McEwen Mining (MUX) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-33190
Entity Registrant Name	MCEWEN MINING INC.
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0796160
Entity Address, Address Line One	150 King Street West
Entity Address, Address Line Two	Suite 2800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5H 1J9
City Area Code	866
Local Phone Number	441-0690
Title of 12(b) Security	Common stock, no par value
Trading Symbol	MUX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,427,584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000314203
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Revenue	$ 34,752,000	$ 25,542,000
OPERATING EXPENSES:
Depreciation and depletion	(6,896,000)	(3,712,000)
Gross profit (loss)	4,443,000	(5,994,000)
OTHER OPERATING EXPENSES:
Advanced projects - Los Azules	(31,880,000)	(9,756,000)
Advanced projects - Other	(1,680,000)	(1,379,000)
Exploration	(5,900,000)	(3,210,000)
General and administrative	(3,441,000)	(1,981,000)
Loss from investment in Minera Santa Cruz S.A. (Note 9)	(3,461,000)	(1,120,000)
Depreciation	(282,000)	(142,000)
Reclamation and remediation (Note 11)	(630,000)	(527,000)
Impairment loss on mineral property interests and plant and equipment	0
Total other operating expenses	(47,274,000)	(18,115,000)
Operating loss	(42,831,000)	(24,109,000)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	8,464,000	(1,640,000)
Other (expense) income (Note 3)	(2,579,000)	3,871,000
Total other income	5,885,000	2,231,000
Loss before income and mining taxes	(36,946,000)	(21,878,000)
Income and mining tax recovery	536,000	814,000
Net loss after income and mining taxes	(36,410,000)	(21,064,000)
Net (income) loss attributable to non-controlling interests (Note 17)	(6,666,000)	334,000
Net loss and comprehensive loss attributable to McEwen shareholders	$ (43,076,000)	$ (20,730,000)
Net loss per share (Note 13):
Basic (in dollars per share)	$ (0.91)	$ (0.45)
diluted (in dollars per share)	$ (0.91)	$ (0.45)
Weighted average common shares outstanding (thousands) (Note 13):
Basic (in shares)	47,428	46,402
diluted (in shares)	47,428	46,402
Gold and silver sales
REVENUE:
Revenue	$ 34,752,000	$ 25,542,000
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (23,413,000)	$ (27,824,000)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents (Note 4)	$ 190,776	$ 39,782
Investments (Note 5)	1,591	1,295
Receivables, prepaids and other assets (Note 6)	7,543	8,840
Inventories (Note 7)	23,560	31,735
Total current assets	223,470	81,652
Mineral property interests and plant and equipment, net (Note 8)	342,516	346,281
Investment in Minera Santa Cruz S.A. (Note 9)	89,990	93,451
Inventories (Note 7)	16,773	2,432
Restricted cash (Note 16)	4,227	3,797
Other assets	703	1,106
TOTAL ASSETS	677,679	528,719
Current liabilities:
Accounts payable and accrued liabilities	46,155	42,521
Contract liability (Note 16)	2,335	6,155
Flow-through share premium (Note 12)	2,703	4,056
Debt, current portion (Note 10)	16,000	10,000
Lease liabilities	1,167	1,215
Reclamation and remediation liabilities (Note 11)	12,797	12,576
Tax liabilities	8,231	7,663
Total current liabilities	89,388	84,186
Lease liabilities	968	1,191
Debt (Note 10)	48,124	53,979
Reclamation and remediation liabilities (Note 11)	29,410	29,270
Other liabilities	4,507	3,819
Total liabilities	172,397	172,445
Shareholders' equity:
Common shares: 47,428 as of March 31, 2023 issued and outstanding (in thousands) (Note 12)	1,754,086	1,644,145
Non-controlling interests (Note 17)	115,608	33,465
Accumulated deficit	(1,364,412)	(1,321,336)
Total shareholders' equity	505,282	356,274
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 677,679	$ 528,719

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) shares in Thousands	Mar. 31, 2023 shares
CONSOLIDATED BALANCE SHEETS
Common, shares issued	47,428
Common, shares outstanding	47,428

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in Capital Flow-through common shares	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest Flow-through common shares	Noncontrolling Interest	Flow-through common shares	Total
Balance at Dec. 31, 2021		$ 1,615,596	$ (1,240,432)		$ 14,777		$ 389,941
Balance (in shares) at Dec. 31, 2021		459,188
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 183					183
Sale of flow-through common stock		$ 10,320					10,320
Sale of flow-through common stock (in shares)		14,500
Net income (loss)			(20,730)		(334)		(21,064)
Balance at Mar. 31, 2022		$ 1,626,099	(1,261,162)		14,443		379,380
Balance (in shares) at Mar. 31, 2022		473,688
Balance at Dec. 31, 2022		$ 1,644,145	(1,321,336)		33,465		356,274
Balance (in shares) at Dec. 31, 2022		47,428
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 28					28
Net income (loss)			(43,076)		6,666		(36,410)
Balance at Mar. 31, 2023		$ 1,754,086	$ (1,364,412)		$ 115,608		$ 505,282
Balance (in shares) at Mar. 31, 2023		47,428
Increase (Decrease) in Shareholders' Equity
Proceeds from McEwen Copper financing (Note 17)	$ 109,913			$ 75,477		$ 185,390

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (36,410)	$ (21,064)
Adjustments to reconcile net loss from operating activities:
Loss from investment in Minera Santa Cruz S.A. (Note 9)	3,461	1,120
Depreciation and amortization	7,263	3,606
Unrealized gain on investments (Note 5)	(296)	(618)
Reclamation accretion and adjustments to estimate (Note 11)	631	722
Income and mining tax recovery	(536)	(814)
Stock-based compensation	28	183
Change in non-cash working capital items:
Change in other assets related to operations	(2,732)	(763)
Change in liabilities related to operations	(17)	2,008
Cash used in operating activities	(28,608)	(15,620)
Cash flows from investing activities:
Net additions to mineral property interests and plant and equipment	(4,950)	(4,045)
Cash used in investing activities	(4,950)	(4,045)
Cash flows from financing activities:
Proceeds from McEwen Copper financing (Note 17)	185,390
Issuance of flow-through common shares, net of issuance costs (Note 12)		14,376
Proceeds from promissory note (Note 10 and Note 14)		15,000	$ 15,000
Subscription proceeds received in advance		300
Payment of finance lease obligations	(408)	(215)
Cash provided by financing activities	184,982	29,461
Increase in cash, cash equivalents and restricted cash	151,424	9,796
Cash, cash equivalents and restricted cash, beginning of period	43,579	60,634	60,634
Cash, cash equivalents and restricted cash, end of period	195,003	70,430	$ 43,579
Supplemental disclosure of cash flow information:
Interest paid	(1,253)	(1,202)
Interest received	$ 9,044	$ 6

