurchase (Note 13)	(87)			(87)
Exercise of warrants	4			4
Net loss		(81,075)	(5,019)	(86,094)
Balance at Dec. 31, 2022	$ 1,644,145	$ (1,321,336)	$ 33,465	$ 356,274
Balance (in shares) at Dec. 31, 2022	47,428

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (86,094)	$ (56,884)	$ (152,325)
Adjustments to reconcile net loss from operating activities:
Impairment loss on mineral property interests and plant and equipment	0	0	83,805
(Income) loss from investment in Minera Santa Cruz S.A. (Note 9)	(2,776)	7,533	1,517
Gain on sale of mineral property interests		(2,271)
Depreciation and amortization	19,532	25,338	23,090
Unrealized loss (gain) on investments (Note 5)	511	(28)	619
Unrealized foreign exchange gain and adjustment to estimate (Note 12)	4,814	1,272	278
Deferred income and mining tax recovery	(1,856)	(7,315)	(1,390)
Stock-based compensation	340	837	612
Accretion of reclamation and remediation liability (Note 12)	2,354	2,405	1,788
Change in non-cash working capital items:
Increase (decrease) in assets related to operations	(12,873)	7,887	12,696
Increase in liabilities related to operations	17,439	1,003	1,437
Cash used in operating activities	(58,609)	(20,223)	(27,873)
Cash flows from investing activities:
Additions to mineral property interests and plant and equipment	(24,187)	(34,888)	(13,373)
Proceeds from disposal of property and equipment		492
Proceeds from sale of investments			1,266
Dividends received from Minera Santa Cruz S.A. (Note 9)	286	9,832	340
Cash used in investing activities	(23,901)	(24,564)	(11,767)
Cash flows from financing activities:
Proceeds from sale of subsidiary shares, net of issuance costs (Note 20)	41,263	29,875
Sale of flow-through common shares, net of issuance costs (Note 13)	14,376	11,966	19,644
Proceeds from promissory note (Note 11 and Note 15)	15,000	40,000
Subscription proceeds received in advance (Note 20)	(2,850)	2,550
Proceeds from exercise of warrants	4		138
Payment of finance lease obligations	(2,338)	(3,408)	(2,204)
Cash provided by financing activities	65,455	80,983	17,578
Decrease (increase) in cash, cash equivalents and restricted cash	(17,055)	36,196	(22,062)
Cash, cash equivalents and restricted cash, beginning of year	60,634	24,438	46,500
Cash, cash equivalents and restricted cash, end of year (Note 18)	43,579	60,634	$ 24,438
Minera Santa Cruz S.A. [Member]
Cash flows from investing activities:
Dividends received from Minera Santa Cruz S.A. (Note 9)	$ 286	$ 9,832

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1 NATURE OF OPERATIONS 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 Fox Complex in Ontario, Canada, the Fenix Project in Mexico and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. As of December 31, 2022, the Company also owns a 68.1% interest in the Los Azules copper project in San Juan, Argentina through its subsidiary, McEwen Copper Inc. (“McEwen Copper”). 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 Company reports its investment in McEwen Copper as a controlling interest and its investment in MSC as an equity investment. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates: ​ The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in United States of America (“US GAAP”). The preparation of the Company’s consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to environmental reclamation and closure obligations; asset useful lives utilized for depletion, depreciation, amortization and accretion calculations; fair value of equity investment and the impairment test; recoverable gold in leach pad inventory; current and long-term inventory; mine development capitalization costs; the collectability of value added taxes receivable; the amount of mineral reserves; valuation allowances for deferred tax assets; income and mining tax provisions; and reserves for contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ significantly from these estimates. References to “C$” refer to Canadian dollar. Basis of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Investments over which the Company exerts significant influence but does not control through majority ownership are accounted for using the equity method, as described in Investments, Cash and Cash Equivalents and Restricted Cash: The Company considers cash in banks, deposits in transit, and highly liquid term deposits with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Because of the short maturity of these instruments, the carrying amounts approximate their fair value. The Company classifies Restricted Cash between short term and long term based on the restrictions. Investments: The Company accounts for investments over which it exerts significant influence but does not control through majority ownership using the equity method of accounting pursuant to ASC (“Accounting Standards Codification”) Topic 323, Investments – Equity Method and Joint Ventures Consolidated Balance Sheets Consolidated Statements of Operations and Comprehensive (Loss) Statement of Operations The Company’s investments in marketable equity securities and warrants are measured at fair value at each period end with changes in fair value recognized in net (loss) income in the Statement of Operations Stockpiles, Material on Leach Pads, In-process Inventory, Precious Metals Inventory and Materials and Supplies: Stockpiles, material on leach pads, in-process inventory, precious metals inventory and materials and supplies (collectively, “Inventories”) are accounted for using the weighted average cost method and are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to a saleable form. Write-downs of Inventories resulting from net realizable value impairments are reported as a component of production costs applicable to sales. The current portion of Inventories is determined based on the expected amounts to be processed and/or recovered within the next twelve months of the balance sheet date, with the remaining portion, if any, classified as long-term. Stockpiles represent mineralized material extracted from the mine and available for processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, an estimate of the contained metals (based on assay data) and the estimated metallurgical recovery rates. Costs are allocated to stockpiles based on current mining costs incurred including applicable overhead relating to mining operations. Material is removed from the stockpile at an average cost per tonne. Mineralized material on leach pads is the material that is placed on pads where it is treated with a chemical solution that dissolves the gold contained in the mineralized material over a period of time. Costs are attributed to the mineralized material on leach pads based on current mining costs and processing costs incurred related to the ore on the pad. Costs are removed from the leach pad inventory based on the average cost per estimated recoverable ounce of gold on the leach pad as the gold is recovered. The estimates of recoverable gold on the leach pads are calculated from the quantities of mineralized material placed on the leach pads (measured tonnes added to the leach pads), the grade of mineralized material placed on the leach pads (based on assay data) and a recovery percentage. While the quantities of recoverable gold placed on the leach pads are periodically reconciled by comparing the grades of ore placed on the pads to the quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored, and the engineering estimates are refined based on actual results over time. In-process inventories represent materials that are currently in the process of being converted to a saleable product. In-process material is measured based on assays of the material from the various stages of processing. Costs are allocated to in-process inventories based on the costs of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs incurred to that point in the process. Precious metal inventories include gold and silver doré and bullion that is unsold and held at the Company’s or the refinery’s facilities. Costs are allocated to precious metal inventories based on costs of the respective in-process inventories incurred prior to the refining process plus applicable refining costs. Materials and supplies inventories are comprised of chemicals, reagents, spare parts and consumable parts used in operating and other activities. Cost includes applicable taxes and freight. Proven and Probable Reserves: The definition of proven and probable reserves is set forth in SEC Regulation S-K Item 1300 (“S-K 1300”). Proven mineral reserves are the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from the conversion of a mineral resource. Probable mineral reserves are the economically mineable part of an indicated and, in some cases, measured mineral resource. For a probable mineral reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured mineral resource is lower than what is sufficient for a proven mineral reserve. Mineral Property Interests and Plant and Equipment: Mineral property interests: Development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines (“pre-stripping”) and building of access paths and other infrastructure to gain access to the ore body at underground mines. Development costs are charged to operations in the year incurred as Advanced Projects During the production phase of a mine, costs incurred to provide access to reserves and resources that will be produced in future periods that would not have otherwise been accessible are capitalized and included in the carrying amount of the related mineral property interest. Drilling and related costs are capitalized for an ore body where proven and/or probable reserves exist and the activities are directed at obtaining additional information, providing greater definition of the ore body or converting non-reserve mineralization to proven and/or probable reserves and the benefit is expected to be realized over a period beyond one year. All other drilling and related costs are expensed as incurred as Exploration Advanced Projects Mineral property interests are amortized upon commencement of production on a unit-of-production basis over proven and probable reserves, as defined by S-K 1300. When a property does not contain mineralized material that satisfies the definition of proven and probable reserves, the amortization of the capitalized costs is charged to expense based on the most appropriate method, which includes straight-line method and units-of-production method over the estimated useful life of the mine, as determined by internal mine plans. Plant and Equipment: For properties where the Company did not establish proven and probable reserves as defined by S-K 1300, substantially all costs, including design, engineering, construction, and installation of equipment are expensed as incurred, unless the equipment has alternative uses or significant salvage value, in which case the equipment is capitalized at cost. Construction-in-progress costs: Impairment of Long-Lived Assets: 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 amount exceeds its estimated fair value. For the purpose of recognition and measurement of impairment, the Company groups its long-lived assets by specific mine or project, as this represents the lowest level for which identifiable cash flows exist. For asset groups where an impairment indicator is identified, an impairment loss is determined if the carrying amount of the asset group exceeds the estimated recoverable amount as determined using the undiscounted future net cash flows. An impairment loss, if any, is the amount by which the carrying amount exceeds the estimated discounted future net cash flows. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold, silver and other commodity prices, production levels and costs of capital are each subject to significant risks and uncertainties. For asset groups where the Company is unable to determine a reliable estimate of future net cash flows, the Company adopts a market approach to estimate fair value by using a combination of observed market value per square mile and observed market value per ounce or pound of estimated mineralized material based on comparable transactions. Reclamation and Remediation Liabilities: Provisions for environmental rehabilitation are made in respect of the estimated future costs of closure and restoration and rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The associated asset retirement costs, including periodic adjustments, if any, are capitalized as part of the carrying amount of the long-lived asset when proven or probable reserves exist or if they relate to an acquired mineral property interest; otherwise, the costs are charged to the operations. Periodic accretion is recorded to reclamation and remediation liabilities and charged to operations. The fair value of reclamation and remediation liabilities is measured by discounting the expected cash flows adjusted for inflation, using a credit-adjusted risk free rate of interest. The Company prepares estimates of the timing and amounts of expected cash flows when reclamation and remediation liabilities are incurred, which are updated to reflect changes in facts and circumstances. Estimation of the fair value of reclamation and remediation liabilities requires significant judgment, including the amount of cash flows, timing of reclamation, inflation rate and credit risk. Lease Accounting: Contracts are analyzed to identify whether the contract contains an operating or financing lease according to ASC 842, Lease Accounting Consolidated Balance Sheets Consolidated Balance Sheets Statement of Operations. ROU asset balances and lease liabilities are recognized at the commencement date of the lease based on the present value of the future lease payments over the lease term. The Company utilizes the incremental borrowing rate (“IBR”) in determining the present value of the future lease payments. IBR represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. IBR is determined by using the average bond yield ratings for comparable companies. Revenue Recognition: Revenue consists of proceeds received and expected to be received for the Company’s principal products, gold and silver. Revenue is recognized when title to gold and silver passes to the buyer and when collectability is reasonably assured. Title passes to the buyer based on terms of the sales contract, usually upon delivery of the product. Product pricing is determined under the sales agreements which are referenced against active and freely traded commodity markets, for example, the London Bullion Market for both gold and silver, in an identical form to the product sold. In addition to selling refined bullion at spot, the Company has doré purchase agreements in place with financial institutions and refineries. Under the agreements, the Company has the option to sell approximately 90% of the gold and silver contained in doré bars prior to the completion of refining by the third party refiner. On July 27, 2022, the Company entered into a precious metals purchase agreement with Auramet International LLC (“Auramet”). Under this agreement, the Company has an option to sell gold on a Spot Basis, on a Forward Basis, and on a Supplier Advance basis. Revenue is recognized when the Company has provided irrevocable instructions to the refiner to transfer to the purchaser the refined ounces sold upon final processing, and when payment of the purchase price for the purchased doré or bullion has been made in full by the purchaser. There is no judgment involved in revenue recognition in connection with sale of bullion as revenue is recognized when payment has been made by the purchaser and the product has been delivered. Foreign Currency: The functional currency for the Company’s operations is the U.S. dollar. All monetary assets and liabilities denominated in a currency which is not the U.S. dollar are translated at current exchange rates at each balance sheet date and the resulting adjustments are included in a separate line item under other income (expense). Revenues and expenses in foreign currencies are translated at the average monthly exchange rates for the corresponding period. Stock-Based Compensation: The Company accounts for stock options at fair value as prescribed in ASC 718, Stock-Based Compensation. Flow-Through Common Shares: Current Canadian tax legislation permits mining entities to issue flow-through common shares to investors by which the deductions for tax purposes related to resource exploration and evaluation expenditures may be claimed by investors instead of the entity, subject to a renouncement process. Under ASC 740, Income Taxes proceeds from the issuance of flow-through common shares are allocated first to the common stock based on the underlying quoted price of shares and the residual amount is allocated to the sale of tax benefits, which is classified as a liability. After the sale of the shares, as the Company incurs qualifying exploration and evaluation expenditures to fulfill its obligation, the liability is drawn down and the sale of tax benefits is recognized in the Statement of Operations as a reduction of deferred tax expense. Income and Mining Taxes: The Company accounts for income and mining taxes under ASC 740 using the liability method, recognizing certain temporary differences between the financial reporting basis of liabilities and assets and the related tax basis for such liabilities and assets. This method generates either a net deferred income and mining tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives the deferred income and mining tax charge or benefit by recording the change in either the net deferred income and mining tax liability or asset balance for the year. The Company records a valuation allowance against any portion of those deferred income and mining tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income and mining tax asset will not be realized. Comprehensive (Loss) Income: In addition to net income or loss, comprehensive income or loss is included in changes in equity during a period. Per Share Amounts: Basic income or loss per share is computed by dividing income or loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution of securities that could share in the earnings of the Company and is computed in accordance with the treasury stock method based on the average number of common shares and dilutive common share equivalents outstanding. Only those instruments that result in a reduction in income per share are included in the calculation of diluted income per share. As a result of the Company’s share consolidation (Note 13) Loans and Borrowings: Borrowings are recognized initially at fair value, net of financing costs incurred, and subsequently measured at amortized cost. Any difference between the amounts originally received and the redemption value of the debt is recognized in the Statements of Operations Fair Value of Financial Instruments: Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: ​ Loans and borrowings: Consolidated Statement of Operations and Comprehensive (Loss) Income Fair Value of Financial Instruments: ​ Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). ​ ​

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2022
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 3 OPERATING SEGMENT REPORTING McEwen Mining is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The Company’s chief operating decision maker (“CODM”) reviews the operating results, assesses performance and makes decisions about 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. The Company’s business activities that are not considered operating segments are included in General and administrative and other 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 pickup. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 USA ​ Canada ​ Mexico ​ MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 47,926 ​ $ 60,848 ​ $ 1,643 ​ $ — ​ $ — ​ $ 110,417 Production costs applicable to sales ​ ​ (43,500) ​ ​ (36,845) ​ ​ (10,915) ​ ​ — ​ ​ — ​ (91,260) Depreciation and depletion ​ ​ (4,737) ​ ​ (14,964) ​ ​ — ​ ​ — ​ ​ — ​ ​ (19,701) Gross profit (loss) ​ ​ (311) ​ ​ 9,039 ​ ​ (9,272) ​ ​ — ​ ​ — ​ ​ (544) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (52) ​ ​ (1,206) ​ ​ (4,322) ​ ​ — ​ $ (61,148) ​ (66,728) Exploration ​ ​ (4,828) ​ ​ (9,443) ​ ​ (2) ​ ​ — ​ ​ (700) ​ (14,973) Gain from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,776 ​ ​ — ​ 2,776 Segment profit (loss) ​ $ (5,191) ​ $ (1,610) ​ $ (13,596) ​ $ 2,776 ​ $ (61,848) ​ $ (79,469) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (819) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (80,288) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 5,374 ​ $ 15,317 ​ $ 2,800 ​ $ — ​ $ 2,743 ​ $ 26,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 79,205 ​ $ 50,704 ​ $ 6,632 ​ $ — ​ $ — ​ $ 136,541 Production costs applicable to sales ​ ​ (73,990) ​ ​ (32,961) ​ ​ (12,272) ​ ​ — ​ ​ — ​ (119,223) Depreciation and depletion ​ ​ (8,502) ​ ​ (15,296) ​ ​ — ​ ​ — ​ ​ — ​ ​ (23,798) Gross (loss) profit ​ ​ (3,287) ​ ​ 2,447 ​ ​ (5,640) ​ ​ — ​ ​ — ​ ​ (6,480) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (440) ​ ​ (2,635) ​ ​ (4,345) ​ ​ — ​ $ (5,019) ​ (12,439) Exploration ​ ​ (5,875) ​ ​ (15,017) ​ ​ (14) ​ ​ — ​ ​ (1,698) ​ (22,604) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,533) ​ ​ — ​ (7,533) Segment loss ​ $ (9,602) ​ $ (15,205) ​ $ (9,999) ​ $ (7,533) ​ $ (6,717) ​ $ (49,056) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (15,143) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (64,199) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,416 ​ $ 33,617 ​ $ — ​ $ — ​ $ — ​ $ 36,033 ​ 0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 48,884 ​ $ 41,452 ​ $ 14,453 ​ $ — ​ $ — ​ $ 104,789 Production costs applicable to sales ​ ​ (58,465) ​ ​ (34,639) ​ ​ (15,723) ​ ​ — ​ ​ — ​ ​ (108,827) Depreciation and depletion ​ ​ (11,785) ​ ​ (10,883) ​ ​ (242) ​ ​ — ​ ​ — ​ ​ (22,910) Gross loss ​ ​ (21,366) ​ ​ (4,070) ​ ​ (1,512) ​ ​ — ​ ​ — ​ ​ (26,948) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (1,071) ​ ​ (6,088) ​ ​ (4,522) ​ ​ — ​ ​ — ​ ​ (11,681) Exploration ​ ​ (6,777) ​ ​ (6,450) ​ ​ (513) ​ ​ — ​ ​ (2,121) ​ ​ (15,861) Impairment of mineral property interests and plant and equipment ​ ​ (83,805) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (83,805) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,517) ​ ​ — ​ ​ (1,517) Other operating ​ ​ (1,390) ​ ​ (578) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,968) Segment loss ​ $ (114,409) ​ $ (17,186) ​ $ (6,547) ​ $ (1,517) ​ $ (2,121) ​ $ (141,780) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,935) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (153,715) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 4,821 ​ $ 9,104 ​ $ — ​ $ — ​ $ — ​ $ 13,925 ​ Geographic information Geographic information includes the following long-lived assets balances and revenues presented for the Company’s operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Assets ​ Revenue (1) ​ ​ Year ended December 31, ​ Year ended December 31, ​ 2022 2021 2022 ​ 2021 ​ 2020 USA ​ $ 70,577 ​ $ 37,878 ​ $ 47,926 ​ $ 79,205 ​ $ 48,884 Canada ​ ​ 91,552 ​ ​ 93,294 ​ ​ 60,848 ​ ​ 50,704 ​ ​ 41,452 Mexico ​ ​ 29,219 ​ ​ 26,561 ​ ​ 1,643 ​ ​ 6,632 ​ ​ 14,453 Argentina (2) ​ ​ 255,718 ​ ​ 282,583 ​ ​ — ​ ​ — ​ ​ — Total Consolidated (3) ​ $ 447,066 ​ $ 440,316 ​ $ 110,417 ​ $ 136,541 ​ $ 104,789 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $93.5 million as of December 31, 2022 (December 31, 2021 - $90.9 million). (3) Total excludes $0.3 million (December 31, 2021 - $0.4 million) related to the Company’s ROU office lease asset as the business activities related to corporate are not considered to be a part of the operating segments ​ As gold and silver can be sold through numerous gold and silver market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The following is a summary of revenue from gold and silver sales for significant customers for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 ​ 2021 ​ 2020 Asahi Refining Inc. $ 57,835 $ 134,395 $ 66,934 Auramet ​ 50,580 ​ — ​ — Bank of Nova Scotia ​ — ​ — ​ 33,060 Other ​ 2,002 ​ 2,146 ​ 4,795 Revenue from gold and silver sales $ 110,417 $ 136,541 $ 104,789 ​

