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Revealed Mar 18, 2025 • 25 minute learn
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TORONTO, March 18, 2025 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) at present reported its fourth quarter (“This autumn”) and full yr 2024 monetary and operational outcomes. Manufacturing ounces in keeping with steering coupled with greater gold costs contributed to elevated revenues. Wanting forward, the Firm is advancing key initiatives at Los Azules and Fox Advanced whereas persevering with to put money into development initiatives.
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Monetary Outcomes
Please be aware: Beneath US GAAP, McEwen Mining consolidates 100% of the accounts of its totally owned and majority owned subsidiaries in its reported monetary outcomes. Entities over which we exert vital affect however don’t management (reminiscent of Minera Santa Cruz S.A. (“MSC”), the operator of the San José mine, and McEwen Copper, the proprietor of the Los Azules copper venture) are introduced as fairness investments on our stability sheet.
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Changes to our fairness investments characterize our share of those firms’ internet earnings or loss, and are introduced on our earnings assertion. With the upcoming publication of the Los Azules feasibility research in June 2025, McEwen Copper expects to capitalize its bills underneath US GAAP, decreasing its influence on McEwen Mining’s internet earnings, which was negatively affected by $47 million in 2024.
Consolidated 2024 manufacturing was 135,884 Gold Equal Ounces (GEOs) versus 154,587 GEOs in 2023. By 2030, consolidated GEO manufacturing might improve to 225,000 – 255,000 GEOs because of elevated manufacturing from our Fox Advanced.
Income in 2024 elevated to $174.5 million, pushed by gross sales of 74,911 GEOs from our 100%-owned Fox Advanced and Gold Bar Mine. The common realized sale worth(2) was $2,390 per ounce (oz) barely above the 2024 London Bullion Market Affiliation (LBMA) common of $2,386 per oz. Income in 2023 was $166.2 million from the sale of 88,699 GEOs at common realized worth(2) of $1,927 per ozin comparison with the 2023 LBMA common of $1,941 per oz.
Gross revenue in 2024 was $30.9 million versus $17.8 million in 2023.
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Adjusted EBITDA(1) for 2024 was $29.2 million, or $0.57 per share, versus $7.7 million, or $0.16 per share in 2023. Adjusted EBITDA excludes the influence of McEwen Copper’s bills attributable to McEwen Mining of $47.0 million and displays the earnings of our working properties, together with the San José mine. The advance was pushed by a 5% improve in income, supported by a 24% rise in realized gold costs year-over-year and a 5% discount in manufacturing prices. This was partially offset by a 16% lower in GEOs offered primarily attributable to decrease volumes of processed mineralized materials.
Web loss for 2024 was $43.7 million, or $0.86 per share, primarily attributable to $47.0 million of McEwen Copper-related bills and $16.5 million invested in exploration throughout our 100%-owned mines. In distinction, our 2023 internet earnings of $55.3 million ($1.16 per share) was pushed by a $222.2 million one-time accounting acquire from the deconsolidation of McEwen Copper.
Liquidity and Capital Sources
To strengthen our liquidity and fund our development initiatives on the Fox Advanced, following year-end, we issued $110.0 million in Capped Name 5.25% Convertible Senior Unsecured Notes due 2030 (the “Convertible Notes”). McEwen Mining is on observe to considerably improve gold manufacturing on the Fox Advanced, concentrating on 60,000 ounces by 2027, and a possible enlargement to 120,000 – 150,000 ounces by 2030, topic to well timed allow approval. In consequence, our whole annual consolidated manufacturing might improve to the 225,000 – 255,000 GEOs vary acknowledged earlier. This development is supported by strategic investments in exploration, allowing, and infrastructure growth.
Prime Tales
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The Convertible Notes mature on August 15, 2030 with a 5.25% coupon, callable in 3.5 years, payable with money, shares or a mixture. A Capped Name possibility was included to mitigate the potential share dilution by successfully elevating the conversion worth from $11.25 to $17.30, representing a 100% premium over our closing share worth on the day previous to the financing announcement.
Web proceeds of the Convertible Notes had been roughly $90.8 million, after adjusting for $15.1 million of capped name prices, $4.1 million of underwriting prices, and different providing bills. Of those proceeds, $20.0 million was used to retire half of the excellent $40.0 million 9.75% senior secured credit score facility.
Money equivalents and restricted money as of March 13, 2025, was $62.2 million, in comparison with $17.5 million as of December 31, 2024.
As of March 13, 2025 whole debt was $130 million, reflecting the issuance of convertible notes, in comparison with $40 million at year-end 2024.
