McEwen Mining (MUX) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-33190
Entity Registrant Name	MCEWEN MINING INC.
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0796160
Entity Address, Address Line One	150 King Street West
Entity Address, Address Line Two	Suite 2800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5H 1J9
City Area Code	866
Local Phone Number	441-0690
Title of 12(b) Security	Common stock, no par value
Trading Symbol	MUX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,440,096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000314203
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE:
Revenue from gold and silver sales	$ 41,228	$ 34,752
OPERATING EXPENSES:
Production costs applicable to sales	(25,110)	(23,413)
Depreciation and depletion	(10,107)	(6,896)
Gross profit	6,011	4,443
OTHER OPERATING EXPENSES:
Advanced projects - Los Azules		(31,880)
Advanced projects - Other	(2,454)	(1,680)
Exploration	(3,871)	(5,900)
General and administrative	(4,073)	(3,441)
Income (loss) from investment (Note 9)	(16,734)	(3,461)
Depreciation	(171)	(282)
Reclamation and remediation (Note 11)	(690)	(630)
Total other operating expenses	(27,993)	(47,274)
Operating loss	(21,982)	(42,831)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	(870)	8,464
Other expense (Note 3)	(88)	(2,579)
Total other income (expense)	(958)	5,885
Loss before income and mining taxes	(22,940)	(36,946)
Income and mining tax recovery	2,557	536
Net loss after income and mining taxes	(20,383)	(36,410)
Net income attributable to non-controlling interests		(6,666)
Net loss and comprehensive loss attributable to McEwen shareholders	$ (20,383)	$ (43,076)
Net loss per share (Note 12):
Basic (in dollars per share)	$ (0.41)	$ (0.91)
Diluted (in dollars per share)	$ (0.41)	$ (0.91)
Weighted average common shares outstanding (thousands) (Note 12):
Basic (in shares)	49,440	47,428
Diluted (in shares)	49,440	47,428
McEwen Copper Inc.
OTHER OPERATING EXPENSES:
Income (loss) from investment (Note 9)	$ (18,012)
OTHER INCOME (EXPENSE):
Interest and other finance income (expenses), net	16,454
Loss before income and mining taxes	37,737
Net loss and comprehensive loss attributable to McEwen shareholders	37,737
Minera Santa Cruz S.A.
REVENUE:
Revenue from gold and silver sales	65,927	$ 45,740
OPERATING EXPENSES:
Depreciation and depletion	(8,926)	(8,230)
OTHER OPERATING EXPENSES:
Income (loss) from investment (Note 9)	1,278	(3,461)
OTHER INCOME (EXPENSE):
Loss before income and mining taxes	8,514	(8,800)
Income and mining tax recovery	191	110
Net loss and comprehensive loss attributable to McEwen shareholders	3,667	(5,485)
Gold and silver sales
REVENUE:
Revenue from gold and silver sales	$ 41,228	$ 34,752

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (Note 4)	$ 21,989	$ 23,020
Investments (Note 5)	1,569	1,743
Receivables, prepaids and other current assets (Note 6)	5,838	5,578
Due from McEwen Copper Inc. (Note 13)	$ 2,754	$ 2,376
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Name [Extensible Enumeration]	McEwen Copper Inc. [Member]	McEwen Copper Inc. [Member]
Inventories (Note 7)	$ 19,871	$ 19,944
Total current assets	52,021	52,661
Mineral property interests and plant and equipment, net (Note 8)	167,149	169,950
Investment in McEwen Copper Inc. (Note 9)	308,135	326,147
Investment in Minera Santa Cruz S.A. (Note 9)	94,496	93,218
Inventories (Note 7)	11,814	10,100
Restricted cash (Note 4)	4,429	4,490
Other assets	672	673
TOTAL ASSETS	638,716	657,239
Current liabilities:
Accounts payable and accrued liabilities	24,732	22,656
Reclamation and remediation liabilities (Note 11)	4,235	3,105
Current portion of long-term debt (Note 10)	3,000
Contract liability (Note 15)	1,966
Flow-through share premium	1,103	1,661
Tax liabilities	1,979	1,603
Lease liabilities	894	978
Total current liabilities	37,909	30,003
Reclamation and remediation liabilities (Note 11 )	39,024	39,916
Long-term debt (Note 10)	37,000	40,000
Deferred tax liabilities	37,907	40,572
Other liabilities	3,562	3,840
Lease liabilities	806	488
Total liabilities	156,208	154,819
Shareholders' equity:
Common shares: 49,440 as of March 31, 2024 (in thousands)	1,768,927	1,768,456
Accumulated deficit	(1,286,419)	(1,266,036)
Total shareholders' equity	482,508	502,420
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 638,716	$ 657,239

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) shares in Thousands	Mar. 31, 2024 shares
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Common, shares issued	49,440
Common, shares outstanding	49,440

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Shares and Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interests	Total
Balance at Dec. 31, 2022	$ 1,644,145	$ (1,321,336)	$ 33,465	$ 356,274
Balance (in shares) at Dec. 31, 2022	47,428
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 28			28
Proceeds from McEwen Copper financing	109,913		75,477	185,390
Net income (loss)		(43,076)	6,666	(36,410)
Balance at Mar. 31, 2023	$ 1,754,086	(1,364,412)	$ 115,608	505,282
Balance (in shares) at Mar. 31, 2023	47,428
Balance at Dec. 31, 2023	$ 1,768,456	(1,266,036)		502,420
Balance (in shares) at Dec. 31, 2023	49,440
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 464			464
Exercise of warrants	7			7
Net income (loss)		(20,383)		(20,383)
Balance at Mar. 31, 2024	$ 1,768,927	$ (1,286,419)		$ 482,508
Balance (in shares) at Mar. 31, 2024	49,440

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (20,383)	$ (36,410)
Adjustments to reconcile net loss from operating activities:
Loss from investment in McEwen Copper Inc. (Note 9)	18,012
Loss (income) from investment in Minera Santa Cruz S.A. (Note 9)	(1,278)	3,461
Depreciation, amortization and depletion	7,436	7,263
Unrealized loss (gain) on investments (Note 5)	227	(296)
Foreign exchange loss	256	9,113
Reclamation accretion and adjustments to estimate	361	631
Gain on disposal of property and equipment	(113)
Income and mining tax recovery	(3,128)	(536)
Stock-based compensation	464	28
Change in non-cash working capital items:
Change in other assets related to operations	(2,277)	(2,732)
Change in liabilities related to operations	4,304	(17)
Cash provided by (used in) operating activities	3,881	(19,495)
Cash flows from investing activities:
Additions to mineral property interests and plant and equipment	(4,522)	(4,950)
Investment in marketable equity securities (Note 5)	(53)
Cash used in investing activities	(4,575)	(4,950)
Cash flows from financing activities:
Proceeds from McEwen Copper Inc. financing		185,390
Proceeds from exercise of warrants	7
Payment of finance lease obligations	(149)	(408)
Cash provided by (used in) financing activities	(142)	184,982
Effect of exchange rate change on cash and cash equivalents	(256)	(9,113)
(Decrease) increase in cash, cash equivalents and restricted cash	(1,092)	151,424
Cash, cash equivalents and restricted cash, beginning of period	27,510	43,579
Cash, cash equivalents and restricted cash, end of period	26,418	195,003
Supplemental disclosure of cash flow information:
Interest paid	(972)	(1,253)
Interest received	$ 119	$ 9,044

