McEwen Mining (MUX) 10-K 15 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
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			$ 341,313,881
Entity Common Stock, Shares Outstanding		49,440,096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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 INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE:
Revenue from gold and silver sales	$ 166,231	$ 110,417	$ 136,541
OPERATING EXPENSES:
Depreciation and depletion	(29,221)	(19,701)	(23,798)
Gross profit (loss)	17,780	(544)	(6,480)
OTHER OPERATING EXPENSES:
Advanced projects - Los Azules	(76,345)	(61,148)	(5,019)
Advanced projects - Other	(6,292)	(5,580)	(7,420)
Exploration	(20,167)	(14,973)	(22,604)
General and administrative	(15,449)	(11,890)	(11,435)
Income (loss) from investment (Note 9)	(57,759)	2,776	(7,533)
Depreciation	(1,138)	(733)	(339)
Reclamation and remediation (Note 12)	(2,693)	(3,345)	(3,450)
Total other operating expenses	(179,843)	(94,893)	(57,800)
Operating loss	(162,063)	(95,437)	(64,280)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	36,918	(7,789)	(6,200)
Other (expense) income (Note 4)	(29,976)	22,938	6,281
Gain on deconsolidation of McEwen Copper Inc. (Note 20)	222,157
Total other income	229,099	15,149	81
Income (loss) before income and mining taxes	67,036	(80,288)	(64,199)
Income and mining tax (expense) recovery (Note 19)	(33,859)	(5,806)	7,315
Net income (loss) after income and mining taxes	33,177	(86,094)	(56,884)
Net loss attributable to non-controlling interests	22,122	5,019	172
Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders	$ 55,299	$ (81,075)	$ (56,712)
Net income (loss) per share (Note 14):
Basic (in dollars per share)	$ 1.16	$ (1.71)	$ (1.25)
Diluted (in dollars per share)	$ 1.16	$ (1.71)	$ (1.25)
Weighted average common shares outstanding (thousands) (Note 14):
Basic (in shares)	47,544	47,427	45,490
Diluted (in shares)	47,544	47,427	45,490
McEwen Copper Inc
OTHER OPERATING EXPENSES:
Income (loss) from investment (Note 9)	$ (57,821)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	19,356
Income (loss) before income and mining taxes	121,141
Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders	121,141
Minera Santa Cruz S.A.
REVENUE:
Revenue from gold and silver sales	254,926	$ 254,698	$ 271,863
OPERATING EXPENSES:
Depreciation and depletion	(58,935)	(32,200)	(39,948)
OTHER OPERATING EXPENSES:
Income (loss) from investment (Note 9)	62	2,776	(7,533)
OTHER INCOME (EXPENSE):
Income (loss) before income and mining taxes	5,434	11,642	8,203
Income and mining tax (expense) recovery (Note 19)	517	628	666
Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders	8,485	12,863	269
Gold and silver sales
REVENUE:
Revenue from gold and silver sales	166,231	110,417	136,541
Production costs applicable to sales
OPERATING EXPENSES:
Production costs applicable to sales	$ (119,230)	$ (91,260)	$ (119,223)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents (Note 18)	$ 23,020	$ 39,782
Investments (Note 5)	1,743	1,295
Receivables, prepaids and other current assets (Note 6)	5,578	8,840
Inventories, current portion (Note 7)	19,944	31,735
Total current assets	52,661	81,652
Mineral property interests and plant and equipment, net (Note 8)	169,950	346,281
Investment in McEwen Copper Inc. (Note 9)	326,147
Investment in Minera Santa Cruz S.A. (Note 9)	93,218	93,451
Inventories (Note 7)	10,100	2,432
Restricted cash (Note 18)	4,490	3,797
Other assets	673	1,106
TOTAL ASSETS	657,239	528,719
Current liabilities:
Accounts payable and accrued liabilities	22,656	42,521
Flow-through share premium (Note 13)	1,661	4,056
Reclamation and remediation liabilities, current portion (Note 12)	3,105	12,576
Tax liabilities (Note 19)	1,603	7,663
Lease liabilities, current portion (Note 10)	978	1,215
Long-term debt, current portion (Note 11)		10,000
Contract liability (Note 17)		6,155
Total current liabilities	30,003	84,186
Long-term debt (Note 11)	40,000	53,979
Reclamation and remediation liabilities (Note 12)	39,916	29,270
Deferred tax liabilities (Note 19)	40,572	155
Lease liabilities (Note 10)	488	1,191
Other liabilities	3,840	3,664
Total liabilities	154,819	172,445
Shareholders' equity:
Common shares: 49,440 as of December 31, 2023, and 47,428 as of December 31, 2022 issued and outstanding (in thousands) (Note 13)	1,768,456	1,644,144
Non-controlling interests (Note 20)		33,465
Accumulated deficit	(1,266,036)	(1,321,335)
Total shareholders' equity	502,420	356,274
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	657,239	528,719
McEwen Copper Inc.
Current assets:
Due from McEwen Copper Inc. (Note 15)	$ 2,376
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Name [Extensible Enumeration]	McEwen Copper Inc.
Minera Santa Cruz S.A.
Current assets:
Investment in McEwen Copper Inc. (Note 9)	$ 93,218	$ 93,451

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common, shares issued	49,440	47,428
Common, shares outstanding	49,440	47,428

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in Capital McEwen Copper Inc.	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interests McEwen Copper Inc.	Non-controlling Interests	McEwen Copper Inc.	Total
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 (Note 13)		$ 10,785					10,785
Sale of flow-through shares (Note 13) (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 income (loss) and comprehensive income (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 (Note 13)		$ 10,320					10,320
Sale of flow-through shares (Note 13) (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 income (loss) and comprehensive income (loss)			(81,075)		(5,019)		(86,094)
Balance at Dec. 31, 2022		$ 1,644,144	(1,321,335)		33,465		356,274
Balance (in shares) at Dec. 31, 2022		47,428
Increase (Decrease) in Shareholders' Equity
Stock-based compensation		$ 605					605
Stock-based compensation (in shares)		66
Restricted shares issued		$ 366					366
Restricted shares issued (in shares)		43
Sale of flow-through shares (Note 13)		$ 13,428					13,428
Sale of flow-through shares (Note 13) (in shares)		1,903
Issuance of equity by subsidiary (Note 20)	$ 109,913	$ 109,900		$ 75,477		$ 185,390
Net income (loss) and comprehensive income (loss)			55,299		$ (22,122)		33,177
McEwen Copper Inc. deconsolidation (Note 20)				$ (86,820)		$ (86,820)	(86,800)
Balance at Dec. 31, 2023		$ 1,768,456	$ (1,266,036)				$ 502,420
Balance (in shares) at Dec. 31, 2023		49,440

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 33,177	$ (86,094)	$ (56,884)
Adjustments to reconcile net loss from operating activities:
Loss from investment in McEwen Copper Inc. (Note 9)	57,821
Loss (income) from investment in Minera Santa Cruz S.A. (Note 9)	(62)	(2,776)	7,533
Gain on sale of mineral property interests			(2,271)
Depreciation, amortization and depletion	30,359	19,532	25,338
Unrealized (gain) loss on investments (Note 5)	(20,542)	511	(28)
Foreign exchange loss on investments (Note 5)	9,858
Foreign exchange loss	48,977	2,029	160
Reclamation accretion and adjustments to estimate	2,693	7,168	3,677
Income and mining tax expense (recovery)	37,018	(1,856)	(7,315)
Stock-based compensation	971	340	837
Gain on deconsolidation of McEwen Copper Inc. (Note 20)	(222,157)
Effect of exchange rate changes on investments (Note 19)	(93,218)	(93,451)
Change in non-cash working capital items:
Change in other assets related to operations	6,548	(12,873)	7,887
Change in liabilities related to operations	(24,298)	17,439	1,003
Cash used in operating activities	(39,637)	(56,580)	(20,063)
Cash flows from investing activities:
Additions to mineral property interests and plant and equipment	(26,099)	(24,187)	(34,888)
Proceeds from disposal of property and equipment			492
Investment in marketable equity securities (Note 5)	(34,157)
Dividends received from Minera Santa Cruz S.A. (Note 9)	295	286	9,832
Proceeds from sale of investment in McEwen Copper Inc.	6,032
Cash outflow on McEwen Copper Inc. deconsolidation (Note 20)	(45,708)
Cash used in investing activities	(99,637)	(23,901)	(24,564)
Cash flows from financing activities:
Issuance of flow-through common shares, net of issuance costs (Note 13)	13,428	14,376	11,966
Proceeds from promissory note		15,000	40,000
Principal repayment on long-term debt (Note 11)	(25,000)
Subscription proceeds received in advance		(2,850)	2,550
Proceeds from exercise of warrants		4
Payment of finance lease obligations	(1,636)	(2,338)	(3,408)
Cash provided by financing activities	172,182	65,455	80,983
Effect of exchange rate change on cash and cash equivalents	(48,977)	(2,029)	(160)
(Decrease) increase in cash, cash equivalents and restricted cash	(16,069)	(17,055)	36,196
Cash, cash equivalents and restricted cash, beginning of year	43,579	60,634	24,438
Cash, cash equivalents and restricted cash, end of year	27,510	43,579	60,634
McEwen Copper Inc.
Adjustments to reconcile net loss from operating activities:
Gain on deconsolidation of McEwen Copper Inc. (Note 20)	(222,157)
Cash flows from financing activities:
Proceeds from McEwen Copper Inc. financing (Note 20)	$ 185,390	$ 41,263	$ 29,875

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
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, 2023, the Company also owns a 47.7% interest in McEwen Copper Inc. (“McEwen Copper”), owner of the Los Azules copper project in San Juan, Argentina and a 49.0% 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 investments in McEwen Copper and MSC as equity investments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 investments 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 recognition date. The Company's share of income and losses of the investee and impairment losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (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 income (loss) 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 Consolidated Balance Sheet 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 measured 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: Construction-in-progress costs: For properties where the Company has not established 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, unless the equipment has probable future benefit, in which case the equipment is capitalized at cost. 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. In addition to selling refined bullion at spot prices, the Company has doré purchase agreements in place with financial institutions and refineries. Under the agreements, the Company has the option to sell up to 100% of the gold and silver contained in doré bars prior to the completion of refining by the third-party refiner. The Company has an option to sell the 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. Foreign Currency: The functional currency for the Company’s operations is the U.S. dollar. All monetary assets and liabilities denominated in a currency that is not the U.S. dollar are translated at current exchange rates at each Consolidated Balance Sheet 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. 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: 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, 2023
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 McEwen Copper and MSC segments which are 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, 2023 USA ​ Canada ​ Mexico ​ MSC McEwen Copper (1) ​ Total Revenue from gold and silver sales ​ $ 83,409 ​ $ 81,295 ​ $ 1,527 ​ $ — ​ $ — ​ $ 166,231 Production costs applicable to sales ​ ​ (67,335) ​ ​ (51,895) ​ ​ — ​ ​ — ​ ​ — ​ (119,230) Depreciation and depletion ​ ​ (7,130) ​ ​ (22,091) ​ ​ — ​ ​ — ​ ​ — ​ ​ (29,221) Gross profit ​ ​ 8,944 ​ ​ 7,309 ​ ​ 1,527 ​ ​ — ​ ​ — ​ ​ 17,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ — ​ ​ — ​ ​ (6,292) ​ ​ — ​ ​ (76,345) ​ (82,637) Exploration ​ ​ (6,225) ​ ​ (13,556) ​ ​ — ​ ​ — ​ ​ (386) ​ (20,167) Income (loss) from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 62 ​ ​ (57,821) ​ (57,759) Segment loss ​ $ 2,719 ​ $ (6,247) ​ $ (4,765) ​ $ 62 ​ $ (134,552) ​ $ (142,783) Gain on deconsolidation of McEwen Copper Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 222,157 General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,338) Income before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 67,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 9,028 ​ $ 9,131 ​ $ 1,258 ​ $ — ​ $ 6,781 ​ $ 26,198 (1) Includes the consolidated results for McEwen Copper for the period from January 1, 2023 to October 10, 2023 and the loss from the equity accounted investment for the period from October 11, 2023 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) profit ​ ​ (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) Income from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,776 ​ ​ — ​ ​ 2,776 Segment (loss) income ​ $ (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 equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ (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 ​ 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) ​ ​ December 31, ​ December 31, ​ ​ Year ended December 31, ​ 2023 2022 2023 ​ 2022 ​ 2021 USA ​ $ 71,234 ​ $ 70,577 ​ ​ $ 83,409 ​ $ 47,926 ​ $ 79,205 Canada ​ ​ 83,674 ​ ​ 91,552 ​ ​ ​ 81,295 ​ ​ 60,848 ​ ​ 50,704 Mexico ​ ​ 30,304 ​ ​ 29,219 ​ ​ ​ 1,527 ​ ​ 1,643 ​ ​ 6,632 Argentina (2), (3) ​ ​ 419,366 ​ ​ 255,718 ​ ​ ​ — ​ ​ — ​ ​ — Total Consolidated ​ $ 604,578 ​ $ 447,066 ​ ​ $ 166,231 ​ $ 110,417 ​ $ 136,541 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $93.2 million as of December 31, 2023 (December 31, 2022 - $93.5 million). (3) Includes Investment in McEwen Copper of $326.1 million as of December 31, 2023 (December 31, 2022 - $ nil ). ​ As gold and silver can be sold through numerous gold and silver markets 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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ ​ 2022 ​ ​ 2021 Auramet International LLC (“Auramet”) $ 136,911 ​ $ 50,580 ​ $ — Asahi Refining Inc. ​ 24,639 ​ ​ 57,835 ​ ​ 134,395 Other ​ 4,681 ​ ​ 2,002 ​ ​ 2,146 Revenue from gold and silver sales $ 166,231 ​ $ 110,417 ​ $ 136,541 ​