McEwen Mining holds a diversified portfolio of six royalties, together with:
- 1.25% NSR on McEwen Copper’s Los Azules property in San Juan, Argentina
- 1.25% NSR on McEwen Copper’s Elder Creek property in Nevada, USA
- 2.0% NSR on 20 particular person exploration licenses close to Newmont’s Cerro Negro Mine and our collectively operated San José Mine in Santa Cruz, Argentina
- 0.5% NSR on NevGold Corp’s Limo Butte property in Nevada, USA
- 1.0-2.0% NSR NevGold Corp’s Cedar Wash property in Nevada, USA
- 0.89% NSR (capped at $1.1M) on Fireweed Metals’ Jason property in Yukon, Canada
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Our investments in promising growth and exploration firms embrace:
- 15,234,667 shares, representing 46.4% of McEwen Copper, with an implied worth of $457 million based mostly on McEwen Copper’s final financing worth, and representing a worth of $8.47 behind each McEwen Mining share.
- 10,000,000 shares, representing 5.4% of lnventus Mining Corp.
- 5,181,347 shares, representing 3.7% of Goliath Sources Restricted
- 11,764,705 shares, representing 5.9% of Canadian Gold Corp. (closing pending)
- 4,401,955 shares, representing 4.7% of NevGold Corp.
Exploration: Extending Mine Life
Exploration at Fox Advanced
In 2024, $8.1 million was invested in exploration and, as of December 31st, the Gray Fox deposit’s estimated Indicated contained gold useful resource was elevated by 32% to 1,538,000 ounces and the estimated Inferred gold useful resource was elevated by 95% to 458,000 ounces.
The enlargement of mineral assets at Gray Fox is attributable to exploration actions carried out all year long and an adjustment within the gold worth utilized in calculations.
On February 27, 2025, we introduced the outcomes from 2024 and early-2025 drilling at Gray Fox increasing the Gibson Zone. Together with the invention of a number of gold lenses, drill assays returned good grades and widths, reminiscent of in gap 24GF-1520, with 17.7 g/t gold (Au) over 8.0 m.
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The 2025 exploration price range for the Fox Advanced is $9.7 million and can embrace 68,500 meters of diamond drilling.
Exploration at Gold Bar Mine
In 2024, $7.2 million was invested in exploration that centered on near-term manufacturing targets on the Gold Bar properties. As well as, exploration began in This autumn at our newly acquired Timberline properties, with an funding of $1.2 million.
Final yr’s exploration drilling program prolonged the anticipated lifetime of the Gold Bar mine to 2029 and recognized a number of near-surface targets. The 2025 exploration price range for Gold Bar is an analogous quantity to 2024.
On March 3rd, 2025, we introduced preliminary exploration outcomes from our Timberline-Eureka properties, which demonstrated the continuity of oxide gold mineralization alongside a 1.6-km-long (1 mile) part of the Windfall fault zone. Drilling additionally encountered mineralization extending under the bottoms of the historic pits. One of many higher intercepts was from gap WF006, which returned 2.85 g/t Au over 33.5 m from 64.0 m.
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To view that press launch click on https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2025/McEwen-Mining-Highlights-from-2024-Drilling-at-the-Not too long ago-Acquired-Timberline-Property-Assay-Highlights.
Extra drilling at Windfall is deliberate for 2025.
Particular person Mine Efficiency and Development Plans (See
Desk 1)
Gold Bar, Nevada, USA
Gold Bar Efficiency
Gold Bar Mine efficiently delivered 44,581 GEOs in 2024, aligning with our manufacturing and value steering, regardless of a deliberate 65% manufacturing lower in This autumn attributable to mine sequencing changes. The deliberate discount was pushed by the completion of mining on the Gold Bar South deposit, coupled with the graduation of the pre-stripping actions on the Choose deposit.
Throughout 2025, manufacturing prices per GEO shall be greater in H1 because of the persevering with stripping part on the Choose deposit. Nevertheless, as gold manufacturing is anticipated to extend steadily via the stability of the yr, prices per GEO are anticipated to say no. For 2025, steering is 40,000 to 45,000 GEOs at a money price per GEO offered(1) of $1,500 to $1,700 and an AISC per GEO offered(1) of $1,700 to $1,900, some 6-7% greater than 2024.
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Gold Bar Development Potential
Exploration drilling is ongoing on the Timberline-Eureka properties (Windfall Canyon and Lookout Mountain), which had been acquired via the Timberline Sources acquisition in August 2024. In This autumn 2024, we initiated preliminary information gathering to help the allowing course of for these properties. With manufacturing deliberate at Windfall Canyon in 2028 and Lookout Mountain in 2030, the Gold Bar Advanced is positioned for continued manufacturing development, extending mine life past the present 2029 estimate.
Moreover, ongoing exploration on the present Gold Bar operations additionally has the potential to additional prolong mine life. These efforts might set the stage for elevated manufacturing via concurrent operations at each the Gold Bar and the Eureka properties.