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION McEwen Mining Inc. (the “Company”) was organized under the laws of the State of Colorado on July 24, 1979. The Company produces and sells gold and silver from its operations in Canada, the United States and Argentina, and has a number of exploration and development assets in Canada, the United States, Mexico and Argentina. The Company owns a 100% interest in the Gold Bar mine in Nevada, United States, the Fox Complex in Ontario, Canada, the Fenix Project in Sinaloa, Mexico and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. 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. The interim consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. While information and note disclosures normally included in annual financial statements and prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the information and disclosures included in the interim consolidated financial statements are adequate and not misleading. Therefore, these interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto and the summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2023. In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Loss Statement of Operations Consolidated Balance Sheet Consolidated Balance Sheet Consolidated Statement of Changes in Shareholders’ Equity Consolidated Statements of Cash Flows ​

OPERATING SEGMENT REPORTING

OPERATING SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2024
OPERATING SEGMENT REPORTING
OPERATING SEGMENT REPORTING	NOTE 2 OPERATING SEGMENT REPORTING ​ The Company is a mining and minerals production and exploration company focused on precious and base metals in the United States, Canada, Mexico, and Argentina. The Company’s Chief Operating Decision Maker (“CODM”) reviews the operating ​ The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation, and depletion, advanced projects, and exploration costs, for all segments except for the MSC and McEwen Copper segments, which are evaluated based on the attributable equity income or loss. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods. ​ Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 USA Canada Mexico MSC McEwen Copper ​ Total Revenue from gold and silver sales ​ $ 25,278 ​ $ 14,750 ​ $ 1,200 ​ $ — ​ $ — ​ $ 41,228 Production costs applicable to sales ​ ​ (13,268) ​ ​ (11,842) ​ ​ — ​ ​ — ​ ​ — ​ (25,110) Depreciation and depletion ​ ​ (6,037) ​ ​ (4,070) ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,107) Gross profit (loss) ​ ​ 5,973 ​ ​ (1,162) ​ ​ 1,200 ​ ​ — ​ ​ — ​ ​ 6,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ — ​ ​ — ​ ​ (2,454) ​ ​ — ​ ​ — ​ (2,454) Exploration ​ ​ (1,082) ​ ​ (2,789) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,871) Income (loss) from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,278 ​ ​ (18,012) ​ (16,734) Segment income (loss) ​ $ 4,891 ​ $ (3,951) ​ $ (1,254) ​ $ 1,278 ​ $ (18,012) ​ $ (17,048) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,892) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (22,940) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 929 ​ $ 2,780 ​ $ 813 ​ $ — ​ $ — ​ $ 4,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 USA Canada Mexico MSC McEwen Copper ​ Total Revenue from gold and silver sales ​ $ 11,587 ​ $ 23,165 ​ $ — ​ $ — ​ $ — ​ $ 34,752 Production costs applicable to sales ​ ​ (9,341) ​ ​ (14,072) ​ ​ — ​ ​ — ​ ​ — ​ (23,413) Depreciation and depletion ​ ​ (1,260) ​ ​ (5,636) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,896) Gross profit ​ ​ 986 ​ ​ 3,457 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (289) ​ ​ — ​ ​ (1,391) ​ ​ — ​ ​ (31,880) ​ ​ (33,560) Exploration ​ ​ (773) ​ ​ (4,740) ​ ​ — ​ ​ — ​ ​ (387) ​ ​ (5,900) Loss from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,461) ​ ​ — ​ ​ (3,461) Segment loss ​ $ (76) ​ $ (1,283) ​ $ (1,391) ​ $ (3,461) ​ $ (32,267) ​ $ (38,478) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,532 Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (36,946) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,991 ​ $ 2,773 ​ $ — ​ $ — ​ $ 954 ​ $ 6,718 ​ Geographic information Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2024 2023 2024 ​ 2023 USA ​ $ 73,028 ​ $ 71,234 ​ $ 25,278 ​ $ 11,587 Canada ​ ​ 61,908 ​ ​ 83,674 ​ ​ 14,750 ​ ​ 23,165 Mexico ​ ​ 31,116 ​ ​ 30,304 ​ ​ 1,200 ​ ​ — Argentina (2) ​ ​ 420,643 ​ ​ 419,366 ​ ​ — ​ ​ — Total Consolidated ​ $ 586,695 ​ $ 604,578 ​ $ 41,228 ​ $ 34,752 ​ (1) Presented based on the location from which the precious metals originated. (2) Includes Investment in MSC of $94.5 million (December 31, 2023 – $93.2 million) and Investment in McEwen Copper of $308.1 million (December 31, 2023 – $326.1 million).

OTHER EXPENSE

OTHER EXPENSE	3 Months Ended
	Mar. 31, 2024
OTHER EXPENSE
OTHER EXPENSE	NOTE 3 OTHER EXPENSE The following is a summary of other expense for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Unrealized and realized gain (loss) on investments (Note 5) ​ $ (202) ​ $ 296 Foreign currency gain on Blue Chip Swap ​ ​ — ​ ​ 7,993 Foreign currency gain (loss) ​ ​ 91 ​ ​ (10,641) Other income (loss), net ​ ​ 23 ​ ​ (227) Total other expense ​ $ (88) ​ $ (2,579) ​ During the three months ended March 31, 2023, the Company completed two Blue Chip Swap transactions to transfer funds from Canadian to Argentina within McEwen Copper Inc. These funds were used for the continued development of the Los Azules Copper project. The Company realized a net gain of $7.5 million comprised of a foreign currency gain of $7.9 million and a realized loss on investments of $0.4 million, including the impact of fees and commissions on these Blue Chip Swap transactions. ​