OTHER (EXPENSE) INCOME

OTHER (EXPENSE) INCOME	12 Months Ended
	Dec. 31, 2023
OTHER (EXPENSE) INCOME
OTHER (EXPENSE) INCOME	NOTE 4 OTHER (EXPENSE) INCOME The following is a summary of other expense (income) for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 ​ 2021 Unrealized and realized gain (loss) on investments (Note 5) ​ ​ $ 20,462 ​ $ (511) ​ $ 28 Foreign currency gain on Blue Chip Swap ​ ​ ​ 7,993 ​ ​ 19,772 ​ ​ — Foreign currency (loss) gain ​ ​ ​ (59,503) ​ ​ 4,030 ​ ​ 513 COVID-19 relief ​ ​ ​ — ​ ​ — ​ ​ 3,541 Other income (loss), net ​ ​ ​ 1,072 ​ ​ (353) ​ ​ 2,199 Total other (expense) income ​ ​ $ (29,976) ​ $ 22,938 ​ $ 6,281 ​ 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, 2023, the Company completed two Blue Chip Swap transactions to transfer funds from its Canadian USD bank account to Argentina (December 31, 2022 – eleven transactions). These funds are intended to be used for the continued development of the Los Azules Copper project. For the year ended December 31, 2023, the Company realized net gains of $7.6 million comprised of foreign currency gains of $8.0 million and realized losses on investments of $0.4 million. For the year ended December 31, 2022, the Company realized net gains of $18.8 million comprised of foreign currency gains of $19.8 million and realized losses on investments of $1.0 million including the impact of fees and commissions. No similar transactions occurred in 2021.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS The Company’s investment portfolio consists 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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ ​ Unrealized ​ Foreign ​ McEwen ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ ​ gain on ​ exchange loss ​ Copper ​ December 31, ​ ​ 2022 ​ year ​ year ​ ​ securities held ​ on securities held ​ deconsolidation ​ 2023 Marketable equity securities ​ $ 1,133 ​ $ 34,157 ​ $ — ​ $ 20,542 ​ $ (9,858) ​ $ (44,231) ​ $ 1,743 Warrants ​ ​ 162 ​ ​ — ​ ​ (162) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total investments ​ $ 1,295 ​ $ 34,157 ​ $ (162) ​ $ 20,542 ​ $ (9,858) ​ $ (44,231) ​ $ 1,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ Foreign ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ loss on ​ exchange loss ​ December 31, ​ ​ 2021 ​ year ​ year ​ securities held ​ on securities held ​ 2022 Marketable equity securities ​ $ 1,644 ​ $ — ​ $ — ​ $ (511) ​ $ — ​ $ 1,133 Warrants ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ 1,806 ​ $ — ​ $ — ​ $ (511) ​ $ — ​ $ 1,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ Foreign ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ gain on ​ exchange loss ​ December 31, ​ ​ 2020 ​ year ​ year ​ securities held ​ on securities held ​ 2021 Marketable equity securities ​ $ — ​ $ 1,616 ​ $ — ​ $ 28 ​ $ — ​ $ 1,644 Warrants ​ — ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ — ​ $ 1,778 ​ $ — ​ $ 28 ​ $ — ​ $ 1,806 ​ For the year ended December 31, 2023, Andes Corporation Minera S.A., an Argentinian subsidiary of McEwen Copper, invested $33.9 million in equity securities trading on the Bolsa de Comercio de Buenos Aires exchange as Argentinian depositary receipts (“CEDEARs”) and denominated in ARS. For the year ended December 31, 2023, the Company recognized an unrealized gain on CEDEARs of $20.2 million and a foreign exchange loss of $9.9 million.

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	NOTE 6 RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS Receivables, prepaids and other current assets as at December 31, 2023 and 2022 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Government sales tax receivable ​ $ 2,511 ​ $ 2,868 Prepaids and other assets ​ ​ 3,067 ​ ​ 5,972 Receivables, prepaids and other current assets ​ $ 5,578 ​ $ 8,840 ​ As at December 31, 2023, the $2.5 million balance of government sales tax receivable included $1.3 million of HST receivable attributable to the Canadian operations (December 31, 2022 ­­­­­– $1.3 million). The timing of receipt of these funds is uncertain due to ongoing review conducted by local tax authorities. ​ 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, 2023
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories at December 31, 2023 and 2022 consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Material on leach pads ​ $ 11,963 ​ $ 7,571 In-process inventory ​ 4,067 ​ 3,674 Stockpiles ​ 5,939 ​ 15,392 Precious metals ​ 1,955 ​ 2,119 Materials and supplies ​ 6,120 ​ 5,411 ​ ​ $ 30,044 ​ $ 34,167 Less long-term portion ​ ​ (10,100) ​ ​ (2,432) Current portion ​ $ 19,944 ​ $ 31,735 ​ During the year ended December 31, 2023, we incurred $1.0 million and $2.8 million in inventory write-downs to net realizable value at the Fox Complex and Gold Bar mine, respectively. Of these write-downs, a total of $3.0 million was included in production costs applicable to sales and $0.8 million was included in depreciation and depletion in the Statement of Operations. Statement of Operations

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	12 Months Ended
	Dec. 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 cost and carrying value of mineral property interests and plant and equipment at December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Mineral property interests, cost ​ $ 207,601 ​ $ 359,845 Less: accumulated depletion ​ ​ (80,004) ​ ​ (58,700) Mineral property interests, carrying value ​ $ 127,597 ​ $ 301,145 ​ ​ ​ ​ ​ ​ ​ Plant and equipment, cost ​ ​ ​ ​ ​ ​ Land ​ $ 18,043 ​ $ 17,850 Construction in progress ​ ​ 6,963 ​ ​ 8,408 Plant and equipment ​ ​ 79,972 ​ ​ 73,740 Subtotal ​ $ 104,978 ​ $ 99,998 Less: accumulated depreciation ​ (62,625) ​ ​ (54,862) Plant and equipment, carrying value ​ $ 42,353 ​ $ 45,136 ​ ​ ​ ​ ​ ​ ​ Mineral property interests and plant and equipment, carrying value ​ $ 169,950 ​ $ 346,281 ​ Mineral property interest carrying value at December 31, 2023 and 2022 includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of Property/Complex State/Province Country 2023 2022 Fox Complex ​ Ontario ​ Canada ​ $ 32,519 ​ $ 40,413 Lexam Exploration Properties ​ Ontario ​ Canada ​ ​ 41,595 ​ ​ 41,595 Los Azules Copper Project ​ San Juan Argentina ​ ​ — ​ ​ 162,669 Los Azules Copper Project - 1.25% NSR San Juan Argentina ​ ​ 28,821 ​ ​ 28,821 Tonkin Properties Nevada United States ​ 4,602 ​ 4,833 Gold Bar Mine Nevada United States ​ 11,031 ​ 12,982 Elder Creek Exploration Property Nevada United States ​ ​ — ​ ​ 635 Elder Creek Exploration Property - 1.25% NSR Nevada United States ​ 150 ​ 150 Fenix Project Properties Sinaloa Mexico ​ 8,879 ​ 9,047 Total mineral property interests ​ ​ ​ ​ ​ $ 127,597 ​ $ 301,145 ​ 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 that conform to S-K 1300 . The definition of proven and probable reserves is set forth in 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/or 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, 2023, and 2022, no impairment has been noted for any of the Company’s mineral property interests.

EQUITY INVESTMENTS

EQUITY INVESTMENTS	12 Months Ended
	Dec. 31, 2023
EQUITY INVESTMENTS
EQUITY INVESTMENTS	NOTE 9 EQUITY 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. In applying the equity method of accounting to the Company’s investment in McEwen Copper and 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. Equity investment in McEwen Copper A summary of the operating results post-deconsolidation of McEwen Copper for the period from October 10, 2023 to December 31, 2023, is as follows: ​ ​ ​ ​ ​ December 31, 2023 McEwen Copper (100%) ​ ​ Advanced projects $ (36,475) Other expenses ​ (4,684) Foreign exchange loss ​ (99,338) Interest and other income ​ 19,356 Net loss before tax $ (121,141) Current and deferred taxes ​ - Net loss $ (121,141) ​ ​ ​ Portion attributable to McEwen Mining (47.7%) ​ ​ Net income loss on investment in McEwen Copper $ (57,821) ​ Changes in the Company’s investment in McEwen Copper for the years ended December 31, 2023, and 2022 are as follows: ​ ​ ​ ​ ​ December 31, 2023 Investment, beginning of year $ — Deconsolidation of McEwen Copper (Note 20) ​ 383,968 Attributable net loss from McEwen Copper ​ (57,821) Investment, end of year $ 326,147 ​ A summary of the key assets and liabilities of McEwen Copper as at December 31, 2023, before and after adjustments for fair value increments arising from the purchase price allocation, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 104,195 ​ $ — ​ $ 104,195 Total assets ​ $ 281,353 ​ $ 262,494 ​ $ 543,847 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (23,988) ​ $ — ​ $ (23,988) Total liabilities ​ $ (24,287) ​ $ — ​ $ (24,287) ​ Equity investment in MSC A summary of the operating results of MSC for the years ended December 31, 2023, 2022, and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 ​ ​ 2021 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales $ 254,926 ​ $ 254,698 ​ $ 271,863 Production costs applicable to sales ​ (177,234) ​ ​ (182,195) ​ ​ (196,033) Depreciation and depletion ​ (58,935) ​ ​ (32,200) ​ ​ (39,948) Gross profit ​ 18,757 ​ ​ 40,303 ​ ​ 35,882 Exploration ​ (9,346) ​ ​ (8,946) ​ ​ (10,602) Other expenses (1) ​ (3,977) ​ ​ (19,715) ​ ​ (17,077) Net income before tax $ 5,434 ​ $ 11,642 ​ $ 8,203 Current and deferred tax recovery (expense) ​ 3,051 ​ ​ 1,221 ​ ​ (7,934) Net income $ 8,485 ​ $ 12,863 ​ $ 269 ​ ​ ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 4,157 ​ $ 6,303 ​ $ 132 Amortization of fair value increments (4,612) ​ (4,155) ​ (8,331) Income tax recovery ​ 517 ​ ​ 628 ​ ​ 666 Income (loss) from investment in MSC, net of amortization $ 62 ​ $ 2,776 ​ $ (7,533) (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 years ended December 31, 2023, and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Investment, beginning of year $ 93,451 ​ $ 90,961 Attributable net income from MSC ​ 4,157 ​ ​ 6,303 Amortization of fair value increments (4,612) ​ (4,155) Income tax recovery ​ 517 ​ ​ 628 Dividend distribution received (295) ​ (286) Investment, end of year $ 93,218 ​ $ 93,451 ​ A summary of the key assets and liabilities of MSC as at December 31, 2023, and 2022, before and after adjustments for fair value increments arising from the purchase price allocation, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 101,572 ​ $ 937 ​ $ 102,509 Total assets ​ $ 196,617 ​ $ 71,528 ​ $ 268,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (44,785) ​ $ — ​ $ (44,785) Total liabilities ​ $ (77,742) ​ $ (239) ​ $ (77,981) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total discounted lease liabilities ​ ​ December 31, 2023 ​ December 31, 2022 Finance leases ​ $ 1,117 ​ $ 1,320 Operating lease ​ ​ 349 ​ ​ 1,086 Lease liabilities ​ $ 1,466 ​ $ 2,406 Current portion ​ ​ (978) ​ ​ (1,215) Long-term portion ​ $ 488 ​ $ 1,191 ​ Lease liabilities as at December 31, 2023 are recorded using weighted average discount rates of 5.05% and 7.36% for finance and operating leases, respectively, and have average remaining lease terms During the year ended December 31, 2023, the Company recorded $2.7 million (December 31, 2022 – $3.0 million) in interest and other finance costs related to leases. A breakdown of the lease-related costs for the years ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 Finance leases: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 2,606 ​ $ 2,865 Interest expense ​ ​ 132 ​ ​ 140 Total ​ $ 2,738 ​ $ 3,005 Operating lease: ​ ​ ​ ​ ​ ​ Rent expense ​ $ 72 ​ $ 152 ​ Minimum undiscounted lease payments as at December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2024 2025 ​ 2026 ​ 2027 Total Operating lease obligation ​ $ 287 ​ $ 95 ​ $ — ​ $ — ​ $ 382 Finance lease obligations ​ 786 ​ 235 ​ 207 ​ — ​ 1,228 Total minimum lease payments ​ $ 1,073 ​ $ 330 ​ $ 207 ​ $ — ​ $ 1,610 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (144) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,466 ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT
LONG-TERM DEBT	​ NOTE 11 LONG-TERM DEBT 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 revised the required scheduled repayments and working capital maintenance requirements, in addition to the following: ​ ● 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 (“Sprott”) 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 revised the required scheduled repayments and working capital maintenance requirements, in addition to the following: ● 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. 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 was payable in full on or before September 25, 2025, interest was payable monthly at a rate of 8% per annum. The promissory note was subordinated to the ARCA facility. ​ On May 19, 2023, the Company repaid outstanding amounts to Sprott of $25.0 million in principal. Subsequently, further amendments were made to the ARCA effective May 23, 2023, which included the following revisions: ​ ● Sprott was removed as the administrative agent and lender. An affiliate of Robert R. McEwen remained as a lender and replaced Sprott as the administrative agent. ​ ● An affiliate of Robert R. McEwen added the $15.0 million outstanding under its unsecured promissory note with the Company dated March 31, 2022, as an advance under the ARCA, forming a loan of $40.0 million with interest payable monthly at a rate of 9.75% per annum. Concurrently, the unsecured promissory note was cancelled. ​ ● Scheduled repayments of principal under the ARCA were extended by 18 months compared with the Second Amended and Restated Credit Agreement. Monthly repayments of principal in the amount of $1.0 million are due beginning on January 31, 2025, and will continue for 18 months , followed by a final principal payment of $21.0 million and any accrued interest on August 31, 2026. The remaining principal terms of the original agreement remained unchanged. A reconciliation of the Company’s long-term debt for the years ended December 31, 2023, and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 Balance, beginning of year ​ $ 63,979 ​ $ 48,866 Promissory note - initial recognition ​ ​ — ​ ​ 15,000 Principal repayment on debt ​ ​ (25,000) ​ ​ — Interest expense ​ 5,749 ​ 5,488 Interest payments ​ (4,728) ​ (4,875) Bonus interest-equity-based financing fee ​ ​ — ​ ​ (500) Balance, end of year ​ $ 40,000 ​ $ 63,979 Less: current portion ​ ​ — ​ ​ 10,000 Long-term portion ​ $ 40,000 ​ $ 53,979 ​