Fox Advanced, Timmins, Canada
Fox Advanced Efficiency
A stope failure in Q2 plus workforce constraints that delayed stope growth and availability resulted in Fox lacking steering for gold manufacturing and unit prices. Manufacturing in 2024 was 30,151 GEOs, 25% under steering and money price per GEO offered(1) and AISC per GEO offered(1) had been greater than steering by 24% and 28% respectively. A few of the stopes initially scheduled for mining in 2024 have been deferred to 2025 and steering for the yr is 30,000 to 35,000 GEOs at money price per GEO offered(1) of $1,600 to $1,800 and an improved AISC per GEO offered(1) of $1,700 to $1,900.
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Throughout 2025, the event of underground ramp entry from the portal to the Inventory orebodies shall be a serious focus. Inventory will turn into the first supply of feed in 2026, following the completion of mining from the Froome and Black Fox deposits. The capital expenditures for the portal and ramp growth are totally funded by the $11.3 million (CAD$16.4 million) flow-through financing, accomplished in June 2024, along with the $60.0 million allotted from the convertible notes financing secured in February 2025.
Fox Advanced Development Potential
Preliminary mine plans, capital infrastructure necessities, and allowing timelines are underneath evaluation on the Fox Advanced to help a doubling of gold manufacturing to 60,000 ounces in 2027 and a potential four- to fivefold improve to between 120,000 and 150,000 ounces in 2030, topic to well timed allow approval. This enlargement will embrace the beginning of mining on the Gray Fox property and the Fuller deposit, alongside continued manufacturing on the Inventory operation. The development on the Fox Advanced is a direct results of the numerous ongoing funding in exploration.
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San José, Santa Cruz, Argentina (4)
San José Efficiency
McEwen Mining has a 49%, non-operator curiosity within the San José mine. On a 100% foundation, the mine produced 122,653 GEOs in 2024, which was inside steering. Nevertheless, money price per GEO offered(1) and AISC per GEO offered(1) had been greater than steering by 16% and 26% respectively, primarily attributable to decreases within the head grades of gold and silver processed of 10% and 6%, respectively.
San José Development Potential
The development and set up of a brand new vertical mill was accomplished in mid-December 2024, increasing plant capability from 1,720 to 2,000 tonnes per day. Consequently, attributable 2025 manufacturing for our 49% curiosity is anticipated to be between 50,000 to 60,000 GEOs at a money price per GEO offered of $1,600 to $1,800 and a diminished AISC per GEO offered of $1,900 to $2,100.
Desk 1: Manufacturing & Prices per GEO Bought for Full Years 2023 & 2024, and 2024 & 2025 Steering:
| Full 12 months | Full 12 months 2024 Steering Vary |
Full 12 months 2025 Steering Vary |
||
| 2023 | 2024 | |||
| Consolidated Manufacturing | ||||
| GEOs(2)(3) | 154,587 | 135,884 | 130,000-145,000 | 120,000-140,000 |
| Gold Bar Mine, Nevada | ||||
| GEOs(2) | 43,678 | 44,581 | 40,000-43,000 | 40,000-45,000 |
| Money Prices/GEO(1) | $1,565 | $1,425 | $1,450-1,550 | $1,500-$1,700 |
| AISC/GEO(1) | $1,891 | $1,677 | $1,650-1,750 | $1,700-$1,900 |
| Fox Advanced, Canada | ||||
| GEOs(2) | 44,439 | 30,151 | 40,000-42,000 | 30,000-35,000 |
| Money Prices/GEO(1) | $1,157 | $1,642 | $1,225-1,325 | $1,600-$1,800 |
| AISC/GEO(1) | $1,351 | $1,980 | $1,450-1,550 | $1,700-$1,900 |
| San José Mine, Argentina (49%)(4) | ||||
| GEOs(2) | 65,673 | 60,100 | 50,000-60,000 | 50,000-60,000 |
| Money Prices/GEO(1) | $1,413 | $1,742 | $1,300-1,500 | $1,600-$1,800 |
| AISC/GEO(1) | $1,840 | $2,139 | $1,500-1,700 | $1,900-$2,100 |
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Notes:
- Adjusted EBITDA, money prices per ounce and all-in sustaining prices (AISC) per ounce are non-GAAP monetary efficiency measures with no standardized definition underneath U.S. GAAP. For definition and reconciliation of the non-GAAP measures see “Non-GAAP Monetary Measures” part on this press launch under.
- ‘Gold Equal Ounces’ are calculated based mostly on a gold to silver worth ratio of 85:1 for 2024, 83:1 for 2023. 2024 and 2025 manufacturing steering are calculated based mostly on 85:1 gold to silver worth ratio.
- El Gallo contributed 797 GEOs of manufacturing in 2023 and 1,052 GEOs of manufacturing in 2024.