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
NATURE OF OPERATIONS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION McEwen Mining Inc. (the “Company”) was organized under the laws of the State of Colorado on July 24, 1979. The Company produces and sells gold and silver from its operations in Canada, the United States and Argentina, and has a pipeline of exploration assets in Canada, the United States, Mexico and Argentina. The Company owns a 100% interest in the Gold Bar mine in Nevada, United States, the Fox Complex in Ontario, Canada, the Fenix Project in Sinaloa, Mexico and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. As of March 31, 2023, the Company also owns a 51.9% interest in McEwen Copper Inc. (“McEwen Copper”), which holds the Los Azules copper project in San Juan, Argentina and the Elder Creek exploration project in Nevada, United States. 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. The interim consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. While information and note disclosures normally included in annual financial statements and prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the information and disclosures included in the interim consolidated financial statements are adequate and not misleading. Therefore, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and the summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2022. In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Loss Statement of Operations Consolidated Balance Sheet Consolidated Balance Sheet Consolidated Statement of Changes in Shareholders’ Equity Consolidated Statements of Cash Flows One-For-Ten Share Consolidation and Articles of Amendment ​ Effective after the close of trading on July 27, 2022, the Company filed Articles of Amendment to its Second Amended and Restated Articles of Incorporation with the Colorado Secretary of State to, among other items, effect a one one 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.

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 2 OPERATING SEGMENT REPORTING The Company is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The Company’s chief operating decision maker (“CODM”) reviews the operating results, assesses performance and makes decisions about the allocation of resources to these segments at the geographic region level or major mine/project level where the economic characteristics of the individual mines or projects within a geographic region are not alike. As a result, these operating segments also represent the Company’s reportable segments for accounting purposes. The Company’s business activities that are not considered operating segments are included in General and Administrative and Other Income or Expense line item in the below table, and are provided for reconciliation purposes. The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects and exploration costs, for all segments except for the MSC segment, which is evaluated based on the attributable equity income or loss. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods. Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 11,587 ​ $ 23,165 ​ $ — ​ $ — ​ $ — ​ $ 34,752 Production costs applicable to sales ​ ​ (9,341) ​ ​ (14,072) ​ ​ — ​ ​ — ​ ​ — ​ (23,413) Depreciation and depletion ​ ​ (1,260) ​ ​ (5,636) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,896) Gross profit ​ ​ 986 ​ ​ 3,457 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (289) ​ ​ — ​ ​ (1,391) ​ ​ — ​ ​ (31,880) ​ (33,560) Exploration ​ ​ (773) ​ ​ (4,740) ​ ​ — ​ ​ — ​ ​ (387) ​ ​ (5,900) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,461) ​ ​ — ​ (3,461) Segment loss ​ $ (76) ​ $ (1,283) ​ $ (1,391) ​ $ (3,461) ​ $ (32,267) ​ $ (38,478) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,532 Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (36,946) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,991 ​ $ 2,773 ​ $ — ​ $ — ​ $ 954 ​ $ 6,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 11,742 ​ $ 12,896 ​ $ 904 ​ $ — ​ $ — ​ $ 25,542 Production costs applicable to sales ​ ​ (14,172) ​ ​ (8,647) ​ ​ (5,005) ​ ​ — ​ ​ — ​ ​ (27,824) Depreciation and depletion ​ ​ (818) ​ ​ (2,894) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,712) Gross profit (loss) ​ ​ (3,248) ​ ​ 1,355 ​ ​ (4,101) ​ ​ — ​ ​ — ​ ​ (5,994) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (45) ​ ​ (91) ​ ​ (1,243) ​ ​ — ​ $ (9,756) ​ ​ (11,135) Exploration ​ ​ (1,449) ​ ​ (1,700) ​ ​ (1) ​ ​ — ​ $ (60) ​ ​ (3,210) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,120) ​ $ — ​ ​ (1,120) Segment loss ​ $ (4,742) ​ $ (436) ​ $ (5,345) ​ $ (1,120) ​ $ (9,816) ​ $ (21,459) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (419) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (21,878) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 277 ​ $ 3,546 ​ $ — ​ $ — ​ $ 234 ​ $ 4,057 ​ Geographic Information Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-lived Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2023 2022 2023 ​ 2022 USA (2) ​ $ 75,957 ​ $ 70,577 ​ $ 11,587 ​ $ 11,742 Canada ​ ​ 95,326 ​ ​ 91,552 ​ ​ 23,165 ​ ​ 12,896 Mexico ​ ​ 29,218 ​ ​ 29,219 ​ ​ — ​ ​ 904 Argentina (3) ​ ​ 253,707 ​ ​ 255,718 ​ ​ — ​ ​ — Total consolidated ​ $ 454,208 ​ $ 447,066 ​ $ 34,752 ​ $ 25,542 ​ (1) Presented based on the location from which the precious metals originated. (2) Includes Elder Creek exploration property of $0.8 million as of March 31, 2023 (December 31, 2022 - $0.8 million). (3) Includes Investment in MSC of $90.0 million as of March 31, 2023 (December 31, 2022 – $93.5 million )

OTHER INCOME

OTHER INCOME	3 Months Ended
	Mar. 31, 2023
OTHER INCOME
OTHER INCOME	NOTE 3 OTHER INCOME The following is a summary of other income for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Unrealized and realized gain on investments (Note 5) $ 296 ​ $ 445 Foreign currency gain on Blue Chip Swap ​ 7,993 ​ ​ 2,189 Foreign currency (loss) gain, other ​ (10,641) ​ ​ 798 Other (expense) income, net ​ (227) ​ ​ 439 Total other (expense) income $ (2,579) ​ $ 3,871 ​ During the three months ended March 31, 2023, the Company completed two 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. The Company realized a net gain of $7.5 million comprised of a foreign currency gain of $7.9 million and a realized loss on investments of $0.4 million, including the impact of fees and commissions. For the three months ended March 31, 2022, the Company completed three Blue Chip Swap transactions and realized a net gain of $2.1 million comprised of a foreign currency gain of $2.2 million and a realized loss on investments of $0.1 million.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Mar. 31, 2023
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	NOTE 4 CASH AND CASH EQUIVALENTS The following table provides a reconciliation of cash and cash equivalents reported in the Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 Cash and cash equivalents held in USD ​ $ 45,697 ​ $ 36,305 Cash and cash equivalents held in ARS¹ ​ ​ 143,796 ​ ​ 2,144 Cash and cash equivalents held in other currencies ​ ​ 1,283 ​ ​ 1,333 Total cash and cash equivalents ​ $ 190,776 ​ $ 39,782 (1) Argentine Peso (“ARS”) As of March 31, 2023, the cash balance of ARS $29.5 billion was converted to the USD using the official exchange rate of 209.0:1. As of December 31, 2022, the cash balance of ARS $0.4 billion was converted to the USD using the official exchange rate of 177.2:1. As of March 31, 2023, of $190.8 million of cash and cash equivalents, $149.1 million in cash and $9.7 million in bankers’ acceptance notes with maturity dates between 34

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS ​ The following is a summary of the activity in investments for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Net gain ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ (loss) on ​ transfers during ​ gain on ​ March 31, ​ 2022 period securities sold period securities held 2023 Marketable equity securities – fair value ​ ​ 1,133 ​ ​ — ​ ​ — ​ ​ — ​ ​ 296 ​ ​ 1,429 Warrants ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total Investments ​ $ 1,295 ​ $ — ​ $ — ​ $ — ​ $ 296 ​ $ 1,591 ​ On June 23, 2021, the Company closed the sale of two projects in Nevada, Limousine Butte and Cedar Wash, with Nevgold Corp. (“Nevgold”). In addition to $0.5 million cash received as part of the consideration, the Company received 4,963,455 common shares and 2,481,727 warrants of Nevgold. Upon issuance, the common shares received by the Company represented 10% of the issued and outstanding shares of Nevgold. The warrants have an exercise price of C$0.60 per share and are exercisable until June 23, 2023. The common shares trade on the TSX Venture Exchange.

