10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001558370-23-008500 |
| Period End Date | 20230331 |
| Filing Date | 20230508 |
| Fiscal Year | 2023 |
| Fiscal Period | Q1 |
| XBRL Instance | mux-20230331x10q_htm.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
62 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Common, shares issued |
CommonStockSharesIssued
|
47.43M | shares | Point-in-time |
| Common, shares outstanding |
CommonStockSharesOutstanding
|
47.43M | shares | Point-in-time |
| Cash and cash equivalents (Note 4) |
CashAndCashEquivalentsAtCarryingValue
|
$190.78M | USD | Point-in-time |
| Cash and cash equivalents (Note 4) |
CashAndCashEquivalentsAtCarryingValue
|
$39.78M | USD | Point-in-time |
| Investments (Note 5) |
EquitySecuritiesFvNi
|
$1.59M | USD | Point-in-time |
| Investments (Note 5) |
EquitySecuritiesFvNi
|
$1.29M | USD | Point-in-time |
| Receivables, prepaids and other assets (Note 6) |
ReceivablesOtherAssetsNetCurrent
|
$7.54M | USD | Point-in-time |
| Receivables, prepaids and other assets (Note 6) |
ReceivablesOtherAssetsNetCurrent
|
$8.84M | USD | Point-in-time |
| Inventories (Note 7) |
InventoryNet
|
$23.56M | USD | Point-in-time |
| Inventories (Note 7) |
InventoryNet
|
$31.73M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$81.65M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$223.47M | USD | Point-in-time |
| Mineral property interests and plant and equipment, net (Note 8) |
MineralPropertyInterestsAndPlantAndEquipmentNet
|
$346.28M | USD | Point-in-time |
| Mineral property interests and plant and equipment, net (Note 8) |
MineralPropertyInterestsAndPlantAndEquipmentNet
|
$342.52M | USD | Point-in-time |
| Investment in Minera Santa Cruz S.A. (Note 9) |
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
$89.99M | USD | Point-in-time |
| Investment in Minera Santa Cruz S.A. (Note 9) |
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
$93.45M | USD | Point-in-time |
| Inventories (Note 7) |
InventoryNoncurrent
|
$2.43M | USD | Point-in-time |
| Inventories (Note 7) |
InventoryNoncurrent
|
$16.77M | USD | Point-in-time |
| Restricted cash (Note 16) |
RestrictedCashNoncurrent
|
$4.23M | USD | Point-in-time |
| Restricted cash (Note 16) |
RestrictedCashNoncurrent
|
$3.80M | USD | Point-in-time |
| Other assets |
OtherAssetsNoncurrent
|
$1.11M | USD | Point-in-time |
| Other assets |
OtherAssetsNoncurrent
|
$703.00K | USD | Point-in-time |
| TOTAL ASSETS |
Assets
|
$677.68M | USD | Point-in-time |
| TOTAL ASSETS |
Assets
|
$528.72M | USD | Point-in-time |
| Accounts payable and accrued liabilities |
AccountsPayableAndAccruedLiabilitiesCurrent
|
$46.16M | USD | Point-in-time |
| Accounts payable and accrued liabilities |
AccountsPayableAndAccruedLiabilitiesCurrent
|
$42.52M | USD | Point-in-time |
| Contract liability (Note 16) |
DeferredRevenueCurrent
|
$6.16M | USD | Point-in-time |
| Contract liability (Note 16) |
DeferredRevenueCurrent
|
$2.33M | USD | Point-in-time |
| Flow-through share premium (Note 12) |
FlowThroughSharePremiumCurrent
|
$2.70M | USD | Point-in-time |
| Flow-through share premium (Note 12) |
FlowThroughSharePremiumCurrent
|
$4.06M | USD | Point-in-time |
| Debt, current portion (Note 10) |
DebtCurrent
|
$16.00M | USD | Point-in-time |
| Debt, current portion (Note 10) |
DebtCurrent
|
$10.00M | USD | Point-in-time |
| Lease liabilities |
LeaseLiabilityCurrent
|
$1.22M | USD | Point-in-time |
| Lease liabilities |
LeaseLiabilityCurrent
|
$1.17M | USD | Point-in-time |
| Reclamation and remediation liabilities (Note 11) |
AssetRetirementObligationCurrent
|
$12.80M | USD | Point-in-time |
| Reclamation and remediation liabilities (Note 11) |
AssetRetirementObligationCurrent
|
$12.58M | USD | Point-in-time |
| Tax liabilities |
TaxesPayableCurrent
|
$8.23M | USD | Point-in-time |
| Tax liabilities |
TaxesPayableCurrent
|
$7.66M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$89.39M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$84.19M | USD | Point-in-time |
| Lease liabilities |
LeaseLiabilityNonCurrent
|
$968.00K | USD | Point-in-time |