- Please consult with the “Reliability of Info Relating to San José” part on this press launch.
Actions
in
2024
In June, McEwen Mining accomplished a flow-through share issuance, at a 19% premium over our share worth, for gross proceeds of $21.9 million. The proceeds are getting used on the Fox Advanced for exploration drilling and ramp growth on the Inventory property.
In August, the Firm accomplished its acquisition of Timberline Sources Company. This transaction creates synergies with our present Gold Bar mine operations and gives near-term growth potential.
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In June and October, McEwen Copper accomplished two tranches of a non-public placement providing at a subscription worth of $30 per share, elevating $56
million, which included investments of $35 million from Nuton LLC, a Rio Tinto enterprise, $14 million from McEwen Mining, $5 million from Rob McEwen, and $2 million from two different buyers. In consequence, McEwen Mining’s possession in McEwen Copper turned 46.4%.
McEwen Copper holds a 100% curiosity within the Los Azules copper venture in San Juan, Argentina, and the Elder Creek exploration venture in Nevada, USA. The final financing tranches accomplished by McEwen Copper gave it an implied market worth of $984 million. McEwen Mining’s 46.4% possession in McEwen Copper alone represents a worth of $8.47 behind each MUX share.
Subsequent
Occasions
in
2025
In January, McEwen Mining amended its Third Amended and Restated Credit score Settlement (the “Modification”) to increase the credit score facility maturity date from August 31, 2026 to August 31, 2028, and prolonged the graduation date for month-to-month necessary repayments of drawn principal from January 31, 2025 to January 31, 2027. The Modification requires the Firm to difficulty widespread shares to the lender, representing 2% of the excellent principal as of March 31, 2025. Moreover, on February 21, the Firm repaid $20.0
million of the 9.75% secured debt, decreasing the principal to half underneath this credit score settlement.
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In March, McEwen Mining closed a $6.93 million (CAD$10 million) funding in Goliath Sources Restricted, an exploration-stage firm with an thrilling gold discovery within the Golden Triangle area of British Columbia. McEwen Mining acquired roughly 5.4% of Goliath on {a partially} diluted foundation.
Additionally in March, McEwen Mining introduced its intention to make a $1.39
million (CAD$2 million) funding in Canadian Gold Corp., a complicated exploration-stage firm with a promising brownfield asset close to Flin Flon in Manitoba. Upon closing, McEwen Mining will personal roughly 7.1% of Canadian Gold Corp on {a partially} diluted foundation.
McEwen
Copper
McEwen Copper Progress and Key Developments
In 2024, McEwen Copper invested $114.5 million in exploration expenditures on the Los Azules copper venture in Argentina. These funds primarily supported key actions required for finishing our deliberate feasibility research, together with an intensive drilling program together with the event of geological and hydrological fashions.
Together with quantities spent by Minera Andes Inc. earlier than 2012, and McEwen Mining earlier than 2021, over $380 million has been invested in advancing the Los Azules venture.
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In February, McEwen Copper, via its wholly owned subsidiary, Andes Corporacion Minera S.A., utilized for admission of the Los Azules venture to Argentina’s Regime of Incentives for Massive Investments (“RIGI”) program. If profitable, the RIGI is anticipated to offer vital fiscal and regulatory advantages, together with tax reductions, export obligation exemptions, and a 30-year tax stability assure.
In December, McEwen Copper obtained approval for the Environmental Impression Evaluation (“EIA”), the important thing environmental allow for establishing and working the Los Azules copper venture. This represents a serious milestone towards feasibility and future growth. Submitted in April 2023, the EIA underwent a rigorous analysis by the San Juan Provincial Authorities’s Ministry of Mines and 14 different establishments.
McEwen Copper Development Potential
Following the EIA approval, Los Azules is advancing towards a definitive feasibility research, with development doubtlessly beginning in late 2026. This could place McEwen Copper as a pacesetter in sustainable mining and a key financial driver within the San Juan province.
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Environmental,
Social,
and
Governance
McEwen Mining is dedicated to industry-leading sustainability practices that drive accountable mining, scale back environmental influence, and create long-term advantages for native communities. Our Environmental, Social and Governance (ESG) technique aligns with international greatest practices, together with the International Reporting Initiative (GRI) framework. Our mission is to function safely and respectfully towards our stakeholders, as we try for steady enchancment all through the accountable and sustainable growth of our mining initiatives. Our ESG highlights from 2021 to 2024 embrace:
Well being
and
Security
For 2024, at our 100% owned Fox Advanced and Gold Bar operations:
- We reported a Complete Recordable Harm Frequency Price (TRIFR) of 1.30 for Fox Advanced and 1.08 for Gold Bar.
- We continued to take care of a Misplaced Time Harm Frequency Price (LTIFR) of 0, according to 2022 and 2023, reflecting our sturdy security efficiency.