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	NOTE 6 RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS The following is a breakdown of balances in receivables, prepaids and other assets as at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Government sales tax receivable ​ $ 2,467 ​ $ 2,868 Prepaids and other assets ​ ​ 5,076 ​ ​ 5,972 Receivables, prepaid and other current assets ​ $ 7,543 ​ $ 8,840 ​

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories at March 31, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Material on leach pads ​ $ 16,564 ​ $ 7,571 In-process inventory ​ 3,797 ​ 3,674 Stockpiles ​ 11,275 ​ 15,392 Precious metals ​ 1,896 ​ 2,119 Materials and supplies ​ 6,801 ​ 5,411 ​ ​ $ 40,333 ​ $ 34,167 Less long-term portion ​ ​ (16,773) ​ ​ (2,432) ​ ​ $ 23,560 ​ $ 31,735 ​ During the three months ended March 31, 2022, inventory at the Fox Complex, El Gallo and Gold Bar operations were written down to their estimated net realizable value by $0.8 million, $3.4 million and $nil respectively. Of these write-downs, a total of $4.2 million was included in production costs applicable to sales and $nil was included in depreciation and depletion in the Statement of Operations.

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT The applicable definition of proven and probable reserves is set forth in the new Regulation S-K 1300 requirements of the SEC. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and probable reserves estimated in accordance with S-K 1300. The Fox Complex is depleted and depreciated using the units-of-production method over the stated mine life, as the project does not have proven and probable reserves compliant with S-K 1300. The Company reviews and evaluates its long-lived assets for impairment on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Once it is determined that impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its estimated fair value. During the three months ended March 31, 2023, no indicators of impairment have been noted for any of the Company’s mineral property interests. ​

INVESTMENT IN MSC - SAN JOSE MI

INVESTMENT IN MSC - SAN JOSE MINE	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN MSC - SAN JOSE MINE
INVESTMENT IN MSC - SAN JOSE MINE	NOTE 9 INVESTMENT IN MINERA SANTA CRUZ S.A. (“MSC”) – SAN JOSÉ MINE The Company accounts for investments over which it exerts significant influence but does not control through majority ownership using the equity method of accounting. MSC is operated by the Company’s joint venture partner, Hochschild Mining PLC. In applying the equity method of accounting, MSC’s financial statements, which are originally prepared by MSC in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, have been adjusted to conform with U.S. GAAP. As such, the summarized financial data presented under this heading is presented in accordance with U.S. GAAP. A summary of the operating results for MSC for the three months ended March 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Minera Santa Cruz S.A. ( 100% ) ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 45,740 ​ $ 39,207 Production costs applicable to sales ​ ​ (41,124) ​ ​ (31,789) Depreciation and depletion ​ ​ (8,230) ​ ​ (6,896) Gross (loss) profit ​ ​ (3,614) ​ ​ 522 Exploration ​ ​ (1,952) ​ ​ (1,735) Other expenses (1) ​ ​ (3,234) ​ ​ (3,880) Net loss before tax ​ $ (8,800) ​ $ (5,093) Current and deferred tax expense ​ ​ 3,315 ​ ​ 3,807 Net loss ​ $ (5,485) ​ $ (1,286) ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. ( 49%) ​ ​ ​ ​ ​ ​ Net loss ​ $ (2,687) ​ $ (630) Amortization of fair value increments ​ (884) ​ (613) Income tax recovery ​ ​ 110 ​ ​ 123 Loss from investment in MSC, net of amortization ​ $ (3,461) ​ $ (1,120) ​ (1) Other expenses include foreign exchange, accretion of asset retirement obligations and other finance-related expenses. ​ The income or loss from the investment in MSC attributable to the Company includes amortization of the fair value increments arising from the initial purchase price allocation and related income tax recovery. The income tax recovery reflects the impact of the devaluation of the Argentine peso against the U.S. dollar on the peso-denominated deferred tax liability recognized at the time of acquisition, as well as income tax rate changes over the periods. ​ Changes in the Company’s investment in MSC for the three months ended March 31, 2023 and year ended December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Investment in MSC, beginning of period $ 93,451 ​ $ 90,961 Attributable net (loss) income from MSC ​ (2,687) ​ ​ 6,303 Amortization of fair value increments (884) ​ (4,155) Income tax recovery ​ 110 ​ ​ 628 Dividend distribution received — ​ (286) Investment in MSC, end of period $ 89,990 ​ $ 93,451 ​ A summary of the key assets and liabilities of MSC as at March 31, 2023, before and after adjustments for fair value increments arising from the purchase price allocation, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 81,676 ​ $ 705 ​ $ 82,381 Total assets ​ $ 188,078 ​ $ 79,484 ​ $ 267,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (52,936) ​ $ — ​ $ (52,936) Total liabilities ​ $ (82,855) ​ $ (1,071) ​ $ (83,926) ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
DEBT
DEBT.	NOTE 10 DEBT A reconciliation of the Company’s debt for the three months ended March 31, 2023 and for the year ended December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Balance, beginning of year ​ $ 63,979 ​ $ 48,866 Promissory notes - initial recognition ​ ​ — ​ ​ 15,000 Interest expense ​ 1,347 ​ 5,488 Interest payments ​ (1,202) ​ (4,875) Financing fee ​ ​ - ​ ​ (500) Balance, end of period ​ $ 64,124 ​ $ 63,979 Less: current portion ​ ​ 16,000 ​ ​ 10,000 Long-term portion ​ $ 48,124 ​ ​ 53,979 ​