OTHER INCOME

OTHER INCOME	12 Months Ended
	Dec. 31, 2022
OTHER INCOME
OTHER INCOME	NOTE 4 OTHER INCOME The following is a summary of other income (expense) for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 ​ 2020 COVID-19 relief $ — ​ $ 3,541 ​ $ 6,420 Unrealized and realized gain (loss) on investments (Note 5) ​ (511) ​ ​ 28 ​ ​ (619) Foreign currency gain on Blue Chip Swap ​ 19,772 ​ ​ — ​ ​ — Foreign currency gain, other ​ 4,030 ​ ​ 513 ​ ​ 1,078 Other income (loss), net ​ (353) ​ ​ 2,199 ​ ​ 14 Total other income $ 22,938 ​ $ 6,281 ​ $ 6,893 ​ During the year ended December 31, 2022, 2021 and 2020, the Company recognized $nil, $3.5 million and $6.4 million, respectively, of other income through COVID-19 relief from the Canadian government via the Canadian Emergency Wage Subsidy and Canada Emergency Rent Subsidy programs. ​ Foreign currency gain on Blue Chip Swap represents the realized foreign exchange gain from the transfer of marketable securities to facilitate intragroup funding transfers between the US parent and its Argentine subsidiary (“Blue Chip Swap”). The Blue Chip Swap transaction is the fund transfer vehicle provided by a financial institution, which utilizes the existing loan structure between the Company’s Canadian, Cayman Islands, and Argentina subsidiaries. The Company does not acquire marketable securities or engage in these transactions for speculative purposes. ​ For the year ended December 31, 2022, the Company completed eleven Blue Chip Swap transactions to transfer funds from its Canadian USD bank account to Argentina. These funds were used for the continued development of the Los Azules Copper project. For the year ended December 31, 2022, the Company realized a net gain of $18.8 million. The net gain for the year ended December 31, 2022 was comprised of a foreign currency gain of $19.8 million and a realized loss on investments of $1.0 million, including the impact of fees and commissions. No similar transactions occurred in 2021 and 2020. ​

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS The Company’s investment portfolio consisted of marketable equity securities and warrants of certain publicly-traded companies. The following is a summary of the activity in investments for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ ​ ​ Disposals/ ​ Unrealized ​ Fair value ​ ​ December 31, ​ transfers during ​ Net gain (loss) on ​ transfers during ​ loss on ​ December 31, ​ 2021 period securities sold year securities held 2022 Marketable equity securities ​ $ 1,644 ​ $ — ​ $ — ​ $ — ​ $ (511) ​ $ 1,133 Warrants ​ 162 ​ — ​ — ​ — ​ — ​ 162 Investments ​ $ 1,806 ​ $ — ​ $ — ​ $ — ​ $ (511) ​ $ 1,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ ​ ​ Disposals/ ​ Unrealized ​ Fair value ​ ​ December 31, ​ transfers during ​ Net gain (loss) on ​ transfers during ​ gain on ​ December 31, ​ 2020 period securities sold ​ year ​ securities held ​ 2021 Marketable equity securities ​ $ — ​ $ 1,616 ​ $ — ​ $ — ​ $ 28 ​ $ 1,644 Warrants ​ — ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Investments ​ $ — ​ $ 1,778 ​ $ — ​ $ — ​ $ 28 ​ $ 1,806 ​ On June 23, 2021, the Company closed the sale of two projects in Nevada, Limousine Butte and Cedar Wash, with Nevgold Corp. (“Nevgold”, formerly Silver Mountain Mines Inc.). In addition to $0.5 million of cash received as part of the consideration, the Company received 4,963,455 common shares and 2,481,727 warrants 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. During the years ended December 31, 2022, 2021 and 2020, the Company sold marketable equity securities for proceeds of $nil, $nil and $1.3 million, respectively.

RECEIVABLES AND OTHER CURRENT A

RECEIVABLES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2022
RECEIVABLES AND OTHER CURRENT ASSETS
RECEIVABLES AND OTHER CURRENT ASSETS	NOTE 6 RECEIVABLES AND OTHER CURRENT ASSETS Receivables and other current assets as at December 31, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Government sales tax receivable ​ ​ 2,868 ​ $ 3,708 Prepaids and other assets ​ ​ 5,972 ​ ​ 6,883 Receivables and other current assets ​ $ 8,840 ​ $ 10,591 ​ ​ Included in government sales tax receivable for the year ended December 31, 2022 is $0.9 million HST receivable from the company’s operations at the Fox Complex (December 31, 2021 - $2.2 million). The timing of receipt of these funds is uncertain due to ongoing review conducted by local tax authorities. ​ Government Sales Taxes Receivable: ​ In Mexico, Argentina, and Canada, value added taxes are assessed on purchases of materials and services and sales of products. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or as a credit against future taxes payable.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2022
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories at December 31, 2022 and 2021 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Material on leach pads ​ $ 7,571 ​ $ 4,660 In-process inventory ​ 3,674 ​ 3,049 Stockpiles ​ 15,392 ​ 5,105 Precious metals ​ 2,119 ​ 1,819 Materials and supplies ​ 5,411 ​ 3,702 ​ ​ $ 34,167 ​ $ 18,335 Less long-term portion ​ ​ (2,432) ​ ​ (2,543) ​ ​ ​ 31,735 ​ ​ 15,792 ​ During the year ended December 31, 2022, inventory at the Fox Complex, El Gallo mine and Gold Bar Mine were written down to their estimated net realizable value by $2.4 million, $4.6 million and $nil respectively. During the year ended December 31, 2021, the inventory at the Fox Complex, El Gallo mine and Gold Bar Mine were written down to their net realizable value by $2.1 million, $3.3 million, and $1.4 million respectively. Of these write-downs, a total of $6.4 million was included in production costs applicable to sales (December 31, 2021 - $6.0 million) and $0.6 million was included in depreciation and depletion (December 31, 2021 - $0.8 million) in the Statement of Operations

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	12 Months Ended
	Dec. 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 cost and carrying value of mineral property interests and plant and equipment at December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Mineral property interests, cost ​ $ 359,845 ​ $ 344,529 Less: accumulated depletion ​ ​ (58,700) ​ ​ (47,197) Mineral property interests, carrying value ​ $ 301,145 ​ $ 297,332 ​ ​ ​ ​ ​ ​ ​ Plant and equipment, cost ​ ​ ​ ​ ​ ​ Land ​ $ 17,850 ​ $ 8,949 Construction in progress ​ ​ 8,408 ​ ​ 4,078 Plant and equipment ​ ​ 73,740 ​ ​ 76,887 Subtotal ​ $ 99,998 ​ $ 89,914 Less: accumulated depreciation ​ (54,862) ​ ​ (44,942) Plant and equipment, carrying value ​ $ 45,136 ​ $ 44,972 ​ ​ ​ ​ ​ ​ ​ Mineral property interests and plant and equipment, carrying value ​ $ 346,281 ​ $ 342,303 ​ Mineral property interest carrying value at December 31, 2022 and 2021 includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of Property/Complex State/Province Country 2022 2021 Fox Complex ​ Ontario ​ Canada ​ $ 40,413 ​ $ 37,678 ​ Lexam Exploration Properties ​ Ontario ​ Canada ​ ​ 41,595 ​ ​ 41,595 ​ Los Azules Copper Project San Juan Argentina ​ ​ 191,490 ​ ​ 191,490 ​ Tonkin Properties Nevada United States ​ 4,833 ​ 4,833 ​ Gold Bar Mine Nevada United States ​ 12,982 ​ 11,790 ​ Elder Creek Exploration Property Nevada United States ​ 785 ​ 785 ​ Fenix Project Properties Sinaloa Mexico ​ 9,047 ​ 9,160 ​ Total mineral property interests ​ ​ ​ ​ ​ $ 301,145 ​ $ 297,332 ​ ​ Gold Bar mineral property interests are depleted based on the units of production method from the production commencement date over the estimated proven and probable reserves. The El Gallo mine and Fox Complex are depleted and depreciated using the straight line or units-of-production method over the stated mine life, as the projects do not have proven and probable reserves compliant with S-K 1300 . The definition of proven and probable reserves is set forth in the S-K 1300. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and probable reserves estimated in accordance with S-K 1300. The Company conducts a review of potential triggering events for impairment for all its mineral projects on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the year ended December 31, 2022 and 2021, no impairment has been noted for any of the Company’s mineral property interests.

INVESTMENT IN MSC - SAN JOSE MI

INVESTMENT IN MSC - SAN JOSE MINE	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN MSC - SAN JOSE MINE
INVESTMENT IN MSC - SAN JOSE MINE	NOTE 9 INVESTMENT IN 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 US GAAP. As such, the summarized financial data presented under this heading is in accordance with US GAAP. A summary of the operating results of MSC for the years ended December 31, 2022, 2021, and 2020, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ 2020 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 254,698 ​ $ 271,863 ​ $ 219,020 ​ Production costs applicable to sales ​ ​ (182,195) ​ ​ (196,033) ​ ​ (138,182) ​ Depreciation and depletion ​ ​ (32,200) ​ ​ (39,948) ​ ​ (29,809) ​ Gross profit ​ ​ 40,303 ​ ​ 35,882 ​ ​ 51,029 ​ Exploration ​ ​ (8,946) ​ ​ (10,602) ​ ​ (10,446) ​ Other expenses (1) ​ ​ (19,715) ​ ​ (17,077) ​ ​ (30,515) ​ Net income before tax ​ $ 11,642 ​ $ 8,203 ​ $ 10,068 ​ Current and deferred tax recovery (expense) ​ ​ 1,221 ​ ​ (7,934) ​ ​ (4,466) ​ Net income ​ $ 12,863 ​ $ 269 ​ $ 5,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 6,303 ​ $ 132 ​ $ 2,745 ​ Amortization of fair value increments ​ (4,155) ​ (8,331) ​ (5,390) ​ Income tax recovery ​ ​ 628 ​ ​ 666 ​ ​ 1,128 ​ Income (loss) from investment in MSC, net of amortization ​ $ 2,776 ​ $ (7,533) ​ $ (1,517) ​ (1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance related expenses. The income (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 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 year ended December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Investment in MSC, beginning of period $ 90,961 ​ $ 108,326 Attributable net income from MSC ​ 6,303 ​ ​ 132 Amortization of fair value increments (4,155) ​ (8,331) Income tax recovery ​ 628 ​ ​ 666 Dividend distribution received (286) ​ (9,832) Investment in MSC, end of period $ 93,451 ​ $ 90,961 ​ A summary of the key assets and liabilities of MSC as at December 31, 2022 and 2021, before and after adjustments for fair value increments arising from the purchase price allocation, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 98,956 ​ $ 1,103 ​ $ 100,059 Total assets ​ $ 204,671 ​ $ 81,434 ​ $ 286,105 Current liabilities ​ $ (60,584) ​ $ — ​ $ (60,584) Total liabilities ​ $ (82,185) ​ $ (1,295) ​ $ (83,480) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 89,876 ​ $ 469 ​ $ 90,345 Total assets ​ $ 180,302 ​ $ 89,975 ​ $ 270,277 Current liabilities ​ $ (51,244) ​ $ — ​ $ (51,244) Total liabilities ​ $ (82,075) ​ $ (2,577) ​ $ (84,652) ​

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2022
LEASE LIABILITIES
LEASE LIABILITIES	NOTE 10 LEASE LIABILITIES The Company’s lease obligations include equipment, vehicles and office space. Leased assets are included in plant and equipment ( Note 8 Lease liabilities as at December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total discounted lease liabilities ​ ​ December 31, 2022 ​ December 31, 2021 Finance leases ​ $ 1,320 ​ $ 3,833 Operating lease ​ ​ 1,086 ​ ​ 583 Lease liabilities ​ $ 2,406 ​ $ 4,416 Current portion ​ ​ (1,215) ​ ​ (2,901) Long-term portion ​ $ 1,191 ​ $ 1,515 ​ Lease liabilities as at December 31, 2022 are recorded using a weighted average discount rate of 3.63% and 8.00% for finance and operating leases and have average remaining lease terms of two years and three years, respectively. By comparison, as at December 31, 2021 lease liabilities were recorded at a rate of 6.67% and 8.73% for finance and operating leases and had average remaining lease term of one year and three years. During the year ended December 31, 2022, the Company recorded $3.0 million (December 31, 2021 – $2.0 million) in interest and other finance costs related to leases. A breakdown of the lease related costs for the year ended December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 Finance leases: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 2,865 ​ $ 1,659 Interest expense ​ ​ 140 ​ ​ 329 Total ​ $ 3,005 ​ $ 1,988 ​ ​ ​ ​ ​ ​ ​ Operating lease: ​ ​ ​ ​ ​ ​ Rent expense ​ $ 152 ​ $ 135 ​ Future minimum undiscounted lease payments as at December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2023 2024 2025 2026 Total ​ (in thousands) Operating lease obligation ​ $ 512 ​ $ 332 ​ $ 204 ​ $ 118 $ 1,166 Finance lease obligations ​ 1,060 ​ 357 ​ 68 ​ 29 1,514 Total future minimum lease payments ​ $ 1,572 ​ $ 689 ​ $ 272 ​ $ 147 $ 2,680 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,701 ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2022
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 11 LONG-TERM DEBT $50 Million Term Loan Facility On August 10, 2018, the Company finalized a $50.0 million senior secured three-year term loan. 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 and included the following revisions: ​ ● Scheduled repayments were extended by two years ; monthly repayments of principal in the amount of $2.0 million were 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 increased 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 (further amended, see below). ● The Company issued 209,170 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 lender. 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 previous amendment as follows: ● Scheduled repayments of the principal were extended by 18 months thereafter; monthly repayments of principal in the amount of $2.0 million are now 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 and until 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 unaffiliated lender 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 under the ARCA. $15 Million Subordinated Promissory Note On March 31, 2022, the Company issued a $15.0 million unsecured subordinated promissory note to a company controlled by Robert R. McEwen, the Chairman and Chief Executive Officer of the Company (“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. The promissory note is subordinated to the ARCA loan facility. A reconciliation of the Company’s long-term debt for the year ended December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Year ended Balance, beginning of period ​ $ 48,866 ​ $ 48,160 Promissory note - initial recognition ​ ​ 15,000 ​ ​ — Interest expense ​ 5,488 ​ 5,581 Interest payments ​ (4,875) ​ (4,875) Financing fee ​ ​ (500) ​ ​ — Balance, end of period ​ $ 63,979 ​ $ 48,866 Less: current portion ​ ​ 10,000 ​ ​ — Long-term portion ​ $ 53,979 ​ $ 48,866 ​