| Lease liabilities |
LeaseLiabilityNonCurrent
|
$1.19M | USD | Point-in-time |
| Debt (Note 10) |
LongTermDebt
|
$53.98M | USD | Point-in-time |
| Debt (Note 10) |
LongTermDebt
|
$48.12M | USD | Point-in-time |
| Reclamation and remediation liabilities (Note 11) |
AssetRetirementObligationsNoncurrent
|
$29.27M | USD | Point-in-time |
| Reclamation and remediation liabilities (Note 11) |
AssetRetirementObligationsNoncurrent
|
$29.41M | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$4.51M | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$3.82M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$172.44M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$172.40M | USD | Point-in-time |
| Common shares: 47,428 as of March 31, 2023 issued and outstanding (in thousands) (Note 12) |
CommonStockValue
|
$1.75B | USD | Point-in-time |
| Common shares: 47,428 as of March 31, 2023 issued and outstanding (in thousands) (Note 12) |
CommonStockValue
|
$1.64B | USD | Point-in-time |
| Non-controlling interests (Note 17) |
MinorityInterest
|
$115.61M | USD | Point-in-time |
| Non-controlling interests (Note 17) |
MinorityInterest
|
$33.47M | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-1.32B | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-1.36B | USD | Point-in-time |
| Total shareholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$389.94M | USD | Point-in-time |
| Total shareholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$505.28M | USD | Point-in-time |
| Total shareholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$356.27M | USD | Point-in-time |
| Total shareholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$379.38M | USD | Point-in-time |
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
LiabilitiesAndStockholdersEquity
|
$528.72M | USD | Point-in-time |
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
LiabilitiesAndStockholdersEquity
|
$677.68M | USD | Point-in-time |
Income Statement
49 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Revenue |
Revenues
|
$34.75M | USD | 1 Quarter |
| Revenue |
Revenues
|
$25.54M | USD | 1 Quarter |
| Depreciation and depletion |
CostDepreciationAmortizationAndDepletion
|
$3.71M | USD | 1 Quarter |
| Depreciation and depletion |
CostDepreciationAmortizationAndDepletion
|
$6.90M | USD | 1 Quarter |
| Gross profit (loss) |
GrossProfit
|
$4.44M | USD | 1 Quarter |
| Gross profit (loss) |
GrossProfit
|
$-5.99M | USD | 1 Quarter |
| Advanced projects - Los Azules |
AdvancedProjectCostCopper
|
$31.88M | USD | 1 Quarter |
| Advanced projects - Los Azules |
AdvancedProjectCostCopper
|
$9.76M | USD | 1 Quarter |
| Advanced projects - Other |
AdvancedProjectCost
|
$1.68M | USD | 1 Quarter |
| Advanced projects - Other |
AdvancedProjectCost
|
$1.38M | USD | 1 Quarter |
| Exploration |
ExplorationCosts
|
$5.90M | USD | 1 Quarter |
| Exploration |
ExplorationCosts
|
$3.21M | USD | 1 Quarter |
| General and administrative |
GeneralAndAdministrativeExpense
|
$1.98M | USD | 1 Quarter |
| General and administrative |
GeneralAndAdministrativeExpense
|
$3.44M | USD | 1 Quarter |
| Loss from investment in Minera Santa Cruz S.A. (Note 9) |
IncomeLossFromEquityMethodInvestments
|
$-3.46M | USD | 1 Quarter |
| Loss from investment in Minera Santa Cruz S.A. (Note 9) |
IncomeLossFromEquityMethodInvestments
|
$-1.12M | USD | 1 Quarter |
| Depreciation |
DepreciationNonproduction
|
$142.00K | USD | 1 Quarter |
| Depreciation |
DepreciationNonproduction
|
$282.00K | USD | 1 Quarter |
| Reclamation and remediation (Note 11) |
AssetRetirementObligationReclamationGross
|
$527.00K | USD | 1 Quarter |
| Reclamation and remediation (Note 11) |
AssetRetirementObligationReclamationGross
|
$630.00K | USD | 1 Quarter |
| Impairment loss on mineral property interests and plant and equipment |
AssetImpairmentCharges
|
- | USD | 1 Quarter |
| Total other operating expenses |
CostsAndExpenses
|
$47.27M | USD | 1 Quarter |
| Total other operating expenses |
CostsAndExpenses
|
$18.11M | USD | 1 Quarter |
| Operating loss |
OperatingIncomeLoss
|
$-42.83M | USD | 1 Quarter |
| Operating loss |
OperatingIncomeLoss