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	3 Months Ended
	Mar. 31, 2024
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	NOTE 4 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Cash and cash equivalents and restricted cash held in USD ​ $ 12,887 ​ $ 10,578 Cash and cash equivalents and restricted cash held in CAD ​ ​ 13,468 ​ ​ 16,288 Cash and cash equivalents held in other currencies ​ ​ 63 ​ ​ 644 Total cash and cash equivalents and restricted cash ​ $ 26,418 ​ $ 27,510 ​ As at March 31, 2024, of $26.4 million of cash and cash equivalents and restricted cash, $13.4 million was committed to the Company’s Canadian Exploration Expenditures (“CEE”) and Canadian Development Expenditures (“CDE”) (December 31, 2023 – of $27.5 million of cash and cash equivalents and restricted cash, $16.1 million committed to CEE and CDE expenditures.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
INVESTMENTS
INVESTMENTS	NOTE 5 INVESTMENTS The following is a summary of the activity in investments for the three months ended March 31, 2024, and for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ ​ loss on ​ March 31, ​ ​ 2023 ​ period ​ period ​ ​ securities held ​ 2024 Marketable equity securities ​ $ 1,743 ​ $ 53 ​ $ — ​ $ (227) ​ $ 1,569 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ gain on ​ March 31, ​ ​ 2022 ​ period ​ period ​ securities held ​ 2023 Marketable equity securities ​ $ 1,133 ​ $ — ​ $ — ​ $ 296 ​ $ 1,429 Warrants ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ 1,295 ​ $ — ​ $ — ​ $ 296 ​ $ 1,591 ​ On January 3, 2024, the Company entered into a private placement subscription agreement to acquire an additional 210,000 common shares of Nevgold Corp. (“Nevgold”)

RECEIVABLES, PREPAIDS AND OTHER

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2024
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS	NOTE 6 RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS The following is a breakdown of balances in receivables, prepaids and other current assets as at March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Government sales tax receivable ​ $ 2,681 ​ $ 2,511 Prepaids and other assets ​ ​ 3,157 ​ ​ 3,067 Receivables, prepaids and other current assets ​ $ 5,838 ​ $ 5,578 ​

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
INVENTORIES
INVENTORIES	NOTE 7 INVENTORIES Inventories as at March 31, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Material on leach pads ​ $ 15,844 ​ $ 11,963 In-process inventory ​ 4,963 ​ 4,067 Stockpiles ​ 2,805 ​ 5,939 Precious metals ​ 1,465 ​ 1,955 Materials and supplies ​ 6,608 ​ 6,120 ​ ​ $ 31,685 ​ $ 30,044 Less: long-term portion ​ ​ (11,814) ​ ​ (10,100) Current portion ​ $ 19,871 ​ $ 19,944 ​ During the three months ended March 31, 2024, inventories at the Fox Complex operations were written down to their estimated net realizable values by $0.8 million (three months ended March 31, 2023 – $nil). Of these write-downs, a total of $0.6 million was included in production costs applicable to sales and $0.2 million Statement of Operations.

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT	NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT The applicable definition of proven and probable reserves is set forth in the Regulation S-K 1300 requirements of the SEC. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and probable reserves estimated in accordance with S-K 1300. The Fox Complex is depleted and depreciated using the units-of-production method over estimated mineral resources, as the project does not have proven and probable reserves that conform to the guidance under S-K 1300. The Company reviews and evaluates its long-lived assets for impairment on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Once it is determined that impairment exists, an impairment loss is measured as the amount by which the asset carrying value exceeds its estimated fair value. During the three months ended March 31, 2024, no indicators of impairment have been noted for any of the Company’s mineral property interests. ​

EQUITY INVESTMENTS

EQUITY INVESTMENTS	3 Months Ended
	Mar. 31, 2024
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 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 for McEwen Copper for the three months ended March 31, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 McEwen Copper (100%) ​ ​ ​ ​ ​ Advanced projects $ (48,183) ​ $ — Other expenses ​ (2,016) ​ ​ — Foreign exchange loss ​ (3,992) ​ ​ — Interest and other income (1) ​ 16,454 ​ ​ — Loss before tax $ (37,737) ​ $ — Current and deferred taxes ​ — ​ ​ — Net loss $ (37,737) ​ $ — ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining (47.7%) ​ ​ ​ ​ ​ Net loss on investment in McEwen Copper $ (18,012) ​ $ — ​ (1) Interest and other income include gains on marketable securities and other finance-related income. ​ Changes in the Company’s investment in for the three months ended March 31, 2024, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Investment, beginning of period $ 326,147 ​ $ — Deconsolidation of McEwen Copper ​ — ​ ​ 383,968 Attributable net loss from McEwen Copper ​ (18,012) ​ ​ (57,821) Investment, end of period $ 308,135 ​ $ 326,147 ​ A summary of the key assets and liabilities of McEwen Copper as at March 31, 2024, before and after adjustments for fair value increments arising from the purchase price allocation, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2024 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 65,374 ​ $ — ​ $ 65,374 Total assets ​ $ 248,682 ​ $ 262,494 ​ $ 511,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (31,694) ​ $ — ​ $ (31,694) Total liabilities ​ $ (31,969) ​ $ — ​ $ (31,969) ​ ​ Equity investment in MSC A summary of the operating results for MSC for the three months ended March 31, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ Revenue from gold and silver sales $ 65,927 ​ $ 45,740 Production costs applicable to sales ​ (47,884) ​ ​ (41,124) Depreciation and depletion ​ (8,926) ​ ​ (8,230) Gross profit (loss) ​ 9,117 ​ ​ (3,614) Exploration ​ (2,104) ​ ​ (1,952) Other income (expense) (1) ​ 1,501 ​ ​ (3,234) Income (loss) before tax $ 8,514 ​ $ (8,800) Current and deferred tax recovery (expense) ​ (4,847) ​ ​ 3,315 Net income (loss) $ 3,667 ​ $ (5,485) ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ Net income (loss) $ 1,796 ​ $ (2,687) Amortization of fair value increments (709) ​ (884) Income tax recovery ​ 191 ​ ​ 110 Income (loss) from investment in MSC, net of amortization $ 1,278 ​ $ (3,461) ​ (1) Other expenses include foreign exchange gains and losses, accretion of asset retirement obligations and other finance-related expenses. ​ The income or loss from the investment in MSC attributable to the Company includes amortization of the fair value increments arising from the initial purchase price allocation and related income tax recovery. The income tax recovery reflects the impact of the devaluation of the Argentine peso against the U.S. dollar on the peso-denominated deferred tax liability recognized at the time of acquisition, as well as income tax rate changes over the periods. ​ Changes in the Company’s investment in MSC for the three months ended March 31, 2024, and for the year ended December 31, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Investment, beginning of period $ 93,218 ​ $ 93,451 Attributable net income from MSC ​ 1,796 ​ ​ 4,157 Amortization of fair value increments (709) ​ (4,612) Income tax recovery ​ 191 ​ ​ 517 Dividend distribution received — ​ (295) Investment, end of period $ 94,496 ​ $ 93,218 ​ A summary of the key assets and liabilities of MSC as at March 31, 2024 before and after adjustments for fair value increments arising from the purchase price allocation, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2024 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 107,710 ​ $ 732 ​ $ 108,442 Total assets ​ $ 201,995 ​ $ 70,166 ​ $ 272,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (45,171) ​ $ — ​ $ (45,171) Total liabilities ​ $ (79,538) ​ $ 149 ​ $ (79,389) ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
DEBT
DEBT	NOTE 10 DEBT A reconciliation of the Company’s debt for the three months ended March 31, 2024, and for the year ended December 31, 2023, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Balance, beginning of period ​ $ 40,000 ​ $ 63,979 Principal repayment on debt ​ ​ — ​ ​ (25,000) Interest expense ​ 972 ​ 5,749 Interest payments ​ (972) ​ (4,728) Balance, end of period ​ $ 40,000 ​ $ 40,000 Less: current portion ​ ​ 3,000 ​ ​ — Long-term portion ​ $ 37,000 ​ $ 40,000 ​