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2023
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	​ NOTE 11 ASSET RETIREMENT OBLIGATIONS ​ The Company is responsible for the reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Fox Complex properties in Canada and the El Gallo Project in Mexico. A reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2023 and for the year ended December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Asset retirement obligation liability, beginning balance $ 41,846 ​ $ 35,452 Settlements (270) ​ (774) Accretion of liability 610 ​ 2,354 Revisions to estimates and discount rate 20 ​ 5,664 Foreign exchange revaluation ​ 1 ​ ​ (850) Asset retirement obligation liability, ending balance $ 42,207 ​ $ 41,846 Less current portion ​ 12,797 ​ ​ 12,576 Long-term portion $ 29,410 ​ $ 29,270 ​ Reclamation expense in the Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Reclamation adjustment reflecting updated estimates $ 20 ​ $ — Reclamation accretion ​ 610 ​ ​ 527 Total $ 630 ​ ​ 527 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	​ NOTE 12 SHAREHOLDERS’ EQUITY Equity Issuances Flow-Through Shares Issuance – Canadian Exploration Expenditures (“CEE”) The Company is required to spend the flow-through share proceeds from the 2022 issuance on flow-through eligible CEE as defined by subsection 66.1(6) of the Income Tax Act (Canada). As of March 31, 2023, the Company had incurred a total of $5.6 million in eligible CEE (as of December 31, 2022 – $1.0 million). The Company expects to fulfill its remaining CEE commitments of $9.5 million by the end of 2023. Shareholders’ Distributions Pursuant to the Amended and Restated Credit Agreement, the Company is prevented from paying any dividends on its common stock, so long as the loan is outstanding. ​

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 13 NET LOSS PER SHARE Basic net loss per share is computed by dividing the net loss attributable to the Company’s common shareholders by the weighted average number of common shares outstanding during the period. Potentially dilutive instruments are not included in the calculation of diluted net loss per share for the three months ended March 31, 2023 and 2022, as they would be anti-dilutive. For the three months ended March 31, 2023, all the outstanding stock options (409,470) and all of the outstanding warrants (2,976,816) were excluded from the computation of diluted loss per share. Similarly, for the three months ended March 31, 2022, the outstanding stock options (599,110) and the outstanding warrants (2,977,077) were excluded. ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14 RELATED PARTY TRANSACTIONS The Company recorded the following expense in respect to the related parties outlined below during the periods presented: ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 REVlaw $ 48 ​ ​ 214 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 REVlaw $ 160 ​ ​ 112 ​ REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount. An affiliate of Robert R. McEwen, Chairman and Chief Executive Officer participated as a lender in the $50.0 million term loan to which the Company is borrower by providing $25.0 million of the total $50.0 million funding and continued as such under the ARCA. During the three months ended March 31, 2023, the Company paid $0.6 million, (three months ended March 31, 2022 – $0.6 million) in interest to this affiliate. 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 for the period ended March 31, 2023 was $0.3 million (March 31, 2022 – $nil).

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	3 Months Ended
	Mar. 31, 2023
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 15 FAIR VALUE ACCOUNTING As required by accounting guidance, certain assets and liabilities on the Consolidated Balance Sheets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Warrants Upon initial recognition, the warrants received as part of the asset sale to Nevgold (Note 5) Assets and liabilities measured at fair value on a recurring basis. The following table identifies certain of the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2023 and December 31, 2022, as reported in the Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at March 31, 2023 Fair value as at December 31, 2022 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,429 ​ $ — ​ $ 1,429 ​ $ 1,133 ​ $ — ​ $ 1,133 Total investments ​ $ 1,429 ​ $ — ​ $ 1,429 ​ $ 1,133 ​ $ — ​ $ 1,133 ​ Marketable equity securities that the Company holds are exchange-traded and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investment is calculated as the quoted market price of the marketable equity security multiplied by the number of shares held by the Company. The fair value of financial assets and liabilities held at March 31, 2023 were assumed to approximate their carrying values due to their historically negligible credit losses. Debt is recorded at a carrying value of $64.1 million (December 31, 2022 – $64.0 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16 COMMITMENTS AND CONTINGENCIES In addition to the commitments for payments on operating and finance leases and the repayment of long-term debt ( Note 10 Reclamation Obligations As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations. As at March 31, 2023, the Company had a surety facility in place to cover all its bonding obligations, which include $27.8 million of bonding in Nevada and $11.5 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 March 31, 2023, the Company recorded $4.2 million in restricted cash in non-current assets as a deposit against the surety facility. Streaming Agreement As part of the acquisition of the Black Fox Complex in 2017, the Company assumed a gold purchase agreement (streaming contract) related to production from certain land claims. The Company is obligated to sell 8% of gold production from the Black Fox mine and 6.3% from the adjoining Pike River property (Black Fox extension) to Sandstorm Gold Ltd. at the lesser of market price or $561 per ounce (with inflation adjustments of up to 2% per year) until 2090. The Company records the revenue from these shipments based on the contract price at the time of delivery to the customer. During the three months ended March 31, 2023, the Company recorded revenue of $0.4 million (2022 - $0.4 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 are required to be used for the continued exploration of the Company’s properties in the Timmins region of Canada. As at March 31, 2023, the Company has incurred $5.6 million of the required CEE spend and expects to fulfill the remaining $9.5 million of the CEE commitments by the end of 2023. Prepayment Agreement On July 27, 2022, the Company entered into a precious metals purchase agreement with Auramet International LLC (“Auramet”). Under this agreement, the Company may sell the gold on a Spot Basis, on a Forward Basis and on a Supplier Advance basis, i.e. the gold is priced and paid for while the gold is: (i) at a mine for a maximum of 15 business days before shipment; or (ii) in-transit to a refinery; or (iii) while being refined at a refinery. ​ During the three months ended March 31, 2023, the Company received the combined net proceeds of $22.8 million from the sales on a Supplier Advance Basis. The Company recorded revenue of $26.7 million related to the gold sales, with the remaining $2.3 million representing 1,200 ounces pledged but not yet delivered to Auramet, recorded as a contract liability on the Consolidated Balance Sheets. Other potential contingencies The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company and its predecessors have transferred their interest in several mining properties to third parties throughout its history. The Company could remain potentially liable for environmental enforcement actions related to its prior ownership of such properties. However, the Company has no reasonable belief that any violation of relevant environmental laws or regulations has occurred regarding these transferred properties. ​

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2023
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	NOTE 17 NON-CONTROLLING INTERESTS ​ On February 23, 2023, the Company and its subsidiary, McEwen Copper, closed the equity financing with a single investor, FCA Argentina S.A., an Argentinian subsidiary of Stellantis N.V (“Stellantis”), which consisted of a private placement of 2,850,000 additional common shares issued by McEwen Copper for gross proceeds of ARS $20.9 billion ($108.8 million) and a secondary sale of an additional 1,250,000 shares of McEwen Copper common stock indirectly owned by the Company for aggregate proceeds of ARS $9.1 billion ($46.6 million). On March 15, 2023, Nuton LLC, a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“Nuton”), exercised its preemptive rights under an existing shareholder agreement to purchase 350,000 shares of McEwen Copper common stock directly from McEwen Copper for aggregate proceeds of $6.6 million. On the same date, the Company and Nuton closed a secondary sale of an additional 1,250,000 shares of McEwen Copper common stock indirectly owned by the Company for aggregate proceeds of $23.4 million. As a result of the transactions, the Company’s 68.1% ownership in McEwen Copper was reduced by 16.2% to 51.9%. The Company determined that it still controlled McEwen Copper and, consequently, the Company recorded $72.1 million as non-controlling interests and $113.3 million as additional paid-in-capital in 2023. ​ As of March 31, 2023, the Company recorded $6.7 million net income attributed to non-controlling interests of 48.1% (March 31, 2022 - $0.3 million net loss attributed to non-controlling interests of 18.6%). ​