RECLAMATION AND REMEDIATION LIA

RECLAMATION AND REMEDIATION LIABILITIES	12 Months Ended
	Dec. 31, 2023
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 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 reclamation and remediation liabilities for the years ended December 31, 2023, and 2022, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Year ended ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 Reclamation and remediation liabilities, beginning balance ​ $ 41,846 ​ $ 35,452 Settlements ​ ​ (1,358) ​ ​ (774) Accretion of liability ​ ​ 2,536 ​ ​ 2,354 Revisions to estimates and discount rate ​ ​ (300) ​ ​ 5,664 Foreign exchange revaluation ​ ​ 297 ​ ​ (850) Reclamation and remediation liabilities, ending balance ​ $ 43,021 ​ $ 41,846 Less: current portion ​ ​ 3,105 ​ ​ 12,576 Long-term portion ​ $ 39,916 ​ $ 29,270 ​ Revisions to estimates and discount rates for the year ended December 31, 2023 consisted of a $1.5 million increase in obligations at Gold Bar, a $0.2 million decrease at Tonkin Springs and a $1.6 million decrease at El Gallo. For the year ended December 31, 2022, revisions to estimates and discount rates consisted of a $3.2 million increase in obligations at Gold Bar, a $1.2 million increase at Tonkin Springs, and a $1.3 million increase at El Gallo. Reclamation expense in the Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 ​ 2021 Reclamation adjustment reflecting updated estimates ​ $ 157 ​ $ 991 ​ $ 1,045 Reclamation accretion ​ ​ 2,536 ​ ​ 2,354 ​ ​ 2,405 Total ​ $ 2,693 ​ $ 3,345 ​ $ 3,450 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
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. All share and per share amounts in the consolidated financial statements have been retroactively restated to reflect the consolidation. The Articles of Amendment also served to reduce the Company’s authorized capital from 675,000,002 shares to 200,000,002 shares, with 200,000,000 shares being common stock and 2 shares being a special preferred stock. Effective June 30, 2023, the Company filed Articles of Amendment to its Second Amended and Restated Articles of Incorporation with the Colorado Secretary of State to increase the Company’s authorized capital from 200,000,002 shares to 210,000,000 shares, with 200,000,000 shares being common stock and 10,000,000 shares being special preferred stock. Equity Issuances 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 were used for continued exploration at the Fox Complex. 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 14, 2023, the Company issued 788,000 flow-through common shares priced at $9.27 per share for gross proceeds of $7.3 million. The proceeds of this offering are expected to be used for the exploration of the Grey Fox, Stock East, and other Fox Complex properties. 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 $0.5 million, which were accounted for as a reduction to the value of the common shares. The net proceeds of $6.8 million were allocated between the sale of tax benefits in the amount of $1.3 million and the sale of common shares in the amount of $5.5 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 December 14, 2023, the Company issued 1,115,000 flow-through common shares priced at $7.86 per share for gross proceeds of $8.8 million. The proceeds of this offering will be used for the development of Stock West. 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 $0.5 million, which were accounted for as a reduction to the value of the common shares. The net proceeds of $8.3 million were allocated between the sale of tax benefits in the amount of $0.4 million and the sale of common shares in the amount of $7.9 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, 2023, 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 (the “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, 2023, 951,170 options were outstanding under the plan (December 31, 2022 – 447,787 Stock-based Compensation The following table summarizes information about stock options outstanding under the Plan at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 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 ​ $ — Granted ​ 570 ​ ​ 7.10 ​ — ​ ​ — Forfeited (67) ​ ​ 11.45 ​ — ​ ​ 3 Balance at December 31, 2023 951 ​ $ 9.78 3.0 ​ $ 61 Exercisable at December 31, 2023 385 ​ $ 13.53 1.5 ​ $ — ​ Stock options have been granted to key employees, directors and consultants under the Plan. Options to purchase shares under the Plan were granted with an exercise price at or above the market value of the common stock as of the date of the grant. During the year ended December 31, 2023, the Company granted stock options to certain employees and directors for an aggregate of 0.6 million shares of common stock at a weighted average exercise price of $7.1 per share. The options vest equally over a three-year period if the individuals remain affiliated with the Company and are exercisable for a period of five years from the date of grant. No options were granted during the year ended December 31, 2022. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Risk-free interest rate ​ ​ 4.44% ​ ​ — ​ ​ 0.519% to 0.873% Dividend yield ​ ​ 0.00% ​ ​ — ​ ​ 0.00% Volatility factor of the expected market price of common stock ​ ​ 67% ​ ​ — ​ ​ 63% Weighted-average expected life of option ​ ​ 3 years ​ ​ — ​ ​ 3.5 years Weighted-average grant date fair value ​ $ 3.36 ​ $ — ​ $ 1.22 ​ During the year ended December 31, 2023, the Company recorded stock option expense of $0.3 million (December 31, 2022 – $0.3 million, and December 31, 2021 – $0.8 million) while the corresponding fair value of awards vesting in the period was $0.4 million (December 31, 2022 – $0.8 million, and December 31, 2021 – $0.8 million). As of December 31, 2023, there was $1.9 million (December 31, 2022 – $0.1 million, and December 31, 2021 – $0.6 million) of unrecognized compensation expense related to 0.6 million unvested stock options outstanding (December 31, 2022 – 0.4 million, and December 31, 2021 – 0.4 million). This cost is expected to be recognized over a weighted-average period of approximately 1.5 years (2022 – 0.9 years, 2021 – 1.4 years). The following table summarizes the status and activity of non-vested stock options for the year ended December 31, 2023, 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 balance at December 31, 2022 ​ 126 ​ $ 4.15 Granted ​ 570 ​ $ 3.36 Cancelled/Forfeited ​ (28) ​ $ 3.65 Vested ​ (102) ​ $ 4.12 Non-vested balance at December 31, 2023 ​ 566 ​ $ 3.39 ​ Restricted Stock Units ​ The following table summarizes information about Restricted Stock Units (“RSUs”) under the Plan for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ Number of ​ Shares ​ (in thousands) Balance at December 31, 2020 — Granted — Vested and issued — Balance at December 31, 2021 — Granted — Vested and issued — Balance at December 31, 2022 — Granted 109 Vested and issued (80) Balance at December 31, 2023 29 ​ The Company provides equity compensation in the form of RSUs to certain eligible members. For the year ended December 31, 2023, 109,000 awards were granted to certain employees. The compensation expense related to the RSU awards recognized by the Company during 2023 was $0.6 million (December 31, 2022 – $nil, and December 31, 2021 – $nil).

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	NOTE 14 NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the year. 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 (loss) 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 (loss) per share as the impact would be anti-dilutive. Potentially dilutive instruments are not considered in calculating the diluted income (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 income (loss) per share for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 55,299 ​ $ (81,075) ​ $ (56,712) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding: ​ ​ 47,544 ​ ​ 47,427 ​ ​ 45,490 Diluted shares outstanding: ​ ​ 47,544 ​ ​ 47,427 ​ ​ 45,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share - basic and diluted ​ $ 1.16 ​ $ (1.71) ​ $ (1.25) ​ For the year ended December 31, 2023, the outstanding options for which the average market price during the year exceeded the exercise price were anti-dilutive under the treasury stock method and, therefore, not included in the calculation of diluted income per share. For the years ended December 31, 2022, and 2021, 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, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 RELATED PARTY TRANSACTIONS The Company incurred the following expense in respect to the related party outlined below during the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 REVlaw ​ $ 194 ​ $ 366 ​ $ 347 ​ The Company has the following outstanding accounts payable balance in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 REVlaw ​ $ (96) ​ $ (112) ​ 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. The Company has the following outstanding accounts receivable balance in respect to the related party outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 McEwen Copper Inc. ​ $ 2,376 ​ $ — ​ An affiliate of Robert R. McEwen, Chairman and Chief Executive Officer, acted as a lender in the restructured $40.0 million term loan and continued as such under the ARCA. For the year ended December 31, 2023, the Company paid $3.8 million (December 31, 2022 – $3.3 million) in interest to this affiliate. Interest is payable monthly at a rate of 9.75% per annum.

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	12 Months Ended
	Dec. 31, 2023
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. 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, 2023 and 2022, as reported in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at December 31, 2023 Fair value as at December 31, 2022 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,743 ​ $ — ​ $ 1,743 ​ $ 1,133 ​ $ — ​ $ 1,133 Total investments ​ $ 1,743 ​ $ — ​ $ 1,743 ​ $ 1,133 ​ $ — ​ $ 1,133 ​ The Company’s investments as at December 31, 2023 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. Long-term debt is recorded at a carrying value of $40.0 million (December 31, 2022 – $64.0 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing. The fair values 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, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17 COMMITMENTS AND CONTINGENCIES ​ Commitments ​ The following are minimum commitments of the Company as at December 31, 2023, and related payments due over the following five years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter ​ ​ Total Mining and surface rights ​ $ 2,082 ​ $ 1,002 ​ $ 673 ​ $ 660 ​ $ 35 ​ $ 4,452 Reclamation costs (1) ​ ​ 9,608 ​ ​ 3,152 ​ ​ 4,220 ​ ​ 8,473 ​ ​ 27,002 ​ ​ 52,455 Long-term debt (Note 11) ​ ​ — ​ ​ 12,000 ​ ​ 28,000 ​ ​ — ​ ​ — ​ ​ 40,000 Lease obligations (Note 10) ​ ​ 1,073 ​ ​ 330 ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 1,610 Total ​ $ 12,763 ​ $ 16,484 ​ $ 33,100 ​ $ 9,133 ​ $ 27,037 ​ $ 98,517 (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 $30.1 million in Nevada pertaining primarily to the Tonkin and the Gold Bar properties and $12.4 million (C$15.6 million) in Canada with respect to the 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. The Company has a surety facility in place to cover all its bonding obligations. The terms of the facility carry an average annual financing fee of 2.3% and require a deposit of 11%. Surety bonds are available for drawdown 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, 2023, the Company recorded $4.5 million in restricted cash as a deposit against the surety facility. 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 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, 2023, the Company recorded revenue of $2.0 million (December 31, 2022 – $1.7 million) related to 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 exploration and development of the Company’s properties in the Timmins region of Canada. As of December 31, 2023, the Company has fulfilled this CEE commitment (Note 13). On December 14, 2023, The proceeds of this offering will be used for the continued exploration and development of the Company’s properties in the Timmins region of Canada. The Company expects to fulfill its CEE and CDE obligations by the end of 2024 (Note 13). Prepayment Agreement In November 2023, the Company extended the existing precious metals purchase agreement (i) at a mine for a maximum of 15 business days before shipment; or (ii) in transit to a refinery; or (iii) being refined at a refinery. ​ During the year ended December 31, 2023, the Company received net proceeds of $127.0 million from the sales on a supplier advance basis. The Company recorded revenue of $132.7 million related to the gold sales, with no amounts outstanding under this facility as at December 31, 2023. 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 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 AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 Cash and cash equivalents and restricted cash held in CAD ​ $ 16,288 ​ $ 3,730 Cash and cash equivalents and restricted cash held in USD ​ ​ 10,578 ​ ​ 37,385 Cash and cash equivalents held in other currencies ​ ​ 644 ​ ​ 2,464 Total cash and cash equivalents ​ $ 27,510 ​ $ 43,579 ​ As of December 31, 2023, of $23.0 million of cash and cash equivalents, $16.1 million was committed to the Company’s CEE and CDE expenditures (December 31, 2022 - $14.1 million) (Note 13).

INCOME AND MINING TAXES

INCOME AND MINING TAXES	12 Months Ended
	Dec. 31, 2023
INCOME AND MINING TAXES.
INCOME AND MINING TAXES	NOTE 19 INCOME AND MINING TAXES The Company’s income and mining tax (recovery) expense consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 United States ​ $ 971 ​ $ — ​ $ — Foreign ​ ​ (4,107) ​ ​ 7,663 ​ ​ — Current tax (recovery) expense ​ $ (3,136) ​ $ 7,663 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ (387) Foreign ​ ​ 36,995 ​ ​ (1,856) ​ ​ (6,928) Deferred tax (recovery) expense ​ $ 36,995 ​ $ (1,856) ​ $ (7,315) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 971 ​ $ — ​ $ (387) Foreign ​ ​ 32,888 ​ ​ 5,806 ​ ​ (6,928) Total income and mining tax (recovery) expense ​ $ 33,859 ​ $ 5,806 ​ $ (7,315) ​ The Company’s (income) loss before income and mining tax consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ 2021 United States ​ $ (7,702) ​ $ (20,618) ​ $ (24,808) Foreign ​ ​ 74,738 ​ ​ (59,670) ​ ​ (39,391) Income (loss) before income and mining taxes ​ $ 67,036 ​ $ (80,288) ​ $ (64,199) ​ A reconciliation of the tax provision for 2023, 2022 and 2021 at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the consolidated financial statements is computed as follows: ​ 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, 2023 and 2022, respectively, are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected tax expense at 2023 2022 2021 Income (loss) before income and mining taxes ​ $ 67,036 ​ $ (80,288) ​ $ (64,199) Statutory tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% US Federal and State tax expense (recovery) at statutory rate ​ ​ 14,078 ​ ​ (16,860) ​ ​ (13,482) Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity loss / (income) from investments ​ 15,310 ​ (583) ​ 1,326 Deconsolidation of McEwen Copper Inc. ​ (46,644) ​ — ​ — Taxable gain on the disposal of McEwen Copper shares ​ ​ 6,179 ​ ​ — ​ ​ — Deferred tax liability on investment ​ ​ 38,340 ​ ​ — ​ ​ — Realized flow-through expenditures ​ ​ 3,570 ​ ​ 2,169 ​ ​ 6,148 Realized flow-through premium ​ ​ (3,423) ​ ​ (2,011) ​ ​ (3,486) Withholding tax ​ ​ 632 ​ ​ — ​ ​ — Adjustment for foreign tax rates ​ (13,769) ​ (8,384) ​ (3,039) Permanent differences ​ 9,909 ​ 9,353 ​ 4,371 Foreign exchange on translation of books ​ ​ 42 ​ ​ 4,308 ​ ​ (2,720) Losses expired ​ ​ 8,282 ​ ​ 1,877 ​ ​ 1,497 Proceeds received from sale of NSR ​ ​ — ​ ​ 8,072 ​ ​ — Adjustments in relation to prior years ​ ​ (629) ​ ​ 7,760 ​ ​ 6,446 Current and deferred mining tax liabilities ​ ​ 1,455 ​ ​ 116 ​ ​ — Movement in valuation allowance ​ ​ 821 ​ ​ (10) ​ ​ (4,377) Other ​ ​ (294) ​ ​ — ​ ​ — Income and mining tax expense (recovery) ​ $ 33,859 ​ $ 5,806 ​ $ (7,315) ​ 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, 2023 and 2022 respectively are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 57,983 ​ $ 65,174 Mineral properties ​ 52,471 ​ 69,326 Other temporary differences ​ 21,857 ​ 22,433 Total gross deferred tax assets ​ 132,311 ​ 156,933 Less: valuation allowance ​ (130,002) ​ (149,342) Net deferred tax liabilities (assets) ​ $ 2,309 ​ $ 7,591 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Acquired mineral property interests ​ ​ (2,895) ​ ​ (7,746) Other taxable temporary differences ​ (39,986) ​ — Total deferred tax liabilities ​ $ (42,881) ​ $ (7,746) Deferred income and mining tax liability ​ $ (40,572) ​ $ (155) ​ The Company reviews the measurement of its deferred tax assets at each Consolidated Balance Sheet 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 2023 ​ $ 149,342 ​ ​ $ 3,391 ​ $ (22,731) ​ $ 130,002 2022 ​ ​ 149,921 ​ ​ ​ 6,600 ​ ​ (7,179) ​ ​ 149,342 2021 ​ ​ 154,298 ​ ​ ​ 4,058 ​ ​ (8,435) ​ ​ 149,921 ​ (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 the 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, 2023, 2022 and 2021, 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 ​ $ 184,095 ​ 2027-Unlimited Mexico ​ Net-operating losses ​ ​ 53,596 ​ 2024-2033 Canada (a) ​ Net-operating losses ​ ​ 14,890 ​ 2025-2042 Argentina (a) ​ Net-operating losses ​ ​ 594 ​ 2024-2028 (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 2023 Canada: 2014 to 2023 Mexico: 2017 to 2023 Argentina: 2017 to 2023