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2024
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	NOTE 11 ASSET RETIREMENT OBLIGATIONS ​ The Company is responsible for the reclamation of certain past and future disturbances at its properties. The properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Fox Complex properties in Canada and the El Gallo mine in Mexico. A reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2024, and for the year ended December 31, 2023, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Year ended ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Reclamation and remediation liabilities, beginning balance ​ $ 43,021 ​ $ 41,846 Settlements ​ ​ (122) ​ ​ (1,358) Accretion of liability ​ ​ 690 ​ ​ 2,536 Revisions to estimates and discount rate ​ ​ (17) ​ ​ (300) Foreign exchange revaluation ​ ​ (313) ​ ​ 297 Reclamation and remediation liabilities, ending balance ​ $ 43,259 ​ $ 43,021 Less: current portion ​ ​ 4,235 ​ ​ 3,105 Long-term portion ​ $ 39,024 ​ $ 39,916 ​ Reclamation expense in the Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 Reclamation adjustment reflecting updated estimates ​ $ — ​ $ 20 Reclamation accretion ​ ​ 690 ​ ​ 610 Total ​ $ 690 ​ $ 630 ​

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2024
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 12 NET LOSS PER SHARE Basic net loss per share is computed by dividing the net loss attributable to the Company’s common shareholders by the weighted average number of common shares outstanding during the period. Potentially dilutive instruments are not included in the calculation of diluted net loss per share for the three months ended March 31, 2024 and 2023, as they would be anti-dilutive. For the three months ended March 31, 2024, all 936,670 outstanding stock options and all 2,169,966 outstanding warrants were excluded from the computation of diluted loss per share. Similarly, for the three months ended March 31, 2023, all 409,470 outstanding stock options and all 2,170,366 outstanding warrants were excluded. ​ ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13 RELATED PARTY TRANSACTIONS The Company recorded the following expense in respect to the related parties outlined below during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 REVlaw ​ $ 46 ​ $ 48 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 REVlaw ​ $ (37) ​ $ (96) ​ REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount. The Company has the following outstanding accounts receivable balance in respect to the related party outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 McEwen Copper Inc. ​ $ 2,754 ​ $ 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 Amended and Restated Credit Agreement. During the three months ended March 31, 2024, the Company paid $1.0 million (three months ended March 31, 2023 – $0.9 million) in interest to this affiliate. Interest is payable monthly at a rate of 9.75% per annum.

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	3 Months Ended
	Mar. 31, 2024
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 14 FAIR VALUE ACCOUNTING As required by accounting guidance, certain assets and liabilities on the Consolidated Balance Sheets Assets and liabilities measured at fair value on a recurring basis The following table identifies certain of the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2024 and December 31, 2023, as reported in the Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at March 31, 2024 Fair value as at December 31, 2023 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,569 ​ $ — ​ $ 1,569 ​ $ 1,743 ​ $ — ​ $ 1,743 ​ Marketable equity securities that the Company holds are exchange-traded and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investment is calculated as the quoted market price of the marketable equity security multiplied by the number of shares held by the Company. The fair value of financial assets and liabilities held as at March 31, 2024 were assumed to approximate their carrying values due to their historically negligible credit losses. Debt is recorded at a carrying value of $40.0 million (December 31, 2023 – $40.0 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 15 COMMITMENTS AND CONTINGENCIES Reclamation obligations As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations. As at March 31, 2024, the Company had surety facilities in place to cover its bonding obligations, which include $30.1 million of bonding in Nevada and $11.5 million (C$15.6 million) of bonding in Canada. The terms of the facilities carry an average annual financing fee of 2.3% and require a deposit of 11%. Surety bonds are available for draw-down by the beneficiary in the event the Company does not perform its reclamation obligations. If the specific reclamation requirements are met, the beneficiary of the surety bonds will release the instrument to the issuing entity. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements, through existing or alternative means, as they arise. As at March 31, 2024, the Company recorded $4.4 million in restricted cash in non-current assets 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 from certain land claims. The Company is obligated to sell 8% of gold production from the Black Fox mine (including the Froome deposit) and 6.3% from the adjoining Pike River property (Black Fox extension) to Sandstorm Gold Ltd. at the lesser of market price or $561 per ounce (with inflation adjustments of up to 2% per year) until 2090. ​ The Company records the revenue from these shipments based on the contract price at the time of delivery to the customer. During the three months ended March 31, 2024, the Company recorded revenue of $0.4 million (three months ended March 31, 2023 – $0.4 million) related to the gold stream sales. ​ Flow-through eligible expenses 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. As at March 31, 2024, the Company has renounced and expects to fulfill its remaining CEE and CDE obligations by the end of 2024. ​ ​ ​ Prepayment agreement In November 2023, the Company extended the existing precious metals purchase agreement with Auramet International LLC (“Auramet”). Under this agreement, the Company may sell the gold on a Spot Basis, on a Forward Basis and on a Supplier Advance basis, i.e., the gold is priced and paid for while the gold is: (i) at a mine for a maximum of 15 business days before shipment; or (ii) in transit to a refinery; or (iii) while being refined at a refinery. ​ During the three months ended March 31, 2024, the Company received net proceeds of $4.8 million from the sales on a Supplier Advance Basis (three months ended March 31, 2023 – $22.8 million). The Company recorded revenue of $2.8 million related to the gold sales (three months ended March 31, 2023 – $26.7 million), with the remaining $2.0 million (March 31, 2023 – $2.3 million) representing 900 ounces pledged but not yet delivered to Auramet, recorded as a contract liability on the Consolidated Balance Sheets. Other potential contingencies The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company and its predecessors have transferred their interest in several mining properties to third parties throughout its history. The Company could remain potentially liable for environmental enforcement actions related to its prior ownership of such properties. However, the Company has no reasonable belief that any violation of relevant environmental laws or regulations has occurred regarding these transferred properties. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 16 SUBSEQUENT EVENTS ​ On April 16, 2024, the Company entered into a definitive agreement and plan of merger to acquire all of the issued and outstanding shares of Timberline Resources Corporation (“Timberline”) by way of a merger between Timberline and the Company. Timberline shareholders will have the right to receive 0.01 of a share of the Company’s common stock for each share of Timberline’s common stock. At closing, the Company expects to issue approximately 1.8 million shares. ​ ​