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 11,587 ​ $ 23,165 ​ $ — ​ $ — ​ $ — ​ $ 34,752 Production costs applicable to sales ​ ​ (9,341) ​ ​ (14,072) ​ ​ — ​ ​ — ​ ​ — ​ (23,413) Depreciation and depletion ​ ​ (1,260) ​ ​ (5,636) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,896) Gross profit ​ ​ 986 ​ ​ 3,457 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (289) ​ ​ — ​ ​ (1,391) ​ ​ — ​ ​ (31,880) ​ (33,560) Exploration ​ ​ (773) ​ ​ (4,740) ​ ​ — ​ ​ — ​ ​ (387) ​ ​ (5,900) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,461) ​ ​ — ​ (3,461) Segment loss ​ $ (76) ​ $ (1,283) ​ $ (1,391) ​ $ (3,461) ​ $ (32,267) ​ $ (38,478) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,532 Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (36,946) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,991 ​ $ 2,773 ​ $ — ​ $ — ​ $ 954 ​ $ 6,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 USA Canada Mexico MSC McEwen Copper Total Revenue from gold and silver sales ​ $ 11,742 ​ $ 12,896 ​ $ 904 ​ $ — ​ $ — ​ $ 25,542 Production costs applicable to sales ​ ​ (14,172) ​ ​ (8,647) ​ ​ (5,005) ​ ​ — ​ ​ — ​ ​ (27,824) Depreciation and depletion ​ ​ (818) ​ ​ (2,894) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,712) Gross profit (loss) ​ ​ (3,248) ​ ​ 1,355 ​ ​ (4,101) ​ ​ — ​ ​ — ​ ​ (5,994) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (45) ​ ​ (91) ​ ​ (1,243) ​ ​ — ​ $ (9,756) ​ ​ (11,135) Exploration ​ ​ (1,449) ​ ​ (1,700) ​ ​ (1) ​ ​ — ​ $ (60) ​ ​ (3,210) Loss from investment in Minera Santa Cruz S.A. ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,120) ​ $ — ​ ​ (1,120) Segment loss ​ $ (4,742) ​ $ (436) ​ $ (5,345) ​ $ (1,120) ​ $ (9,816) ​ $ (21,459) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (419) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (21,878) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 277 ​ $ 3,546 ​ $ — ​ $ — ​ $ 234 ​ $ 4,057 ​
Schedule of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-lived Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2023 2022 2023 ​ 2022 USA (2) ​ $ 75,957 ​ $ 70,577 ​ $ 11,587 ​ $ 11,742 Canada ​ ​ 95,326 ​ ​ 91,552 ​ ​ 23,165 ​ ​ 12,896 Mexico ​ ​ 29,218 ​ ​ 29,219 ​ ​ — ​ ​ 904 Argentina (3) ​ ​ 253,707 ​ ​ 255,718 ​ ​ — ​ ​ — Total consolidated ​ $ 454,208 ​ $ 447,066 ​ $ 34,752 ​ $ 25,542 ​ (1) Presented based on the location from which the precious metals originated. (2) Includes Elder Creek exploration property of $0.8 million as of March 31, 2023 (December 31, 2022 - $0.8 million). (3) Includes Investment in MSC of $90.0 million as of March 31, 2023 (December 31, 2022 – $93.5 million )

OTHER INCOME (Tables)

OTHER INCOME (Tables)	3 Months Ended
	Mar. 31, 2023
OTHER INCOME
Schedule of other income (expense)	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Unrealized and realized gain on investments (Note 5) $ 296 ​ $ 445 Foreign currency gain on Blue Chip Swap ​ 7,993 ​ ​ 2,189 Foreign currency (loss) gain, other ​ (10,641) ​ ​ 798 Other (expense) income, net ​ (227) ​ ​ 439 Total other (expense) income $ (2,579) ​ $ 3,871 ​

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	3 Months Ended
	Mar. 31, 2023
CASH AND CASH EQUIVALENTS
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 Cash and cash equivalents held in USD ​ $ 45,697 ​ $ 36,305 Cash and cash equivalents held in ARS¹ ​ ​ 143,796 ​ ​ 2,144 Cash and cash equivalents held in other currencies ​ ​ 1,283 ​ ​ 1,333 Total cash and cash equivalents ​ $ 190,776 ​ $ 39,782 (1) Argentine Peso (“ARS”)

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
INVESTMENTS
Summary of investment portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Net gain ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ (loss) on ​ transfers during ​ gain on ​ March 31, ​ 2022 period securities sold period securities held 2023 Marketable equity securities – fair value ​ ​ 1,133 ​ ​ — ​ ​ — ​ ​ — ​ ​ 296 ​ ​ 1,429 Warrants ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total Investments ​ $ 1,295 ​ $ — ​ $ — ​ $ — ​ $ 296 ​ $ 1,591 ​

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Schedule of balances in receivables, prepaids and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Government sales tax receivable ​ $ 2,467 ​ $ 2,868 Prepaids and other assets ​ ​ 5,076 ​ ​ 5,972 Receivables, prepaid and other current assets ​ $ 7,543 ​ $ 8,840

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Material on leach pads ​ $ 16,564 ​ $ 7,571 In-process inventory ​ 3,797 ​ 3,674 Stockpiles ​ 11,275 ​ 15,392 Precious metals ​ 1,896 ​ 2,119 Materials and supplies ​ 6,801 ​ 5,411 ​ ​ $ 40,333 ​ $ 34,167 Less long-term portion ​ ​ (16,773) ​ ​ (2,432) ​ ​ $ 23,560 ​ $ 31,735 ​