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS	NOTE 20 NON-CONTROLLING INTERESTS ​ On June 21, 2022, the Company’s former subsidiary, 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. ​ On February 23, 2023, the Company and McEwen Copper closed an 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 ($108.0 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 ($47.4 million). ​ On March 15, 2023, Nuton LLC (“Nuton”), a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“Nuton”), exercised its preemptive rights under an existing shareholder agreement to purchase 350,000 shares of McEwen Copper common stock directly from McEwen Copper for aggregate proceeds of $6.6 million. On the same date, the Company and Nuton closed a secondary sale of an additional 1,250,000 shares of McEwen Copper common stock indirectly owned by the Company for aggregate proceeds of $23.4 million. ​ As a result of the transactions, the Company’s 68.1% ownership in McEwen Copper was reduced by 16.2% to 51.9%. The Company determined that it still controlled McEwen Copper and, consequently, the Company recorded $75.5 million as non-controlling interests and $109.9 million as additional paid-in capital in 2023. ​ On October 11, 2023, McEwen Copper and Stellantis announced the closing of agreements pursuant to which McEwen Copper issued 1,900,000 common shares for aggregate proceeds of ARS 42 billion ($119.6 million). ​ On October 20, 2023, McEwen Copper and Nuton announced the closing of agreements pursuant to which McEwen Copper issued 152,615 common shares for proceeds of $4.0 million, and the Company sold 232,000 common shares of McEwen Copper to Nuton for an aggregate purchase price of $6.0 million. ​ Subsequent to the closing of the transactions above, Stellantis and Nuton own 19.4% and 14.5%, respectively, of McEwen Copper on a fully diluted basis, while the Company’s ownership decreased to 47.7%. As a result, the Company concluded it no longer controlled McEwen Copper and, accordingly, deconsolidated the entity with the effective date of October 10, 2023. ​ The remaining interest of 47.7% in McEwen Copper was accounted for under the equity method. The initial carrying amount of the equity investment in McEwen Copper of $384.0 million was determined based on recent private placements of the common shares of McEwen Copper. Due to the temporary differences between the financial reporting basis of liabilities and assets of McEwen Copper and the related tax basis for such liabilities and assets, the Company also recognized $37.8 million of deferred tax liability on its equity investments in McEwen Copper. ​ As a result of the deconsolidation, the carrying amount of the various assets, liabilities and non-controlling interest of McEwen Copper were derecognized. The material amounts deconsolidated were $45.7 million of cash and cash equivalents, $44.2 million of investments, $171.9 million of mineral property interests and plant and equipment, $7.9 million of accounts payable and accrued liabilities, and $86.8 million of the non-controlling interest. There were no other material impacts to the Consolidated Balance Sheets ​ The Company recognized a gain on deconsolidation of approximately $222.2 million, which is included in other income on the Statement of Operations

UNAUDITED SUPPLEMENTARY QUARTER

UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION	12 Months Ended
	Dec. 31, 2023
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, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 34,752 ​ $ 34,395 ​ $ 38,404 ​ $ 58,680 Gross profit (loss) ​ ​ 4,443 ​ ​ (3,468) ​ ​ 3,755 ​ ​ 13,050 Net (loss) income ​ ​ (43,076) ​ ​ (21,627) ​ ​ (18,451) ​ ​ 138,453 Net (loss) income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.91) ​ $ (0.46) ​ $ (0.39) ​ $ 2.89 Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ 47,428 ​ ​ 47,428 ​ ​ 47,471 ​ ​ 47,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) profit ​ ​ (5,994) ​ ​ 4,235 ​ ​ 1,503 ​ ​ (288) Net loss ​ ​ (19,326) ​ ​ (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 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 investments 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 recognition date. The Company's share of income and losses of the investee and impairment losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (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 income (loss) 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: 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 Consolidated Balance Sheet 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 measured 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: Construction-in-progress costs: For properties where the Company has not established 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, unless the equipment has probable future benefit, in which case the equipment is capitalized at cost.
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. In addition to selling refined bullion at spot prices, the Company has doré purchase agreements in place with financial institutions and refineries. Under the agreements, the Company has the option to sell up to 100% of the gold and silver contained in doré bars prior to the completion of refining by the third-party refiner. The Company has an option to sell the 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.
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 that is not the U.S. dollar are translated at current exchange rates at each Consolidated Balance Sheet
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.
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, 2023
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 USA ​ Canada ​ Mexico ​ MSC McEwen Copper (1) ​ Total Revenue from gold and silver sales ​ $ 83,409 ​ $ 81,295 ​ $ 1,527 ​ $ — ​ $ — ​ $ 166,231 Production costs applicable to sales ​ ​ (67,335) ​ ​ (51,895) ​ ​ — ​ ​ — ​ ​ — ​ (119,230) Depreciation and depletion ​ ​ (7,130) ​ ​ (22,091) ​ ​ — ​ ​ — ​ ​ — ​ ​ (29,221) Gross profit ​ ​ 8,944 ​ ​ 7,309 ​ ​ 1,527 ​ ​ — ​ ​ — ​ ​ 17,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ — ​ ​ — ​ ​ (6,292) ​ ​ — ​ ​ (76,345) ​ (82,637) Exploration ​ ​ (6,225) ​ ​ (13,556) ​ ​ — ​ ​ — ​ ​ (386) ​ (20,167) Income (loss) from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 62 ​ ​ (57,821) ​ (57,759) Segment loss ​ $ 2,719 ​ $ (6,247) ​ $ (4,765) ​ $ 62 ​ $ (134,552) ​ $ (142,783) Gain on deconsolidation of McEwen Copper Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 222,157 General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,338) Income before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 67,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 9,028 ​ $ 9,131 ​ $ 1,258 ​ $ — ​ $ 6,781 ​ $ 26,198 (1) Includes the consolidated results for McEwen Copper for the period from January 1, 2023 to October 10, 2023 and the loss from the equity accounted investment for the period from October 11, 2023 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) profit ​ ​ (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) Income from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,776 ​ ​ — ​ ​ 2,776 Segment (loss) income ​ $ (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 equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ (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
Schedule of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Assets ​ ​ Revenue (1) ​ ​ December 31, ​ December 31, ​ ​ Year ended December 31, ​ 2023 2022 2023 ​ 2022 ​ 2021 USA ​ $ 71,234 ​ $ 70,577 ​ ​ $ 83,409 ​ $ 47,926 ​ $ 79,205 Canada ​ ​ 83,674 ​ ​ 91,552 ​ ​ ​ 81,295 ​ ​ 60,848 ​ ​ 50,704 Mexico ​ ​ 30,304 ​ ​ 29,219 ​ ​ ​ 1,527 ​ ​ 1,643 ​ ​ 6,632 Argentina (2), (3) ​ ​ 419,366 ​ ​ 255,718 ​ ​ ​ — ​ ​ — ​ ​ — Total Consolidated ​ $ 604,578 ​ $ 447,066 ​ ​ $ 166,231 ​ $ 110,417 ​ $ 136,541 (1) Presented based on the location from which the product originated. (2) Includes Investment in MSC of $93.2 million as of December 31, 2023 (December 31, 2022 - $93.5 million). (3) Includes Investment in McEwen Copper of $326.1 million as of December 31, 2023 (December 31, 2022 - $ nil ).
Summary of revenue from gold and silver sales for significant customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ ​ 2022 ​ ​ 2021 Auramet International LLC (“Auramet”) $ 136,911 ​ $ 50,580 ​ $ — Asahi Refining Inc. ​ 24,639 ​ ​ 57,835 ​ ​ 134,395 Other ​ 4,681 ​ ​ 2,002 ​ ​ 2,146 Revenue from gold and silver sales $ 166,231 ​ $ 110,417 ​ $ 136,541 ​

OTHER (EXPENSE) INCOME (Tables)

OTHER (EXPENSE) INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER (EXPENSE) INCOME
Schedule of other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 ​ 2021 Unrealized and realized gain (loss) on investments (Note 5) ​ ​ $ 20,462 ​ $ (511) ​ $ 28 Foreign currency gain on Blue Chip Swap ​ ​ ​ 7,993 ​ ​ 19,772 ​ ​ — Foreign currency (loss) gain ​ ​ ​ (59,503) ​ ​ 4,030 ​ ​ 513 COVID-19 relief ​ ​ ​ — ​ ​ — ​ ​ 3,541 Other income (loss), net ​ ​ ​ 1,072 ​ ​ (353) ​ ​ 2,199 Total other (expense) income ​ ​ $ (29,976) ​ $ 22,938 ​ $ 6,281

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENTS
Summary of investment portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ ​ Unrealized ​ Foreign ​ McEwen ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ ​ gain on ​ exchange loss ​ Copper ​ December 31, ​ ​ 2022 ​ year ​ year ​ ​ securities held ​ on securities held ​ deconsolidation ​ 2023 Marketable equity securities ​ $ 1,133 ​ $ 34,157 ​ $ — ​ $ 20,542 ​ $ (9,858) ​ $ (44,231) ​ $ 1,743 Warrants ​ ​ 162 ​ ​ — ​ ​ (162) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total investments ​ $ 1,295 ​ $ 34,157 ​ $ (162) ​ $ 20,542 ​ $ (9,858) ​ $ (44,231) ​ $ 1,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ Foreign ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ loss on ​ exchange loss ​ December 31, ​ ​ 2021 ​ year ​ year ​ securities held ​ on securities held ​ 2022 Marketable equity securities ​ $ 1,644 ​ $ — ​ $ — ​ $ (511) ​ $ — ​ $ 1,133 Warrants ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ 1,806 ​ $ — ​ $ — ​ $ (511) ​ $ — ​ $ 1,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ Foreign ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ gain on ​ exchange loss ​ December 31, ​ ​ 2020 ​ year ​ year ​ securities held ​ on securities held ​ 2021 Marketable equity securities ​ $ — ​ $ 1,616 ​ $ — ​ $ 28 ​ $ — ​ $ 1,644 Warrants ​ — ​ ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ — ​ $ 1,778 ​ $ — ​ $ 28 ​ $ — ​ $ 1,806

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Schedule of balances in receivables, prepaids and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Government sales tax receivable ​ $ 2,511 ​ $ 2,868 Prepaids and other assets ​ ​ 3,067 ​ ​ 5,972 Receivables, prepaids and other current assets ​ $ 5,578 ​ $ 8,840

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Material on leach pads ​ $ 11,963 ​ $ 7,571 In-process inventory ​ 4,067 ​ 3,674 Stockpiles ​ 5,939 ​ 15,392 Precious metals ​ 1,955 ​ 2,119 Materials and supplies ​ 6,120 ​ 5,411 ​ ​ $ 30,044 ​ $ 34,167 Less long-term portion ​ ​ (10,100) ​ ​ (2,432) Current portion ​ $ 19,944 ​ $ 31,735

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Mineral property interests, cost ​ $ 207,601 ​ $ 359,845 Less: accumulated depletion ​ ​ (80,004) ​ ​ (58,700) Mineral property interests, carrying value ​ $ 127,597 ​ $ 301,145 ​ ​ ​ ​ ​ ​ ​ Plant and equipment, cost ​ ​ ​ ​ ​ ​ Land ​ $ 18,043 ​ $ 17,850 Construction in progress ​ ​ 6,963 ​ ​ 8,408 Plant and equipment ​ ​ 79,972 ​ ​ 73,740 Subtotal ​ $ 104,978 ​ $ 99,998 Less: accumulated depreciation ​ (62,625) ​ ​ (54,862) Plant and equipment, carrying value ​ $ 42,353 ​ $ 45,136 ​ ​ ​ ​ ​ ​ ​ Mineral property interests and plant and equipment, carrying value ​ $ 169,950 ​ $ 346,281
Summary of mineral property interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name of Property/Complex State/Province Country 2023 2022 Fox Complex ​ Ontario ​ Canada ​ $ 32,519 ​ $ 40,413 Lexam Exploration Properties ​ Ontario ​ Canada ​ ​ 41,595 ​ ​ 41,595 Los Azules Copper Project ​ San Juan Argentina ​ ​ — ​ ​ 162,669 Los Azules Copper Project - 1.25% NSR San Juan Argentina ​ ​ 28,821 ​ ​ 28,821 Tonkin Properties Nevada United States ​ 4,602 ​ 4,833 Gold Bar Mine Nevada United States ​ 11,031 ​ 12,982 Elder Creek Exploration Property Nevada United States ​ ​ — ​ ​ 635 Elder Creek Exploration Property - 1.25% NSR Nevada United States ​ 150 ​ 150 Fenix Project Properties Sinaloa Mexico ​ 8,879 ​ 9,047 Total mineral property interests ​ ​ ​ ​ ​ $ 127,597 ​ $ 301,145

