McEwen Mining Inc

Our cash and cash equivalents balance decreased by $1.0 million during Q1/24, from $23.0 million as at December 31, 2023 to $22.0 million as at March 31, 2024.

Operating cash inflows of $3.9 million during Q1/24 consisted of a net loss of $20.4 million, adjusted for non-cash impacts from $16.7 million in net losses from our equity investments and $7.9 million in depreciation, amortization, and depletion, partially offset by $3.1 million in deferred income and mining tax recovery. Further details are provided in the* Consolidated Statements of Cash Flows.*

Cash used in investing activities of $4.6 million during Q1/24 consisted primarily of additions to mineral property interests and plant and equipment and was driven primarily by capital development at our Froome mine in Canada.

Cash used in financing activities of $0.1 million during Q1/24 represented repayments of finance lease obligations.

Working capital as at March 31, 2024 was $14.1 million, and decreased by $8.6 million from $22.7 million as at December 31, 2023. This change was primarily attributable to the increase in our current liabilities, including a $3.0 million reclassification of the current portion of our long-term debt, short-term borrowings of $2.0 million presented as contract liabilities, and $2.0 million increase in accounts payable and accrued liabilities.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.