OPERATING SEGMENT REPORTING (Ta

OPERATING SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2024
OPERATING SEGMENT REPORTING
Schedule of significant information relating to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 USA Canada Mexico MSC McEwen Copper ​ Total Revenue from gold and silver sales ​ $ 25,278 ​ $ 14,750 ​ $ 1,200 ​ $ — ​ $ — ​ $ 41,228 Production costs applicable to sales ​ ​ (13,268) ​ ​ (11,842) ​ ​ — ​ ​ — ​ ​ — ​ (25,110) Depreciation and depletion ​ ​ (6,037) ​ ​ (4,070) ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,107) Gross profit (loss) ​ ​ 5,973 ​ ​ (1,162) ​ ​ 1,200 ​ ​ — ​ ​ — ​ ​ 6,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ — ​ ​ — ​ ​ (2,454) ​ ​ — ​ ​ — ​ (2,454) Exploration ​ ​ (1,082) ​ ​ (2,789) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,871) Income (loss) from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,278 ​ ​ (18,012) ​ (16,734) Segment income (loss) ​ $ 4,891 ​ $ (3,951) ​ $ (1,254) ​ $ 1,278 ​ $ (18,012) ​ $ (17,048) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,892) Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (22,940) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 929 ​ $ 2,780 ​ $ 813 ​ $ — ​ $ — ​ $ 4,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 USA Canada Mexico MSC McEwen Copper ​ Total Revenue from gold and silver sales ​ $ 11,587 ​ $ 23,165 ​ $ — ​ $ — ​ $ — ​ $ 34,752 Production costs applicable to sales ​ ​ (9,341) ​ ​ (14,072) ​ ​ — ​ ​ — ​ ​ — ​ (23,413) Depreciation and depletion ​ ​ (1,260) ​ ​ (5,636) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,896) Gross profit ​ ​ 986 ​ ​ 3,457 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advanced projects ​ ​ (289) ​ ​ — ​ ​ (1,391) ​ ​ — ​ ​ (31,880) ​ ​ (33,560) Exploration ​ ​ (773) ​ ​ (4,740) ​ ​ — ​ ​ — ​ ​ (387) ​ ​ (5,900) Loss from equity investments ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,461) ​ ​ — ​ ​ (3,461) Segment loss ​ $ (76) ​ $ (1,283) ​ $ (1,391) ​ $ (3,461) ​ $ (32,267) ​ $ (38,478) General and administrative and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,532 Loss before income and mining taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (36,946) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 2,991 ​ $ 2,773 ​ $ — ​ $ — ​ $ 954 ​ $ 6,718
Schedule of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Assets ​ Revenue (1) ​ ​ March 31, ​ December 31, ​ Three months ended March 31, ​ 2024 2023 2024 ​ 2023 USA ​ $ 73,028 ​ $ 71,234 ​ $ 25,278 ​ $ 11,587 Canada ​ ​ 61,908 ​ ​ 83,674 ​ ​ 14,750 ​ ​ 23,165 Mexico ​ ​ 31,116 ​ ​ 30,304 ​ ​ 1,200 ​ ​ — Argentina (2) ​ ​ 420,643 ​ ​ 419,366 ​ ​ — ​ ​ — Total Consolidated ​ $ 586,695 ​ $ 604,578 ​ $ 41,228 ​ $ 34,752 ​ (1) Presented based on the location from which the precious metals originated. (2) Includes Investment in MSC of $94.5 million (December 31, 2023 – $93.2 million) and Investment in McEwen Copper of $308.1 million (December 31, 2023 – $326.1 million).

OTHER EXPENSE (Tables)

OTHER EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2024
OTHER EXPENSE
Schedule of other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Unrealized and realized gain (loss) on investments (Note 5) ​ $ (202) ​ $ 296 Foreign currency gain on Blue Chip Swap ​ ​ — ​ ​ 7,993 Foreign currency gain (loss) ​ ​ 91 ​ ​ (10,641) Other income (loss), net ​ ​ 23 ​ ​ (227) Total other expense ​ $ (88) ​ $ (2,579)

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2024
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of reconciliation of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Cash and cash equivalents and restricted cash held in USD ​ $ 12,887 ​ $ 10,578 Cash and cash equivalents and restricted cash held in CAD ​ ​ 13,468 ​ ​ 16,288 Cash and cash equivalents held in other currencies ​ ​ 63 ​ ​ 644 Total cash and cash equivalents and restricted cash ​ $ 26,418 ​ $ 27,510 ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
INVESTMENTS
Summary of investment portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ ​ loss on ​ March 31, ​ ​ 2023 ​ period ​ period ​ ​ securities held ​ 2024 Marketable equity securities ​ $ 1,743 ​ $ 53 ​ $ — ​ $ (227) ​ $ 1,569 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Additions/ ​ Disposals/ ​ Unrealized ​ As at ​ ​ December 31, ​ transfers during ​ transfers during ​ gain on ​ March 31, ​ ​ 2022 ​ period ​ period ​ securities held ​ 2023 Marketable equity securities ​ $ 1,133 ​ $ — ​ $ — ​ $ 296 ​ $ 1,429 Warrants ​ 162 ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Total investments ​ $ 1,295 ​ $ — ​ $ — ​ $ 296 ​ $ 1,591

RECEIVABLES, PREPAIDS AND OTH_2

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Schedule of balances in receivables, prepaids and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Government sales tax receivable ​ $ 2,681 ​ $ 2,511 Prepaids and other assets ​ ​ 3,157 ​ ​ 3,067 Receivables, prepaids and other current assets ​ $ 5,838 ​ $ 5,578 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Material on leach pads ​ $ 15,844 ​ $ 11,963 In-process inventory ​ 4,963 ​ 4,067 Stockpiles ​ 2,805 ​ 5,939 Precious metals ​ 1,465 ​ 1,955 Materials and supplies ​ 6,608 ​ 6,120 ​ ​ $ 31,685 ​ $ 30,044 Less: long-term portion ​ ​ (11,814) ​ ​ (10,100) Current portion ​ $ 19,871 ​ $ 19,944

EQUITY INVESTMENTS (Tables)