RECLAMATION AND REMEDIATION LIA

RECLAMATION AND REMEDIATION LIABILITIES	12 Months Ended
	Dec. 31, 2022
RECLAMATION AND REMEDIATION LIABILITIES
RECLAMATION AND REMEDIATION LIABILITIES	NOTE 12 RECLAMATION AND REMEDIATION LIABILITIES 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 Fox Complex properties in Canada, and the El Gallo mine in Mexico. A reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Reclamation and remediation liability, beginning balance $ 35,452 ​ $ 34,000 ​ Settlements (774) ​ (2,225) ​ Accretion of liability 2,354 ​ 2,405 ​ Revisions to estimates and discount rate 5,664 ​ 1,257 ​ Foreign exchange revaluation ​ (850) ​ ​ 15 ​ Reclamation and remediation liability, ending balance $ 41,846 ​ $ 35,452 ​ Less: current portion ​ 12,576 ​ ​ 5,761 ​ Long-term portion $ 29,270 ​ $ 29,691 ​ ​ The adjustment reflecting updated estimates for the year ended December 31, 2022, primarily relates to a $3.2 million increase in obligations in Gold Bar, $1.2 million increase in obligations in Tonkin Springs and $1.3 million increase in obligations in El Gallo. By comparison, as at December 31, 2021, $0.5 million increase in obligations relates to Gold Bar, $0.1 million increase - Tonkin Springs and $0.6 million increase - Fox Complex. Reclamation expense in the Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 ​ 2021 ​ 2020 Reclamation adjustment reflecting updated estimates $ 991 ​ $ 1,045 ​ $ (113) Reclamation accretion ​ 2,354 ​ ​ 2,405 ​ ​ 1,901 Total $ 3,345 ​ ​ 3,450 ​ $ 1,788 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 13 SHAREHOLDERS’ EQUITY Share Consolidation and Articles of Amendment ​ Effective after the close of trading on July 27, 2022, the Company filed Articles of Amendment to its Second Amended and Restated Articles of Incorporation with the Colorado Secretary of State to, among other items, effect a one-for-ten reverse split of its outstanding common stock. This reverse split, or consolidation, resulted in every 10 shares of common stock outstanding immediately prior to the effective date being converted into one share of common stock after the effective date. The consolidation was effected following approval by the shareholders in order for the Company to regain compliance with the NYSE (the “New York Stock Exchange”) listing requirements, specifically those requiring a minimum share trading price of $1 per share. The consolidation was effective for trading purposes on July 28, 2022. Following the consolidation, the company purchased fractional shares resulting from the split. The Articles of Amendment also served to reduce the Company’s authorized capital from 675,000,002 shares to 200,000,002 shares, with 200,000,000 shares being common stock and 2 shares being a special preferred stock. Equity Issuances Equity Financing During the year ended December 31, 2021, the Company completed a registered direct offering of common stock and issued 3,000,000 shares priced at $10.50 per share for gross proceeds of $31.5 million. Total issuance costs amounted to $1.7 million for net proceeds of $29.9 million. Flow-Through Shares Issuance – Canadian Exploration Expenditures (“CEE”) On March 2, 2022, the Company issued 1,450,000 flow-through common shares priced at $10.40 per share for gross proceeds of $15.1 million. The proceeds of this offering have been or 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 value of 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 766,990 flow-through common shares priced at $12.80 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 629,816 flow-through common shares priced at $16.50 per share for gross proceeds of $10.4 million. The purpose of this offering was also 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 were 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 Flow-Through Shares Issuance – Canadian Development Expenses (“CDE”) On January 29, 2021, the Company issued 1,260,060 flow-through common shares priced at $10.10 per share for gross proceeds of $12.7 million. The purpose of this offering was to fund the continued development of the Froome Mine. 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 November 2019 Offering On November 20, 2019 (the “November Offering”), the Company issued 3,775,000 Units at $13.25 per Unit, for net proceeds of $46.6 million (net of issuance costs of $3.5 million). Each Unit consisted of one share of common stock and one The Company concluded that both common stock and warrants are equity-linked financial instruments and should be accounted for permanently in the shareholders’ equity section in the Consolidated Balance Sheets The Company used the Black-Scholes pricing model to determine the fair value of warrants issued in connection with the November Offering using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 20, 2019 ​ Risk-free interest rate ​ ​ ​ ​ ​ 1.55 % Dividend yield ​ ​ ​ ​ ​ 0.00 % Volatility factor of the expected market price of common stock ​ ​ ​ ​ ​ 60 % Weighted-average expected life ​ ​ ​ ​ ​ 5 years ​ Weighted-average grant date fair value ​ ​ ​ ​ $ 0.52 ​ ​ As of December 31, 2022, 2,170,625 warrants issued under the November Offering remain outstanding and unexercised. The warrants expire in November 2024. Stock Options The Company’s Amended and Restated Equity Incentive Plan (“Plan”) allows for equity awards to be granted to employees, consultants, advisors, and directors. The Plan is administered by the Compensation Committee of the Board of Directors (“Committee”), which determines the terms pursuant to which any award is granted. The Committee may delegate to certain officers the authority to grant awards to certain employees (other than such officers), consultants and advisors. As of December 31, 2022, 447,787 options were outstanding under the plan (December 31, 2021 – 616,958). Shareholder Distributions Pursuant to the ARCA ( Note 11 Stock-Based Compensation The following table summarizes information about stock options outstanding under the Plan at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic ​ ​ Shares ​ Price ​ Life (Years) ​ Value ​ ​ (in thousands, except per share and year data) Balance at December 31, 2019 527 ​ $ 20.02 3.0 ​ $ 364 ​ Granted 510 ​ ​ 12.24 ​ — ​ ​ — ​ Exercised (14) ​ ​ 10.20 ​ — ​ ​ 10 ​ Forfeited ​ (197) ​ ​ 21.79 ​ — ​ ​ 2 ​ Expired ​ (125) ​ ​ 11.85 ​ — ​ ​ — ​ Balance at December 31, 2020 701 ​ $ 15.51 4.2 ​ $ 53 ​ Granted 95 ​ ​ 12.21 ​ — ​ ​ — ​ Exercised — ​ ​ — ​ — ​ ​ 10 ​ Forfeited (159) ​ ​ 14.56 ​ — ​ ​ 2 ​ Expired (20) ​ ​ 71.00 ​ — ​ ​ — ​ Balance at December 31, 2021 617 ​ $ 13.43 4.2 ​ $ 53 ​ Forfeited (159) ​ ​ 12.27 ​ — ​ ​ 2 ​ Expired ​ (10) ​ ​ 27.80 ​ — ​ ​ — ​ Balance at December 31, 2022 448 ​ $ 13.43 2.6 ​ $ — ​ Exercisable at December 31, 2022 321 ​ $ 13.81 2.6 ​ $ — ​ ​ Stock options have been granted to key employees, directors and consultants under the Plan. Options to purchase shares under the Plan were granted at or above the market value of the common stock as of the date of the grant. During the year ended December 31, 2021, the Company granted stock options to certain employees and directors for an aggregate of 0.1 million shares of common stock at a weighted average exercise price of $12.20 per share. The options vest equally over a three-year period if the individuals remain affiliated with the Company (subject to acceleration of vesting in certain events) and are exercisable for a period of five years from the date of grant. The fair value of the options granted under the Plan was estimated at the date of grant, using the Black-Scholes option-pricing model, with the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Risk-free interest rate - ​ ​ 0.519% to 0.873% ​ ​ 0.157% to 0.322% Dividend yield - ​ ​ 0.00% ​ ​ 0.00% Volatility factor of the expected market price of common stock - ​ ​ 63% ​ ​ 59% Weighted-average expected life of option - ​ ​ 3.5 years ​ ​ 3.5 years Weighted-average grant date fair value - ​ $ 1.22 ​ $ 1.22 ​ During the year ended December 31, 2022, the Company recorded stock option expense of $0.3 million (2021 – $0.8 million, 2020 – $0.6 million) while the corresponding fair value of awards vesting in the period was $0.8 million (2021 – $0.8 million and 2020 – $0.1 million). As of December 31, 2022, there was $0.1 million (2021 – $0.6 million, 2020 - $1.4 million) of unrecognized compensation expense related to 0.4 million (2021 – 0.4 million, 2020 – 0.6 million) unvested stock options outstanding. This cost is expected to be recognized over a weighted-average period of approximately 0.9 years (2021 – 1.4 years, 2020 – 1.6 years). The following table summarizes the status and activity of non-vested stock options for the year ended December 31, 2022, for the Company’s Plan and the replacement options from the acquisition of Lexam: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Number of ​ Fair Value ​ Shares Per Share ​ ​ (in thousands, except per share amounts) Non-vested, beginning of year ​ 390 ​ $ 4.26 Granted ​ — ​ $ - Cancelled/Forfeited ​ (99) ​ $ 4.16 Vested ​ (165) ​ $ 4.40 Non-vested, end of year ​ 126 ​ $ 4.15 ​

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 14 NET LOSS PER SHARE Basic net income (loss) per share is computed by dividing the net income or (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments. Diluted net income per share is calculated using the treasury stock method. In applying the treasury stock method, employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact would be anti-dilutive. Potentially dilutive instruments are not considered in calculating the diluted loss per share, as their effect would be anti-dilutive. Below is a reconciliation of the basic and diluted weighted average number of common shares and the computations for basic and diluted net (loss) per share for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ ​ ​ (amounts in thousands, unless otherwise noted) ​ Net loss ​ ​ $ (81,075) ​ $ (56,712) ​ $ (152,325) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ ​ 47,427 ​ ​ 45,490 ​ ​ 40,346 ​ Diluted shares outstanding ​ ​ ​ 47,427 ​ ​ 45,490 ​ ​ 40,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share - basic and diluted ​ ​ $ (1.71) ​ $ (1.25) ​ $ (3.78) ​ ​ For the years ended December 31, 2022, 2021 and 2020, all outstanding options to purchase shares of common stock and share purchase warrants were excluded from the respective computations of diluted loss per share, as the Company was in a loss position, and all potentially dilutive instruments were anti-dilutive and therefore not included in the calculation of diluted net loss per share.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 RELATED PARTY TRANSACTIONS The Company incurred the following expense in respect to the related parties outlined below during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 Lexam L.P. $ — ​ $ 78 ​ $ 99 REVlaw ​ 366 ​ ​ 347 ​ ​ 158 ​ The Company has the following outstanding accounts payable balance in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 REVlaw ​ 112 ​ ​ 137 ​ REVlaw is a company owned by Ms. Carmen Diges, General Counsel of the Company. The legal services of Ms. Diges as General Counsel 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 year ended December 31, 2022, the Company paid $2.4 million (year ended December 31, 2021 – $2.8 million) in interest to this affiliate. Note 11 On March 31, 2022, the Company issued a $15.0 million unsecured subordinated promissory note to a company controlled by Mr. McEwen. 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. The amount of interest paid during the year ended December 31, 2022, is $0.9 million (Note 11). On August 23, 2021, an affiliate of Mr. McEwen participated in the Series B private placement offering conducted by McEwen Copper (Note 20).

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	12 Months Ended
	Dec. 31, 2022
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 16 FAIR VALUE ACCOUNTING As required by accounting guidance, certain 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 4) Assets and liabilities measured at fair value on a recurring basis The following tables identify 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 December 31, 2022 and 2021, as reported in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at December 31, 2022 Fair value as at December 31, 2021 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,133 ​ $ — ​ $ 1,133 ​ $ 1,644 ​ $ — ​ $ 1,644 Total investments ​ $ 1,133 ​ $ — ​ $ 1,133 ​ $ 1,644 ​ $ — ​ $ 1,644 ​ The Company’s investments as at December 31, 2022 mainly consist of marketable equity securities which 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 investments is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. The fair value of other financial assets and liabilities were assumed to approximate their carrying values due to their short-term nature and historically negligible credit losses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17 COMMITMENTS AND CONTINGENCIES Commitments The following are minimum commitments of the Company as at December 31, 2022, and related payments due over the following five years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Mining and surface rights ​ $ 1,555 ​ $ 1,401 ​ $ 607 ​ $ 600 ​ $ 52 $ 4,215 Exploration - Los Azules ​ ​ 29,428 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 29,428 Exploration - Other ​ ​ 13,155 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 13,155 Reclamation costs (1) ​ ​ 12,815 ​ ​ 1,400 ​ ​ 1,744 ​ ​ 3,068 ​ ​ 32,821 ​ 51,849 Long-term debt ​ ​ 14,712 ​ ​ 26,833 ​ ​ 16,337 ​ ​ — ​ ​ — ​ 57,882 Lease obligations ​ ​ 1,572 ​ ​ 689 ​ ​ 272 ​ ​ 147 ​ ​ — ​ 2,680 Total ​ $ 73,237 ​ $ 30,324 ​ $ 18,960 ​ $ 3,815 ​ $ 32,873 $ 159,209 (1) Amounts presented represent the undiscounted uninflated future payments. Reclamation Bonds As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations of $27.8 million in Nevada pertaining primarily to the Tonkin and the Gold Bar properties and $11.5 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 18 Surety Bonds As at December 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 $11.5 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 December 31, 2022, the Company recorded $3.8 million in restricted cash as a deposit against the surety facility (Note 18) Streaming Agreement As part of the acquisition of the Fox Complex in 2017, the Company assumed a gold purchase agreement (streaming contract) related to production, if any, from certain claims. Under the streaming contract, 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 revenue on these shipments based on the contract price at the time of delivery to the customer. During the year ended December 31, 2022, the Company recorded revenue of $1.7 million (2021 – $1.3 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 were used for the continued development of the Company’s properties in the Timmins region of Canada. As of December 31, 2022, the Company has incurred $1.0 million of the required CEE spend and expects to fulfill the remaining $14.0 million of CEE commitments by the end of 2023 (Note 13). Prepayment Agreement On July 27, 2022, the Company entered into a precious metals purchase agreement with Auramet. Under this agreement, the Company may sell the gold on a Spot Basis, on a Forward Basis and on a Supplier Advance basis, i.e. the gold is priced and paid for while the gold is: (i) at a mine for a maximum of 15 business days before shipment; or (ii) in-transit to a refinery; or (iii) while being refined at a refinery. ​ During the year ended December 31, 2022, the Company received net proceeds of $46.0 million from the sales on a Supplier Advance Basis. The Company recorded revenue of $40.6 million related to the gold sales, with the remaining $6.2 million representing 3,500 ounces pledged but not yet delivered to Auramet, recorded as a contract liability on the Consolidated Balance Sheets Other potential contingencies The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company and its predecessors have transferred their interest in several mining properties to third parties throughout its history. The Company could remain potentially liable for environmental enforcement actions related to its prior ownership of such properties. However, the Company has no reasonable belief that any violation of relevant environmental laws or regulations has occurred regarding these transferred properties.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	12 Months Ended
	Dec. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	NOTE 18 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Consolidated Balance Sheets Consolidated Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 Cash and cash equivalents ​ $ 39,782 ​ $ 54,287 Restricted cash - current ​ ​ - ​ ​ 2,550 Restricted cash - non-current ​ ​ 3,797 ​ ​ 3,797 Total cash, cash equivalents, and restricted cash ​ $ 43,579 ​ $ 60,634 ​ As of December 31, 2022, of $43.6 million of cash and cash equivalents, $2.5 million in cash and $35.6 million in bankers’ acceptance notes with maturity dates between 34 to 81 days are held by McEwen Copper. The non-current portion of restricted cash includes deposits related to the Company’s reclamation obligations and surety facility (Note 17).

INCOME AND MINING TAXES

INCOME AND MINING TAXES	12 Months Ended
	Dec. 31, 2022
INCOME AND MINING TAXES.
INCOME AND MINING TAXES	NOTE 19 INCOME AND MINING TAXES The Company’s income and mining tax (expense)/recovery consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 United States ​ $ — ​ $ — ​ $ — Foreign ​ ​ 7,663 ​ ​ — ​ ​ — Current tax expense ​ $ 7,663 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ (387) ​ $ (817) Foreign ​ ​ (1,856) ​ ​ (6,928) ​ ​ (573) Deferred tax recovery ​ $ (1,856) ​ $ (7,315) ​ $ (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ (387) ​ $ (817) Foreign ​ ​ 5,806 ​ ​ (6,928) ​ ​ (573) Total income and mining tax expense/(recovery) ​ $ 5,806 ​ $ (7,315) ​ $ (1,390) ​ The Company’s net loss before income and mining tax consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ 2020 United States ​ $ (20,618) ​ $ (24,808) ​ $ (127,524) Foreign ​ ​ (59,670) ​ ​ (39,391) ​ ​ (26,191) Loss before income and mining taxes ​ $ (80,288) ​ $ (64,199) ​ $ (153,715) ​ A reconciliation of the tax provision for 2022, 2021 and 2020 at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the financial statements is computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected tax recovery at 2022 2021 2020 Loss before income and mining taxes ​ $ (80,288) ​ $ (64,199) ​ $ (153,715) Statutory tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% US Federal and State tax expense at statutory rate ​ ​ (16,860) ​ ​ (13,482) ​ ​ (32,280) Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity pickup in MSC ​ (583) ​ 1,326 ​ 374 Deferred foreign income inclusion ​ — ​ — ​ 795 Realized flow-through expenditures ​ ​ 2,169 ​ ​ 6,148 ​ ​ 496 Realized flow-through premium ​ ​ (2,011) ​ ​ (3,486) ​ ​ (338) Adjustment for foreign tax rates ​ (8,384) ​ (3,039) ​ (2,043) Deferred mining tax liability ​ ​ 116 ​ ​ ​ ​ ​ ​ Permanent differences ​ 31,369 ​ 9,353 ​ (2,546) NOL expires and revisions ​ — ​ 241 ​ 1,066 Valuation allowance ​ (10) ​ (4,377) ​ 33,086 Income and mining tax expense (recovery) ​ $ 5,806 ​ $ (7,315) ​ $ (1,390) ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at December 31, 2022 and 2021 respectively are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 65,174 ​ $ 70,830 ​ Mineral Properties ​ 69,326 ​ 59,426 ​ Other temporary differences ​ 22,433 ​ 29,009 ​ Total gross deferred tax assets ​ 156,933 ​ 159,265 ​ Less: valuation allowance ​ (149,342) ​ (149,921) ​ Net deferred tax assets ​ $ 7,591 ​ $ 9,344 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Acquired mineral property interests ​ ​ (7,746) ​ ​ (9,344) ​ Total deferred tax liabilities ​ $ (7,746) ​ $ (9,344) ​ Deferred income and mining tax liability ​ $ (155) ​ $ — ​ ​ The Company reviews the measurement of its deferred tax assets at each balance sheet date. On the basis of available information at December 31, 2022, the Company has provided a valuation allowance for certain of its deferred assets where the Company believes it is more likely than not that some portion or all of such assets will not be realized. The table below summarizes changes to the valuation allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Balance at beginning of year Additions(a) Deductions(b) Balance at end of year 2022 ​ $ 149,921 ​ $ 6,600 ​ $ (7,179) ​ $ 149,342 2021 ​ ​ 154,298 ​ ​ 4,058 ​ ​ (8,435) ​ ​ 149,921 2020 ​ ​ 121,212 ​ ​ 39,794 ​ ​ (6,708) ​ ​ 154,298 (a) The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets. (b) The reductions to valuation allowance mainly result from release of valuation allowance, expiration of the Company’s tax attributes, foreign exchange reductions of tax attributes in Canada, Mexico and Argentina and inflationary adjustments to tax attributes in Argentina. As at December 31, 2022, 2021 and 2020, the Company did not have any income-tax related accrued interest and tax penalties. ​ The following table summarizes the Company’s losses that can be applied against future taxable profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Country Type of Loss Amount Expiry Period United States (a) ​ Net-operating losses ​ $ 197,714 ​ 2027-Unlimited Mexico ​ Net-operating losses ​ ​ 46,842 ​ 2023-2032 Canada (a) ​ Net-operating losses ​ ​ 35,576 ​ 2025-2040 Argentina (a) ​ Net-operating losses ​ ​ 1,288 ​ 2023-2027 (a) The losses in the United States, Canada, and Argentina are part of multiple consolidating groups, and therefore, may be restricted in use to specific projects. The Company or its subsidiaries file income tax returns in the United States, Canada, Mexico, and Argentina. These tax returns are subject to examination by local taxation authorities provided the tax years remain open to audit under the relevant statute of limitations. The following summarizes the open tax years by major jurisdiction: United States: 2018 to 2022 Canada: 2014 to 2022 Mexico: 2017 to 2022 Argentina: 2017 to 2022