|
$-24.11M | USD | 1 Quarter |
| Interest and other finance income (expenses), net |
InterestIncomeExpenseNet
|
$-1.64M | USD | 1 Quarter |
| Interest and other finance income (expenses), net |
InterestIncomeExpenseNet
|
$8.46M | USD | 1 Quarter |
| Other (expense) income (Note 3) |
OtherNonoperatingIncomeExpense
|
$-2.58M | USD | 1 Quarter |
| Other (expense) income (Note 3) |
OtherNonoperatingIncomeExpense
|
$3.87M | USD | 1 Quarter |
| Total other income |
NonoperatingIncomeExpense
|
$5.88M | USD | 1 Quarter |
| Total other income |
NonoperatingIncomeExpense
|
$2.23M | USD | 1 Quarter |
| Loss before income and mining taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$-36.95M | USD | 1 Quarter |
| Loss before income and mining taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$-21.88M | USD | 1 Quarter |
| Income and mining tax recovery |
IncomeTaxExpenseBenefit
|
$-814.00K | USD | 1 Quarter |
| Income and mining tax recovery |
IncomeTaxExpenseBenefit
|
$-536.00K | USD | 1 Quarter |
| Net loss after income and mining taxes |
ProfitLoss
|
$-21.06M | USD | 1 Quarter |
| Net loss after income and mining taxes |
ProfitLoss
|
$-36.41M | USD | 1 Quarter |
| Net (income) loss attributable to non-controlling interests (Note 17) |
NetIncomeLossAttributableToNoncontrollingInterest
|
$-334.00K | USD | 1 Quarter |
| Net (income) loss attributable to non-controlling interests (Note 17) |
NetIncomeLossAttributableToNoncontrollingInterest
|
$6.67M | USD | 1 Quarter |
| Net loss and comprehensive loss attributable to McEwen shareholders |
NetIncomeLoss
|
$-43.08M | USD | 1 Quarter |
| Net loss and comprehensive loss attributable to McEwen shareholders |
NetIncomeLoss
|
$-20.73M | USD | 1 Quarter |
| Basic (in dollars per share) |
EarningsPerShareBasic
|
$-0.45 | USD | 1 Quarter |
| Basic (in dollars per share) |
EarningsPerShareBasic
|
$-0.91 | USD | 1 Quarter |
| diluted (in dollars per share) |
EarningsPerShareDiluted
|
$-0.91 | USD | 1 Quarter |
| diluted (in dollars per share) |
EarningsPerShareDiluted
|
$-0.45 | USD | 1 Quarter |
| Basic (in shares) |
WeightedAverageNumberOfSharesOutstandingBasic
|
47.43M | shares | 1 Quarter |
| Basic (in shares) |
WeightedAverageNumberOfSharesOutstandingBasic
|
46.40M | shares | 1 Quarter |
| diluted (in shares) |
WeightedAverageNumberOfDilutedSharesOutstanding
|
47.43M | shares | 1 Quarter |
| diluted (in shares) |
WeightedAverageNumberOfDilutedSharesOutstanding
|
46.40M | shares | 1 Quarter |
Cash Flow Statement
47 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net loss |
ProfitLoss
|
$-21.06M | USD | 1 Quarter |
| Net loss |
ProfitLoss
|
$-36.41M | USD | 1 Quarter |
| Loss from investment in Minera Santa Cruz S.A. (Note 9) |
IncomeLossFromEquityMethodInvestments
|
$-3.46M | USD | 1 Quarter |
| Loss from investment in Minera Santa Cruz S.A. (Note 9) |
IncomeLossFromEquityMethodInvestments
|
$-1.12M | USD | 1 Quarter |
| Depreciation and amortization |
MineralPropertyInterestsAndAssetRetirementObligationsAmortization
|
$3.61M | USD | 1 Quarter |
| Depreciation and amortization |
MineralPropertyInterestsAndAssetRetirementObligationsAmortization
|
$7.26M | USD | 1 Quarter |
| Unrealized gain on investments (Note 5) |
GainLossOnSaleOfInvestments
|
$618.00K | USD | 1 Quarter |
| Unrealized gain on investments (Note 5) |
GainLossOnSaleOfInvestments
|
$296.00K | USD | 1 Quarter |
| Reclamation accretion and adjustments to estimate (Note 11) |
AccretionExpenseIncludingAssetRetirementObligations
|
$631.00K | USD | 1 Quarter |
| Reclamation accretion and adjustments to estimate (Note 11) |
AccretionExpenseIncludingAssetRetirementObligations
|
$722.00K | USD | 1 Quarter |
| Income and mining tax recovery |
IncomeTaxCreditsAndAdjustments
|
$-814.00K | USD | 1 Quarter |
| Income and mining tax recovery |
IncomeTaxCreditsAndAdjustments
|
$-536.00K | USD | 1 Quarter |
| Stock-based compensation |
EmployeeBenefitsAndShareBasedCompensationNoncash
|
$183.00K | USD | 1 Quarter |
| Stock-based compensation |
EmployeeBenefitsAndShareBasedCompensationNoncash
|
$28.00K | USD | 1 Quarter |