EQUITY INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
McEwen Copper Inc.
Schedule of Equity Method Investments [Line Items]
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 McEwen Copper (100%) ​ ​ ​ ​ ​ Advanced projects $ (48,183) ​ $ — Other expenses ​ (2,016) ​ ​ — Foreign exchange loss ​ (3,992) ​ ​ — Interest and other income (1) ​ 16,454 ​ ​ — Loss before tax $ (37,737) ​ $ — Current and deferred taxes ​ — ​ ​ — Net loss $ (37,737) ​ $ — ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining (47.7%) ​ ​ ​ ​ ​ Net loss on investment in McEwen Copper $ (18,012) ​ $ — ​ (1) Interest and other income include gains on marketable securities and other finance-related income.
Schedule of change in the entity's investment in MSC	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 Investment, beginning of period $ 326,147 ​ $ — Deconsolidation of McEwen Copper ​ — ​ ​ 383,968 Attributable net loss from McEwen Copper ​ (18,012) ​ ​ (57,821) Investment, end of period $ 308,135 ​ $ 326,147
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2024 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 65,374 ​ $ — ​ $ 65,374 Total assets ​ $ 248,682 ​ $ 262,494 ​ $ 511,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (31,694) ​ $ — ​ $ (31,694) Total liabilities ​ $ (31,969) ​ $ — ​ $ (31,969)
Minera Santa Cruz S.A.
Schedule of Equity Method Investments [Line Items]
Summary of MSC's financial information from operations	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 Minera Santa Cruz S.A. (100%) ​ ​ ​ ​ ​ Revenue from gold and silver sales $ 65,927 ​ $ 45,740 Production costs applicable to sales ​ (47,884) ​ ​ (41,124) Depreciation and depletion ​ (8,926) ​ ​ (8,230) Gross profit (loss) ​ 9,117 ​ ​ (3,614) Exploration ​ (2,104) ​ ​ (1,952) Other income (expense) (1) ​ 1,501 ​ ​ (3,234) Income (loss) before tax $ 8,514 ​ $ (8,800) Current and deferred tax recovery (expense) ​ (4,847) ​ ​ 3,315 Net income (loss) $ 3,667 ​ $ (5,485) ​ ​ ​ ​ ​ ​ Portion attributable to McEwen Mining Inc. (49%) ​ ​ ​ ​ ​ Net income (loss) $ 1,796 ​ $ (2,687) Amortization of fair value increments (709) ​ (884) Income tax recovery ​ 191 ​ ​ 110 Income (loss) from investment in MSC, net of amortization $ 1,278 ​ $ (3,461) ​ (1) Other expenses include foreign exchange gains and losses, accretion of asset retirement obligations and other finance-related expenses.
Schedule of change in the entity's investment in MSC	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Investment, beginning of period $ 93,218 ​ $ 93,451 Attributable net income from MSC ​ 1,796 ​ ​ 4,157 Amortization of fair value increments (709) ​ (4,612) Income tax recovery ​ 191 ​ ​ 517 Dividend distribution received — ​ (295) Investment, end of period $ 94,496 ​ $ 93,218
Summary of key assets and liabilities, before and after adjustments to fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2024 ​ Balance excluding FV increments ​ Adjustments ​ Balance including FV increments Current assets ​ $ 107,710 ​ $ 732 ​ $ 108,442 Total assets ​ $ 201,995 ​ $ 70,166 ​ $ 272,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ (45,171) ​ $ — ​ $ (45,171) Total liabilities ​ $ (79,538) ​ $ 149 ​ $ (79,389) ​

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
DEBT
Schedule of debt activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Balance, beginning of period ​ $ 40,000 ​ $ 63,979 Principal repayment on debt ​ ​ — ​ ​ (25,000) Interest expense ​ 972 ​ 5,749 Interest payments ​ (972) ​ (4,728) Balance, end of period ​ $ 40,000 ​ $ 40,000 Less: current portion ​ ​ 3,000 ​ ​ — Long-term portion ​ $ 37,000 ​ $ 40,000

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
ASSET RETIREMENT OBLIGATIONS
Schedule of reclamation and remediation liabilities	A reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2024, and for the year ended December 31, 2023, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Year ended ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Reclamation and remediation liabilities, beginning balance ​ $ 43,021 ​ $ 41,846 Settlements ​ ​ (122) ​ ​ (1,358) Accretion of liability ​ ​ 690 ​ ​ 2,536 Revisions to estimates and discount rate ​ ​ (17) ​ ​ (300) Foreign exchange revaluation ​ ​ (313) ​ ​ 297 Reclamation and remediation liabilities, ending balance ​ $ 43,259 ​ $ 43,021 Less: current portion ​ ​ 4,235 ​ ​ 3,105 Long-term portion ​ $ 39,024 ​ $ 39,916
Schedule of reclamation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 ​ 2023 Reclamation adjustment reflecting updated estimates ​ $ — ​ $ 20 Reclamation accretion ​ ​ 690 ​ ​ 610 Total ​ $ 690 ​ $ 630 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
Schedule of related party expense and outstanding accounts payable and receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2024 2023 REVlaw ​ $ 46 ​ $ 48 The Company has the following outstanding accounts payable balances in respect to the related parties outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 REVlaw ​ $ (37) ​ $ (96) ​ REVlaw is a company owned by Carmen Diges, General Counsel & Secretary of the Company. The legal services of Ms. Diges as General Counsel & Secretary and other support staff, as needed, are provided by REVlaw in the normal course of business and have been recorded at their exchange amount. The Company has the following outstanding accounts receivable balance in respect to the related party outlined below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 McEwen Copper Inc. ​ $ 2,754 ​ $ 2,376

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	3 Months Ended
	Mar. 31, 2024
FAIR VALUE ACCOUNTING
Schedule of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as at March 31, 2024 Fair value as at December 31, 2023 ​ Level 1 Level 2 Total Level 1 Level 2 Total Marketable equity securities ​ $ 1,569 ​ $ — ​ $ 1,569 ​ $ 1,743 ​ $ — ​ $ 1,743

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2024
Various mines in various locations
Nature of operations
Ownership interests in various mines (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%