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	NOTE 20 NON-CONTROLLING INTERESTS ​ On August 23, 2021, the Company’s subsidiary, McEwen Copper, closed the first tranche of a Series B private placement offering in which 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 in this first tranche. As of August 23, 2021 and December 31, 2021, the affiliate held 18.6% ownership of McEwen Copper. As of September 30, 2022, this ownership was decreased to 15.57% due to the closing of the second and the third tranches of Series B private placement offering. ​ As a result of the common shares issued, the Company’s 100% ownership in McEwen Copper was reduced by 18.6% to 81.4%. 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 on the Consolidated Balance Sheets ​ On June 21, 2022, McEwen Copper closed the second tranche of the Series B private placement offering in which McEwen Copper issued 1,500,000 additional common shares at a price of $10.00 per share for gross proceeds of $15.0 million. ​ As a result of the common shares issued, the Company’s 81.4% ownership in McEwen Copper was reduced by 5.31% to 76.09%. The Company assessed 23.91% as non-redeemable non-controlling interests. Consequently, the Company recorded $7.6 million as non-controlling interests and $7.4 million as additional paid-in-capital in 2022. ​ On August 31, 2022, McEwen Copper closed its third and final tranche of the Series B private placement offering under which McEwen Copper issued 2,685,000 additional common shares at a price of $10.00 per share for gross proceeds of $26.9 million. ​ As a result of the common shares issued, the Company’s 76.09% ownership in McEwen Copper was reduced by 7.96% to 68.13%. The Company assessed 31.87% as non-redeemable non-controlling interests. Consequently, the Company recorded $16.1 million as non-controlling interests and $10.8 million as additional paid-in-capital in 2022. ​ As of December 31, 2022, the Company recorded $5.0 million net loss attributed to non-controlling interests of 31.87% (December 31, 2021 - $0.2 million net loss attributed to non-controlling interests of 18.6%).

UNAUDITED SUPPLEMENTARY QUARTER

UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION	12 Months Ended
	Dec. 31, 2022
UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION
UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION	NOTE 21 UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION The following table summarizes unaudited supplementary quarterly information for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 25,542 ​ $ 30,647 ​ $ 25,988 ​ $ 28,240 Gross profit (loss) ​ ​ (5,994) ​ ​ 4,235 ​ ​ 1,503 ​ ​ (288) Net loss attributable to McEwen shareholders ​ ​ (19,327) ​ ​ (14,409) ​ ​ (9,976) ​ ​ (37,364) Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.41) ​ $ (0.30) ​ $ (0.21) ​ $ (0.79) Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ 47,369 ​ ​ 47,428 ​ ​ 47,427 ​ ​ 47,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 23,740 ​ $ 40,706 ​ $ 37,129 ​ $ 34,966 ​ Gross profit (loss) ​ ​ (4,986) ​ ​ 4,059 ​ ​ 344 ​ ​ (5,897) ​ Net loss attributable to McEwen shareholders ​ ​ (12,466) ​ ​ (5,989) ​ ​ (17,401) ​ ​ (20,856) ​ Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.28) ​ $ (0.13) ​ $ (0.38) ​ $ (0.46) ​ Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ 44,179 ​ ​ 45,919 ​ ​ 45,919 ​ 45,490 ​ ​

COMPARATIVE FIGURES

COMPARATIVE FIGURES	12 Months Ended
	Dec. 31, 2022
COMPARATIVE FIGURES
COMPARATIVE FIGURES	NOTE 22 COMPARATIVE FIGURES Certain amounts in prior years have been reclassified to conform to the current year’s presentation. Reclassified amounts were not material to the financial statements and relate to the presentation of Other Operating Expenses. Advanced projects Statement of Operations Exploration Statement of Operations General and Administrative Statement of Operations

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 23 SUBSEQUENT EVENTS On February 23, 2023, the Company and McEwen Copper consummated agreements pursuant to which a single investor purchased 2,850,000 shares of McEwen Copper common stock from that entity for gross proceeds of ARS $20.9 billion (the “Stellantis Private Placement”) and an additional 1,250,000 shares of McEwen Copper common stock from an indirect subsidiary of the Company for aggregate proceeds of ARS $9.1 billion (the “Stellantis Secondary Transaction”). In each transaction, the purchaser of the McEwen Copper common stock is FCA Argentina S.A., an Argentinian subsidiary of Stellantis N.V., a public limited liability company organized under the laws of The Netherlands (“Stellantis”). The Stellantis Private Placement was concluded pursuant to the terms of a Private Placement Subscription Agreement between McEwen Copper and Stellantis dated as of February 23, 2023 (“Subscription Agreement”). The agreement to purchase the common stock of McEwen Copper in the Stellantis Secondary Transaction is embodied in an Offer Agreement of the same date between Stellantis, the Company, McEwen Copper and certain subsidiaries of McEwen Copper (“Offer”). Both the Stellantis Private Placement and Stellantis Secondary Transaction closed on February 24, 2023. The parties entered into certain ancillary agreements in conjunction with the two transactions. Also on March 9, 2023, McEwen Copper and Nuton LLC, a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“Nuton”), consummated the agreement pursuant to which Nuton exercised its preemptive rights under an existing shareholder agreement and agreed to purchase 350,000 shares of McEwen Copper common stock directly from McEwen Copper for aggregate proceeds of $6.6 million. On the same date, Nuton and the Company consummated the agreement pursuant to which Nuton purchased 1,250,000 shares of McEwen Copper common stock from the Company through its subsidiary for an aggregate purchase price of $23.4 million. Upon consummation of each of the Nuton transactions discussed above, the Company owns 51.9% of McEwen Copper common stock on a fully diluted basis, and each of Nuton and Stellantis own 14.2%.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates: ​ The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in United States of America (“US GAAP”). The preparation of the Company’s consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to environmental reclamation and closure obligations; asset useful lives utilized for depletion, depreciation, amortization and accretion calculations; fair value of equity investment and the impairment test; recoverable gold in leach pad inventory; current and long-term inventory; mine development capitalization costs; the collectability of value added taxes receivable; the amount of mineral reserves; valuation allowances for deferred tax assets; income and mining tax provisions; and reserves for contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ significantly from these estimates. References to “C$” refer to Canadian dollar.
Basis of Consolidation	Basis of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Investments over which the Company exerts significant influence but does not control through majority ownership are accounted for using the equity method, as described in Investments,
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash: The Company considers cash in banks, deposits in transit, and highly liquid term deposits with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Because of the short maturity of these instruments, the carrying amounts approximate their fair value. The Company classifies Restricted Cash between short term and long term based on the restrictions.
Investments	Investments: The Company accounts for investments over which it exerts significant influence but does not control through majority ownership using the equity method of accounting pursuant to ASC (“Accounting Standards Codification”) Topic 323, Investments – Equity Method and Joint Ventures Consolidated Balance Sheets Consolidated Statements of Operations and Comprehensive (Loss) Statement of Operations
Stockpiles, Material on Leach Pads, In-process Inventory, Precious Metals Inventory and Materials and Supplies	Stockpiles, Material on Leach Pads, In-process Inventory, Precious Metals Inventory and Materials and Supplies: Stockpiles, material on leach pads, in-process inventory, precious metals inventory and materials and supplies (collectively, “Inventories”) are accounted for using the weighted average cost method and are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to a saleable form. Write-downs of Inventories resulting from net realizable value impairments are reported as a component of production costs applicable to sales. The current portion of Inventories is determined based on the expected amounts to be processed and/or recovered within the next twelve months of the balance sheet date, with the remaining portion, if any, classified as long-term. Stockpiles represent mineralized material extracted from the mine and available for processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, an estimate of the contained metals (based on assay data) and the estimated metallurgical recovery rates. Costs are allocated to stockpiles based on current mining costs incurred including applicable overhead relating to mining operations. Material is removed from the stockpile at an average cost per tonne. Mineralized material on leach pads is the material that is placed on pads where it is treated with a chemical solution that dissolves the gold contained in the mineralized material over a period of time. Costs are attributed to the mineralized material on leach pads based on current mining costs and processing costs incurred related to the ore on the pad. Costs are removed from the leach pad inventory based on the average cost per estimated recoverable ounce of gold on the leach pad as the gold is recovered. The estimates of recoverable gold on the leach pads are calculated from the quantities of mineralized material placed on the leach pads (measured tonnes added to the leach pads), the grade of mineralized material placed on the leach pads (based on assay data) and a recovery percentage. While the quantities of recoverable gold placed on the leach pads are periodically reconciled by comparing the grades of ore placed on the pads to the quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored, and the engineering estimates are refined based on actual results over time. In-process inventories represent materials that are currently in the process of being converted to a saleable product. In-process material is measured based on assays of the material from the various stages of processing. Costs are allocated to in-process inventories based on the costs of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs incurred to that point in the process. Precious metal inventories include gold and silver doré and bullion that is unsold and held at the Company’s or the refinery’s facilities. Costs are allocated to precious metal inventories based on costs of the respective in-process inventories incurred prior to the refining process plus applicable refining costs. Materials and supplies inventories are comprised of chemicals, reagents, spare parts and consumable parts used in operating and other activities. Cost includes applicable taxes and freight.
Proven and Probable Reserves	Proven and Probable Reserves: The definition of proven and probable reserves is set forth in SEC Regulation S-K Item 1300 (“S-K 1300”). Proven mineral reserves are the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from the conversion of a mineral resource. Probable mineral reserves are the economically mineable part of an indicated and, in some cases, measured mineral resource. For a probable mineral reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured mineral resource is lower than what is sufficient for a proven mineral reserve.
Mineral Property Interests and Plant and Equipment	Mineral Property Interests and Plant and Equipment: Mineral property interests: Development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines (“pre-stripping”) and building of access paths and other infrastructure to gain access to the ore body at underground mines. Development costs are charged to operations in the year incurred as Advanced Projects During the production phase of a mine, costs incurred to provide access to reserves and resources that will be produced in future periods that would not have otherwise been accessible are capitalized and included in the carrying amount of the related mineral property interest. Drilling and related costs are capitalized for an ore body where proven and/or probable reserves exist and the activities are directed at obtaining additional information, providing greater definition of the ore body or converting non-reserve mineralization to proven and/or probable reserves and the benefit is expected to be realized over a period beyond one year. All other drilling and related costs are expensed as incurred as Exploration Advanced Projects Mineral property interests are amortized upon commencement of production on a unit-of-production basis over proven and probable reserves, as defined by S-K 1300. When a property does not contain mineralized material that satisfies the definition of proven and probable reserves, the amortization of the capitalized costs is charged to expense based on the most appropriate method, which includes straight-line method and units-of-production method over the estimated useful life of the mine, as determined by internal mine plans. Plant and Equipment: For properties where the Company did not establish proven and probable reserves as defined by S-K 1300, substantially all costs, including design, engineering, construction, and installation of equipment are expensed as incurred, unless the equipment has alternative uses or significant salvage value, in which case the equipment is capitalized at cost. Construction-in-progress costs:
Impairment of Long-lived Assets	Impairment of Long-Lived Assets: 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 amount exceeds its estimated fair value. For the purpose of recognition and measurement of impairment, the Company groups its long-lived assets by specific mine or project, as this represents the lowest level for which identifiable cash flows exist. For asset groups where an impairment indicator is identified, an impairment loss is determined if the carrying amount of the asset group exceeds the estimated recoverable amount as determined using the undiscounted future net cash flows. An impairment loss, if any, is the amount by which the carrying amount exceeds the estimated discounted future net cash flows. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold, silver and other commodity prices, production levels and costs of capital are each subject to significant risks and uncertainties. For asset groups where the Company is unable to determine a reliable estimate of future net cash flows, the Company adopts a market approach to estimate fair value by using a combination of observed market value per square mile and observed market value per ounce or pound of estimated mineralized material based on comparable transactions.
Reclamation and Remediation Liabilities	Reclamation and Remediation Liabilities: Provisions for environmental rehabilitation are made in respect of the estimated future costs of closure and restoration and rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The associated asset retirement costs, including periodic adjustments, if any, are capitalized as part of the carrying amount of the long-lived asset when proven or probable reserves exist or if they relate to an acquired mineral property interest; otherwise, the costs are charged to the operations. Periodic accretion is recorded to reclamation and remediation liabilities and charged to operations. The fair value of reclamation and remediation liabilities is measured by discounting the expected cash flows adjusted for inflation, using a credit-adjusted risk free rate of interest. The Company prepares estimates of the timing and amounts of expected cash flows when reclamation and remediation liabilities are incurred, which are updated to reflect changes in facts and circumstances. Estimation of the fair value of reclamation and remediation liabilities requires significant judgment, including the amount of cash flows, timing of reclamation, inflation rate and credit risk.
Lease Accounting	Lease Accounting: Contracts are analyzed to identify whether the contract contains an operating or financing lease according to ASC 842, Lease Accounting Consolidated Balance Sheets Consolidated Balance Sheets Statement of Operations. ROU asset balances and lease liabilities are recognized at the commencement date of the lease based on the present value of the future lease payments over the lease term. The Company utilizes the incremental borrowing rate (“IBR”) in determining the present value of the future lease payments. IBR represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. IBR is determined by using the average bond yield ratings for comparable companies.
Revenue Recognition	Revenue Recognition: Revenue consists of proceeds received and expected to be received for the Company’s principal products, gold and silver. Revenue is recognized when title to gold and silver passes to the buyer and when collectability is reasonably assured. Title passes to the buyer based on terms of the sales contract, usually upon delivery of the product. Product pricing is determined under the sales agreements which are referenced against active and freely traded commodity markets, for example, the London Bullion Market for both gold and silver, in an identical form to the product sold. In addition to selling refined bullion at spot, the Company has doré purchase agreements in place with financial institutions and refineries. Under the agreements, the Company has the option to sell approximately 90% of the gold and silver contained in doré bars prior to the completion of refining by the third party refiner. On July 27, 2022, the Company entered into a precious metals purchase agreement with Auramet International LLC (“Auramet”). Under this agreement, the Company has an option to sell gold on a Spot Basis, on a Forward Basis, and on a Supplier Advance basis.
Foreign Currency	Foreign Currency: The functional currency for the Company’s operations is the U.S. dollar. All monetary assets and liabilities denominated in a currency which is not the U.S. dollar are translated at current exchange rates at each balance sheet date and the resulting adjustments are included in a separate line item under other income (expense). Revenues and expenses in foreign currencies are translated at the average monthly exchange rates for the corresponding period.
Stock-Based Compensation	Stock-Based Compensation: The Company accounts for stock options at fair value as prescribed in ASC 718, Stock-Based Compensation.
Flow-Through Common Shares	Flow-Through Common Shares: Current Canadian tax legislation permits mining entities to issue flow-through common shares to investors by which the deductions for tax purposes related to resource exploration and evaluation expenditures may be claimed by investors instead of the entity, subject to a renouncement process. Under ASC 740, Income Taxes proceeds from the issuance of flow-through common shares are allocated first to the common stock based on the underlying quoted price of shares and the residual amount is allocated to the sale of tax benefits, which is classified as a liability. After the sale of the shares, as the Company incurs qualifying exploration and evaluation expenditures to fulfill its obligation, the liability is drawn down and the sale of tax benefits is recognized in the Statement of Operations as a reduction of deferred tax expense.
Income and Mining Taxes	Income and Mining Taxes: The Company accounts for income and mining taxes under ASC 740 using the liability method, recognizing certain temporary differences between the financial reporting basis of liabilities and assets and the related tax basis for such liabilities and assets. This method generates either a net deferred income and mining tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives the deferred income and mining tax charge or benefit by recording the change in either the net deferred income and mining tax liability or asset balance for the year. The Company records a valuation allowance against any portion of those deferred income and mining tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income and mining tax asset will not be realized.
Comprehensive (Loss) Income	Comprehensive (Loss) Income: In addition to net income or loss, comprehensive income or loss is included in changes in equity during a period.
Per Share Amounts	Per Share Amounts: Basic income or loss per share is computed by dividing income or loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution of securities that could share in the earnings of the Company and is computed in accordance with the treasury stock method based on the average number of common shares and dilutive common share equivalents outstanding. Only those instruments that result in a reduction in income per share are included in the calculation of diluted income per share.
Loans and Borrowings	Loans and Borrowings: Borrowings are recognized initially at fair value, net of financing costs incurred, and subsequently measured at amortized cost. Any difference between the amounts originally received and the redemption value of the debt is recognized in the Statements of Operations
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: ​ Loans and borrowings: Consolidated Statement of Operations and Comprehensive (Loss) Income Fair Value of Financial Instruments: ​ Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). ​