INVESTMENT IN MSC - SAN JOSE _2

INVESTMENT IN MSC - SAN JOSE MINE (Tables)	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN MSC - SAN JOSE MINE
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Minera Santa Cruz S.A. ( 100% ) ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales ​ $ 45,740 ​ $ 39,207 Production costs applicable to sales ​ ​ (41,124) ​ ​ (31,789) Depreciation and depletion ​ ​ (8,230) ​ ​ (6,896) Gross (loss) profit ​ ​ (3,614) ​ ​ 522 Exploration ​ ​ (1,952) ​ ​ (1,735) Other expenses (1) ​ ​ (3,234) ​ ​ (3,880) Net loss before tax ​ $ (8,800) ​ $ (5,093) Current and deferred tax expense ​ ​ 3,315 ​ ​ 3,807 Net loss ​ $ (5,485) ​ $ (1,286) ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. ( 49%) ​ ​ ​ ​ ​ ​ Net loss ​ $ (2,687) ​ $ (630) Amortization of fair value increments ​ (884) ​ (613) Income tax recovery ​ ​ 110 ​ ​ 123 Loss from investment in MSC, net of amortization ​ $ (3,461) ​ $ (1,120) ​ (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	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Investment in MSC, beginning of period $ 93,451 ​ $ 90,961 Attributable net (loss) income from MSC ​ (2,687) ​ ​ 6,303 Amortization of fair value increments (884) ​ (4,155) Income tax recovery ​ 110 ​ ​ 628 Dividend distribution received — ​ (286) Investment in MSC, end of period $ 89,990 ​ $ 93,451
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 81,676 ​ $ 705 ​ $ 82,381 Total assets ​ $ 188,078 ​ $ 79,484 ​ $ 267,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (52,936) ​ $ — ​ $ (52,936) Total liabilities ​ $ (82,855) ​ $ (1,071) ​ $ (83,926)

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
DEBT
Schedule of debt activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Balance, beginning of year ​ $ 63,979 ​ $ 48,866 Promissory notes - initial recognition ​ ​ — ​ ​ 15,000 Interest expense ​ 1,347 ​ 5,488 Interest payments ​ (1,202) ​ (4,875) Financing fee ​ ​ - ​ ​ (500) Balance, end of period ​ $ 64,124 ​ $ 63,979 Less: current portion ​ ​ 16,000 ​ ​ 10,000 Long-term portion ​ $ 48,124 ​ ​ 53,979

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
ASSET RETIREMENT OBLIGATIONS
Schedule of reconciliation of asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 Year ended Asset retirement obligation liability, beginning balance $ 41,846 ​ $ 35,452 Settlements (270) ​ (774) Accretion of liability 610 ​ 2,354 Revisions to estimates and discount rate 20 ​ 5,664 Foreign exchange revaluation ​ 1 ​ ​ (850) Asset retirement obligation liability, ending balance $ 42,207 ​ $ 41,846 Less current portion ​ 12,797 ​ ​ 12,576 Long-term portion $ 29,410 ​ $ 29,270 ​
Schedule of reclamation expense	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 ​ 2022 Reclamation adjustment reflecting updated estimates $ 20 ​ $ — Reclamation accretion ​ 610 ​ ​ 527 Total $ 630 ​ ​ 527

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of related party expense and outstanding accounts payable	The Company recorded the following expense in respect to the related parties outlined below during the periods presented: ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 REVlaw $ 48 ​ ​ 214 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 REVlaw $ 160 ​ ​ 112 ​

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	3 Months Ended
	Mar. 31, 2023
FAIR VALUE ACCOUNTING
Schedule of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at March 31, 2023 Fair value as at December 31, 2022 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,429 ​ $ — ​ $ 1,429 ​ $ 1,133 ​ $ — ​ $ 1,133 Total investments ​ $ 1,429 ​ $ — ​ $ 1,429 ​ $ 1,133 ​ $ — ​ $ 1,133 ​

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 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%	49%
Minera Andes Inc. | Minera Santa Cruz S.A.
Nature of operations
Subsidiary ownership interest (as a percent)	51.90%

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION - Share consolidation and Articles of Amendment (Details)	Jul. 28, 2022 $ / shares shares	Jul. 27, 2022 shares
NATURE OF OPERATIONS
Stock split conversion ratio	0.01	0.01
Reverse stock splits shares		10
Price per unit | $ / shares	$ 1
Authorized capital	200,000,002	675,000,002
Common stock, shares authorized	200,000,000
Preferred stock, shares authorized	2

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Segment Reporting
Revenue from gold and silver sales	$ 34,752,000	$ 25,542,000
Depreciation and depletion	(6,896,000)	(3,712,000)
Gross profit	4,443,000	(5,994,000)
Advanced projects - Other	(1,680,000)	(1,379,000)
Impairment loss on mineral property interests and plant and equipment (Note 8)	0
Loss from investment in Minera Santa Cruz S.A.	(3,461,000)	(1,120,000)
Loss before income and mining taxes	(36,946,000)	(21,878,000)
United States Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales	11,587,000	11,742,000
Depreciation and depletion	(1,260,000)	(818,000)
Gross profit	986,000	(3,248,000)
Advanced projects - Other	(289,000)	(45,000)
Segment loss	(76,000)	(4,742,000)
Capital expenditures	2,991,000	277,000
Canada
Operating Segment Reporting
Revenue from gold and silver sales	23,165,000	12,896,000
Depreciation and depletion	(5,636,000)	(2,894,000)
Gross profit	3,457,000	1,355,000
Advanced projects - Other		(91,000)
Segment loss	(1,283,000)	(436,000)
Capital expenditures	2,773,000	3,546,000
Mexico Reportable Segment [Member]
Operating Segment Reporting
Revenue from gold and silver sales		904,000
Gross profit		(4,101,000)
Advanced projects - Other	(1,391,000)	(1,243,000)
Segment loss	(1,391,000)	(5,345,000)
MSC
Operating Segment Reporting
Loss from investment in Minera Santa Cruz S.A.	(3,461,000)	(1,120,000)
Segment loss	(3,461,000)	(1,120,000)
McEwen Copper
Operating Segment Reporting
Advanced projects - Other	(31,880,000)	(9,756,000)
Segment loss	(32,267,000)	(9,816,000)
Capital expenditures	954,000	234,000
Total Segment
Operating Segment Reporting
Revenue from gold and silver sales	34,752,000	25,542,000
Depreciation and depletion	(6,896,000)	(3,712,000)
Gross profit	4,443,000	(5,994,000)
Advanced projects - Other	(33,560,000)	(11,135,000)
Loss from investment in Minera Santa Cruz S.A.	(3,461,000)	(1,120,000)
Segment loss	(38,478,000)	(21,459,000)
General and Administrative and other	1,532,000	(419,000)
Loss before income and mining taxes	(36,946,000)	(21,878,000)
Capital expenditures	6,718,000	4,057,000
Gold and silver sales
Operating Segment Reporting
Revenue from gold and silver sales	34,752,000	25,542,000
Product [Member] | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(9,341,000)	(14,172,000)
Product [Member] | Canada
Operating Segment Reporting
Production costs applicable to sales	(14,072,000)	(8,647,000)
Product [Member] | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales		(5,005,000)
Product [Member] | Total Segment
Operating Segment Reporting
Production costs applicable to sales	(23,413,000)	(27,824,000)
Exploration | United States Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales	(773,000)	(1,449,000)
Exploration | Canada
Operating Segment Reporting
Production costs applicable to sales	(4,740,000)	(1,700,000)
Exploration | Mexico Reportable Segment [Member]
Operating Segment Reporting
Production costs applicable to sales		(1,000)
Exploration | McEwen Copper
Operating Segment Reporting
Production costs applicable to sales	(387,000)	(60,000)
Exploration | Total Segment
Operating Segment Reporting
Production costs applicable to sales	$ (5,900,000)	$ (3,210,000)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating Segment Reporting
Long-lived Assets	$ 454,208,000		$ 447,066,000
Revenue	34,752,000	$ 25,542,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	89,990,000		93,451,000
Investments in Exploration Property	800,000		800,000
Minera Santa Cruz S.A.
Operating Segment Reporting
Revenue	45,740,000	39,207,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	89,990,000		93,451,000	$ 90,961,000
UNITED STATES
Operating Segment Reporting
Long-lived Assets	75,957,000		70,577,000
Revenue	11,587,000	11,742,000
Canada
Operating Segment Reporting
Long-lived Assets	95,326,000		91,552,000
Revenue	23,165,000	12,896,000
MEXICO
Operating Segment Reporting
Long-lived Assets	29,218,000		29,219,000
Revenue		$ 904,000
ARGENTINA
Operating Segment Reporting
Long-lived Assets	253,707,000		255,718,000
ARGENTINA | Minera Santa Cruz S.A.
Operating Segment Reporting
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 90,000,000		$ 93,500,000