Gold Bar security document is superb, with 5 years with no Misplaced Time Harm (LTI), and the Fox Advanced is catching up, with 3.5 years with out an LTI.
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Setting
At our 100% owned Fox Advanced and Gold Bar operations:
- We reported zero vital environmental incidents and nil reportable spills in 2022, 2023 and 2024.
- Water recycling charges at our 100%-owned operations have improved dramatically from 2021 to 2024, rising from 24% in 2021, to over
90% in each 2023 and 2024. - Our water consumption in 2024 decreased from 2023, by 38% on the Fox Advanced (from 1,423,000 m3 to 884,000 m3), and by 21% on the Gold Bar Mine (from 206,000 m3 to 163,000 m3).
- Throughout 2024, we revised our Operations, Upkeep and Surveillance handbook for tailings dealing with, in keeping with our insurance policies. Our annual dam security inspection on the Fox Advanced was accomplished in late 2024 with no vital findings.
Administration
Convention
Name
Administration will focus on our This autumn and year-end 2024 monetary outcomes and venture developments and observe with a question-and-answer session. Questions will be requested immediately by individuals over the cellphone in the course of the webcast.
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An archived replay of the webcast shall be accessible roughly 2 hours after the conclusion of the dwell occasion. Entry the replay on the Firm’s media web page at https://www.mcewenmining.com/media.
NON-GAAP FINANCIAL PERFORMANCE MEASURES
We’ve included on this report sure non-GAAP efficiency measures as detailed under. Within the gold mining {industry}, these are widespread efficiency measures however wouldn’t have any standardized that means and are thought-about non-GAAP measures. We use these measures to guage our enterprise on an ongoing foundation and imagine that, along with typical measures ready in accordance with GAAP, sure buyers use such non-GAAP measures to guage our efficiency and talent to generate money move. We additionally report these measures to offer buyers and analysts with helpful details about our underlying prices of operations and readability over our skill to finance operations. Accordingly, they’re meant to offer extra info and shouldn’t be thought-about in isolation or as an alternative to measures of efficiency ready in accordance with GAAP. There are limitations related to the usage of such non-GAAP measures. We compensate for these limitations by relying totally on our US GAAP outcomes and utilizing the non-GAAP measures supplementally.
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The non-GAAP measures are introduced for our wholly owned mines and our curiosity within the San José mine. The quantities within the reconciliation tables labeled “49% foundation” had been derived by making use of to every monetary assertion line merchandise the possession share curiosity used to reach at our share of internet earnings or loss in the course of the interval when making use of the fairness technique of accounting. We don’t management the curiosity in or operations of MSC and the displays of belongings and liabilities and revenues and bills of MSC don’t characterize our authorized declare to such objects. The amount of money we obtain relies upon particular provisions of the Choice and Joint Enterprise Settlement (“OJVA”) and varies relying on components together with the profitability of the operations.
The presentation of those measures, together with the minority curiosity within the San José, has limitations as an analytical instrument. A few of these limitations embrace:
- The quantities proven on the person line objects had been derived by making use of our general financial possession curiosity share decided when making use of the fairness technique of accounting and don’t characterize our authorized declare to the belongings and liabilities, or the revenues and bills; and
- Different firms in our {industry} might calculate their money price per ounce and all-in sustaining prices in another way than we do, limiting the usefulness as a comparative measure.
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Money Prices and All-In Sustaining Prices
The phrases money prices, money price per ounce, all-in sustaining prices (“AISC”), and all-in sustaining price per ounce used on this report are non-GAAP monetary measures. We report these measures to offer extra info relating to operational efficiencies on a person mine foundation, and imagine these measures present buyers and analysts with helpful details about our underlying prices of operations.
Money prices include mining, processing, on-site normal and administrative bills, group and allowing prices associated to present operations, royalty prices, refining and remedy costs (for each doré and focus merchandise), gross sales prices, export taxes and operational stripping prices, however exclude depreciation and amortization (non-cash objects). The sum of those prices is split by the corresponding gold equal ounces offered to find out a per ounce quantity.
All-in sustaining prices consist of money prices (as described above), plus accretion of retirement obligations and amortization of the asset retirement prices associated to working websites, environmental rehabilitation prices for mines with no reserves, sustaining exploration and growth prices, sustaining capital expenditures and sustaining lease funds. Our all-in sustaining prices exclude the allocation of company normal and administrative prices. The next is extra info relating to our all-in sustaining prices:
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- Sustaining working prices characterize expenditures incurred at present operations which can be thought-about vital to take care of present annual manufacturing on the mine website and embrace mine growth prices and ongoing alternative of mine gear and different capital services. Sustaining capital prices don’t embrace prices of increasing the venture that might end in improved productiveness of the prevailing asset, elevated present capability or prolonged helpful life.
