v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (6,270) $ (20,383)
Adjustments to reconcile net loss from operating activities:    
Loss from investment in McEwen Copper Inc. (Note 9) 8,578 18,012
Income from investment in Minera Santa Cruz S.A. (Note 9) (510) (1,278)
Depreciation, amortization and depletion 6,171 7,436
Unrealized loss (gain) on marketable securities (Note 5) (1,755) 227
Foreign exchange loss (gain) (4) 256
Reclamation accretion and adjustments to estimate 794 361
Income and mining tax recovery (Note 17) (2,917) (3,091)
Non-cash interest expense 158  
Stock-based compensation 178 464
Other   (113)
Change in non-cash working capital items:    
Change in inventories (5,170) (1,640)
Change in other assets related to operations 1,364 (637)
Change in accounts payable and accrued liabilities (1,444) 2,079
Change in other liabilities related to operations (1,105) 2,188
Cash provided by (used in) operating activities (1,932) 3,881
Cash flows from investing activities:    
Additions to mineral property interests and plant and equipment (14,534) (4,522)
Investment in marketable securities (Note 5) (1,399) (53)
Dividends received from Minera Santa Cruz S.A. (Note 9) 2,246  
Proceeds from sale of marketable securities 94  
Cash used in investing activities (13,593) (4,575)
Cash flows from financing activities:    
Proceeds from senior convertible notes (Note 10) 110,000  
Convertible notes financing costs (Note 10) (4,176)  
Principal repayment on long-term debt (20,000)  
Purchase of capped call options (Note 10) (15,114)  
Payment of finance lease obligations (197) (149)
Proceeds from exercise of warrants   7
Cash provided by financing activities 70,513 (142)
Effect of exchange rate change on cash and cash equivalents 4 (256)
Increase in cash, cash equivalents and restricted cash 54,992 (1,092)
Cash, cash equivalents and restricted cash, beginning of period 17,464 27,510
Cash, cash equivalents and restricted cash, end of period 72,456 26,418
Supplemental disclosure of cash flow information:    
Interest paid (759) (972)
Interest received 361 $ 119
Taxes paid $ (211)