EQUITY INVESTMENTS (Tables)

EQUITY INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
McEwen Copper Inc
Schedule of Equity Method Investments [Line Items]
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ December 31, 2023 McEwen Copper (100%) ​ ​ Advanced projects $ (36,475) Other expenses ​ (4,684) Foreign exchange loss ​ (99,338) Interest and other income ​ 19,356 Net loss before tax $ (121,141) Current and deferred taxes ​ - Net loss $ (121,141) ​ ​ ​ Portion attributable to McEwen Mining (47.7%) ​ ​ Net income loss on investment in McEwen Copper $ (57,821)
Schedule of change in the entity's investment in MSC	​ ​ ​ ​ ​ December 31, 2023 Investment, beginning of year $ — Deconsolidation of McEwen Copper (Note 20) ​ 383,968 Attributable net loss from McEwen Copper ​ (57,821) Investment, end of year $ 326,147
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 104,195 ​ $ — ​ $ 104,195 Total assets ​ $ 281,353 ​ $ 262,494 ​ $ 543,847 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (23,988) ​ $ — ​ $ (23,988) Total liabilities ​ $ (24,287) ​ $ — ​ $ (24,287)
Minera Santa Cruz S.A.
Schedule of Equity Method Investments [Line Items]
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 ​ ​ 2021 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ ​ ​ ​ Revenue from gold and silver sales $ 254,926 ​ $ 254,698 ​ $ 271,863 Production costs applicable to sales ​ (177,234) ​ ​ (182,195) ​ ​ (196,033) Depreciation and depletion ​ (58,935) ​ ​ (32,200) ​ ​ (39,948) Gross profit ​ 18,757 ​ ​ 40,303 ​ ​ 35,882 Exploration ​ (9,346) ​ ​ (8,946) ​ ​ (10,602) Other expenses (1) ​ (3,977) ​ ​ (19,715) ​ ​ (17,077) Net income before tax $ 5,434 ​ $ 11,642 ​ $ 8,203 Current and deferred tax recovery (expense) ​ 3,051 ​ ​ 1,221 ​ ​ (7,934) Net income $ 8,485 ​ $ 12,863 ​ $ 269 ​ ​ ​ ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 4,157 ​ $ 6,303 ​ $ 132 Amortization of fair value increments (4,612) ​ (4,155) ​ (8,331) Income tax recovery ​ 517 ​ ​ 628 ​ ​ 666 Income (loss) from investment in MSC, net of amortization $ 62 ​ $ 2,776 ​ $ (7,533) (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 years ended December 31, 2023, and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Investment, beginning of year $ 93,451 ​ $ 90,961 Attributable net income from MSC ​ 4,157 ​ ​ 6,303 Amortization of fair value increments (4,612) ​ (4,155) Income tax recovery ​ 517 ​ ​ 628 Dividend distribution received (295) ​ (286) Investment, end of year $ 93,218 ​ $ 93,451
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 101,572 ​ $ 937 ​ $ 102,509 Total assets ​ $ 196,617 ​ $ 71,528 ​ $ 268,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (44,785) ​ $ — ​ $ (44,785) Total liabilities ​ $ (77,742) ​ $ (239) ​ $ (77,981) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​

LEASE LIABILITIES (Tables)

LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASE LIABILITIES
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total discounted lease liabilities ​ ​ December 31, 2023 ​ December 31, 2022 Finance leases ​ $ 1,117 ​ $ 1,320 Operating lease ​ ​ 349 ​ ​ 1,086 Lease liabilities ​ $ 1,466 ​ $ 2,406 Current portion ​ ​ (978) ​ ​ (1,215) Long-term portion ​ $ 488 ​ $ 1,191
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 Finance leases: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 2,606 ​ $ 2,865 Interest expense ​ ​ 132 ​ ​ 140 Total ​ $ 2,738 ​ $ 3,005 Operating lease: ​ ​ ​ ​ ​ ​ Rent expense ​ $ 72 ​ $ 152
Schedule of undiscounted lease payment obligations, operating lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2024 2025 ​ 2026 ​ 2027 Total Operating lease obligation ​ $ 287 ​ $ 95 ​ $ — ​ $ — ​ $ 382 Finance lease obligations ​ 786 ​ 235 ​ 207 ​ — ​ 1,228 Total minimum lease payments ​ $ 1,073 ​ $ 330 ​ $ 207 ​ $ — ​ $ 1,610 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (144) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,466 ​
Schedule of undiscounted lease payment obligations, finance lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ 2024 2025 ​ 2026 ​ 2027 Total Operating lease obligation ​ $ 287 ​ $ 95 ​ $ — ​ $ — ​ $ 382 Finance lease obligations ​ 786 ​ 235 ​ 207 ​ — ​ 1,228 Total minimum lease payments ​ $ 1,073 ​ $ 330 ​ $ 207 ​ $ — ​ $ 1,610 Less: Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (144) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,466 ​

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT
Schedule of debt activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 Balance, beginning of year ​ $ 63,979 ​ $ 48,866 Promissory note - initial recognition ​ ​ — ​ ​ 15,000 Principal repayment on debt ​ ​ (25,000) ​ ​ — Interest expense ​ 5,749 ​ 5,488 Interest payments ​ (4,728) ​ (4,875) Bonus interest-equity-based financing fee ​ ​ — ​ ​ (500) Balance, end of year ​ $ 40,000 ​ $ 63,979 Less: current portion ​ ​ — ​ ​ 10,000 Long-term portion ​ $ 40,000 ​ $ 53,979 ​

RECLAMATION AND REMEDIATION L_2

RECLAMATION AND REMEDIATION LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
RECLAMATION AND REMEDIATION LIABILITIES
Schedule of reclamation and remediation liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Year ended ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 Reclamation and remediation liabilities, beginning balance ​ $ 41,846 ​ $ 35,452 Settlements ​ ​ (1,358) ​ ​ (774) Accretion of liability ​ ​ 2,536 ​ ​ 2,354 Revisions to estimates and discount rate ​ ​ (300) ​ ​ 5,664 Foreign exchange revaluation ​ ​ 297 ​ ​ (850) Reclamation and remediation liabilities, ending balance ​ $ 43,021 ​ $ 41,846 Less: current portion ​ ​ 3,105 ​ ​ 12,576 Long-term portion ​ $ 39,916 ​ $ 29,270
Schedule of reclamation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 ​ 2022 ​ 2021 Reclamation adjustment reflecting updated estimates ​ $ 157 ​ $ 991 ​ $ 1,045 Reclamation accretion ​ ​ 2,536 ​ ​ 2,354 ​ ​ 2,405 Total ​ $ 2,693 ​ $ 3,345 ​ $ 3,450 ​

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
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, 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 ​ $ — Granted ​ 570 ​ ​ 7.10 ​ — ​ ​ — Forfeited (67) ​ ​ 11.45 ​ — ​ ​ 3 Balance at December 31, 2023 951 ​ $ 9.78 3.0 ​ $ 61 Exercisable at December 31, 2023 385 ​ $ 13.53 1.5 ​ $ —
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Risk-free interest rate ​ ​ 4.44% ​ ​ — ​ ​ 0.519% to 0.873% Dividend yield ​ ​ 0.00% ​ ​ — ​ ​ 0.00% Volatility factor of the expected market price of common stock ​ ​ 67% ​ ​ — ​ ​ 63% Weighted-average expected life of option ​ ​ 3 years ​ ​ — ​ ​ 3.5 years Weighted-average grant date fair value ​ $ 3.36 ​ $ — ​ $ 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 balance at December 31, 2022 ​ 126 ​ $ 4.15 Granted ​ 570 ​ $ 3.36 Cancelled/Forfeited ​ (28) ​ $ 3.65 Vested ​ (102) ​ $ 4.12 Non-vested balance at December 31, 2023 ​ 566 ​ $ 3.39
Schedule of Restricted Stock Units	​ ​ ​ ​ Number of ​ Shares ​ (in thousands) Balance at December 31, 2020 — Granted — Vested and issued — Balance at December 31, 2021 — Granted — Vested and issued — Balance at December 31, 2022 — Granted 109 Vested and issued (80) Balance at December 31, 2023 29
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 INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
NET INCOME (LOSS) PER SHARE
Schedule of reconciliation of basic and diluted weighted average number of common shares and computations for basic and diluted net income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 55,299 ​ $ (81,075) ​ $ (56,712) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding: ​ ​ 47,544 ​ ​ 47,427 ​ ​ 45,490 Diluted shares outstanding: ​ ​ 47,544 ​ ​ 47,427 ​ ​ 45,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share - basic and diluted ​ $ 1.16 ​ $ (1.71) ​ $ (1.25)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of related party expense and outstanding accounts payable and receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 REVlaw ​ $ 194 ​ $ 366 ​ $ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 REVlaw ​ $ (96) ​ $ (112) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 McEwen Copper Inc. ​ $ 2,376 ​ $ —

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 Fair value as at December 31, 2022 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,743 ​ $ — ​ $ 1,743 ​ $ 1,133 ​ $ — ​ $ 1,133 Total investments ​ $ 1,743 ​ $ — ​ $ 1,743 ​ $ 1,133 ​ $ — ​ $ 1,133

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of minimum commitments and related payments due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter ​ ​ Total Mining and surface rights ​ $ 2,082 ​ $ 1,002 ​ $ 673 ​ $ 660 ​ $ 35 ​ $ 4,452 Reclamation costs (1) ​ ​ 9,608 ​ ​ 3,152 ​ ​ 4,220 ​ ​ 8,473 ​ ​ 27,002 ​ ​ 52,455 Long-term debt (Note 11) ​ ​ — ​ ​ 12,000 ​ ​ 28,000 ​ ​ — ​ ​ — ​ ​ 40,000 Lease obligations (Note 10) ​ ​ 1,073 ​ ​ 330 ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 1,610 Total ​ $ 12,763 ​ $ 16,484 ​ $ 33,100 ​ $ 9,133 ​ $ 27,037 ​ $ 98,517 (1) Amounts presented represent the undiscounted uninflated future payments.

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2023
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 Cash and cash equivalents and restricted cash held in CAD ​ $ 16,288 ​ $ 3,730 Cash and cash equivalents and restricted cash held in USD ​ ​ 10,578 ​ ​ 37,385 Cash and cash equivalents held in other currencies ​ ​ 644 ​ ​ 2,464 Total cash and cash equivalents ​ $ 27,510 ​ $ 43,579

INCOME AND MINING TAXES (Tables

INCOME AND MINING TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME AND MINING TAXES.
Schedule of income and mining tax (expense)/recovery	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 United States ​ $ 971 ​ $ — ​ $ — Foreign ​ ​ (4,107) ​ ​ 7,663 ​ ​ — Current tax (recovery) expense ​ $ (3,136) ​ $ 7,663 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ (387) Foreign ​ ​ 36,995 ​ ​ (1,856) ​ ​ (6,928) Deferred tax (recovery) expense ​ $ 36,995 ​ $ (1,856) ​ $ (7,315) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 971 ​ $ — ​ $ (387) Foreign ​ ​ 32,888 ​ ​ 5,806 ​ ​ (6,928) Total income and mining tax (recovery) expense ​ $ 33,859 ​ $ 5,806 ​ $ (7,315)
Schedule of net loss before income and mining tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ 2021 United States ​ $ (7,702) ​ $ (20,618) ​ $ (24,808) Foreign ​ ​ 74,738 ​ ​ (59,670) ​ ​ (39,391) Income (loss) before income and mining taxes ​ $ 67,036 ​ $ (80,288) ​ $ (64,199)
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 expense at 2023 2022 2021 Income (loss) before income and mining taxes ​ $ 67,036 ​ $ (80,288) ​ $ (64,199) Statutory tax rate ​ ​ 21% ​ ​ 21% ​ ​ 21% US Federal and State tax expense (recovery) at statutory rate ​ ​ 14,078 ​ ​ (16,860) ​ ​ (13,482) Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity loss / (income) from investments ​ 15,310 ​ (583) ​ 1,326 Deconsolidation of McEwen Copper Inc. ​ (46,644) ​ — ​ — Taxable gain on the disposal of McEwen Copper shares ​ ​ 6,179 ​ ​ — ​ ​ — Deferred tax liability on investment ​ ​ 38,340 ​ ​ — ​ ​ — Realized flow-through expenditures ​ ​ 3,570 ​ ​ 2,169 ​ ​ 6,148 Realized flow-through premium ​ ​ (3,423) ​ ​ (2,011) ​ ​ (3,486) Withholding tax ​ ​ 632 ​ ​ — ​ ​ — Adjustment for foreign tax rates ​ (13,769) ​ (8,384) ​ (3,039) Permanent differences ​ 9,909 ​ 9,353 ​ 4,371 Foreign exchange on translation of books ​ ​ 42 ​ ​ 4,308 ​ ​ (2,720) Losses expired ​ ​ 8,282 ​ ​ 1,877 ​ ​ 1,497 Proceeds received from sale of NSR ​ ​ — ​ ​ 8,072 ​ ​ — Adjustments in relation to prior years ​ ​ (629) ​ ​ 7,760 ​ ​ 6,446 Current and deferred mining tax liabilities ​ ​ 1,455 ​ ​ 116 ​ ​ — Movement in valuation allowance ​ ​ 821 ​ ​ (10) ​ ​ (4,377) Other ​ ​ (294) ​ ​ — ​ ​ — Income and mining tax expense (recovery) ​ $ 33,859 ​ $ 5,806 ​ $ (7,315)
Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 57,983 ​ $ 65,174 Mineral properties ​ 52,471 ​ 69,326 Other temporary differences ​ 21,857 ​ 22,433 Total gross deferred tax assets ​ 132,311 ​ 156,933 Less: valuation allowance ​ (130,002) ​ (149,342) Net deferred tax liabilities (assets) ​ $ 2,309 ​ $ 7,591 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Acquired mineral property interests ​ ​ (2,895) ​ ​ (7,746) Other taxable temporary differences ​ (39,986) ​ — Total deferred tax liabilities ​ $ (42,881) ​ $ (7,746) Deferred income and mining tax liability ​ $ (40,572) ​ $ (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 2023 ​ $ 149,342 ​ ​ $ 3,391 ​ $ (22,731) ​ $ 130,002 2022 ​ ​ 149,921 ​ ​ ​ 6,600 ​ ​ (7,179) ​ ​ 149,342 2021 ​ ​ 154,298 ​ ​ ​ 4,058 ​ ​ (8,435) ​ ​ 149,921 ​ (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 the 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 ​ $ 184,095 ​ 2027-Unlimited Mexico ​ Net-operating losses ​ ​ 53,596 ​ 2024-2033 Canada (a) ​ Net-operating losses ​ ​ 14,890 ​ 2025-2042 Argentina (a) ​ Net-operating losses ​ ​ 594 ​ 2024-2028 (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, 2023
UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION
Summary of unaudited supplementary quarterly information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 ​ ​ (unaudited) (in thousands, except per share) Revenue from gold and silver sales ​ $ 34,752 ​ $ 34,395 ​ $ 38,404 ​ $ 58,680 Gross profit (loss) ​ ​ 4,443 ​ ​ (3,468) ​ ​ 3,755 ​ ​ 13,050 Net (loss) income ​ ​ (43,076) ​ ​ (21,627) ​ ​ (18,451) ​ ​ 138,453 Net (loss) income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.91) ​ $ (0.46) ​ $ (0.39) ​ $ 2.89 Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ 47,428 ​ ​ 47,428 ​ ​ 47,471 ​ ​ 47,844 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) profit ​ ​ (5,994) ​ ​ 4,235 ​ ​ 1,503 ​ ​ (288) Net loss ​ ​ (19,326) ​ ​ (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 ​