OPERATING SEGMENT REPORTING - S

OPERATING SEGMENT REPORTING - Summary of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Segment Reporting
Revenue	$ 41,228	$ 34,752
Depreciation and depletion	(10,107)	(6,896)
Gross profit (loss)	6,011	4,443
Advanced projects	(2,454)	(33,560)
Income (Loss) from equity investments	(16,734)	(3,461)
Segment income (loss)	(17,048)	(38,478)
General and Administrative and other	(5,892)	1,532
Loss before income and mining taxes	(22,940)	(36,946)
Capital expenditures	4,522	6,718
USA
Operating Segment Reporting
Depreciation and depletion	(6,037)	(1,260)
Gross profit (loss)	5,973	986
Advanced projects		(289)
Segment income (loss)	4,891	(76)
Capital expenditures	929	2,991
Canada
Operating Segment Reporting
Depreciation and depletion	(4,070)	(5,636)
Gross profit (loss)	(1,162)	3,457
Segment income (loss)	(3,951)	(1,283)
Capital expenditures	2,780	2,773
Mexico
Operating Segment Reporting
Gross profit (loss)	1,200
Advanced projects	(2,454)	(1,391)
Segment income (loss)	(1,254)	(1,391)
Capital expenditures	813
MSC
Operating Segment Reporting
Income (Loss) from equity investments	1,278	(3,461)
Segment income (loss)	1,278	(3,461)
McEwen Copper
Operating Segment Reporting
Advanced projects		(31,880)
Income (Loss) from equity investments	(18,012)
Segment income (loss)	(18,012)	(32,267)
Capital expenditures		954
Gold and silver sales
Operating Segment Reporting
Revenue	41,228	34,752
Gold and silver sales | USA
Operating Segment Reporting
Revenue	25,278	11,587
Gold and silver sales | Canada
Operating Segment Reporting
Revenue	14,750	23,165
Gold and silver sales | Mexico
Operating Segment Reporting
Revenue	1,200
Production costs applicable to sales
Operating Segment Reporting
Production costs applicable to sales	(25,110)	(23,413)
Production costs applicable to sales | USA
Operating Segment Reporting
Production costs applicable to sales	(13,268)	(9,341)
Production costs applicable to sales | Canada
Operating Segment Reporting
Production costs applicable to sales	(11,842)	(14,072)
Exploration
Operating Segment Reporting
Production costs applicable to sales	(3,871)	(5,900)
Exploration | USA
Operating Segment Reporting
Production costs applicable to sales	(1,082)	(773)
Exploration | Canada
Operating Segment Reporting
Production costs applicable to sales	$ (2,789)	(4,740)
Exploration | McEwen Copper
Operating Segment Reporting
Production costs applicable to sales		$ (387)

OPERATING SEGMENT REPORTING - G

OPERATING SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets
Non-current Assets	$ 586,695		$ 604,578
Revenue	41,228	$ 34,752
Investment in MSC or McEwen Copper	308,135		326,147
Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets
Revenue	65,927	45,740
USA
Revenues from External Customers and Long-Lived Assets
Non-current Assets	73,028		71,234
Revenue	25,278	11,587
Canada
Revenues from External Customers and Long-Lived Assets
Non-current Assets	61,908		83,674
Revenue	14,750	$ 23,165
Mexico
Revenues from External Customers and Long-Lived Assets
Non-current Assets	31,116		30,304
Revenue	1,200
Argentina
Revenues from External Customers and Long-Lived Assets
Non-current Assets	420,643		419,366
Argentina | Minera Santa Cruz S.A.
Revenues from External Customers and Long-Lived Assets
Investment in MSC or McEwen Copper	94,500		93,200
Argentina | McEwen Copper Inc.
Revenues from External Customers and Long-Lived Assets
Investment in MSC or McEwen Copper	$ 308,100		$ 326,100

OTHER EXPENSE - Summary of Othe

OTHER EXPENSE - Summary of Other Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) Transaction
OTHER EXPENSE
Unrealized and realized gain (loss) on investments (Note 5)	$ (202)	$ 296
Foreign currency gain on Blue Chip Swap		7,993
Foreign currency gain (loss)	91	(10,641)
Other income (loss), net	23	(227)
Total other expense	$ (88)	$ (2,579)
Number of Blue Chip Swaps | Transaction		2
Realized net gain		$ 7,500
Foreign currency gain		7,900
Realized loss on investments		$ 400

CASH AND CASH EQUIVALENTS AND_3

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 21,989	$ 23,020
Total cash and cash equivalents and restricted cash	26,418	27,510	$ 195,003	$ 43,579
Canadian Exploration Expenditures and Canadian Development Expenditures
Restricted cash	13,400	16,100
CAD
Cash and cash equivalents and restricted cash	13,468	16,288
USD
Cash and cash equivalents and restricted cash	12,887	10,578
Other currencies
Cash and cash equivalents	$ 63	$ 644

INVESTMENTS - Activity in Inves

INVESTMENTS - Activity in Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments rollforward
Opening balance	$ 1,743	$ 1,295
Unrealized (loss) gain on securities held	(227)	296
Ending balance	1,569	1,591
Marketable equity securities
Investments rollforward
Opening balance	1,743	1,133
Additions/transfers during the period	53
Unrealized (loss) gain on securities held	(227)	296
Ending balance	$ 1,569	1,429
Warrants
Investments rollforward
Opening balance		162
Ending balance		$ 162

INVESTMENTS (Details)

INVESTMENTS (Details) - Nevgold Corp	Jan. 03, 2024 $ / shares shares
Investments
Number of shares agreed to acquire	210,000
Shares acquired price per share | $ / shares	$ 0.23
Total number of shares owned	5,173,455

RECEIVABLES, PREPAIDS AND OTH_3

RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
RECEIVABLES, PREPAIDS AND OTHER CURRENT ASSETS
Government sales tax receivable	$ 2,681	$ 2,511
Prepaids and other assets	3,157	3,067
Receivables, prepaids and other current assets	$ 5,838	$ 5,578

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Inventories
Material on leach pads	$ 15,844	$ 11,963
In-process inventory	4,963	4,067
Stockpiles	2,805	5,939
Precious metals	1,465	1,955
Materials and supplies	6,608	6,120
Inventories	31,685	30,044
Less long-term portion	(11,814)	(10,100)
Current portion	19,871	$ 19,944
Black Fox Complex
Inventories
Current portion	800
Black Fox Complex | Production costs applicable to sales
Inventories
Inventory write-down	600
Black Fox Complex | Depreciation and depletion
Inventories
Inventory write-down	$ 200

MINERAL PROPERTY INTERESTS AN_2

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT
Impairment charges	$ 0

EQUITY INVESTMENTS - A summary

EQUITY INVESTMENTS - A summary of the operating results of McEwen Copper (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Investments
Advanced projects	$ (2,454)	$ (33,560)
Foreign exchange loss	(91)	10,641
Interest and other income	(870)	8,464
Loss before tax	22,940	36,946
Net income (loss)	20,383	43,076
Net income (loss) on investment in McEwen Copper	$ (16,734)	$ (3,461)
McEwen Copper Inc.
Equity Investments
Subsidiary (as a percent)	100%
Advanced projects	$ (48,183)
Other expenses	(2,016)
Foreign exchange loss	(3,992)
Interest and other income	16,454
Loss before tax	(37,737)
Net income (loss)	$ (37,737)
Subsidiary ownership interest (as a percent)	47.70%
Net income (loss) on investment in McEwen Copper	$ (18,012)

