McEwen Mining Inc

Revenue from gold and silver salesfrom 100% owned operations increased to $47.5 million in Q2/24, compared to $34.4 million in Q2/23. This 38% increase was driven by an increase in average realized gold prices, and higher ounces sold at the Gold Bar mine. Our average realized gold price in Q2/24 was $2,355 per GEO, compared to $1,951 per GEO in Q2/23.

Production costs applicable to sales increased to $32.1 million in Q2/24, compared to $29.6 million in Q2/23. Production costs rose at Gold Bar compared to prior year, driven by higher mining contractor costs; tonnes mined increased by 31% year over year.

Advanced project costswere $3.0 million in Q2/24, compared to $29.8 million in Q2/23. Advanced project costs primarily relate to the Fenix Project in both Q2/23 and Q2/24, and Los Azules in Q2/23. Following the deconsolidation of McEwen Copper in Q4/23, the Company’s attributable costs for Los Azules are recognized through theLoss from investment in McEwen Copper line item on ourStatement of Operations and are no longer recognized withinAdvanced Project Costs.

Exploration costs were $5.0 million in Q2/24, compared to $5.9 million in Q2/23. Exploration expenditures were primarily incurred at the Grey Fox project at the Fox Complex, and for a number of short and medium term targets at Gold Bar.

Income from investment in MSC increased to $4.7 million in Q2/24, compared to a loss of $0.9 million in Q2/23. This increase was a result of increased average realized gold prices, partially offset by higher production costs. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.

Loss from investment in McEwen Copperof $16.8 million was recorded in Q2/24. Prior to Q4/23, the financial results of McEwen Copper were consolidated. The loss during Q2/24 represents our attributable portion of McEwen Copper’s costs, consisting primarily of expenditures to advance the Los Azules project to feasibility. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.

Interest and other finance expense, netwas $1.7 million in Q2/24, a $21.3 million decrease compared to income of $19.6 million in Q2/23. During Q2/23, interest and other finance income was driven by McEwen Copper’s income earned from its investments of cash reserves not immediately required for exploration activities.

Other income (expense) was $0.3 million in Q2/24, compared to an expense of $21.9 million in Q2/23. The increase was primarily attributable to a decrease in foreign exchange losses following the deconsolidation of McEwen Copper, as a significant portion of its treasury were held in Argentine pesos during Q2/23.

Income and mining tax recovery increased to $2.4 million in Q2/24, compared to $2.0 million in Q2/23. The increase resulted from a change in temporary tax differences on our investment in McEwen Copper and the amortization of the flow-through share premium.