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Various mines in various locations
Nature of operations
Subsidiary ownership interest (as a percent)	100%
McEwen Copper Inc
Nature of operations
Subsidiary ownership interest (as a percent)	47.70%
Minera Santa Cruz S.A.
Nature of operations
Subsidiary ownership interest (as a percent)	49%	49%	49%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risks and Uncertainties (Details)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Duration current portion of inventories expected to be processed or recovered	12 months
Duration over which drilling and related costs are capitalized	1 year

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Products, Properties and Production of Minerals (Details)	12 Months Ended
	Dec. 31, 2023
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
Option to sell prior to the completion of refining (as a percent)	100%

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Segment Reporting
Revenue	$ 58,680	$ 38,404	$ 34,395	$ 34,752	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 166,231	$ 110,417	$ 136,541
Depreciation and depletion									(29,221)	(19,701)	(23,798)
Gross profit (loss)	$ 13,050	$ 3,755	$ (3,468)	$ 4,443	$ (288)	$ 1,503	$ 4,235	$ (5,994)	17,780	(544)	(6,480)
Advanced projects									(82,637)	(66,728)	(12,439)
Income (Loss) from equity investments									(57,759)	2,776	(7,533)
Segment income (loss)									(142,783)	(79,469)	(49,056)
Gain on Deconsolidation of McEwen Copper									222,157
General and Administrative and other									(12,338)	(819)	(15,143)
Loss before income and mining taxes									67,036	(80,288)	(64,199)
Capital expenditures									26,198	26,234	36,033
USA
Operating Segment Reporting
Depreciation and depletion									(7,130)	(4,737)	(8,502)
Gross profit (loss)									8,944	(311)	(3,287)
Advanced projects										(52)	(440)
Segment income (loss)									2,719	(5,191)	(9,602)
Capital expenditures									9,028	5,374	2,416
Canada
Operating Segment Reporting
Depreciation and depletion									(22,091)	(14,964)	(15,296)
Gross profit (loss)									7,309	9,039	2,447
Advanced projects										(1,206)	(2,635)
Segment income (loss)									(6,247)	(1,610)	(15,205)
Capital expenditures									9,131	15,317	33,617
Mexico
Operating Segment Reporting
Gross profit (loss)									1,527	(9,272)	(5,640)
Advanced projects									(6,292)	(4,322)	(4,345)
Segment income (loss)									(4,765)	(13,596)	(9,999)
Capital expenditures									1,258	2,800
MSC
Operating Segment Reporting
Income (Loss) from equity investments									62	2,776	(7,533)
Segment income (loss)									62	2,776	(7,533)
McEwen Copper
Operating Segment Reporting
Advanced projects									(76,345)	(61,148)	(5,019)
Income (Loss) from equity investments									(57,821)
Segment income (loss)									(134,552)	(61,848)	(6,717)
Capital expenditures									6,781	2,743
Gold and silver sales
Operating Segment Reporting
Revenue									166,231	110,417	136,541
Gold and silver sales | USA
Operating Segment Reporting
Revenue									83,409	47,926	79,205
Gold and silver sales | Canada
Operating Segment Reporting
Revenue									81,295	60,848	50,704
Gold and silver sales | Mexico
Operating Segment Reporting
Revenue									1,527	1,643	6,632
Production costs applicable to sales
Operating Segment Reporting
Production costs applicable to sales									(119,230)	(91,260)	(119,223)
Production costs applicable to sales | USA
Operating Segment Reporting
Production costs applicable to sales									(67,335)	(43,500)	(73,990)
Production costs applicable to sales | Canada
Operating Segment Reporting
Production costs applicable to sales									(51,895)	(36,845)	(32,961)
Production costs applicable to sales | Mexico
Operating Segment Reporting
Production costs applicable to sales										(10,915)	(12,272)
Exploration
Operating Segment Reporting
Production costs applicable to sales									(20,167)	(14,973)	(22,604)
Exploration | USA
Operating Segment Reporting
Production costs applicable to sales									(6,225)	(4,828)	(5,875)
Exploration | Canada
Operating Segment Reporting
Production costs applicable to sales									(13,556)	(9,443)	(15,017)
Exploration | Mexico
Operating Segment Reporting
Production costs applicable to sales										(2)	(14)
Exploration | McEwen Copper
Operating Segment Reporting
Production costs applicable to sales									$ (386)	$ (700)	$ (1,698)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets
Non-current Assets	$ 604,578				$ 447,066				$ 604,578	$ 447,066
Revenue	58,680	$ 38,404	$ 34,395	$ 34,752	28,240	$ 25,988	$ 30,647	$ 25,542	166,231	110,417	$ 136,541
Investment in MSC	326,147								326,147
Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets
Revenue									254,926	254,698	271,863
Investment in MSC	93,218				93,451				93,218	93,451	90,961
Asahi Refining Inc.
Revenues from External Customers and Long-Lived Assets
Revenue									24,639	57,835	134,395
USA
Revenues from External Customers and Long-Lived Assets
Non-current Assets	71,234				70,577				71,234	70,577
Revenue									83,409	47,926	79,205
Canada
Revenues from External Customers and Long-Lived Assets
Non-current Assets	83,674				91,552				83,674	91,552
Revenue									81,295	60,848	50,704
Mexico
Revenues from External Customers and Long-Lived Assets
Non-current Assets	30,304				29,219				30,304	29,219
Revenue									1,527	1,643	$ 6,632
Argentina
Revenues from External Customers and Long-Lived Assets
Non-current Assets	419,366				255,718				419,366	255,718
Argentina | Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets
Investment in MSC	93,200				93,500				93,200	93,500
Argentina | McEwen Copper Inc.
Revenues from External Customers and Long-Lived Assets
Investment in MSC	$ 326,100				$ 0				$ 326,100	$ 0

OPERATING SEGMENT REPORTING - M

OPERATING SEGMENT REPORTING - Market Traders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Segment Reporting
Revenue	$ 58,680	$ 38,404	$ 34,395	$ 34,752	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 166,231	$ 110,417	$ 136,541
Asahi Refining Inc.
Operating Segment Reporting
Revenue									24,639	57,835	134,395
Auramet International LLC
Operating Segment Reporting
Revenue									136,911	50,580
Other
Operating Segment Reporting
Revenue									$ 4,681	$ 2,002	$ 2,146

OTHER (EXPENSE) INCOME - Summar

OTHER (EXPENSE) INCOME - Summary of Other Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Transaction	Dec. 31, 2022 USD ($) Transaction	Dec. 31, 2021 USD ($)
OTHER (EXPENSE) INCOME
Unrealized and realized gain (loss) on investments (Note 5)	$ 20,462	$ (511)	$ 28
Foreign currency gain on Blue Chip Swap	7,993	19,772
Foreign currency gain (loss)	(59,503)	4,030	513
COVID-19 relief			3,541
Other income (loss), net	1,072	(353)	2,199
Total other income (loss)	$ (29,976)	$ 22,938	$ 6,281
Number of Blue Chip Swaps | Transaction	2	11
Realized net gain	$ 7,600	$ 18,800
Foreign currency gain	8,000	19,800
Realized loss on investments	$ (400)	$ (1,000)

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments rollforward
Opening balance	$ 1,295	$ 1,806
Additions/transfers during the period	34,157		$ 1,778
Disposals/transfers during period	(162)
Unrealized gain on securities held	20,542	(511)	28
Foreign exchange loss on securities held	(9,858)
McEwen Copper deconsolidation	(44,231)
Ending balance	1,743	1,295	1,806
Marketable equity securities
Investments rollforward
Opening balance	1,133	1,644
Additions/transfers during the period	34,157		1,616
Unrealized gain on securities held	20,542	(511)	28
Foreign exchange loss on securities held	(9,858)
McEwen Copper deconsolidation	(44,231)
Ending balance	1,743	1,133	1,644
Warrants
Investments rollforward
Opening balance	162	162
Additions/transfers during the period			162
Disposals/transfers during period	$ (162)
Ending balance		$ 162	$ 162

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Foreign exchange loss	$ 48,977	$ 2,029	$ 160
Andes Corporation Minera S
Investments
Equity securities	33,900
Unrealized gain on securities held	20,200
Foreign exchange loss	$ 9,900

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables, prepaids and other current assets
Government sales tax receivable	$ 2,511	$ 2,868
Prepaids and other assets	3,067	5,972
Receivables, prepaids and other current assets	5,578	8,840
Canada
Receivables, prepaids and other current assets
Government sales tax receivable	$ 1,300	$ 1,300

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventories
Material on leach pads	$ 11,963	$ 7,571
In-process inventory	4,067	3,674
Stockpiles	5,939	15,392
Precious metals	1,955	2,119
Materials and supplies	6,120	5,411
Inventories	30,044	34,167
Less long-term portion	(10,100)	(2,432)
Current portion	19,944	31,735
Black Fox Complex
Inventories
Inventory write-down	1,000	2,400
El Gallo Project
Inventories
Inventory write-down		4,600
Gold Bar Mine
Inventories
Inventory write-down	2,800	0
Gold Bar Mine and Black Fox in aggregate | Production costs applicable to sales
Inventories
Inventory write-down	3,000
Gold Bar Mine and Black Fox in aggregate | Depreciation and depletion
Inventories
Inventory write-down	$ 800
Gold Bar Mine, Black Fox and El Gallo in aggregate | Production costs applicable to sales
Inventories
Inventory write-down		6,400
Gold Bar Mine, Black Fox and El Gallo in aggregate | Depreciation and depletion
Inventories
Inventory write-down		$ 600

MINERAL PROPERTY INTERESTS AN_3

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT - Cost and Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mineral property interests and plant and equipment
Total mineral property interests and plant and equipment, carrying value	$ 169,950	$ 346,281
Mineral property interests
Mineral property interests and plant and equipment
Cost	207,601	359,845
Less: accumulated depreciation	(80,004)	(58,700)
Carrying value	127,597	301,145
Land
Mineral property interests and plant and equipment
Cost	18,043	17,850
Construction in progress
Mineral property interests and plant and equipment
Cost	6,963	8,408
Plant and equipment
Mineral property interests and plant and equipment
Cost	79,972	73,740
Land, construction in progress and plant and equipment in aggregate
Mineral property interests and plant and equipment
Cost	104,978	99,998
Less: accumulated depreciation	(62,625)	(54,862)
Carrying value	$ 42,353	$ 45,136

MINERAL PROPERTY INTERESTS AN_4

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT- Mineral Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mineral Property Interests
Mineral property interests	$ 127,597	$ 301,145
Fox Complex
Mineral Property Interests
Mineral property interests	32,519	40,413
Lexam Exploration Properties
Mineral Property Interests
Mineral property interests	41,595	41,595
Los Azules Copper Project
Mineral Property Interests
Mineral property interests		162,669
Los Azules Copper Project - 1.25% NSR
Mineral Property Interests
Mineral property interests	$ 28,821	$ 28,821
Net smelter return (as a percent)	1.25%	1.25%
Tonkin Properties
Mineral Property Interests
Mineral property interests	$ 4,602	$ 4,833
Gold Bar Mine
Mineral Property Interests
Mineral property interests	11,031	12,982
Elder Creek Exploration Property
Mineral Property Interests
Mineral property interests		635
Elder Creek Exploration Property - 1.25% NSR
Mineral Property Interests
Mineral property interests	$ 150	$ 150
Net smelter return (as a percent)	1.25%	1.25%
Fenix Project Properties
Mineral Property Interests
Mineral property interests	$ 8,879	$ 9,047

MINERAL PROPERTY INTERESTS AN_5

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT - Construction in Progress (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Impairment charges	$ 0	$ 0

EQUITY INVESTMENTS - A summary

EQUITY INVESTMENTS - A summary of the operating results of McEwen Copper (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Advanced projects									$ (82,637)	$ (66,728)	$ (12,439)
Foreign exchange loss									59,503	(4,030)	(513)
Interest and other income									36,918	(7,789)	(6,200)
Net income (loss) before tax									(67,036)	80,288	64,199
Net income (loss)	$ (138,453)	$ 18,451	$ 21,627	$ 43,076	$ 37,364	$ 9,976	$ 14,409	$ 19,326	(55,299)	81,075	56,712
Net income (loss) on investment in McEwen Copper									$ (57,759)	$ 2,776	$ (7,533)
McEwen Copper Inc
Schedule of Equity Method Investments [Line Items]
Subsidiary (as a percent)									100%
Advanced projects									$ (36,475)
Other expenses									(4,684)
Foreign exchange loss									(99,338)
Interest and other income									19,356
Net income (loss) before tax									(121,141)
Net income (loss)									$ (121,141)
Subsidiary ownership interest (as a percent)	47.70%								47.70%
Net income (loss) on investment in McEwen Copper									$ (57,821)

