McEwen Mining Inc

Revenue from gold and silver sales: During Q1/24, revenue from gold and silver sales from 100% owned operations increased to $41.2 million, compared to $34.8 million during Q1/23. This 19% increase was primarily driven by an increase in average realized gold prices, as well as production improvements at the Gold Bar mine. Our average realized price in Q1/24 was $2,131 per GEO, compared to $1,856 per GEO in Q1/23.

Production costs applicable to sales: During Q1/24, production costs applicable to sales increased slightly to $25.1 million, compared to $23.4 million during Q1/23. This 7% increase was primarily driven by higher production and, correspondingly, an increase in GEO sold.

Advanced project costs: During Q1/24, we incurred $2.5 million in advanced project costs compared to $33.6 million during Q1/23. Q1/23 advance project costs consisted primarily of costs to advance the exploration of Los Azules, the results of which were deconsolidated from our results beginning in Q4/23. Q1/24 advanced project expenditures were related to the further advancement of the Fenix Project in Mexico.

Exploration costs: Exploration costs of $3.9 million incurred during Q1/24 decreased by $2.0 million compared to Q1/23. At Fox Complex, we incurred $2.8 million to advance our Stock and Grey Fox projects during the period, while at Gold Bar mine, we incurred $1.1 million on building pads, geological modeling, and mobilization activities.

Income from investment in MSC: During Q1/24 we recorded income of $1.3 million from our investment in MSC, compared to a loss of $3.5 million during Q1/23. This increase was a result of significant production improvements which increased revenue, partially offset by higher production costs. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA andNote 9 to theConsolidated Financial Statements.

*Loss from investment in McEwen Copper:*During Q1/24 we recorded a loss of $18.0 million from our investment in McEwen Copper. This loss represents our proportion of McEwen Copper’s costs, consisting primarily of exploration expenditures.

Interest and other finance expense, net: Interest and other finance expense of $0.9 million during Q1/24 decreased by $9.4 million compared to income of $8.5 million during Q1/23. During Q1/23, interest and other finance income was driven by McEwen Copper’s income earned from investments of funds not immediately required for exploration activities. As the results of McEwen Copper have been deconsolidated from Q4/23 onwards, such income is no longer reported in Q1/24.

Other expensedecreased from $2.6 million in Q1/23 to $0.1 million in Q1/24 as a result of a decrease in foreign exchange losses, primarily from the deconsolidation of McEwen Copper, which held significant portions of its treasury in Argentine pesos.

Income and mining tax recovery: In Q1/24 we recorded $2.6 million in income tax recovery, compared to $0.5 million in Q1/23, primarily due to a reduction of temporary tax differences on our equity investment in McEwen Copper.