- Sustaining exploration and growth prices embrace expenditures incurred to maintain present operations and to switch reserves and/or assets extracted as a part of the continuing manufacturing. Exploration exercise carried out near-mine (brownfield) or new exploration initiatives (greenfield) are categorised as non-sustaining.
The sum of all-in sustaining prices is split by the corresponding gold equal ounces offered to find out a per ounce quantity.
Prices excluded from money prices and all-in sustaining prices, along with depreciation and depletion, are earnings and mining tax bills, all company financing costs, prices associated to enterprise mixtures, asset acquisitions and asset disposal, and any objects which can be deducted for the aim of normalizing objects.
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The next tables reconcile these non-GAAP measures to probably the most immediately comparable GAAP measure, manufacturing prices relevant to gross sales.
| Three months ended December 31, 2024 | 12 months ended December 31, 2024 | |||||||||||||||||
| Gold Bar | Fox Advanced | Complete | Gold Bar | Fox Advanced | Complete | |||||||||||||
| (in hundreds, besides per ounce) | (in hundreds, besides per ounce) | |||||||||||||||||
| Manufacturing prices relevant to gross sales (100% owned) | $ | 14,032 | $ | 12,423 | $ | 26,455 | $ | 63,547 | $ | 49,766 | $ | 113,313 | ||||||
| In‑mine exploration | 149 | — | 149 | 796 | — | 796 | ||||||||||||
| Capitalized mine growth (sustaining) | 2,617 | 2,361 | 4,978 | 7,863 | 9,955 | 17,818 | ||||||||||||
| Capital expenditures on plant and gear (sustaining) | 1,407 | — | 1,407 | 2,491 | — | 2,491 | ||||||||||||
| Sustaining leases | 14 | 68 | 82 | 84 | 273 | 357 | ||||||||||||
| All‑in sustaining prices | $ | 18,219 | $ | 14,852 | $ | 33,071 | $ | 74,781 | $ | 59,994 | $ | 134,775 | ||||||
| Ounces offered, together with stream (GEO) | 6.6 | 6.6 | 13.2 | 44.6 | 30.3 | 74.9 | ||||||||||||
| Money price per ounce offered ($/GEO) | $ | 2,136 | $ | 1,874 | $ | 2,004 | $ | 1,425 | $ | 1,642 | $ | 1,513 | ||||||
| AISC per ounce offered ($/GEO) | $ | 2,773 | $ | 2,240 | $ | 2,505 | $ | 1,677 | $ | 1,980 | $ | 1,799 | ||||||
| Three months ended December 31, 2023 | 12 months ended December 31, 2023 | |||||||||||||||||||||||||||||||
| Gold Bar | Fox Advanced | Complete | Gold Bar | Fox Advanced | Complete | |||||||||||||||||||||||||||
| (in hundreds, besides per ounce) | (in hundreds, besides per ounce) | |||||||||||||||||||||||||||||||
| Manufacturing prices relevant to gross sales (100% owned) | $ | 25,889 | $ | 13,298 | $ | 39,187 | $ | 67,335 | $ | 51,895 | $ | 119,230 | ||||||||||||||||||||
| In‑mine exploration | 1,705 | — | 1,705 | 4,759 | — | 4,759 | ||||||||||||||||||||||||||
| Capitalized underground mine growth (sustaining) | — | 2,119 | 2,119 | — | 8,046 | 8,046 | ||||||||||||||||||||||||||
| Capital expenditures on plant and gear (sustaining) | 1,374 | — | 1,374 | 9,028 | — | 9,028 | ||||||||||||||||||||||||||
| Sustaining leases | 11 | 153 | 164 | 248 | 676 | 923 | ||||||||||||||||||||||||||
| All‑in sustaining prices | $ | 28,979 | $ | 15,570 | $ | 44,549 | $ | 81,370 | $ | 60,617 | $ | 141,986 | ||||||||||||||||||||
| Ounces offered, together with stream (GEO) | 19.2 | 10.6 | 29.9 | 43.0 | 44.9 | 87.9 | ||||||||||||||||||||||||||
| Money price per ounce offered ($/GEO) | $ | 1,345 | $ | 1,253 | $ | 1,313 | $ | 1,565 | $ | 1,157 | $ | 1,356 | ||||||||||||||||||||
| AISC per ounce offered ($/GEO) | $ | 1,506 | $ | 1,467 | $ | 1,492 | $ | 1,891 | $ | 1,351 | $ | 1,615 | ||||||||||||||||||||