EQUITY INVESTMENTS - A summar_2

EQUITY INVESTMENTS - A summary of the operating results of Minera Santa Cruz S.A. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Revenue from gold and silver sales	$ 58,680	$ 38,404	$ 34,395	$ 34,752	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 166,231	$ 110,417	$ 136,541
Depreciation and depletion									(29,221)	(19,701)	(23,798)
Net income (loss) before tax									67,036	(80,288)	(64,199)
Net Income (Loss)	$ 138,453	$ (18,451)	$ (21,627)	$ (43,076)	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,326)	55,299	(81,075)	(56,712)
Income tax recovery									(33,859)	(5,806)	7,315
Income (loss) from investment in MSC, net of amortization									$ (57,759)	$ 2,776	$ (7,533)
Minera Santa Cruz S.A.
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Subsidiary (as a percent)									100%	100%	100%
Revenue from gold and silver sales									$ 254,926	$ 254,698	$ 271,863
Production costs applicable to sales									(177,234)	(182,195)	(196,033)
Depreciation and depletion									(58,935)	(32,200)	(39,948)
Gross profit									18,757	40,303	35,882
Exploration									(9,346)	(8,946)	(10,602)
Other expenses									(3,977)	(19,715)	(17,077)
Net income (loss) before tax									5,434	11,642	8,203
Current and deferred tax recovery (expense)									3,051	1,221	(7,934)
Net Income (Loss)									$ 8,485	$ 12,863	$ 269
Subsidiary ownership interest (as a percent)	49%				49%				49%	49%	49%
Net loss									$ 4,157	$ 6,303	$ 132
Amortization of fair value increments									(4,612)	(4,155)	(8,331)
Income tax recovery									517	628	666
Income (loss) from investment in MSC, net of amortization									$ 62	$ 2,776	$ (7,533)

EQUITY INVESTMENTS - Changes in

EQUITY INVESTMENTS - Changes in Company's Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in the investment in MSC
Income tax recovery	$ (33,859)	$ (5,806)	$ 7,315
Dividend distribution received	(295)	(286)	(9,832)
Investment, end of year	326,147
McEwen Copper
Change in the investment in MSC
Deconsolidation	383,968
Attributable net (loss) income	(57,821)
Investment, end of year	326,147
Minera Santa Cruz S.A.
Change in the investment in MSC
Investment, beginning of year	93,451	90,961
Attributable net (loss) income	4,157	6,303	132
Amortization of fair value increments	(4,612)	(4,155)	(8,331)
Income tax recovery	517	628	666
Investment, end of year	$ 93,218	$ 93,451	$ 90,961

EQUITY INVESTMENTS - Assets and

EQUITY INVESTMENTS - Assets and Liabilities Associated with McEwen Copper (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 52,661	$ 81,652
Total assets	657,239	528,719
Current liabilities	(30,003)	(84,186)
Total liabilities	(154,819)	(172,445)
McEwen Copper Inc | Balance excluding FV increments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	104,195
Total assets	281,353
Current liabilities	(23,988)
Total liabilities	(24,287)
McEwen Copper Inc | Adjustments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Total assets	262,494
McEwen Copper Inc | Balance including FV increments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	104,195
Total assets	543,847
Current liabilities	(23,988)
Total liabilities	(24,287)
Minera Santa Cruz S.A. | Balance excluding FV increments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	101,572	98,956
Total assets	196,617	204,671
Current liabilities	(44,785)	(60,584)
Total liabilities	(77,742)	(82,185)
Minera Santa Cruz S.A. | Adjustments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	937	1,103
Total assets	71,528	81,434
Total liabilities	(239)	(1,295)
Minera Santa Cruz S.A. | Balance including FV increments
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	102,509	100,059
Total assets	268,145	286,105
Current liabilities	(44,785)	(60,584)
Total liabilities	$ (77,981)	$ (83,480)

LEASE LIABILITIES (Details)

LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASE LIABILITIES
Finance leases	$ 1,117	$ 1,320
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Current portion, Long-term portion	Current portion, Long-term portion
Operating lease	$ 349	$ 1,086
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Current portion, Long-term portion	Current portion, Long-term portion
Lease liabilities	$ 1,466	$ 2,406
Current portion	(978)	(1,215)
Long-term portion	$ 488	$ 1,191

LEASE LIABILITIES - Weighted Av

LEASE LIABILITIES - Weighted Average Discount Rate and Lease Terms (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASE LIABILITIES
Finance leases, Weighted average discount rate (as a percent)	5.05%	3.63%
Operating lease, Weighted average discount rate (as a percent)	7.36%	8%
Finance leases, Weighted average remaining lease term	2 years	2 years
Operating lease, Weighted average remaining lease term	2 years	3 years
Interest and other finance costs related to leases	$ 2.7	$ 3

LEASE LIABILITIES - Lease Cost

LEASE LIABILITIES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Amortization of ROU assets	$ 2,606	$ 2,865
Interest expense	132	140
Total	2,738	3,005
Rent expense	$ 72	$ 152

LEASE LIABILITIES - Maturity (D

LEASE LIABILITIES - Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating lease obligations
2024	$ 287
2025	95
Total	382
Finance lease obligations
2024	786
2025	235
2026	207
Total	1,228
Lease obligations
2024	1,073
2025	330
2026	207
Total	1,610
Less: Imputed interest	(144)
Total	$ 1,466

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)						12 Months Ended
	May 23, 2023	May 19, 2023	Mar. 31, 2022	Jun. 25, 2020	Aug. 10, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Value of shares issued for consideration for maintenance, continuation, and extension of maturity date						$ 13,428,000	$ 10,320,000	$ 10,785,000
Repayments of principal		$ 25,000,000
Proceeds from promissory note							15,000,000	40,000,000
Outstanding loan						40,000,000	$ 63,979,000	$ 48,866,000
Final payment	$ 21,000,000
Principal repayments						$ 25,000,000
Original term loan | Chairman and Chief Executive Officer
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
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
Third Amended And Restated Credit Agreement (ARCA)
LONG-TERM DEBT
Proceeds from promissory note	15,000,000
Outstanding loan	$ 40,000,000
Stated interest rate (as a percent)	9.75%
Extension term for repayment of debt	18 months
Monthly repayments of principal	$ 1,000,000
Commercial Paper | Company Controlled by Mr. McEwen
LONG-TERM DEBT
Face amount			$ 15,000,000
Stated interest rate (as a percent)			8%

LONG-TERM DEBT - Rollforward (D

LONG-TERM DEBT - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Balance, beginning of year	$ 63,979	$ 48,866
Promissory note - initial recognition		15,000	$ 40,000
Principal repayment on debt	(25,000)
Interest expense	5,749	5,488
Interest payments	(4,728)	(4,875)
Bonus interest-equity-based financing fee		(500)
Balance, end of year	40,000	63,979	$ 48,866
Less: current portion		10,000
Long-term portion	$ 40,000	$ 53,979

RECLAMATION AND REMEDIATION L_3

RECLAMATION AND REMEDIATION LIABILITIES - Reclamation and Remediation Liabilities rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in the reclamation and remediation liability
Reclamation and remediation liabilities, beginning balance	$ 41,846	$ 35,452
Settlements	(1,358)	(774)
Accretion of liability	2,536	2,354
Revisions to estimates and discount rate	(300)	5,664
Foreign exchange revaluation	297	(850)
Reclamation and remediation liabilities, ending balance	43,021	41,846
Less: current portion	3,105	12,576
Long-term portion	39,916	29,270
Gold Bar Mine
Changes in the reclamation and remediation liability
Revisions to estimates and discount rate	1,500	3,200
Tonkin Properties
Changes in the reclamation and remediation liability
Revisions to estimates and discount rate	200	1,200
El Gallo Project
Changes in the reclamation and remediation liability
Revisions to estimates and discount rate	$ 1,600	$ 1,300

RECLAMATION AND REMEDIATION L_4

RECLAMATION AND REMEDIATION LIABILITIES - Reclamation and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclamation obligations
Reclamation adjustment reflecting updated estimates	$ 157	$ 991	$ 1,045
Reclamation accretion	2,536	2,354	2,405
Total	$ 2,693	$ 3,345	$ 3,450

SHAREHOLDERS' EQUITY - Share Co

SHAREHOLDERS' EQUITY - Share Consolidation and Articles of Amendment (Details)	Jul. 28, 2022 $ / shares shares	Jul. 27, 2022 shares	Jun. 30, 2023 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	210,000,000
Common stock, shares authorized	200,000,000		200,000,000
Preferred stock, shares authorized	2		10,000,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 14, 2023	Mar. 02, 2022	Nov. 20, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024	Jul. 28, 2022	Dec. 31, 2020
Share price								$ 1
Net proceeds				$ 13,428	$ 10,320	$ 10,785
Outstanding options (in shares)				951,170	447,787	617,000			701,000
Stock options issued (in shares)				570,000		95,000
Stock option expense				$ 300	$ 300	$ 800
Restricted Stock Units
Granted (in shares)				109,000
November 2019 Offering
Shares issued			3,775,000
Share price			$ 13.25
Issuance costs			$ 3,500
Net proceeds			$ 46,600
Warrant expiration term			5 years
Number of warrants remained outstanding and unexercised				2,170,625
Common Stock
Shares issued				1,903,000	1,450,000	1,260,000
Net proceeds				$ 13,428	$ 10,320	$ 10,785
Common Stock | November 2019 Offering
Net proceeds			$ 37,300
Warrants | November 2019 Offering
Net proceeds			$ 9,300
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
Shares issued	1,115,000
Share price	$ 7.86
Issuance costs	$ 500
Net proceeds	8,300
Proceeds from issuance of common stock	7,900
Gross proceeds	8,800
Net proceeds allocated to the sale of tax benefits	$ 400
Remaining commitments							$ 8,800
Flow Through Common Shares | Canadian Exploration Expenditures
Shares issued	788,000	1,450,000
Share price	$ 9.27	$ 10.40
Issuance costs	$ 500	$ 800
Net proceeds	6,800	14,400
Proceeds from issuance of common stock	5,500	10,300
Gross proceeds	7,300	15,100
Net proceeds allocated to the sale of tax benefits	$ 1,300	$ 4,100
Exploration expenditures				$ 13,500	$ 21,400
Remaining commitments							$ 7,300

SHAREHOLDERS' EQUITY - Black-Sc

SHAREHOLDERS' EQUITY - Black-Scholes pricing model (Details) - $ / shares		12 Months Ended
	Nov. 20, 2019	Dec. 31, 2023	Dec. 31, 2021
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Risk-free interest rate (as a percent)		4.44%
Dividend yield (as a percent)		0%	0%
Volatility factor of the expected market price of common stock (as a percent)		67%	63%
Weighted-average expected life of option		3 years	3 years 6 months
Weighted-average grant date fair value (in dollars per share)		$ 3.36	$ 1.22
November 2019 Offering | Warrants
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Balance at the beginning of the period (in shares)	447,787	617,000	701,000
Granted (in shares)	570,000		95,000
Forfeited (in shares)	(67,000)	(159,000)	(159,000)
Expired (in shares)		(10,000)	(20,000)
Balance at the end of the period (in shares)	951,170	447,787	617,000	701,000
Exercisable at the end of the period (in shares)	385,000
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 13.43	$ 13.43	$ 15.51
Granted (in dollars per share)	7.10		12.21
Proceeds from exercise of stock options		$ 4
Forfeited (in dollars per share)	11.45	$ 12.27	14.56
Expired (in dollars per share)		27.80	71
Balance at the end of the period (in dollars per share)	9.78	$ 13.43	$ 13.43	$ 15.51
Exercisable (in dollars per share)	$ 13.53
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	3 years	2 years 7 months 6 days	4 years 2 months 12 days	4 years 2 months 12 days
Exercisable period of options	1 year 6 months
Intrinsic Value
Outstanding at the beginning of the period (in dollars)		$ 53	$ 53
Exercised (in dollars)			10
Forfeited (in dollars)	$ 3	$ 2	2
Outstanding at the end of the period (in dollars)	$ 61		$ 53	$ 53
Equity Incentive Plan
STOCK BASED COMPENSATION
Number of common stock reserved for issuance	3,000,000
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
Shares
Granted (in shares)	600,000	0	100,000
Weighted Average Exercise Price
Granted (in dollars per share)	$ 7.1		$ 12.20
Intrinsic Value
Vesting period of options	3 years		3 years
Exercise period of options	5 years		5 years

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Assumptions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Risk-free interest rate (as a percent)	4.44%
Risk-free interest rate, low end of range (as a percent)			0.519%
Risk-free interest rate, high end of range (as a percent)			0.873%
Dividend yield (as a percent)	0%		0%
Volatility factor of the expected market price of common stock (as a percent)	67%		63%
Weighted-average expected life of option	3 years		3 years 6 months
Weighted-average grant date fair value (in dollars per share)	$ 3.36		$ 1.22
Additional disclosures
Fair value of awards vesting in the period	$ 0.4	$ 0.8	$ 0.8
Unrecognized compensation expense on non-vested stock options (in dollars)	$ 1.9	$ 0.1	$ 0.6
Non-vested stock options outstanding (in shares)	0.6	0.4	0.4
Weighted-average period of recognition	1 year 6 months	10 months 24 days	1 year 4 months 24 days
Stock option expense	$ 0.3	$ 0.3	$ 0.8

SHAREHOLDERS' EQUITY - Non-vest

SHAREHOLDERS' EQUITY - Non-vested Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares
Stock options granted (in shares)	570	95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value
Stock options granted (in dollars per share)	$ 3.36	$ 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)	126
Stock options granted (in shares)	570
Stock options forfeited (in shares)	(28)
Stock options vested (in shares)	(102)
Balance at the end of the period (in shares)	566
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)	$ 4.15
Stock options granted (in dollars per share)	3.36
Stock options forfeited (in dollars per share)	3.65
Stock options vested (in dollars per share)	4.12
Balance at the end of the period (in dollars per share)	$ 3.39