OTHER INCOME - Summary of Other

OTHER INCOME - Summary of Other Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($) security
OTHER INCOME
Unrealized and realized gain on investments (Note 5)	$ 296	$ 445
Foreign currency gain on Blue Chip Swap	7,993	2,189
Foreign currency (loss) gain, other	(10,641)	798
Other (expense) income, net	(227)	439
Total other (expense) income	(2,579)	3,871
Foreign currency gain	7,900	2,200
Realized loss on investments	(400)	(100)
Realized gain from a mechanism whereby US funds are used to buy and then sell government bonds denominated in pesos	$ 7,500	$ 2,100
Number Blue Chip Swaps | security	2	3

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OTHER INCOME
Realized gain from a mechanism whereby US funds are used to buy and then sell government bonds denominated in pesos	$ 7.5	$ 2.1
Foreign currency gain	7.9	2.2
Realized loss on investments	$ (0.4)	$ (0.1)

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 ARS ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 ARS ($)
Cash and cash equivalents	$ 190,776		$ 39,782
Cash	149,100	$ 29,500,000		$ 400,000
Bankers' acceptance notes	$ 9,700
Exchange rate	209	209	177.2	177.2
Minimum
Term of debt instrument	34 days
Maximum
Term of debt instrument	81 days
USD
Cash and cash equivalents	$ 45,697		$ 36,305
ARS
Cash and cash equivalents		$ 143,796		$ 2,144
Other currencies
Cash and cash equivalents	$ 1,283		$ 1,333

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments rollforward
Opening balance	$ 1,295
Net gain (loss) on securities sold	(400)	$ (100)
Unrealized gain (loss) on securities held	296
Fair Value end of the period	1,591
Marketable equity securities
Investments rollforward
Opening balance	1,133
Unrealized gain (loss) on securities held	296
Fair Value end of the period	1,429
Warrants
Investments rollforward
Opening balance	162
Fair Value end of the period	$ 162

INVESTMENTS (Details)

INVESTMENTS (Details) - Jun. 23, 2021 $ in Millions	USD ($) project shares	$ / shares
Investments
Number of common shares	4,963,455
Warrants received	2,481,727
Percentage of common shares received	10%
Disposal Group | Projects in Nevada
Investments
Number of projects sold | project	2
Cash consideration received | $	$ 0.5
Price per common share for each warrant | $ / shares		$ 0.60

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Government sales tax receivable	$ 2,467	$ 2,868
Prepaids and other assets	5,076	5,972
Receivables and other current assets	$ 7,543	$ 8,840

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Inventories
Material on leach pads	$ 16,564	$ 7,571
In-process inventory	3,797	3,674
Stockpiles	11,275	15,392
Precious metals	1,896	2,119
Materials and supplies	6,801	5,411
Inventories	40,333	34,167
Less long-term portion	(16,773)	(2,432)
Current portion	23,560	$ 31,735
Cost Of Sales [Member]
Inventories
Inventory write-down	$ 4,200
Black Fox Complex
Inventories
Current portion			$ 800
El Gallo Project
Inventories
Current portion			$ 3,400

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
MINERAL PROPERTY INTERESTS
Impairment charges	$ 0

INVESTMENT IN MSC - SAN JOSE _3

INVESTMENT IN MSC - SAN JOSE MINE - Summary of Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 34,752	$ 25,542
Depreciation and depletion	(6,896)	(3,712)
Net loss before tax	(36,946)	(21,878)
Net loss	(43,076)	(20,730)
Income tax recovery	536	814
Loss from investment in MSC, net of amortization	$ (3,461)	$ (1,120)
Subsidiary (as a percent)	100%	100%
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
Net loss	$ (2,687)	$ (630)
Amortization of fair value increments	(884)	(613)
Income tax recovery	110	123
Loss from investment in MSC, net of amortization	$ (3,461)	(1,120)
Subsidiary ownership interest (as a percent)	51.90%
Minera Santa Cruz S.A. [Member]
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 45,740	39,207
Production costs applicable to sales	(41,124)	(31,789)
Depreciation and depletion	(8,230)	(6,896)
Gross (loss) profit	(3,614)	522
Exploration	(1,952)	(1,735)
Other expenses	(3,234)	(3,880)
Net loss before tax	(8,800)	(5,093)
Current and deferred tax recovery (expense)	3,315	3,807
Net loss	(5,485)	$ (1,286)
Net loss	(2,687)		$ 6,303
Amortization of fair value increments	(884)		(4,155)
Income tax recovery	$ 110		$ 628

INVESTMENT IN MSC - SAN JOSE _4

INVESTMENT IN MSC - SAN JOSE MINE - Changes in Company's Investment in MSC (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Change in the investment in MSC
Investment in MSC, beginning of period	$ 93,451
Income tax recovery	536	$ 814
Investment in MSC, end of period	89,990		$ 93,451
Minera Santa Cruz S.A. [Member]
Change in the investment in MSC
Dividend distribution received			(286)
Minera Santa Cruz S.A. [Member]
Change in the investment in MSC
Investment in MSC, beginning of period	93,451	$ 90,961	90,961
Attributable net (loss) income from MSC	(2,687)		6,303
Amortization of fair value increments	(884)		(4,155)
Income tax recovery	110		628
Investment in MSC, end of period	$ 89,990		$ 93,451

INVESTMENT IN MSC - SAN JOSE _5

INVESTMENT IN MSC - SAN JOSE MINE - Assets and Liabilities Associated with MSC (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 223,470	$ 81,652
Total assets	677,679	528,719
Current liabilities	(89,388)	(84,186)
Total liabilities	(172,397)	$ (172,445)
Balance excluding FV increments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	81,676
Total assets	188,078
Current liabilities	(52,936)
Total liabilities	(82,855)
Adjustments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	705
Total assets	79,484
Total liabilities	(1,071)
Balance including FV increments | Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	82,381
Total assets	267,562
Current liabilities	(52,936)
Total liabilities	$ (83,926)