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| Three months ended December 31, 2022 | 12 months ended December 31, 2022 | |||||||||||||||||||||||||||||||
| Gold Bar | Fox Advanced | Complete | Gold Bar | Fox Advanced | Complete | |||||||||||||||||||||||||||
| (in hundreds, besides per ounce) | (in hundreds, besides per ounce) | |||||||||||||||||||||||||||||||
| Manufacturing prices relevant to gross sales (100% owned) | $ | 8,666 | $ | 10,742 | $ | 19,408 | $ | 43,500 | $ | 36,845 | $ | 80,345 | ||||||||||||||||||||
| In‑mine exploration | 505 | — | 505 | 3,335 | — | 3,335 | ||||||||||||||||||||||||||
| Capitalized underground mine growth (sustaining) | — | 4,317 | 4,317 | — | 15,448 | 15,448 | ||||||||||||||||||||||||||
| Capital expenditures on plant and gear (sustaining) | 1,576 | — | 1,576 | 3,084 | — | 3,084 | ||||||||||||||||||||||||||
| Sustaining leases | 191 | 110 | 301 | 1,754 | 619 | 2,373 | ||||||||||||||||||||||||||
| All‑in sustaining prices | $ | 10,938 | $ | 15,169 | $ | 26,107 | $ | 51,673 | $ | 52,912 | $ | 104,585 | ||||||||||||||||||||
| Ounces offered, together with stream (Au Eq. oz) | 8.0 | 9.4 | 17.4 | 26.8 | 36.1 | 62.9 | ||||||||||||||||||||||||||
| Money price per ounce ($/Au Eq. ozsold) | $ | 1,083 | $ | 1,137 | $ | 1,112 | $ | 1,622 | $ | 1,020 | $ | 1,276 | ||||||||||||||||||||
| AISC per ounce ($/Au Eq. ozsold) | $ | 1,367 | $ | 1,606 | $ | 1,496 | $ | 1,927 | $ | 1,465 | $ | 1,662 | ||||||||||||||||||||
| Three months ended December 31, | 12 months ended December 31, | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||||
| San José mine money prices (100% foundation) | (in hundreds, besides per ounce) | |||||||||||||||||||
| Manufacturing prices relevant to gross sales | $ | 60,929 | $ | 45,800 | $ | 215,065 | $ | 177,234 | $ | 182,195 | ||||||||||
| Web site exploration bills | 303 | 1,831 | 5,229 | 9,167 | 8,946 | |||||||||||||||
| Capitalized underground mine growth (sustaining) | 8,079 | 10,379 | 29,504 | 38,318 | 37,959 | |||||||||||||||
| Much less: Depreciation | (696 | ) | (768 | ) | (2,732 | ) | (2,930 | ) | (1,990 | ) | ||||||||||
| Capital expenditures (sustaining) | 7,316 | 2,106 | 16,990 | 9,224 | 11,636 | |||||||||||||||
| All‑in sustaining prices | $ | 75,931 | $ | 59,348 | $ | 264,056 | $ | 231,013 | $ | 238,746 | ||||||||||
| Ounces offered (GEO) | 37.3 | 39.7 | 123.5 | 127.3 | 139.5 | |||||||||||||||
| Money price per ounce offered ($/GEO) | $ | 1,635 | $ | 1,155 | $ | 1,742 | $ | 1,393 | 1,306 | |||||||||||
| AISC per ounce offered ($/GEO) | $ | 2,038 | $ | 1,497 | $ | 2,139 | $ | 1,815 | 1,711 | |||||||||||
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Adjusted EBITDA and Adjusted EBITDA per Share
Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP monetary measure and doesn’t have any standardized that means. We use adjusted EBITDA to guage our working efficiency and talent to generate money move from our wholly owned operations in manufacturing; we disclose this metric as we imagine this measure offers useful help to buyers and analysts in evaluating our skill to finance our valuable metallic operations and capital actions individually from our copper exploration operations. Essentially the most immediately comparable measure ready in accordance with GAAP is internet loss earlier than earnings and mining taxes. Adjusted EBITDA is calculated by including again McEwen Copper’s earnings or loss impacts on our consolidated earnings or loss earlier than earnings and mining taxes.