SHAREHOLDERS' EQUITY - Restrict

SHAREHOLDERS' EQUITY - Restricted Stock Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share based compensation	$ 971	$ 340	$ 837
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	109,000
Vested and issued (in shares)	(80,000)
Balance at the ending of the period (in shares)	29,000
Share based compensation	$ 600	$ 0	$ 0

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NET INCOME (LOSS) PER SHARE
Net income (loss)	$ 138,453	$ (18,451)	$ (21,627)	$ (43,076)	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,326)	$ 55,299	$ (81,075)	$ (56,712)
Weighted average common shares outstanding-Basic (in shares)	47,844	47,471	47,428	47,428	47,428	47,427	47,428	47,369	47,544	47,427	45,490
Weighted average common shares outstanding-Diluted (in shares)	47,844	47,471	47,428	47,428	47,428	47,427	47,428	47,369	47,544	47,427	45,490
Net income (loss) per share - basic	$ 2.89	$ (0.39)	$ (0.46)	$ (0.91)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ 1.16	$ (1.71)	$ (1.25)
Net income (loss) per share - diluted	$ 2.89	$ (0.39)	$ (0.46)	$ (0.91)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ 1.16	$ (1.71)	$ (1.25)

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
McEwen Copper
RELATED PARTY TRANSACTIONS
Due from McEwen Copper Inc.	$ 2,376
REVlaw
RELATED PARTY TRANSACTIONS
Expense	194	$ 366	$ 347
Related party outstanding accounts payable	$ (96)	$ (112)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 23, 2023	Mar. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Outstanding loan	$ 40,000	$ 63,979			$ 48,866
Third Amended And Restated Credit Agreement [Member]
RELATED PARTY TRANSACTIONS
Outstanding loan			$ 40,000
Stated interest rate (as a percent)			9.75%
Affiliate of Robert McEwen | Third Amended And Restated Credit Agreement [Member]
RELATED PARTY TRANSACTIONS
Outstanding loan			$ 40,000
Stated interest rate (as a percent)	9.75%
Debt interest expense	$ 3,800	$ 3,300
Company Controlled by Mr. McEwen | Commercial Paper
RELATED PARTY TRANSACTIONS
Stated interest rate (as a percent)				8%

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Long term debt	$ 40,000	$ 64,000
Fair Value, Measurements, Recurring
Assets:
Investments	1,743	1,133
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets:
Investments	1,743	1,133
Marketable equity securities. | Fair Value, Measurements, Recurring
Assets:
Investments	1,743	1,133
Marketable equity securities. | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets:
Investments	$ 1,743	$ 1,133

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Lease Obligations and Purchase Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Mining and surface rights
2024	$ 2,082
2025	1,002
2026	673
2027	660
Thereafter	35
Total	4,452
Reclamation costs
2024	9,608
2025	3,152
2026	4,220
2027	8,473
Thereafter	27,002
Total	52,455
Long-term debt
2025	12,000
2026	28,000
Total	40,000
Lease obligations
2024	1,073
2025	330
2026	207
Total	1,610
Total
2024	12,763
2025	16,484
2026	33,100
2027	9,133
Thereafter	27,037
Total	$ 98,517

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Reclamation Bonds and Surety Bonds (Details) - Reclamation Bonds $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Reclamation Bonds
Percentage of annual fees on surety bonds	2.30%	2.30%
Percentage of required deposit on value of surety bonds	11%	11%
Restricted cash	$ 4.5
Tonkin and Gold Bar Properties
Reclamation Bonds
Reclamation bonding obligation	30.1
Timmins
Reclamation Bonds
Restricted cash	0.1
Black Fox Complex
Reclamation Bonds
Reclamation bonding obligation	$ 12.4	$ 15.6

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Streaming Agreement (Details) $ in Millions		12 Months Ended
	Aug. 25, 2017 $ / oz	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
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 | $		$ 2	$ 1.7
Maximum | Black Fox Complex
Other commitments
Inflation adjustment (as a percent)	2%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Flow-through Eligible Expenses (Details) - USD ($) $ in Millions	Dec. 14, 2023	Mar. 02, 2022
Flow through Eligible Expenses | Timmins
Other commitments
Gross proceeds	$ 16.1	$ 15.1

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Prepayment Agreement (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other commitments
Revenue	$ 58,680,000	$ 38,404,000	$ 34,395,000	$ 34,752,000	$ 28,240,000	$ 25,988,000	$ 30,647,000	$ 25,542,000	$ 166,231,000	$ 110,417,000	$ 136,541,000
Remaining net proceeds recorded as deferred revenue					6,155,000					6,155,000
Auramet International LLC
Other commitments
Revenue									136,911,000	50,580,000
Auramet International LLC | Prepayment Agreement | Guarantee Obligation
Other commitments
Net proceeds from sales on a Supplier Advance Basis									127,000,000	46,000,000
Revenue										40,600,000
Remaining net proceeds recorded as deferred revenue					$ 6,200,000					$ 6,200,000
Auramet International LLC | Prepayment Agreement | Guarantee Obligation | Precious metal
Other commitments
Revenue									$ 132,700,000
Number of ounces of gold					3,500					3,500

CASH AND CASH EQUIVALENTS AND_3

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 23,020	$ 39,782
Total cash and cash equivalents	27,510	43,579	$ 60,634	$ 24,438
Restricted cash	16,100	14,100
CAD
Cash and cash equivalents and restricted	16,288	3,730
USD
Cash and cash equivalents and restricted	10,578	37,385
Other currencies
Cash and cash equivalents	$ 644	$ 2,464

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax (expense)/recovery
United States	$ 971
Foreign	(4,107)	$ 7,663
Current tax expense	(3,136)	7,663
Deferred income tax (expense)/recovery
United States			$ (387)
Foreign	36,995	(1,856)	(6,928)
Deferred tax recovery	36,995	(1,856)	(7,315)
Mining Tax Expense Recovery
United States	971		(387)
Foreign	32,888	5,806	(6,928)
Total income and mining tax expense/(recovery)	33,859	5,806	(7,315)
Net income (loss) before tax:
United States	(7,702)	(20,618)	(24,808)
Foreign	74,738	(59,670)	(39,391)
Income (loss) before income and mining taxes	$ 67,036	$ (80,288)	$ (64,199)

INCOME AND MINING TAXES - Recon

INCOME AND MINING TAXES - Reconciliation of Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME AND MINING TAXES.
Loss before income and mining taxes	$ 67,036	$ (80,288)	$ (64,199)
Statutory tax rate (as a percent)	21%	21%	21%
US Federal and State tax recovery (expense) at statutory rate	$ 14,078	$ (16,860)	$ (13,482)
Reconciling items:
Equity loss / (income) from investments	15,310	(583)	1,326
Deconsolidation of McEwen Copper Inc.	(46,644)
Taxable gain on the disposal of McEwen Copper shares	6,179
Deferred tax liability on investment	38,340
Realized flow-through expenditures	3,570	2,169	6,148
Realized flow-through premium	821	(10)	(4,377)
Withholding tax	1,455	116
Adjustment for foreign tax rates	(629)	7,760	6,446
Permanent differences		8,072
Foreign exchange on translation of books	8,282	1,877	1,497
Losses expired	(42)	(4,308)	2,720
Proceeds received from sale of NSR	9,909	9,353	4,371
Adjustments in relation to prior years	(13,769)	(8,384)	(3,039)
Current and deferred mining tax liabilities	(632)
Movement in valuation allowance	(3,423)	(2,011)	(3,486)
Other	(294)
Income and mining tax expense (recovery)	$ 33,859	$ 5,806	$ (7,315)

INCOME AND MINING TAXES - Tax E

INCOME AND MINING TAXES - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforward	$ 57,983	$ 65,174
Mineral properties	52,471	69,326
Other temporary differences	21,857	22,433
Total gross deferred tax assets	132,311	156,933
Less: valuation allowance	(130,002)	(149,342)	$ (149,921)	$ (154,298)
Net deferred tax liabilities (assets)	2,309	7,591
Deferred tax liabilities:
Acquired mineral property interests	(2,895)	(7,746)
Other temporary differences	(39,986)
Total deferred tax liabilities	(42,881)	(7,746)
Total net deferred tax liability	$ (40,572)	$ (155)

INCOME AND MINING TAXES - Chang

INCOME AND MINING TAXES - Changes to Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance
Balance at Beginning of Period	$ 149,342	$ 149,921	$ 154,298
Balance at End of Period	$ 130,002	$ 149,342	$ 149,921

INCOME AND MINING TAXES - Non O

INCOME AND MINING TAXES - Non Operating Losses (Details) $ in Thousands	Dec. 31, 2023 USD ($)
UNITED STATES
INCOME TAXES
Net-operating losses	$ 184,095
MEXICO
INCOME TAXES
Net-operating losses	53,596
CANADA
INCOME TAXES
Net-operating losses	14,890
ARGENTINA
INCOME TAXES
Net-operating losses	$ 594

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) $ / shares in Units, $ in Thousands, $ in Billions									12 Months Ended
	Oct. 20, 2023 USD ($) shares	Oct. 11, 2023 USD ($) shares	Oct. 11, 2023 ARS ($) shares	Mar. 15, 2023 USD ($) shares	Feb. 23, 2023 USD ($) shares	Feb. 23, 2023 ARS ($) shares	Aug. 31, 2022 USD ($) $ / shares shares	Jun. 21, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Oct. 10, 2023
Noncontrolling Interest
Non-controlling interests										$ 33,465
Deferred tax liability									$ 40,572	155
Issuance of equity by subsidiary (Note 20)										41,350	$ 40,000
Net loss attributed to non-controlling interests									(22,122)	(5,019)	(172)
Derecognition of cash on the date of deconsolidation									45,700
Derecognition of investments on the date of deconsolidation									44,200
Derecognition of mineral property interests and plant and equipment on the date of deconsolidation									171,900
Derecognition of accounts payable and accrued liabilities on the date of deconsolidation									7,900
McEwen Copper deconsolidation									86,800
Gain on Deconsolidation of McEwen Copper									222,157
McEwen Copper
Noncontrolling Interest
Initial carrying amount of the equity investment									383,968
Deferred tax liability									$ 37,800
Noncontrolling Interest
Noncontrolling Interest
Issuance of equity by subsidiary (Note 20)				$ 75,500						$ 23,707	$ 14,949
Common Shares and Additional Paid-in Capital
Noncontrolling Interest
Sale of flow-through shares (Note 13) (in shares) | shares									1,903,000	1,450,000	1,260,000
Issuance of equity by subsidiary (Note 20)									$ 109,900	$ 17,643	$ 25,051
McEwen Copper
Noncontrolling Interest
Percentage of ownership by company before private placement				68.10%
Percentage decrease of stock owned by parent of subsidiary's or equity investee				16.20%
Percentage of ownership by company after private placement				51.90%
McEwen
Noncontrolling Interest
Percentage of shares of the company owned												47.70%
Company's non-redeemable non-controlling interests (as a percent)												47.70%
McEwen | Nuton LLC
Noncontrolling Interest
Percentage of shares of the company owned												14.50%
McEwen | Stellantis
Noncontrolling Interest
Percentage of shares of the company owned												19.40%
Series B Private Placement Offering - Tranche One
Noncontrolling Interest
Percentage of ownership by company before private placement								81.40%
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 | shares								1,500,000
Share price | $ / shares								$ 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 - 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 | shares							2,685,000
Share price | $ / shares							$ 10
Gross proceeds from private placement offering							$ 26,900
Company's non-redeemable non-controlling interests (as a percent)							31.87%
Stellantis Private Placement | McEwen
Noncontrolling Interest
Sale of flow-through shares (Note 13) (in shares) | shares		1,900,000	1,900,000		2,850,000	2,850,000
Gross proceeds from private placement offering					$ 108,000	$ 20.9
Stellantis Secondary Transaction | McEwen
Noncontrolling Interest
Sale of flow-through shares (Note 13) (in shares) | shares					1,250,000	1,250,000
Gross proceeds from private placement offering		$ 119,600	$ 42		$ 47,400	$ 9.1
Nuton LOI | McEwen | Nuton LLC
Noncontrolling Interest
Sale of flow-through shares (Note 13) (in shares) | shares	152,615			350,000
Gross proceeds from private placement offering	$ 4,000			$ 6,600
Nuton Secondary LOI | McEwen | Nuton LLC
Noncontrolling Interest
Sale of flow-through shares (Note 13) (in shares) | shares	232,000			1,250,000
Gross proceeds from private placement offering	$ 6,000			$ 23,400

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, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
UNAUDITED SUPPLEMENTARY QUARTERLY INFORMATION
Revenue from gold and silver sales	$ 58,680	$ 38,404	$ 34,395	$ 34,752	$ 28,240	$ 25,988	$ 30,647	$ 25,542	$ 166,231	$ 110,417	$ 136,541
Gross profit (loss)	13,050	3,755	(3,468)	4,443	(288)	1,503	4,235	(5,994)	17,780	(544)	(6,480)
Net income (loss)	$ 138,453	$ (18,451)	$ (21,627)	$ (43,076)	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,326)	$ 55,299	$ (81,075)	$ (56,712)
Net (loss) per share:
Basic (in dollars per share)	$ 2.89	$ (0.39)	$ (0.46)	$ (0.91)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ 1.16	$ (1.71)	$ (1.25)
Diluted (in dollars per share)	$ 2.89	$ (0.39)	$ (0.46)	$ (0.91)	$ (0.79)	$ (0.21)	$ (0.30)	$ (0.41)	$ 1.16	$ (1.71)	$ (1.25)
Weighted average shares outstanding:
Basic (in shares)	47,844	47,471	47,428	47,428	47,428	47,427	47,428	47,369	47,544	47,427	45,490
Diluted (in shares)	47,844	47,471	47,428	47,428	47,428	47,427	47,428	47,369	47,544	47,427	45,490

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 138,453	$ (18,451)	$ (21,627)	$ (43,076)	$ (37,364)	$ (9,976)	$ (14,409)	$ (19,326)	$ 55,299	$ (81,075)	$ (56,712)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false