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2022
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 USA ​ Canada ​ Mexico ​ MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 47,926 ​ $ 60,848 ​ $ 1,643 ​ $ — ​ $ — ​ $ 110,417 Production costs applicable to sales ​ ​ (43,500) ​ ​ (36,845) ​ ​ (10,915) ​ ​ — ​ ​ — ​ (91,260) Depreciation and depletion ​ ​ (4,737) ​ ​ (14,964) ​ ​ — ​ ​ — ​ ​ — ​ ​ (19,701) Gross profit (loss) ​ ​ (311) ​ ​ 9,039 ​ ​ (9,272) ​ ​ — ​ ​ — ​ ​ (544) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (52) ​ ​ (1,206) ​ ​ (4,322) ​ ​ — ​ $ (61,148) ​ (66,728) Exploration ​ ​ (4,828) ​ ​ (9,443) ​ ​ (2) ​ ​ — ​ ​ (700) ​ (14,973) Gain from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,776 ​ ​ — ​ 2,776 Segment profit (loss) ​ $ (5,191) ​ $ (1,610) ​ $ (13,596) ​ $ 2,776 ​ $ (61,848) ​ $ (79,469) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (819) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (80,288) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 5,374 ​ $ 15,317 ​ $ 2,800 ​ $ — ​ $ 2,743 ​ $ 26,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 79,205 ​ $ 50,704 ​ $ 6,632 ​ $ — ​ $ — ​ $ 136,541 Production costs applicable to sales ​ ​ (73,990) ​ ​ (32,961) ​ ​ (12,272) ​ ​ — ​ ​ — ​ (119,223) Depreciation and depletion ​ ​ (8,502) ​ ​ (15,296) ​ ​ — ​ ​ — ​ ​ — ​ ​ (23,798) Gross (loss) profit ​ ​ (3,287) ​ ​ 2,447 ​ ​ (5,640) ​ ​ — ​ ​ — ​ ​ (6,480) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (440) ​ ​ (2,635) ​ ​ (4,345) ​ ​ — ​ $ (5,019) ​ (12,439) Exploration ​ ​ (5,875) ​ ​ (15,017) ​ ​ (14) ​ ​ — ​ ​ (1,698) ​ (22,604) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,533) ​ ​ — ​ (7,533) Segment loss ​ $ (9,602) ​ $ (15,205) ​ $ (9,999) ​ $ (7,533) ​ $ (6,717) ​ $ (49,056) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (15,143) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (64,199) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,416 ​ $ 33,617 ​ $ — ​ $ — ​ $ — ​ $ 36,033 ​ 0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 48,884 ​ $ 41,452 ​ $ 14,453 ​ $ — ​ $ — ​ $ 104,789 Production costs applicable to sales ​ ​ (58,465) ​ ​ (34,639) ​ ​ (15,723) ​ ​ — ​ ​ — ​ ​ (108,827) Depreciation and depletion ​ ​ (11,785) ​ ​ (10,883) ​ ​ (242) ​ ​ — ​ ​ — ​ ​ (22,910) Gross loss ​ ​ (21,366) ​ ​ (4,070) ​ ​ (1,512) ​ ​ — ​ ​ — ​ ​ (26,948) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (1,071) ​ ​ (6,088) ​ ​ (4,522) ​ ​ — ​ ​ — ​ ​ (11,681) Exploration ​ ​ (6,777) ​ ​ (6,450) ​ ​ (513) ​ ​ — ​ ​ (2,121) ​ ​ (15,861) Impairment of mineral property interests and plant and equipment ​ ​ (83,805) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (83,805) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,517) ​ ​ — ​ ​ (1,517) Other operating ​ ​ (1,390) ​ ​ (578) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,968) Segment loss ​ $ (114,409) ​ $ (17,186) ​ $ (6,547) ​ $ (1,517) ​ $ (2,121) ​ $ (141,780) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,935) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (153,715) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 4,821 ​ $ 9,104 ​ $ — ​ $ — ​ $ — ​ $ 13,925 ​
Schedule of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Assets ​ Revenue (1) ​ ​ Year ended December 31, ​ Year ended December 31, ​ 2022 2021 2022 ​ 2021 ​ 2020 USA ​ $ 70,577 ​ $ 37,878 ​ $ 47,926 ​ $ 79,205 ​ $ 48,884 Canada ​ ​ 91,552 ​ ​ 93,294 ​ ​ 60,848 ​ ​ 50,704 ​ ​ 41,452 Mexico ​ ​ 29,219 ​ ​ 26,561 ​ ​ 1,643 ​ ​ 6,632 ​ ​ 14,453 Argentina (2) ​ ​ 255,718 ​ ​ 282,583 ​ ​ — ​ ​ — ​ ​ — Total Consolidated (3) ​ $ 447,066 ​ $ 440,316 ​ $ 110,417 ​ $ 136,541 ​ $ 104,789 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $93.5 million as of December 31, 2022 (December 31, 2021 - $90.9 million). (3) Total excludes $0.3 million (December 31, 2021 - $0.4 million) related to the Company’s ROU 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)	12 Months Ended
	Dec. 31, 2022
OTHER INCOME
Schedule of other income (expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 ​ 2020 COVID-19 relief $ — ​ $ 3,541 ​ $ 6,420 Unrealized and realized gain (loss) on investments (Note 5) ​ (511) ​ ​ 28 ​ ​ (619) Foreign currency gain on Blue Chip Swap ​ 19,772 ​ ​ — ​ ​ — Foreign currency gain, other ​ 4,030 ​ ​ 513 ​ ​ 1,078 Other income (loss), net ​ (353) ​ ​ 2,199 ​ ​ 14 Total other income $ 22,938 ​ $ 6,281 ​ $ 6,893 ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
Summary of investment portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ ​ ​ Disposals/ ​ Unrealized ​ Fair value ​ ​ December 31, ​ transfers during ​ Net gain (loss) on ​ transfers during ​ loss on ​ December 31, ​ 2021 period securities sold year securities held 2022 Marketable equity securities ​ $ 1,644 ​ $ — ​ $ — ​ $ — ​ $ (511) ​ $ 1,133 Warrants ​ 162 ​ — ​ — ​ — ​ — ​ 162 Investments ​ $ 1,806 ​ $ — ​ $ — ​ $ — ​ $ (511) ​ $ 1,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ ​ ​ Disposals/ ​ Unrealized ​ Fair value ​ ​ December 31, ​ transfers during ​ Net gain (loss) on ​ transfers during ​ gain on ​ December 31, ​ 2020 period securities sold ​ year ​ securities held ​ 2021 Marketable equity securities ​ $ — ​ $ 1,616 ​ $ — ​ $ — ​ $ 28 ​ $ 1,644 Warrants ​ — ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Investments ​ $ — ​ $ 1,778 ​ $ — ​ $ — ​ $ 28 ​ $ 1,806 ​

RECEIVABLES AND OTHER CURRENT_2

RECEIVABLES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
RECEIVABLES AND OTHER CURRENT ASSETS
Schedule of balances in receivables and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Government sales tax receivable ​ ​ 2,868 ​ $ 3,708 Prepaids and other assets ​ ​ 5,972 ​ ​ 6,883 Receivables and other current assets ​ $ 8,840 ​ $ 10,591 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2022
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Material on leach pads ​ $ 7,571 ​ $ 4,660 In-process inventory ​ 3,674 ​ 3,049 Stockpiles ​ 15,392 ​ 5,105 Precious metals ​ 2,119 ​ 1,819 Materials and supplies ​ 5,411 ​ 3,702 ​ ​ $ 34,167 ​ $ 18,335 Less long-term portion ​ ​ (2,432) ​ ​ (2,543) ​ ​ ​ 31,735 ​ ​ 15,792 ​

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Mineral property interests, cost ​ $ 359,845 ​ $ 344,529 Less: accumulated depletion ​ ​ (58,700) ​ ​ (47,197) Mineral property interests, carrying value ​ $ 301,145 ​ $ 297,332 ​ ​ ​ ​ ​ ​ ​ Plant and equipment, cost ​ ​ ​ ​ ​ ​ Land ​ $ 17,850 ​ $ 8,949 Construction in progress ​ ​ 8,408 ​ ​ 4,078 Plant and equipment ​ ​ 73,740 ​ ​ 76,887 Subtotal ​ $ 99,998 ​ $ 89,914 Less: accumulated depreciation ​ (54,862) ​ ​ (44,942) Plant and equipment, carrying value ​ $ 45,136 ​ $ 44,972 ​ ​ ​ ​ ​ ​ ​ Mineral property interests and plant and equipment, carrying value ​ $ 346,281 ​ $ 342,303 ​
Summary of mineral property interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of Property/Complex State/Province Country 2022 2021 Fox Complex ​ Ontario ​ Canada ​ $ 40,413 ​ $ 37,678 ​ Lexam Exploration Properties ​ Ontario ​ Canada ​ ​ 41,595 ​ ​ 41,595 ​ Los Azules Copper Project San Juan Argentina ​ ​ 191,490 ​ ​ 191,490 ​ Tonkin Properties Nevada United States ​ 4,833 ​ 4,833 ​ Gold Bar Mine Nevada United States ​ 12,982 ​ 11,790 ​ Elder Creek Exploration Property Nevada United States ​ 785 ​ 785 ​ Fenix Project Properties Sinaloa Mexico ​ 9,047 ​ 9,160 ​ Total mineral property interests ​ ​ ​ ​ ​ $ 301,145 ​ $ 297,332 ​ ​

INVESTMENT IN MSC - SAN JOSE _2

INVESTMENT IN MSC - SAN JOSE MINE (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENT IN MSC - SAN JOSE MINE
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ 2020 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 254,698 ​ $ 271,863 ​ $ 219,020 ​ Production costs applicable to sales ​ ​ (182,195) ​ ​ (196,033) ​ ​ (138,182) ​ Depreciation and depletion ​ ​ (32,200) ​ ​ (39,948) ​ ​ (29,809) ​ Gross profit ​ ​ 40,303 ​ ​ 35,882 ​ ​ 51,029 ​ Exploration ​ ​ (8,946) ​ ​ (10,602) ​ ​ (10,446) ​ Other expenses (1) ​ ​ (19,715) ​ ​ (17,077) ​ ​ (30,515) ​ Net income before tax ​ $ 11,642 ​ $ 8,203 ​ $ 10,068 ​ Current and deferred tax recovery (expense) ​ ​ 1,221 ​ ​ (7,934) ​ ​ (4,466) ​ Net income ​ $ 12,863 ​ $ 269 ​ $ 5,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 6,303 ​ $ 132 ​ $ 2,745 ​ Amortization of fair value increments ​ (4,155) ​ (8,331) ​ (5,390) ​ Income tax recovery ​ ​ 628 ​ ​ 666 ​ ​ 1,128 ​ Income (loss) from investment in MSC, net of amortization ​ $ 2,776 ​ $ (7,533) ​ $ (1,517) ​ (1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance related expenses.
Schedule of change in the entity's investment in MSC	Changes in the Company’s investment in MSC for the year ended December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Investment in MSC, beginning of period $ 90,961 ​ $ 108,326 Attributable net income from MSC ​ 6,303 ​ ​ 132 Amortization of fair value increments (4,155) ​ (8,331) Income tax recovery ​ 628 ​ ​ 666 Dividend distribution received (286) ​ (9,832) Investment in MSC, end of period $ 93,451 ​ $ 90,961 ​
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 98,956 ​ $ 1,103 ​ $ 100,059 Total assets ​ $ 204,671 ​ $ 81,434 ​ $ 286,105 Current liabilities ​ $ (60,584) ​ $ — ​ $ (60,584) Total liabilities ​ $ (82,185) ​ $ (1,295) ​ $ (83,480) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 89,876 ​ $ 469 ​ $ 90,345 Total assets ​ $ 180,302 ​ $ 89,975 ​ $ 270,277 Current liabilities ​ $ (51,244) ​ $ — ​ $ (51,244) Total liabilities ​ $ (82,075) ​ $ (2,577) ​ $ (84,652)

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASE LIABILITIES
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total discounted lease liabilities ​ ​ December 31, 2022 ​ December 31, 2021 Finance leases ​ $ 1,320 ​ $ 3,833 Operating lease ​ ​ 1,086 ​ ​ 583 Lease liabilities ​ $ 2,406 ​ $ 4,416 Current portion ​ ​ (1,215) ​ ​ (2,901) Long-term portion ​ $ 1,191 ​ $ 1,515 ​
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 Finance leases: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 2,865 ​ $ 1,659 Interest expense ​ ​ 140 ​ ​ 329 Total ​ $ 3,005 ​ $ 1,988 ​ ​ ​ ​ ​ ​ ​ Operating lease: ​ ​ ​ ​ ​ ​ Rent expense ​ $ 152 ​ $ 135 ​
Schedule of undiscounted lease payment obligations, operating lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2023 2024 2025 2026 Total ​ (in thousands) Operating lease obligation ​ $ 512 ​ $ 332 ​ $ 204 ​ $ 118 $ 1,166 Finance lease obligations ​ 1,060 ​ 357 ​ 68 ​ 29 1,514 Total future minimum lease payments ​ $ 1,572 ​ $ 689 ​ $ 272 ​ $ 147 $ 2,680 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,701
Schedule of undiscounted lease payment obligations, finance lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2023 2024 2025 2026 Total ​ (in thousands) Operating lease obligation ​ $ 512 ​ $ 332 ​ $ 204 ​ $ 118 $ 1,166 Finance lease obligations ​ 1,060 ​ 357 ​ 68 ​ 29 1,514 Total future minimum lease payments ​ $ 1,572 ​ $ 689 ​ $ 272 ​ $ 147 $ 2,680 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,701

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
LONG-TERM DEBT
Schedule of debt activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Year ended Balance, beginning of period ​ $ 48,866 ​ $ 48,160 Promissory note - initial recognition ​ ​ 15,000 ​ ​ — Interest expense ​ 5,488 ​ 5,581 Interest payments ​ (4,875) ​ (4,875) Financing fee ​ ​ (500) ​ ​ — Balance, end of period ​ $ 63,979 ​ $ 48,866 Less: current portion ​ ​ 10,000 ​ ​ — Long-term portion ​ $ 53,979 ​ $ 48,866

RECLAMATION AND REMEDIATION L_2

RECLAMATION AND REMEDIATION LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
RECLAMATION AND REMEDIATION LIABILITIES
Schedule of reconciliation of asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Reclamation and remediation liability, beginning balance $ 35,452 ​ $ 34,000 ​ Settlements (774) ​ (2,225) ​ Accretion of liability 2,354 ​ 2,405 ​ Revisions to estimates and discount rate 5,664 ​ 1,257 ​ Foreign exchange revaluation ​ (850) ​ ​ 15 ​ Reclamation and remediation liability, ending balance $ 41,846 ​ $ 35,452 ​ Less: current portion ​ 12,576 ​ ​ 5,761 ​ Long-term portion $ 29,270 ​ $ 29,691 ​ ​
Schedule of reclamation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 ​ 2021 ​ 2020 Reclamation adjustment reflecting updated estimates $ 991 ​ $ 1,045 ​ $ (113) Reclamation accretion ​ 2,354 ​ ​ 2,405 ​ ​ 1,901 Total $ 3,345 ​ ​ 3,450 ​ $ 1,788

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of information about stock options under the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Intrinsic ​ ​ Shares ​ Price ​ Life (Years) ​ Value ​ ​ (in thousands, except per share and year data) Balance at December 31, 2019 527 ​ $ 20.02 3.0 ​ $ 364 ​ Granted 510 ​ ​ 12.24 ​ — ​ ​ — ​ Exercised (14) ​ ​ 10.20 ​ — ​ ​ 10 ​ Forfeited ​ (197) ​ ​ 21.79 ​ — ​ ​ 2 ​ Expired ​ (125) ​ ​ 11.85 ​ — ​ ​ — ​ Balance at December 31, 2020 701 ​ $ 15.51 4.2 ​ $ 53 ​ Granted 95 ​ ​ 12.21 ​ — ​ ​ — ​ Exercised — ​ ​ — ​ — ​ ​ 10 ​ Forfeited (159) ​ ​ 14.56 ​ — ​ ​ 2 ​ Expired (20) ​ ​ 71.00 ​ — ​ ​ — ​ Balance at December 31, 2021 617 ​ $ 13.43 4.2 ​ $ 53 ​ Forfeited (159) ​ ​ 12.27 ​ — ​ ​ 2 ​ Expired ​ (10) ​ ​ 27.80 ​ — ​ ​ — ​ Balance at December 31, 2022 448 ​ $ 13.43 2.6 ​ $ — ​ Exercisable at December 31, 2022 321 ​ $ 13.81 2.6 ​ $ — ​ ​
Schedule of weighted-average assumptions used for estimation of the fair value of the options granted under the Plan at the date of grant, using the Black-Scholes Option Valuation Model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Risk-free interest rate - ​ ​ 0.519% to 0.873% ​ ​ 0.157% to 0.322% Dividend yield - ​ ​ 0.00% ​ ​ 0.00% Volatility factor of the expected market price of common stock - ​ ​ 63% ​ ​ 59% Weighted-average expected life of option - ​ ​ 3.5 years ​ ​ 3.5 years Weighted-average grant date fair value - ​ $ 1.22 ​ $ 1.22 ​
Summary of status and activity of non-vested stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Number of ​ Fair Value ​ Shares Per Share ​ ​ (in thousands, except per share amounts) Non-vested, beginning of year ​ 390 ​ $ 4.26 Granted ​ — ​ $ - Cancelled/Forfeited ​ (99) ​ $ 4.16 Vested ​ (165) ​ $ 4.40 Non-vested, end of year ​ 126 ​ $ 4.15
November 2019 Offering
Schedule of Black-Scholes pricing model to determine the fair value of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 20, 2019 ​ Risk-free interest rate ​ ​ ​ ​ ​ 1.55 % Dividend yield ​ ​ ​ ​ ​ 0.00 % Volatility factor of the expected market price of common stock ​ ​ ​ ​ ​ 60 % Weighted-average expected life ​ ​ ​ ​ ​ 5 years ​ Weighted-average grant date fair value ​ ​ ​ ​ $ 0.52 ​ ​