EQUITY INVESTMENTS - Changes in

EQUITY INVESTMENTS - Changes in Company's Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Change in the investment in MSC
Investment, beginning of year	$ 326,147
Income tax recovery	2,557	$ 536
Investment, end of year	308,135		$ 326,147
McEwen Copper
Change in the investment in MSC
Investment, beginning of year	326,147
Deconsolidation			383,968
Attributable net (loss) income	(18,012)		(57,821)
Investment, end of year	308,135		326,147
Minera Santa Cruz S.A.
Change in the investment in MSC
Investment, beginning of year	93,218	$ 93,451	93,451
Attributable net (loss) income	1,796		4,157
Amortization of fair value increments	(709)		(4,612)
Income tax recovery	191		517
Dividend distribution received			(295)
Investment, end of year	$ 94,496		$ 93,218

EQUITY INVESTMENTS - Assets and

EQUITY INVESTMENTS - Assets and Liabilities Associated with McEwen Copper (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Investments
Current assets	$ 52,021	$ 52,661
Total assets	638,716	657,239
Current liabilities	(37,909)	(30,003)
Total liabilities	(156,208)	$ (154,819)
McEwen Copper Inc. | Balance excluding FV increments
Equity Investments
Current assets	65,374
Total assets	248,682
Current liabilities	(31,694)
Total liabilities	(31,969)
McEwen Copper Inc. | Adjustments
Equity Investments
Total assets	262,494
McEwen Copper Inc. | Balance including FV increments
Equity Investments
Current assets	65,374
Total assets	511,176
Current liabilities	(31,694)
Total liabilities	(31,969)
Minera Santa Cruz S.A. | Balance excluding FV increments
Equity Investments
Current assets	107,710
Total assets	201,995
Current liabilities	(45,171)
Total liabilities	(79,538)
Minera Santa Cruz S.A. | Adjustments
Equity Investments
Current assets	732
Total assets	70,166
Total liabilities	149
Minera Santa Cruz S.A. | Balance including FV increments
Equity Investments
Current assets	108,442
Total assets	272,161
Current liabilities	(45,171)
Total liabilities	$ (79,389)

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
	Mar. 31, 2024	Mar. 31, 2023
Equity Investments
Revenue from gold and silver sales	$ 41,228	$ 34,752
Depreciation and depletion	(10,107)	(6,896)
Net income (loss) before tax	(22,940)	(36,946)
Net Income (Loss)	(20,383)	(43,076)
Income tax recovery	2,557	536
Income (loss) from investment in MSC, net of amortization	$ (16,734)	(3,461)
Minera Santa Cruz S.A.
Equity Investments
Subsidiary (as a percent)	100%
Revenue from gold and silver sales	$ 65,927	45,740
Production costs applicable to sales	(47,884)	(41,124)
Depreciation and depletion	(8,926)	(8,230)
Gross profit	9,117	(3,614)
Exploration	(2,104)	(1,952)
Other income (expense)(1)	1,501	(3,234)
Net income (loss) before tax	8,514	(8,800)
Current and deferred tax recovery (expense)	(4,847)	3,315
Net Income (Loss)	$ 3,667	(5,485)
Subsidiary ownership interest (as a percent)	49%
Net income (loss)	$ 1,796	(2,687)
Amortization of fair value increments	(709)	(884)
Income tax recovery	191	110
Income (loss) from investment in MSC, net of amortization	$ 1,278	$ (3,461)

DEBT - Rollforward (Details)

DEBT - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Long-term debt
Balance, beginning of year	$ 40,000	$ 63,979
Principal repayment on debt		(25,000)
Interest expense	972	5,749
Interest payments	(972)	(4,728)
Balance, end of year	40,000	40,000
Less: current portion	3,000
Long-term portion	$ 37,000	$ 40,000

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Reclamation and Remediation Liabilities rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Changes in the reclamation and remediation liability
Reclamation and remediation liabilities, beginning balance	$ 43,021	$ 41,846
Settlements	(122)	(1,358)
Accretion of liability	690	2,536
Revisions to estimates and discount rate	(17)	(300)
Foreign exchange revaluation	(313)	297
Reclamation and remediation liabilities, ending balance	43,259	43,021
Less: current portion	4,235	3,105
Long-term portion	$ 39,024	$ 39,916

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS - Reclamation and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclamation obligations
Reclamation adjustment reflecting updated estimates		$ 20
Reclamation accretion	$ 690	610
Total	$ 690	$ 630

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	936,670	409,470
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options and warrants outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	2,169,966	2,170,366

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense and Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transactions
Due from McEwen Copper Inc.	$ 2,754		$ 2,376
McEwen Copper
Related Party Transactions
Due from McEwen Copper Inc.	2,754		2,376
REVlaw
Related Party Transactions
Expense	46	$ 48
Related party outstanding accounts payable	$ (37)		$ (96)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Outstanding loan	$ 40,000		$ 40,000	$ 63,979
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	$ 1,000	$ 900

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities:
Long term debt	$ 40,000	$ 40,000
Marketable equity securities. | Fair Value, Measurements, Recurring
Assets:
Investments	1,569	1,743
Marketable equity securities. | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets:
Investments	$ 1,569	$ 1,743

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Reclamation obligations (Details) - Surety Bonds $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)
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	$ 4.4
Nevada
Reclamation Bonds
Surety bonding obligation	30.1
Canada
Reclamation Bonds
Surety bonding obligation	$ 11.5	$ 15.6

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Streaming agreement (Details) $ in Millions		3 Months Ended
	Aug. 25, 2017 $ / oz	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Pike River property
Other Commitments
Obligation to sell (as a percent)	6.30%
Black Fox Complex
Other Commitments
Obligation to sell (as a percent)	8%
Long term gold price (in dollars per ounce) | $ / oz	561
Revenue of acquiree since acquisition date and implementation of streaming agreement | $		$ 0.4	$ 0.4
Black Fox Complex | Maximum
Other Commitments
Inflation adjustment (as a percent)	2%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Flow-through eligible expenses (Details) - USD ($) $ in Millions	Dec. 14, 2023	Mar. 31, 2024
Flow through Eligible Expenses | Timmins
Other Commitments
Gross proceeds	$ 16.1
Flow Through CEE
Other Commitments
Renounced commitment		$ 2.7

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Prepayment agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Commitments
Remaining net proceeds recorded as deferred revenue	$ 1,966,000
Auramet International LLC | Prepayment Agreement | Guarantee Obligation | Precious metal
Other Commitments
Net proceeds from sales on a Supplier Advance Basis	4,800,000	$ 22,800,000
Revenue from sales on a Supplier Advance Basis	2,800,000	26,700,000
Remaining net proceeds recorded as deferred revenue	$ 2,000,000	$ 2,300,000
Number of ounces of gold	900

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Events - Timberline Resources Corporation shares in Millions	Apr. 16, 2024 shares
Subsequent event
Ratio for exchange of common stock for each share	0.01
Equity interest issued or issuable	1.8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (20,383)	$ (43,076)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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