From GlobeNewswire: 2025-03-18 01:21:00

McEwen Mining Inc. reported increased revenues in Q4 and full year 2024 due to production ounces in line with guidance and higher gold prices. The company is advancing key projects at Los Azules and Fox Complex with a focus on growth initiatives. Adjustments to equity investments are expected to positively impact net income.

In 2024, McEwen Mining saw a decrease in production to 135,884 Gold Equivalent Ounces (GEOs) compared to 154,587 GEOs in 2023. Revenue increased to $174.5 million, driven by sales of 74,911 GEOs at an average realized sale price of $2,390 per ounce. Gross profit was $30.9 million, and Adjusted EBITDA was $29.2 million.

The company issued $110.0 million in Capped Call 5.25% Convertible Senior Unsecured Notes due 2030 to strengthen liquidity and fund growth projects at the Fox Complex. McEwen Mining aims to increase gold production at the Fox Complex to 60,000 ounces by 2027 and potentially 120,000 – 150,000 ounces by 2030. Cash equivalents and restricted cash were $62.2 million as of March 13, 2025.

Exploration at the Fox Complex and Gold Bar Mine in 2024 yielded positive results, with increased estimated gold resources. Ongoing exploration efforts are expected to extend the mine life and identify new targets. Exploration drilling budgets for 2025 are set at $9.7 million for the Fox Complex and a similar amount for Gold Bar.

McEwen Mining’s focus on sustainable practices and responsible mining is reflected in their Environmental, Social, and Governance (ESG) strategy. They have achieved strong safety records and have made progress in reducing environmental impact. The company aims to continuously improve sustainability in their mining projects.

Management discussed the financial results for Q4 and full year 2024 in a recent conference call. Adjusted EBITDA per share was $0.57 for 2024. The company’s technical information was reviewed and approved by a Qualified Person. Forward-looking statements were made, highlighting potential risks and uncertainties in the mining industry.

McEwen Mining is a gold and silver producer with operations in North and South America. The company is committed to enhancing productivity, extending asset life, and achieving carbon neutrality by 2038. Shares of McEwen Mining are traded on the NYSE and TSX under the symbol “MUX.” CEO Rob McEwen has a personal investment of $205 million in the company.



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