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
NET LOSS PER SHARE
Schedule of reconciliation of basic and diluted weighted average number of common shares and computations for basic and diluted net (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 2021 2020 ​ ​ ​ ​ (amounts in thousands, unless otherwise noted) ​ Net loss ​ ​ $ (81,075) ​ $ (56,712) ​ $ (152,325) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ ​ 47,427 ​ ​ 45,490 ​ ​ 40,346 ​ Diluted shares outstanding ​ ​ ​ 47,427 ​ ​ 45,490 ​ ​ 40,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share - basic and diluted ​ ​ $ (1.71) ​ $ (1.25) ​ $ (3.78) ​ ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Schedule of related party expense and outstanding accounts payable	The Company incurred the following expense in respect to the related parties outlined below during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 Lexam L.P. $ — ​ $ 78 ​ $ 99 REVlaw ​ 366 ​ ​ 347 ​ ​ 158 ​ The Company has the following outstanding accounts payable balance in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 REVlaw ​ 112 ​ ​ 137 ​

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 Fair value as at December 31, 2021 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,133 ​ $ — ​ $ 1,133 ​ $ 1,644 ​ $ — ​ $ 1,644 Total investments ​ $ 1,133 ​ $ — ​ $ 1,133 ​ $ 1,644 ​ $ — ​ $ 1,644 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of minimum commitments and related payments due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Mining and surface rights ​ $ 1,555 ​ $ 1,401 ​ $ 607 ​ $ 600 ​ $ 52 $ 4,215 Exploration - Los Azules ​ ​ 29,428 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 29,428 Exploration - Other ​ ​ 13,155 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 13,155 Reclamation costs (1) ​ ​ 12,815 ​ ​ 1,400 ​ ​ 1,744 ​ ​ 3,068 ​ ​ 32,821 ​ 51,849 Long-term debt ​ ​ 14,712 ​ ​ 26,833 ​ ​ 16,337 ​ ​ — ​ ​ — ​ 57,882 Lease obligations ​ ​ 1,572 ​ ​ 689 ​ ​ 272 ​ ​ 147 ​ ​ — ​ 2,680 Total ​ $ 73,237 ​ $ 30,324 ​ $ 18,960 ​ $ 3,815 ​ $ 32,873 $ 159,209 (1) Amounts presented represent the undiscounted uninflated future payments.

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of reconciliation of cash and cash equivalents, and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 Cash and cash equivalents ​ $ 39,782 ​ $ 54,287 Restricted cash - current ​ ​ - ​ ​ 2,550 Restricted cash - non-current ​ ​ 3,797 ​ ​ 3,797 Total cash, cash equivalents, and restricted cash ​ $ 43,579 ​ $ 60,634 ​

INCOME AND MINING TAXES (Tables

INCOME AND MINING TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME AND MINING TAXES.
Schedule of deferred income tax recovery (expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 United States ​ $ — ​ $ — ​ $ — Foreign ​ ​ 7,663 ​ ​ — ​ ​ — Current tax expense ​ $ 7,663 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ (387) ​ $ (817) Foreign ​ ​ (1,856) ​ ​ (6,928) ​ ​ (573) Deferred tax recovery ​ $ (1,856) ​ $ (7,315) ​ $ (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ (387) ​ $ (817) Foreign ​ ​ 5,806 ​ ​ (6,928) ​ ​ (573) Total income and mining tax expense/(recovery) ​ $ 5,806 ​ $ (7,315) ​ $ (1,390) ​
Schedule of net income (loss) before tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ 2020 United States ​ $ (20,618) ​ $ (24,808) ​ $ (127,524) Foreign ​ ​ (59,670) ​ ​ (39,391) ​ ​ (26,191) Loss before income and mining taxes ​ $ (80,288) ​ $ (64,199) ​ $ (153,715)
Schedule of reconciliation of tax provision at statutory U.S. Federal and State income tax rates to actual tax provision recorded in financial statements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected tax recovery at 2022 2021 2020 Loss before income and mining taxes ​ $ (80,288) ​ $ (64,199) ​ $ (153,715) Statutory tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% US Federal and State tax expense at statutory rate ​ ​ (16,860) ​ ​ (13,482) ​ ​ (32,280) Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity pickup in MSC ​ (583) ​ 1,326 ​ 374 Deferred foreign income inclusion ​ — ​ — ​ 795 Realized flow-through expenditures ​ ​ 2,169 ​ ​ 6,148 ​ ​ 496 Realized flow-through premium ​ ​ (2,011) ​ ​ (3,486) ​ ​ (338) Adjustment for foreign tax rates ​ (8,384) ​ (3,039) ​ (2,043) Deferred mining tax liability ​ ​ 116 ​ ​ ​ ​ ​ ​ Permanent differences ​ 31,369 ​ 9,353 ​ (2,546) NOL expires and revisions ​ — ​ 241 ​ 1,066 Valuation allowance ​ (10) ​ (4,377) ​ 33,086 Income and mining tax expense (recovery) ​ $ 5,806 ​ $ (7,315) ​ $ (1,390) ​
Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 65,174 ​ $ 70,830 ​ Mineral Properties ​ 69,326 ​ 59,426 ​ Other temporary differences ​ 22,433 ​ 29,009 ​ Total gross deferred tax assets ​ 156,933 ​ 159,265 ​ Less: valuation allowance ​ (149,342) ​ (149,921) ​ Net deferred tax assets ​ $ 7,591 ​ $ 9,344 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Acquired mineral property interests ​ ​ (7,746) ​ ​ (9,344) ​ Total deferred tax liabilities ​ $ (7,746) ​ $ (9,344) ​ Deferred income and mining tax liability ​ $ (155) ​ $ — ​ ​
Summary of changes in valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Balance at beginning of year Additions(a) Deductions(b) Balance at end of year 2022 ​ $ 149,921 ​ $ 6,600 ​ $ (7,179) ​ $ 149,342 2021 ​ ​ 154,298 ​ ​ 4,058 ​ ​ (8,435) ​ ​ 149,921 2020 ​ ​ 121,212 ​ ​ 39,794 ​ ​ (6,708) ​ ​ 154,298 (a) The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets. (b) The reductions to valuation allowance mainly result from release of valuation allowance, expiration of the Company’s tax attributes, foreign exchange reductions of tax attributes in Canada, Mexico and Argentina and inflationary adjustments to tax attributes in Argentina.
Summary of losses that can be applied against future taxable profit	​ ​ ​ ​ ​ ​ ​ ​ ​ Country Type of Loss Amount Expiry Period United States (a) ​ Net-operating losses ​ $ 197,714 ​ 2027-Unlimited Mexico ​ Net-operating losses ​ ​ 46,842 ​ 2023-2032 Canada (a) ​ Net-operating losses ​ ​ 35,576 ​ 2025-2040 Argentina (a) ​ Net-operating losses ​ ​ 1,288 ​ 2023-2027 (a) The losses in the United States, Canada, and Argentina are part of multiple consolidating groups, and therefore, may be restricted in use to specific projects.

UNAUDITED SUPPLEMENTARY QUART_2

UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION
Summary of unaudited supplementary quarterly information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 25,542 ​ $ 30,647 ​ $ 25,988 ​ $ 28,240 Gross profit (loss) ​ ​ (5,994) ​ ​ 4,235 ​ ​ 1,503 ​ ​ (288) Net loss attributable to McEwen shareholders ​ ​ (19,327) ​ ​ (14,409) ​ ​ (9,976) ​ ​ (37,364) Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.41) ​ $ (0.30) ​ $ (0.21) ​ $ (0.79) Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ 47,369 ​ ​ 47,428 ​ ​ 47,427 ​ ​ 47,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 23,740 ​ $ 40,706 ​ $ 37,129 ​ $ 34,966 ​ Gross profit (loss) ​ ​ (4,986) ​ ​ 4,059 ​ ​ 344 ​ ​ (5,897) ​ Net loss attributable to McEwen shareholders ​ ​ (12,466) ​ ​ (5,989) ​ ​ (17,401) ​ ​ (20,856) ​ Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.28) ​ $ (0.13) ​ $ (0.38) ​ $ (0.46) ​ Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ 44,179 ​ ​ 45,919 ​ ​ 45,919 ​ 45,490 ​

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2022
Nature of operations
Ownership interests in various mines (as a percent)	100%
Minera Andes Inc.
Nature of operations
Subsidiary ownership interest (as a percent)	49%
Minera Santa Cruz S.A. | Minera Andes Inc.
Nature of operations
Subsidiary ownership interest (as a percent)	68.10%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risks and Uncertainties (Details) - USD ($) $ in Thousands					12 Months Ended
	Mar. 02, 2022	Jan. 29, 2021	Dec. 31, 2020	Sep. 10, 2020	Dec. 31, 2022	Dec. 31, 2021
Duration current portion of inventories expected to be processed or recovered					12 months
Duration over which drilling and related costs are capitalized					1 year
Long-term debt					$ 53,979	$ 48,866
Equity Financing In February 2021
Gross proceeds						$ 31,500
Canadian Development Expenses | Flow Through Common Shares
Gross proceeds		$ 12,700
Canadian Exploration Expenditures | Flow Through Common Shares
Gross proceeds	$ 15,100		$ 9,800	$ 10,400

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Products, Properties and Production of Minerals (Details)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Option to sell prior to the completion of refining (as a percent)	90%

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Segment Reporting
Revenue from gold and silver sales	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 34,966	$ 37,129	$ 40,706	$ 23,740	$ 110,417	$ 136,541	$ 104,789
Depreciation and depletion									(19,701)	(23,798)	(22,910)
Gross profit (loss)	$ (288)	$ 1,503	$ 4,235	$ (5,994)	$ (5,897)	$ 344	$ 4,059	$ (4,986)	(544)	(6,480)	(26,948)
Advanced projects - Los Azules									(61,148)	(5,019)
Advanced projects - Other									(5,580)	(7,420)	(11,681)
Impairment loss on mineral property interests and plant and equipment (Note 8)									0	0	(83,805)
Loss from investment in Minera Santa Cruz S.A.									2,776	(7,533)	(1,517)
Other operating											(1,968)
Loss before income and mining taxes									(80,288)	(64,199)	(153,715)
Capital expenditures									26,234	36,033	13,925
United States Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales									47,926	79,205	48,884
Depreciation and depletion									(4,737)	(8,502)	(11,785)
Gross profit (loss)									(311)	(3,287)	(21,366)
Advanced projects - Other									(52)	(440)	(1,071)
Impairment loss on mineral property interests and plant and equipment (Note 8)											(83,805)
Other operating											(1,390)
Segment income (loss)									(5,191)	(9,602)	(114,409)
Capital expenditures									5,374	2,416	4,821
Canada
Operating Segment Reporting
Revenue from gold and silver sales									60,848	50,704	41,452
Depreciation and depletion									(14,964)	(15,296)	(10,883)
Gross profit (loss)									9,039	2,447	(4,070)
Advanced projects - Other									(1,206)	(2,635)	(6,088)
Other operating											(578)
Segment income (loss)									(1,610)	(15,205)	(17,186)
Capital expenditures									15,317	33,617	9,104
Mexico Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales									1,643	6,632	14,453
Depreciation and depletion											(242)
Gross profit (loss)									(9,272)	(5,640)	(1,512)
Advanced projects - Other									(4,322)	(4,345)	(4,522)
Segment income (loss)									(13,596)	(9,999)	(6,547)
Capital expenditures									2,800
MSC
Operating Segment Reporting
Loss from investment in Minera Santa Cruz S.A.									2,776	(7,533)	(1,517)
Segment income (loss)									2,776	(7,533)	(1,517)
McEwen Copper
Operating Segment Reporting
Advanced projects - Other									(61,148)	(5,019)
Segment income (loss)									(61,848)	(6,717)	(2,121)
Capital expenditures									2,743
Total Segment
Operating Segment Reporting
Revenue from gold and silver sales									110,417	136,541	104,789
Depreciation and depletion									(19,701)	(23,798)	(22,910)
Gross profit (loss)									(544)	(6,480)	(26,948)
Advanced projects - Other									(66,728)	(12,439)	(11,681)
Loss from investment in Minera Santa Cruz S.A.									2,776	(7,533)	(1,517)
Segment income (loss)									(79,469)	(49,056)	(141,780)
General and Administrative and other									(819)	(15,143)	(11,935)
Gold and silver sales
Operating Segment Reporting
Revenue from gold and silver sales									110,417	136,541	104,789
Product [Member]
Operating Segment Reporting
Production costs applicable to sales									(91,260)	(119,223)	(108,827)
Product [Member] | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales									(43,500)	(73,990)	(58,465)
Product [Member] | Canada
Operating Segment Reporting
Production costs applicable to sales									(36,845)	(32,961)	(34,639)
Product [Member] | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales									(10,915)	(12,272)	(15,723)
Product [Member] | Total Segment
Operating Segment Reporting
Production costs applicable to sales									(91,260)	(119,223)	(108,827)
Exploration | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales									(4,828)	(5,875)	(6,777)
Exploration | Canada
Operating Segment Reporting
Production costs applicable to sales									(9,443)	(15,017)	(6,450)
Exploration | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales									(2)	(14)	(513)
Exploration | McEwen Copper
Operating Segment Reporting
Production costs applicable to sales									(700)	(1,698)	(2,121)
Exploration | Total Segment
Operating Segment Reporting
Production costs applicable to sales									$ (14,973)	$ (22,604)	$ (15,861)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Segment Reporting
Long-lived Assets	$ 447,066				$ 440,316				$ 447,066	$ 440,316
Revenue	28,240	$ 25,988	$ 30,647	$ 25,542	34,966	$ 37,129	$ 40,706	$ 23,740	110,417	136,541	$ 104,789
Company's ROU office lease asset	300				400				300	400
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	93,451				90,961				93,451	90,961
Minera Santa Cruz S.A.
Operating Segment Reporting
Revenue									254,698	271,863	219,020
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	93,451				90,961				93,451	90,961	108,326
Bank of Nova Scotia
Operating Segment Reporting
Revenue											33,060
Asahi Refining Inc.
Operating Segment Reporting
Revenue									57,835	134,395	66,934
UNITED STATES
Operating Segment Reporting
Long-lived Assets	70,577				37,878				70,577	37,878
Revenue									47,926	79,205	48,884
Canada
Operating Segment Reporting
Long-lived Assets	91,552				93,294				91,552	93,294
Revenue									60,848	50,704	41,452
MEXICO
Operating Segment Reporting
Long-lived Assets	29,219				26,561				29,219	26,561
Revenue									1,643	6,632	$ 14,453
ARGENTINA
Operating Segment Reporting
Long-lived Assets	255,718				282,583				255,718	282,583
ARGENTINA | Minera Santa Cruz S.A.
Operating Segment Reporting
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 93,500				$ 90,900				$ 93,500	$ 90,900

OPERATING SEGMENT REPORTING - M

OPERATING SEGMENT REPORTING - Market Traders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Segment Reporting
Revenue	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 34,966	$ 37,129	$ 40,706	$ 23,740	$ 110,417	$ 136,541	$ 104,789
Asahi Refining Inc.
Operating Segment Reporting
Revenue									57,835	134,395	66,934
Auramet International LLC
Operating Segment Reporting
Revenue									50,580
Bank of Nova Scotia
Operating Segment Reporting
Revenue											33,060
Other
Operating Segment Reporting
Revenue									$ 2,002	$ 2,146	$ 4,795

OTHER INCOME - Summary of Other

OTHER INCOME - Summary of Other Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
OTHER INCOME
COVID-19 relief		$ 3,541	$ 6,420
Unrealized and realized gain (loss) on investments	$ (511)	28	(619)
Foreign currency gain on Blue Chip Swap	19,772
Foreign currency gain, other	4,030	513	1,078
Other income (loss), net	(353)	2,199	14
Total other income	22,938	$ 6,281	$ 6,893
Foreign currency gain	19,800
Realized loss on investments	(1,000)
Realized gain from a mechanism whereby US funds are used to buy and then sell government bonds denominated in pesos	$ 18,800
Number Blue Chip Swaps | security	11

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments rollforward
Opening balance	$ 1,806
Additions/transfers during the period		$ 1,778
Net gain (loss) on securities sold	(1,000)
Unrealized gain (loss) on securities held	(511)	28
Fair Value end of the period	1,295	1,806
Marketable equity securities
Investments rollforward
Opening balance	1,644
Additions/transfers during the period		1,616
Unrealized gain (loss) on securities held	(511)	28
Fair Value end of the period	1,133	1,644
Warrants
Investments rollforward
Opening balance	162
Additions/transfers during the period		162
Fair Value end of the period	$ 162	$ 162