| Change in other assets related to operations |
IncreaseDecreaseInOtherOperatingAssets
|
$2.73M | USD | 1 Quarter |
| Change in other assets related to operations |
IncreaseDecreaseInOtherOperatingAssets
|
$763.00K | USD | 1 Quarter |
| Change in liabilities related to operations |
IncreaseDecreaseInOperatingLiabilities
|
$2.01M | USD | 1 Quarter |
| Change in liabilities related to operations |
IncreaseDecreaseInOperatingLiabilities
|
$-17.00K | USD | 1 Quarter |
| Cash used in operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$-28.61M | USD | 1 Quarter |
| Cash used in operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$-15.62M | USD | 1 Quarter |
| Net additions to mineral property interests and plant and equipment |
PaymentsToAcquireMiningAssets
|
$4.04M | USD | 1 Quarter |
| Net additions to mineral property interests and plant and equipment |
PaymentsToAcquireMiningAssets
|
$4.95M | USD | 1 Quarter |
| Cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-4.04M | USD | 1 Quarter |
| Cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-4.95M | USD | 1 Quarter |
| Proceeds from McEwen Copper financing (Note 17) |
ProceedsFromIssuanceOfCommonStock
|
$185.39M | USD | 1 Quarter |
| Issuance of flow-through common shares, net of issuance costs (Note 12) |
ProceedsFromIssuanceOfFlowThroughCommonStock
|
$14.38M | USD | 1 Quarter |
| Proceeds from promissory note (Note 10 and Note 14) |
ProceedsFromIssuanceOfSubordinatedLongTermDebt
|
$15.00M | USD | Annual |
| Proceeds from promissory note (Note 10 and Note 14) |
ProceedsFromIssuanceOfSubordinatedLongTermDebt
|
$15.00M | USD | 1 Quarter |
| Subscription proceeds received in advance |
SubscriptionProceedsReceivedInAdvance
|
$300.00K | USD | 1 Quarter |
| Payment of finance lease obligations |
FinanceLeasePrincipalPayments
|
$215.00K | USD | 1 Quarter |
| Payment of finance lease obligations |
FinanceLeasePrincipalPayments
|
$408.00K | USD | 1 Quarter |
| Cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$184.98M | USD | 1 Quarter |
| Cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$29.46M | USD | 1 Quarter |
| Increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$9.80M | USD | 1 Quarter |
| Increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$151.42M | USD | 1 Quarter |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$195.00M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$60.63M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$43.58M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$70.43M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$195.00M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$60.63M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$43.58M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
$70.43M | USD | Point-in-time |
| Interest paid |
InterestPaidNet
|
$1.20M | USD | 1 Quarter |
| Interest paid |
InterestPaidNet
|
$1.25M | USD | 1 Quarter |
| Interest received |
InterestIncomeOther
|
$6.00K | USD | 1 Quarter |
| Interest received |
InterestIncomeOther
|
$9.04M | USD | 1 Quarter |
Stockholders Equity
13 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$389.94M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$505.28M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$356.27M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$379.38M | USD | Point-in-time |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensation
|
$183.00K | USD | 1 Quarter |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensation
|
$28.00K | USD | 1 Quarter |
| Sale of flow-through common stock |
StockIssuedDuringPeriodValueNewIssues
|
$10.32M | USD | 1 Quarter |
| Net income (loss) |
ProfitLoss
|
$-21.06M | USD | 1 Quarter |
| Net income (loss) |
ProfitLoss
|
$-36.41M | USD | 1 Quarter |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$389.94M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$505.28M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$356.27M | USD | Point-in-time |
| Balance |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$379.38M | USD | Point-in-time |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.