The next desk presents a reconciliation of adjusted EBITDA:
| Three months ended December 31, | 12 months ended December 31, | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||||
| (in hundreds) | (in hundreds) | |||||||||||||||||||
| (Loss) earnings earlier than earnings and mining taxes | $ | (7,161 | ) | $ | 156,865 | $ | (46,739 | ) | $ | 67,036 | $ | (80,288 | ) | |||||||
| Much less: | ||||||||||||||||||||
| Depreciation and depletion | 6,854 | 6,073 | 30,863 | 30,359 | 20,434 | |||||||||||||||
| Loss from funding in McEwen Copper Inc. | 10,297 | 57,821 | 46,977 | 57,821 | — | |||||||||||||||
| Dilution acquire from investments in McEwen Copper Inc. | (5,777 | ) | — | (5,777 | ) | — | — | |||||||||||||
| Acquire on deconsolidation of McEwen Copper Inc. | — | (222,157 | ) | — | (222,157 | ) | — | |||||||||||||
| Superior Initiatives – McEwen Copper Inc. | — | — | — | 76,345 | 61,148 | |||||||||||||||
| Basic, curiosity and different – McEwen Copper Inc. | — | (4,451 | ) | — | (7,484 | ) | (13,268 | ) | ||||||||||||
| Curiosity expense | 983 | 982 | 3,911 | 5,749 | 5,488 | |||||||||||||||
| Adjusted EBITDA | $ | 5,196 | $ | (4,867 | ) | $ | 29,235 | $ | 7,669 | $ | (6,486 | ) | ||||||||
| Weighted common shares excellent (hundreds) | 52,926 | 47,844 | 51,021 | 47,544 | 47,427 | |||||||||||||||
| Adjusted EBITDA per share | $ | 0.10 | $ | (0.10 | ) | $ | 0.57 | $ | 0.16 | $ | (0.14 | ) | ||||||||
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Technical Info
The technical content material of this information launch associated to monetary outcomes, mining and growth initiatives has been reviewed and authorized by William (Invoice) Shaver, P.Eng., COO of McEwen Mining and a Certified Individual as outlined by SEC S-Okay 1300 and the Canadian Securities Directors Nationwide Instrument 43-101 “Requirements of Disclosure for Mineral Initiatives.”
Reliability of Info Relating to San José
The Firm accounts for its funding in Minera Santa Cruz S.A., the proprietor of the San José Mine, utilizing the fairness technique. The Firm depends on the administration of MSC to offer correct monetary info ready in accordance with GAAP. Whereas the Firm shouldn’t be conscious of any errors or potential misstatements of the monetary info supplied by MSC, MSC is chargeable for and has provided to the Firm all reported outcomes from the San José Mine, and such outcomes are unaudited as of the date of this launch. McEwen Mining’s three way partnership associate, a subsidiary of Hochschild Mining plc, and its associates aside from MSC don’t settle for duty for the usage of venture information or the adequacy or accuracy of this launch.
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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This information launch incorporates sure forward-looking statements and data, together with “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Act of 1995. The forward-looking statements and data expressed, as on the date of this information launch, McEwen Mining Inc.’s (the “Firm”) estimates, forecasts, projections, expectations or beliefs as to future occasions and outcomes. Ahead-looking statements and data are essentially based mostly upon quite a lot of estimates and assumptions that, whereas thought-about cheap by administration, are inherently topic to vital enterprise, financial and aggressive uncertainties, dangers and contingencies, and there will be no assurance that such statements and data will show to be correct. Subsequently, precise outcomes and future occasions might differ materially from these anticipated in such statements and data. Dangers and uncertainties that would trigger outcomes or future occasions to vary materially from present expectations expressed or implied by the forward-looking statements and data embrace, however usually are not restricted to, fluctuations out there worth of valuable metals, mining {industry} dangers, political, financial, social and safety dangers related to international operations, the flexibility of the Firm to obtain or obtain in a well timed method permits or different approvals required in reference to operations, dangers related to the development of mining operations and graduation of manufacturing and the projected prices thereof, dangers associated to litigation, the state of the capital markets, environmental dangers and hazards, uncertainty as to calculation of mineral assets and reserves, international change volatility, international change controls, international foreign money danger, and different dangers. Readers mustn’t place undue reliance on forward-looking statements or info included herein, which communicate solely as of the date hereof. The Firm undertakes no obligation to reissue or replace forward-looking statements or info because of new info or occasions after the date hereof besides as could also be required by legislation. See McEwen Mining’s Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2024, and different filings with the Securities and Trade Fee, underneath the caption “Danger Components”, for added info on dangers, uncertainties and different components referring to the forward-looking statements and data relating to the Firm. All forward-looking statements and data made on this information launch are certified by this cautionary assertion.
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The NYSE and TSX haven’t reviewed and don’t settle for duty for the adequacy or accuracy of the contents of this information launch, which has been ready by the administration of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining Inc. is a gold and silver producer with operations in Nevada (USA), Canada, Mexico, and Argentina. The corporate additionally owns 46.4% of McEwen Copper, which develops the massive, advanced-stage Los Azules copper venture. Los Azules goals to turn into Argentina’s first regenerative copper mine and is dedicated to reaching carbon neutrality by 2038.
Targeted on enhancing productiveness and lengthening the lifetime of its belongings, the Firm’s objective is to extend its share worth and supply investor yield. Rob McEwen, Chairman and Chief Proprietor, has a private funding within the firms of US$205 Million. His annual wage is US$1.
McEwen Mining’s shares are publicly traded on the New York Inventory Trade (NYSE) and the Toronto Inventory Trade (TSX) underneath the image “MUX”.
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