INVESTMENTS (Details)

INVESTMENTS (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 23, 2021 USD ($) project $ / shares shares	Dec. 31, 2020 USD ($)
Investments
Number of common shares | shares	4,963,455
Warrants received | shares	2,481,727
Proceeds from sale of investments		$ 1,266
Disposal Group | Projects in Nevada
Investments
Cash consideration received	$ 500
Price per common share for each warrant | $ / shares	$ 0.60
Disposal Group | Projects in Nevada, Limousine Butte and Cedar Wash
Investments
Number of projects sold | project	2
Marketable equity securities
Investments
Proceeds from sale of investments		$ 1,300

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables, prepaids and other current assets
Government sales tax receivable	$ 2,868	$ 3,708
Prepaids and other assets	5,972	6,883
Receivables and other current assets	8,840	10,591
Black Fox Complex
Receivables, prepaids and other current assets
Government sales tax receivable	$ 900	$ 2,200

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventories
Material on leach pads	$ 7,571	$ 4,660
In-process inventory	3,674	3,049
Stockpiles	15,392	5,105
Precious metals	2,119	1,819
Materials and supplies	5,411	3,702
Inventories	34,167	18,335
Less long-term portion	(2,432)	(2,543)
Current portion	31,735	15,792
Cost Of Sales [Member]
Inventories
Inventory write-down	6,400	6,000
Depreciation and depletion
Inventories
Inventory write-down	600	800
Black Fox Complex
Inventories
Inventory write-down	2,400	2,100
El Gallo Project
Inventories
Inventory write-down	$ 4,600	3,300
Gold Bar Mine
Inventories
Inventory write-down		$ 1,400

MINERAL PROPERTY INTERESTS AN_3

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT - Cost and Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mineral property interests and plant and equipment
Total mineral property interests and plant and equipment, carrying value	$ 346,281	$ 342,303
Mineral property interests
Mineral property interests and plant and equipment
Mineral property interests and plant and equipment, gross	359,845	344,529
Less: accumulated depreciation	(58,700)	(47,197)
Mineral property interests and plant and equipment, carrying value	301,145	297,332
Land [Member]
Mineral property interests and plant and equipment
Mineral property interests and plant and equipment, gross	17,850	8,949
Construction in Progress [Member]
Mineral property interests and plant and equipment
Mineral property interests and plant and equipment, gross	8,408	4,078
Plant and equipment
Mineral property interests and plant and equipment
Mineral property interests and plant and equipment, gross	73,740	76,887
Land, construction in progress and plant and equipment in aggregate
Mineral property interests and plant and equipment
Mineral property interests and plant and equipment, gross	99,998	89,914
Less: accumulated depreciation	(54,862)	(44,942)
Mineral property interests and plant and equipment, carrying value	$ 45,136	$ 44,972

MINERAL PROPERTY INTERESTS AN_4

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT - Construction in Progress (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Impairment charges	$ 0	$ 0	$ 83,805

MINERAL PROPERTY INTERESTS AN_5

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT- Mineral Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mineral Property Interests
Mineral property interests	$ 301,145	$ 297,332
Black Fox Complex
Mineral Property Interests
Mineral property interests	40,413	37,678
Lexam Vg Gold
Mineral Property Interests
Mineral property interests	41,595	41,595
Los Azules Copper Project
Mineral Property Interests
Mineral property interests	191,490	191,490
Tonkin Properties
Mineral Property Interests
Mineral property interests	4,833	4,833
Gold Bar Mine
Mineral Property Interests
Mineral property interests	12,982	11,790
Elder Creek Exploration Property
Mineral Property Interests
Mineral property interests	785	785
Fenix Project Properties
Mineral Property Interests
Mineral property interests	$ 9,047	$ 9,160

INVESTMENT IN MSC - SAN JOSE _3

INVESTMENT IN MSC - SAN JOSE MINE (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 34,966	$ 37,129	$ 40,706	$ 23,740	$ 110,417	$ 136,541	$ 104,789
Depreciation and depletion									(19,701)	(23,798)	(22,910)
Other expenses											(1,968)
Net income before tax									(80,288)	(64,199)	(153,715)
Net income	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,327)	$ (20,856)	$ (17,401)	$ (5,989)	$ (12,466)	(81,075)	(56,712)	(152,325)
Income tax recovery									(5,806)	7,315	1,390
Income (loss) from investment in MSC, net of amortization									$ 2,776	(7,533)	(1,517)
Subsidiary of Common Parent [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Subsidiary ownership interest (as a percent)	49%								49%
Minera Santa Cruz S.A. [Member] | Subsidiary of Common Parent [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Income (loss) from investment in MSC, net of amortization									$ 2,776	(7,533)	(1,517)
Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales									254,698	271,863	219,020
Production costs applicable to sales									(182,195)	(196,033)	(138,182)
Depreciation and depletion									(32,200)	(39,948)	(29,809)
Gross profit									40,303	35,882	51,029
Exploration									(8,946)	(10,602)	(10,446)
Other expenses (1)									(19,715)	(17,077)	(30,515)
Net income before tax									11,642	8,203	10,068
Current and deferred tax recovery (expense)									1,221	(7,934)	(4,466)
Net income									12,863	269	5,602
Net income (loss)									6,303	132
Amortization of fair value increments									(4,155)	(8,331)
Income tax recovery									628	666
Minera Santa Cruz S.A. [Member] | Subsidiary of Common Parent [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Net income (loss)									6,303	132	2,745
Amortization of fair value increments									(4,155)	(8,331)	(5,390)
Income tax recovery									$ 628	$ 666	$ 1,128
Subsidiary ownership interest (as a percent)	68.10%								68.10%

INVESTMENT IN MSC - SAN JOSE _4

INVESTMENT IN MSC - SAN JOSE MINE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in the investment in MSC
Investment in MSC, beginning of period	$ 90,961
Income tax recovery	(5,806)	$ 7,315	$ 1,390
Dividend distribution received	(286)	(9,832)	(340)
Investment in MSC, end of period	93,451	90,961
Minera Santa Cruz S.A. [Member]
Change in the investment in MSC
Dividend distribution received	(286)	(9,832)
Minera Santa Cruz S.A. [Member]
Change in the investment in MSC
Investment in MSC, beginning of period	90,961	108,326
Attributable net income from MSC	6,303	132
Amortization of fair value increments	(4,155)	(8,331)
Income tax recovery	628	666
Investment in MSC, end of period	$ 93,451	$ 90,961	$ 108,326

INVESTMENT IN MSC - SAN JOSE _5

INVESTMENT IN MSC - SAN JOSE MINE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 81,652	$ 85,026
Total assets	528,719	525,341
Current liabilities	(84,186)	(52,399)
Total liabilities	(172,445)	(135,400)
Balance excluding FV increments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	98,956	89,876
Total assets	204,671	180,302
Current liabilities	(60,584)	(51,244)
Total liabilities	(82,185)	(82,075)
Adjustments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	1,103	469
Total assets	81,434	89,975
Total liabilities	(1,295)	(2,577)
Balance including FV increments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	100,059	90,345
Total assets	286,105	270,277
Current liabilities	(60,584)	(51,244)
Total liabilities	$ (83,480)	$ (84,652)

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LEASE LIABILITIES
Finance leases	$ 1,320	$ 3,833
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Less current portion, Long-term portion	Less current portion, Long-term portion
Operating lease	$ 1,086	$ 583
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Less current portion, Long-term portion	Less current portion, Long-term portion
Lease liabilities	$ 2,406	$ 4,416
Less current portion	(1,215)	(2,901)
Long-term portion	$ 1,191	$ 1,515

LEASE LIABILITIES - Weighted Av

LEASE LIABILITIES - Weighted Average Discount Rate and Lease Terms (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASE LIABILITIES
Finance leases, Weighted average discount rate (as a percent)	3.63%	6.67%
Operating lease, Weighted average discount rate (as a percent)	8%	8.73%
Finance leases, Weighted average remaining lease term	2 years	1 year
Operating lease, Weighted average remaining lease term	3 years	3 years
Interest and other finance costs related to leases	$ 3	$ 2

LEASE LIABILITIES - Lease Cost

LEASE LIABILITIES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease cost
Amortization of ROU assets	$ 2,865	$ 1,659
Interest expense	140	329
Total	3,005	1,988
Rental expense	$ 152	$ 135

LEASE LIABILITIES - Maturity (D

LEASE LIABILITIES - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating lease obligations
2023	$ 512
2024	332
2025	204
2026	118
Total	1,166
Operating Lease, Liability	$ 1,086	$ 583
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability , Current, Lease Liability , Non-current	Lease Liability , Current, Lease Liability , Non-current
Finance lease obligations
2023	$ 1,060
2024	357
2025	68
2026	29
Total	1,514
Finance Lease, Liability	$ 1,320	$ 3,833
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability , Current, Lease Liability , Non-current	Lease Liability , Current, Lease Liability , Non-current
Lease obligations
2023	$ 1,572
2024	689
2025	272
2026	147
Total	2,680
Less: Imputed interest	21
Total	$ 2,701

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Jun. 25, 2020

Aug. 10, 2018

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

LONG-TERM DEBT

Value of shares issued for consideration for maintenance, continuation, and extension of maturity date

$ 10,320,000

$ 10,785,000

$ 15,478,000

Original term loan

LONG-TERM DEBT

Working capital covenant

$ 10,000,000

Original term loan | Chairman and Chief Executive Officer [Member]

LONG-TERM DEBT

Face amount

$ 50,000,000

Term of debt instrument

3 years

Stated interest rate (as a percent)

9.75%

First amended loan agreement

LONG-TERM DEBT

Face amount

$ 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

Working capital covenant

$ 2,500,000

$ 10,000,000

Adjusted working capital

5,000,000

$ 10,000,000

$ 7,000,000

$ 5,000,000

$ 10,000,000

$ 7,000,000

Shares issued for consideration for maintenance, continuation, and extension of maturity date

209,170

Value of shares issued for consideration for maintenance, continuation, and extension of maturity date

500,000

$ 1,875,000

Commercial Paper | Company Controlled by Mcewen

LONG-TERM DEBT

Face amount

$ 15,000,000

Stated interest rate (as a percent)

8%

Due to Related Parties

$ 15,000,000

LONG-TERM DEBT - Rollforward (D

LONG-TERM DEBT - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Balance, beginning of year	$ 48,866	$ 48,160
Promissory note - initial recognition	15,000	40,000
Interest expense	5,488	5,581
Interest payments	(4,875)	(4,875)
Debt amendment fee	(500)
Debt, Current	10,000
Balance, end of year	63,979	48,866
Less: current portion	10,000
Long-term portion	$ 53,979	$ 48,866

RECLAMATION AND REMEDIATION L_3

RECLAMATION AND REMEDIATION LIABILITIES - Retirement obligation rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the reclamation and remediation liability
Asset retirement obligation liability, beginning balance	$ 35,452	$ 34,000
Settlements	(774)	(2,225)
Accretion of liability	2,354	2,405
Revisions to estimates and discount rate	5,664	1,257
Foreign exchange revaluation	(850)	15
Asset retirement obligation liability, ending balance	41,846	35,452
Less: current portion	12,576	5,761
Long-term portion	$ 29,270	$ 29,691

RECLAMATION AND REMEDIATION L_4

RECLAMATION AND REMEDIATION LIABILITIES - Reclamation and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclamation obligations
Reclamation adjustment reflecting updated estimates	$ 991	$ 1,045	$ (113)
Reclamation accretion	2,354	2,405	1,901
Total	3,345	3,450	$ 1,788
Gold Bar Mine
Reclamation obligations
Reclamation adjustment reflecting updated estimates	3,200	500
Tonkin Properties
Reclamation obligations
Reclamation adjustment reflecting updated estimates	1,200	100
El Gallo Project
Reclamation obligations
Reclamation adjustment reflecting updated estimates	$ 1,300
Black Fox Complex
Reclamation obligations
Reclamation adjustment reflecting updated estimates		$ 600

SHAREHOLDERS' EQUITY - Share Co

SHAREHOLDERS' EQUITY - Share Consolidation and Articles of Amendment (Details)	Jul. 28, 2022 $ / shares shares	Jul. 27, 2022 shares
SHAREHOLDERS' EQUITY
Stock split conversion ratio		1
Reverse stock splits shares		10
Number of common shares after share consolidation	1
Share price | $ / shares	$ 1
Authorized capital	200,000,002	675,000,002
Common stock, shares authorized	200,000,000
Preferred stock, shares authorized	2

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)						12 Months Ended
	Mar. 02, 2022	Jan. 29, 2021	Dec. 31, 2020	Sep. 10, 2020	Nov. 20, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 28, 2022	Dec. 31, 2019
Price per unit										$ 1
Net proceeds							$ 10,320,000	$ 10,785,000	$ 15,478,000
Sale of common stock for cash, net of issuance costs							$ 41,263,000	$ 29,875,000
Weighted average exercise price of stock options (in dollars per share)									$ 10.20
Outstanding options (in shares)			701,000				447,787	616,958	701,000		527,000
Stock options exercised (in shares)									14,000
Stock options issued (in shares)								95,000	510,000
November 2019 Offering
Number of units issued					3,775,000
Price per unit					$ 13.25
Net proceeds					$ 46,600,000
Warrant expiration term					5 years
Issuance costs					$ 3,500,000
Outstanding warrants							$ 2,170,625
Equity Financing In February 2021
Number of units issued								3,000,000
Price per unit								$ 10.50
Gross proceeds								$ 31,500,000
Net proceeds								29,900,000
Issuance costs								$ 1,700,000
Common Stock [Member]
Number of units issued							1,450,000	1,260,000	1,397,000
Net proceeds							$ 10,320,000	$ 10,785,000	$ 15,478,000
Shares issued for acquisition of mineral property interests (in shares)									5,000
Stock options exercised (in shares)									14,000
Common Stock [Member] | November 2019 Offering
Net proceeds					37,300,000
Warrant | November 2019 Offering
Net proceeds					$ 9,300,000
Number of exercisable warrants to convert to common stock					10
Number of shares of common stock					1
Number of warrants received for each share of common stock share sold					0.50
Warrant at Second Stock Price | November 2019 Offering
Number of shares of common stock					1
Price per common share for each warrant					$ 17.22
Flow Through Common Shares | Canadian Development Expenses
Number of units issued		1,260,060
Price per unit		$ 10.10
Gross proceeds		$ 12,700,000
Net proceeds		12,000,000
Issuance costs		700,000
Net proceeds allocated to the sale of tax benefits		1,200,000
Sale of common stock for cash, net of issuance costs		$ 10,800,000
Exploration expenditures								12,700,000
Flow Through Common Shares | Canadian Exploration Expenditures
Number of units issued	1,450,000		766,990	629,816
Price per unit	$ 10.40		$ 12.80	$ 16.50					$ 12.80
Gross proceeds	$ 15,100,000		$ 9,800,000	$ 10,400,000
Net proceeds	14,400,000		9,800,000	9,800,000
Issuance costs	800,000		0	600,000
Net proceeds allocated to the sale of tax benefits	4,100,000		2,100,000	2,000,000
Sale of common stock for cash, net of issuance costs	$ 10,300,000		$ 7,700,000	$ 7,800,000
Exploration expenditures							$ 21,400,000	$ 12,700,000
Recent Raise						$15.1

SHAREHOLDERS' EQUITY - Black-Sc

SHAREHOLDERS' EQUITY - Black-Scholes pricing model (Details) - $ / shares		12 Months Ended
	Nov. 20, 2019	Dec. 31, 2021	Dec. 31, 2020
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Volatility factor of the expected market price of common stock (as a percent)		63%
Weighted-average expected life of option		3 years 6 months	3 years 6 months
Weighted-average grant date fair value (in dollars per share)		$ 1.22	$ 1.22
November 2019 Offering | Warrant
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Risk-free interest rate (as a percent)	1.55%
Dividend yield (as a percent)	0%
Volatility factor of the expected market price of common stock (as a percent)	60%
Weighted-average expected life of option	5 years
Weighted-average grant date fair value (in dollars per share)	$ 0.52

SHAREHOLDERS' EQUITY - Stock Op

SHAREHOLDERS' EQUITY - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
STOCK BASED COMPENSATION
Stock options granted (in shares)		95,000	510,000
Exercise price of options granted (in dollars per share)		$ 12.21	$ 12.24
Exercisable period of options	2 years 7 months 6 days
Shares
Balance at the beginning of the period (in shares)	616,958	701,000	527,000
Granted (in shares)		95,000	510,000
Shares of common stock issued upon exercise of stock options			14,000
Forfeited (in shares)	(159,000)	(159,000)	(197,000)
Expired (in shares)	(10,000)	(20,000)	(125,000)
Balance at the end of the period (in shares)	447,787	616,958	701,000	527,000
Exercisable at the end of the period (in shares)	321,000
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 13.43	$ 15.51	$ 20.02
Granted (in dollars per share)		12.21	12.24
Weighted average exercise price of stock options (in dollars per share)			$ 10.20
Proceeds from exercise of stock options	$ 4		$ 138
Forfeited (in dollars per share)	$ 12.27	14.56	$ 21.79
Expired (in dollars per share)	27.80	71	11.85
Balance at the end of the period (in dollars per share)	13.43	$ 13.43	$ 15.51	$ 20.02
Exercisable (in dollars per share)	$ 13.81
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	2 years 7 months 6 days	4 years 2 months 12 days	4 years 2 months 12 days	3 years
Exercisable period of options	2 years 7 months 6 days
Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 53	$ 53	$ 364
Exercised (in dollars)		10	10
Forfeited (in dollars)	$ 2	2	2
Outstanding at the end of the period (in dollars)		$ 53	$ 53	$ 364
Granted (in shares)		95,000	510,000
Equity Incentive Plan
STOCK BASED COMPENSATION
Number of common stock reserved for issuance	1,750,000
Maximum number of shares that may be subject to grants of options to an individual in a calendar year	1,000,000
Employees and Directors [Member]
STOCK BASED COMPENSATION
Stock options granted (in shares)		100,000
Exercise price of options granted (in dollars per share)		$ 12.20
Shares
Granted (in shares)		100,000
Weighted Average Exercise Price
Granted (in dollars per share)		$ 12.20
Intrinsic Value
Granted (in shares)		100,000
Vesting period of options		3 years
Exercise period of options		5 years
Common Stock [Member]
Shares
Shares of common stock issued upon exercise of stock options			14,000