DEBT - Rollforward (Details)

DEBT - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Long-term debt
Balance, beginning of year	$ 63,979	$ 48,866	$ 48,866
Promissory note - initial recognition		$ 15,000	15,000
Interest expense	1,347		5,488
Interest payments	(1,202)		(4,875)
Debt amendment fee			(500)
Debt, Current	16,000		10,000
Balance, end of period	64,124		63,979
Less: current portion	16,000		10,000
Long-term portion	$ 48,124		$ 53,979

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Retirement obligation rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Changes in the reclamation and remediation liability
Asset retirement obligation liability, beginning balance	$ 41,846	$ 35,452
Settlements	(270)	(774)
Accretion of liability	610	2,354
Revisions to estimates and discount rate	20	5,664
Foreign exchange revaluation	1	(850)
Asset retirement obligation liability, ending balance	42,207	41,846
Less: current portion	12,797	12,576
Long-term portion	$ 29,410	$ 29,270

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS - Reclamation and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclamation obligations
Reclamation adjustment reflecting updated estimates	$ 20
Reclamation accretion	610	$ 527
Total	$ 630	$ 527

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - Flow Through Common Shares - Canadian Exploration Expenditures - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Exploration expenditures	$ 5.6		$ 1
Recent Raise		$9.5

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	409,470	599,110
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	2,976,816	2,977,077

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - Entity Affiliated With Related Party [Member] - REVlaw - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Expense	$ 48	$ 214
Related party outstanding accounts payable (receivable)	$ 160		$ 112

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
Stated interest rate (as a percent)	9.75%
Sale of flow-through common stock		$ 10,320
Chairman and Chief Executive Officer | Original term loan
RELATED PARTY TRANSACTIONS
Face amount	$ 50,000
Long-term debt from related party	25,000
Affiliate of Robert McEwen
RELATED PARTY TRANSACTIONS
Debt interest expense	600	600
Company Controlled by Mcewen | Commercial Paper
RELATED PARTY TRANSACTIONS
Debt interest expense	$ 300	0
Due to Related Parties		$ 15,000
Related Party Transaction, Interest Rate		8%

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Jun. 23, 2021 $ / shares
Liabilities:
Long term debt	$ 64,100	$ 64,000
Disposal Group | Projects in Nevada
Liabilities:
Price per common share for each warrant | $ / shares			$ 0.60
Fair Value, Measurements, Recurring [Member]
Assets:
Investments	1,429	1,133
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	1,429	1,133
Marketable equity securities. | Fair Value, Measurements, Recurring [Member]
Assets:
Investments	1,429	1,133
Marketable equity securities. | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	$ 1,429	$ 1,133
Warrant | Disposal Group | Projects in Nevada
Liabilities:
Price per common share for each warrant | $ / shares	$ 0.60
Warrants exercised | shares	0
Warrant | Volatility | Valuation Technique, Option Pricing Model | Projects in Nevada
Liabilities:
Average volatility	94.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds and Surety Bonds (Details) - Surety Bonds $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)
Reclamation Bonds
Percentage of annual fees on surety bonds	2.30%	2.30%
Percentage of required deposit on value of surety bonds	10%	10%
Restricted cash	$ 4.2
Nevada
Reclamation Bonds
Surety bonding obligation	27.8	$ 15.6
Canada [Member]
Reclamation Bonds
Surety bonding obligation	$ 11.5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions		3 Months Ended
	Aug. 25, 2017 $ / oz	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
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 | $		$ 0.4	$ 0.4
Black Fox Complex | Maximum [Member]
Other commitments
Inflation adjustment (as a percent)	2%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Flow-through Eligible Expenses (Details) - Timmins - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 02, 2022	Mar. 31, 2023	Dec. 31, 2023
Flow through Eligible Expenses
Other commitments
Exploration expenditures		$ 5.6
Flow through Eligible Expenses | Forecast
Other commitments
Exploration expenditures			$ 9.5
Flow Through CEE
Other commitments
Gross proceeds	$ 15.1

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Prepayment Agreement (Details) $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 ARS ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 ARS ($)
Other Commitments [Line Items]
Combined net proceeds from sales on a Supplier Advance Basis	$ 149,100,000		$ 29.5		$ 0.4
Revenue	34,752,000	$ 25,542,000
Remaining net proceeds recorded as deferred revenue	2,335,000			$ 6,155,000
Gold and silver sales
Other Commitments [Line Items]
Revenue	34,752,000	$ 25,542,000
Prepayment Agreement | Auramet International LLC guarantee obligation
Other Commitments [Line Items]
Remaining net proceeds recorded as deferred revenue	$ 2,300,000
Number of ounces of gold pledged but not delivered	1,200
Prepayment Agreement | Auramet International LLC guarantee obligation | Auramet Revolving Facility [Member]
Other Commitments [Line Items]
Net proceeds from Auramet Facility	$ 22,800,000
Prepayment Agreement | Auramet International LLC guarantee obligation | Gold and silver sales
Other Commitments [Line Items]
Revenue	$ 26,700,000

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) $ in Thousands, $ in Billions				3 Months Ended
	Mar. 15, 2023 USD ($) shares	Feb. 23, 2023 USD ($) shares	Feb. 23, 2023 ARS ($) shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Noncontrolling Interest
Non-controlling interests				$ 115,608		$ 33,465
Net loss attributed to non-controlling interests				6,666	$ (334)
Noncontrolling Interest
Noncontrolling Interest
Net loss attributed to non-controlling interests				$ 6,700	$ (300)
McEwen Copper
Noncontrolling Interest
Non-controlling interests	$ 72,100
Additional paid-in-capital	$ 113,300
Percentage of ownership by company before private placement	68.10%
Percentage decrease of stock owned by parent of subsidiary's or equity investee	16.20%
Percentage of ownership by company after private placement	51.90%
McEwen Copper | Noncontrolling Interest
Noncontrolling Interest
Company's non-redeemable non-controlling interests (as a percent)				48.10%	18.60%
Stellantis Private Placement | McEwen
Noncontrolling Interest
Sale of flow-through common stock (in shares) | shares		2,850,000	2,850,000
Gross proceeds from private placement offering		$ 108,800	$ 20.9
Stellantis Secondary Transaction | McEwen
Noncontrolling Interest
Sale of flow-through common stock (in shares) | shares		1,250,000	1,250,000
Gross proceeds from private placement offering		$ 46,600	$ 9.1
Nuton LOI | McEwen | Nuton LLC
Noncontrolling Interest
Sale of flow-through common stock (in shares) | shares	1,250,000
Gross proceeds from private placement offering	$ 23,400
Nuton Secondary LOI | McEwen | Nuton LLC
Noncontrolling Interest
Sale of flow-through common stock (in shares) | shares	350,000
Gross proceeds from private placement offering	$ 6,600