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Assumptions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Weighted-average expected life of option		3 years 6 months	3 years 6 months
Weighted-average grant date fair value (in dollars per share)		$ 1.22	$ 1.22
Risk-free interest rate, low end of range (as a percent)		0.519%	0.157%
Risk-free interest rate, high end of range (as a percent)		0.873%	0.322%
Volatility factor of the expected market price of common stock, low end of range (as a percent)		63%	59%
Additional disclosures
Fair value of awards vesting in the period	$ 0.8	$ 0.8	$ 0.1
Unrecognized compensation expense on non-vested stock options (in dollars)	$ 0.1	$ 0.6	$ 1.4
Non-vested stock options outstanding (in shares)	0.4	0.4	0.6
Weighted-average period of recognition	10 months 24 days	1 year 4 months 24 days	1 year 7 months 6 days
Stock option expense	$ 0.3	$ 0.8	$ 0.6
Minimum [Member]
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Dividend yield (as a percent)		0%	0%

SHAREHOLDERS' EQUITY - Non-vest

SHAREHOLDERS' EQUITY - Non-vested Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares
Stock options granted (in shares)		95	510
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value
Stock options granted (in dollars per share)		$ 1.22	$ 1.22
Amended and Restated Equity Incentive Plan and Non-related Plan Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares
Balance at the beginning of the period (in shares)	390
Stock options cancelled/forfeited (in shares)	(99)
Stock options vested (in shares)	(165)
Balance at the end of the period (in shares)	126	390
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 4.26
Stock options cancelled/forfeited (in dollars per share)	4.16
Stock options vested (in dollars per share)	4.40
Balance at the end of the period (in dollars per share)	$ 4.15	$ 4.26

NET LOSS PER SHARE - Reconcilia

NET LOSS PER SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NET LOSS PER SHARE
Net loss	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,327)	$ (20,856)	$ (17,401)	$ (5,989)	$ (12,466)	$ (81,075)	$ (56,712)	$ (152,325)
Weighted average common shares outstanding-Basic	47,428	47,427	47,428	47,369	45,490	45,919	45,919	44,179	47,427	45,490	40,346
Weighted average common shares outstanding-Diluted	47,428	47,427	47,428	47,369	45,490	45,919	45,919	44,179	47,427	45,490	40,346
Basic (in dollars per share)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ (0.46)	$ (0.38)	$ (0.13)	$ (0.28)	$ (1.71)	$ (1.25)	$ (3.78)
Diluted (in dollars per share)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ (0.46)	$ (0.38)	$ (0.13)	$ (0.28)	$ (1.71)	$ (1.25)	$ (3.78)

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - Entity Affiliated With Related Party [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lexam LP [Member]
RELATED PARTY TRANSACTIONS
Expense		$ 78	$ 99
REVlaw
RELATED PARTY TRANSACTIONS
Expense	$ 366	347	$ 158
Related party outstanding accounts payable (receivable)	$ 112	$ 137

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 10, 2018
RELATED PARTY TRANSACTIONS
Sale of flow-through shares		$ 10,320,000	$ 10,785,000	$ 15,478,000
Chairman and Chief Executive Officer | Original term loan
RELATED PARTY TRANSACTIONS
Face amount					$ 50,000,000
Long-term debt from related party					$ 25,000,000
Affiliate of Robert McEwen
RELATED PARTY TRANSACTIONS
Debt interest expense		2,400,000	$ 2,800,000
Sale of flow-through shares		$ 900,000
Sale of flow-through shares (in shares)		104,585
Company Controlled by Mcewen | Commercial Paper
RELATED PARTY TRANSACTIONS
Face amount	$ 15,000,000
Debt interest expense	8	$ 900,000
Due to Related Parties	$ 15,000,000

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jun. 23, 2021 $ / shares
Disposal Group | Projects in Nevada
Assets:
Price per common share for each warrant | $ / shares			$ 0.60
Fair Value, Measurements, Recurring [Member]
Assets:
Investments	$ 1,133	$ 1,644
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	1,133	1,644
Marketable equity securities. | Fair Value, Measurements, Recurring [Member]
Assets:
Investments	1,133	1,644
Marketable equity securities. | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	$ 1,133	$ 1,644
Warrant | Disposal Group | Projects in Nevada
Assets:
Price per common share for each warrant | $ / shares	$ 0.60
Warrants exercised | shares	0
Warrant | Volatility | Disposal Group | Projects in Nevada
Assets:
Average volatility	94.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Lease Obligations and Purchase Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Mining and surface rights
2023	$ 1,555
2024	1,401
2025	607
2026	600
Thereafter	52
Total	4,215
Reclamation costs
2022	12,815
2023	1,400
2024	1,744
2025	3,068
Thereafter	32,821
Total	51,849
Long-term debt
2023	14,712
2024	26,833
2025	16,337
Total	57,882
Lease obligations
2023	1,572
2024	689
2025	272
2026	147
Total	2,680
Total
2022	73,237
2023	30,324
2024	18,960
2025	3,815
Thereafter	32,873
Total	159,209
Los Azules
Exploration
2023	29,428
Total	29,428
Other
Exploration
2023	13,155
Total	$ 13,155

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds and Surety Bonds (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
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%	10%
Restricted cash	$ 3.8
Surety Bonds | Nevada
Reclamation Bonds
Surety bonding obligation	25.3
Surety Bonds | Canada [Member]
Reclamation Bonds
Surety bonding obligation	11.5	$ 15.6
Reclamation Bonds | Tonkin and Gold Bar Properties
Reclamation Bonds
Reclamation bonding obligation	27.8
Reclamation Bonds | Timmins
Reclamation Bonds
Restricted cash	0.1
Reclamation Bonds | Black Fox Complex
Reclamation Bonds
Reclamation bonding obligation	$ 11.5	$ 15.6

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions		12 Months Ended
	Aug. 25, 2017 $ / oz	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Pike River property
Other commitments
Obligation to sell (as a percent)	6.30%
Black Fox Complex
Other commitments
Obligation to sell (as a percent)	8%
Long term gold price (in dollars per ounce) | $ / oz	561
Revenue of acquiree since acquisition date and implementation of streaming agreement | $		$ 1.7	$ 1.3
Maximum [Member] | Black Fox Complex
Other commitments
Inflation adjustment (as a percent)	2%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Flow-through Eligible Expenses (Details) - Flow through Eligible Expenses - Timmins - USD ($) $ in Millions		12 Months Ended
	Mar. 02, 2022	Dec. 31, 2023	Dec. 31, 2022
Other commitments
Exploration expenditures			$ 1
Gross proceeds	$ 15.1
Forecast
Other commitments
Exploration expenditures		$ 14

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Prepayment Agreement (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Combined net proceeds from sales on a Supplier Advance Basis	$ 2,500,000								$ 2,500,000
Revenue	28,240,000	$ 25,988,000	$ 30,647,000	$ 25,542,000	$ 34,966,000	$ 37,129,000	$ 40,706,000	$ 23,740,000	110,417,000	$ 136,541,000	$ 104,789,000
Remaining net proceeds recorded as deferred revenue	6,155,000								6,155,000
Gold and silver sales
Other Commitments [Line Items]
Revenue									110,417,000	$ 136,541,000	$ 104,789,000
Prepayment Agreement | Auramet International LLC guarantee obligation
Other Commitments [Line Items]
Remaining net proceeds recorded as deferred revenue	$ 6,200,000								$ 6,200,000
Number of ounces of gold pledged but not delivered	3,500								3,500
Prepayment Agreement | Auramet International LLC guarantee obligation | Auramet Revolving Facility [Member]
Other Commitments [Line Items]
Combined net proceeds from sales on a Supplier Advance Basis	$ 46,000,000								$ 46,000,000
Prepayment Agreement | Auramet International LLC guarantee obligation | Gold and silver sales
Other Commitments [Line Items]
Revenue									$ 40,600,000

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents (Note 18)	$ 39,782	$ 54,287
Restricted cash - current		2,550
Restricted cash - non-current	3,797	3,797
Total cash, cash equivalents, and restricted cash	43,579	$ 60,634	$ 24,438	$ 46,500
Cash	2,500
Bankers' acceptance notes	$ 35,600
Minimum
Term of debt instrument	34 days
Maximum
Term of debt instrument	81 days

INCOME AND MINING TAXES - Defer

INCOME AND MINING TAXES - Deferred Income Tax Recovery (Expense) and Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax (expense)/recovery
Foreign	$ 7,663
Current tax expense	7,663
Deferred income tax (expense)/recovery
United States		$ (387)	$ (817)
Foreign	(1,856)	(6,928)	(573)
Deferred tax recovery	(1,856)	(7,315)	(1,390)
Mining Tax Expense Recovery [Abstract]
United States		(387)	(817)
Foreign	5,806	(6,928)	(573)
Total income and mining tax expense/(recovery)	5,806	(7,315)	(1,390)
Net income (loss) before tax:
United States	(20,618)	(24,808)	(127,524)
Foreign	(59,670)	(39,391)	(26,191)
Loss before income and mining taxes	$ (80,288)	$ (64,199)	$ (153,715)

INCOME AND MINING TAXES - Recon

INCOME AND MINING TAXES - Reconciliation of Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME AND MINING TAXES.
Loss before income and mining taxes	$ (80,288)	$ (64,199)	$ (153,715)
Statutory tax rate (as a percent)	21%	21%	21%
US Federal and State tax recovery (expense) at statutory rate	$ (16,860)	$ (13,482)	$ (32,280)
Reconciling items:
Equity pickup in MSC	(583)	1,326	374
Deferred foreign income inclusion			795
Realized flow-through expenditures	2,169	6,148	496
Realized flow-through premium	(2,011)	(3,486)	(338)
Adjustment for foreign tax rates	(8,384)	(3,039)	(2,043)
Deferred mining tax liability	116
Other permanent differences	31,369	9,353	(2,546)
NOL expires and revisions		241	1,066
Valuation allowance	(10)	(4,377)	33,086
Tax benefit	$ 5,806	$ (7,315)	$ (1,390)

INCOME AND MINING TAXES - Tax E

INCOME AND MINING TAXES - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforward	$ 65,174	$ 70,830
Mineral properties	69,326	59,426
Other temporary differences	22,433	29,009
Total gross deferred tax assets	156,933	159,265
Less: valuation allowance	(149,342)	(149,921)	$ (154,298)	$ (121,212)
Net deferred tax assets	7,591	9,344
Deferred tax liabilities:
Acquired mineral property interests	(7,746)	(9,344)
Total deferred tax liabilities	(7,746)	$ (9,344)
Total net deferred tax liability	$ (155)

INCOME AND MINING TAXES - Chang

INCOME AND MINING TAXES - Changes to Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation allowance
Balance at Beginning of Period	$ 149,921	$ 154,298	$ 121,212
Additions	6,600	4,058	39,794
Deductions	(7,179)	(8,435)	(6,708)
Balance at End of Period	$ 149,342	$ 149,921	$ 154,298

INCOME AND MINING TAXES - Non O

INCOME AND MINING TAXES - Non Operating Losses (Details) $ in Thousands	Dec. 31, 2022 USD ($)
UNITED STATES
INCOME TAXES
Net-operating losses	$ 197,714
MEXICO
INCOME TAXES
Net-operating losses	46,842
Canada [Member]
INCOME TAXES
Net-operating losses	35,576
ARGENTINA
INCOME TAXES
Net-operating losses	$ 1,288

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 31, 2022	Jun. 21, 2022	Aug. 23, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Noncontrolling Interest
Non-controlling interests				$ 33,465	$ 14,777
Issuance of equity by subsidiary (Note 20)				41,350	40,000
Net loss attributed to non-controlling interests				(5,019)	(172)
Noncontrolling Interest
Noncontrolling Interest
Non-controlling interests					200
Issuance of equity by subsidiary (Note 20)				23,707	$ 14,949
Net loss attributed to non-controlling interests				$ 5,000
McEwen Copper | Noncontrolling Interest
Noncontrolling Interest
Company's non-redeemable non-controlling interests (as a percent)				31.87%	18.60%
Series B Private Placement Offering - Tranche One
Noncontrolling Interest
Non-controlling interests					$ 14,900
Additional paid-in-capital					$ 25,100
Percentage of ownership by company before private placement		81.40%	100%
Percentage decrease of stock owned by parent of subsidiary's or equity investee			18.60%
Percentage of ownership by company after private placement			81.40%
Series B Private Placement Offering - Tranche One | McEwen Copper
Noncontrolling Interest
Shares sold by the subsidiary			4,000,000
Share price			$ 10
Gross proceeds from private placement offering			$ 40,000
Company's non-redeemable non-controlling interests (as a percent)			18.60%
Series B Private Placement Offering - Tranche One | McEwen Copper | Affiliate of Robert McEwen
Noncontrolling Interest
Percentage of ownership by noncontrolling shareholders			18.60%		18.60%
Series B Private Placement Offering - Tranche Two
Noncontrolling Interest
Non-controlling interests				$ 7,600
Additional paid-in-capital				7,400
Percentage of ownership by company before private placement	76.09%
Percentage decrease of stock owned by parent of subsidiary's or equity investee		5.31%
Percentage of ownership by company after private placement		76.09%
Series B Private Placement Offering - Tranche Two | McEwen Copper
Noncontrolling Interest
Shares sold by the subsidiary		1,500,000
Share price		$ 10
Gross proceeds from private placement offering		$ 15,000
Company's non-redeemable non-controlling interests (as a percent)		23.91%
Series B Private Placement Offering - Tranche Two and Three | McEwen Copper | Affiliate of Robert McEwen
Noncontrolling Interest
Percentage of ownership by noncontrolling shareholders						15.57%
Series B Private Placement Offering - Third and final Tranche
Noncontrolling Interest
Non-controlling interests				16,100
Additional paid-in-capital				$ 10,800
Percentage decrease of stock owned by parent of subsidiary's or equity investee	7.96%
Percentage of ownership by company after private placement	68.13%
Series B Private Placement Offering - Third and final Tranche | McEwen Copper
Noncontrolling Interest
Shares sold by the subsidiary	2,685,000
Share price	$ 10
Gross proceeds from private placement offering	$ 26,900
Company's non-redeemable non-controlling interests (as a percent)	31.87%

UNAUDITED SUPPLEMENTARY QUART_3

UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unaudited supplementary quarterly information
Revenues	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 34,966	$ 37,129	$ 40,706	$ 23,740	$ 110,417	$ 136,541	$ 104,789
Gross profit (loss)	(288)	1,503	4,235	(5,994)	(5,897)	344	4,059	(4,986)	(544)	(6,480)	(26,948)
Net loss	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,327)	$ (20,856)	$ (17,401)	$ (5,989)	$ (12,466)	(81,075)	(56,712)	(152,325)
Net loss attributable to McEwen shareholders									$ (86,094)	$ (56,884)	$ (152,325)
Net (loss) per share:
Basic (in dollars per share)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ (0.46)	$ (0.38)	$ (0.13)	$ (0.28)	$ (1.71)	$ (1.25)	$ (3.78)
Diluted (in dollars per share)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ (0.46)	$ (0.38)	$ (0.13)	$ (0.28)	$ (1.71)	$ (1.25)	$ (3.78)
Weighted average shares outstanding:
Basic (in shares)	47,428	47,427	47,428	47,369	45,490	45,919	45,919	44,179	47,427	45,490	40,346
Diluted (in shares)	47,428	47,427	47,428	47,369	45,490	45,919	45,919	44,179	47,427	45,490	40,346
Minera Santa Cruz S.A.
Unaudited supplementary quarterly information
Revenues									$ 254,698	$ 271,863	$ 219,020
Net loss									12,863	269	5,602
Gold and silver sales
Unaudited supplementary quarterly information
Revenues									$ 110,417	$ 136,541	$ 104,789

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Events - McEwen $ in Millions, $ in Billions	Mar. 09, 2023 USD ($) shares	Feb. 23, 2023 ARS ($) shares
SUBSEQUENT EVENTS
Percentage of shares of the company owned	51.90%	51.90%
Nuton
SUBSEQUENT EVENTS
Percentage of shares of the company owned	14.20%	14.20%
Stellantis
SUBSEQUENT EVENTS
Percentage of shares of the company owned	14.20%	14.20%
Stellantis Private Placement
SUBSEQUENT EVENTS
Sale of flow-through shares (in shares) | shares		2,850,000
Gross proceeds from private placement offering | $		$ 20.9
Stellantis Secondary Transaction
SUBSEQUENT EVENTS
Sale of flow-through shares (in shares) | shares		1,250,000
Gross proceeds from private placement offering | $		$ 9.1
Nuton LOI | Nuton LLC
SUBSEQUENT EVENTS
Sale of flow-through shares (in shares) | shares	1,250,000
Gross proceeds from private placement offering | $	$ 23.4
Nuton Secondary LOI | Nuton LLC
SUBSEQUENT EVENTS
Sale of flow-through shares (in shares) | shares	350,000
Gross proceeds from private placement offering | $	$ 6.6