McEwen Mining: 2024 Production Within Guidance; 2025 Guidance: Stable Production and Cost/Oz
McEwen Mining (NYSE: MUX) reported full-year 2024 consolidated production of 135,900 gold equivalent ounces (GEOs), meeting their guidance range. Individual mine performances included Gold Bar with 44,600 GEOs and San Jose with 60,100 GEOs, both exceeding guidance targets. However, Fox Complex produced 30,150 GEOs, falling below guidance due to a stope failure in early 2024.
For 2025, MUX projects consolidated production between 120,000 and 140,000 GEOs. The lower range reflects the planned transition at Fox Complex from Froome mine to Stock mine in late 2025, with commercial production from Stock expected in early 2026. Gold Bar's production in 2025 will be weighted toward the second half due to scheduled waste stripping in the Pick pit, which should improve future ore availability and increase gold production through 2026.
McEwen Mining (NYSE: MUX) ha riportato una produzione consolidata per l'intero anno 2024 di 135.900 once d'oro equivalente (GEO), rispettando il loro intervallo di previsione. Le performance dei singoli giacimenti hanno incluso Gold Bar con 44.600 GEO e San Jose con 60.100 GEO, entrambi superando gli obiettivi previsti. Tuttavia, il Fox Complex ha prodotto 30.150 GEO, scendendo al di sotto delle previsioni a causa di un cedimento nel giacimento all'inizio del 2024.
Per il 2025, MUX prevede una produzione consolidata tra 120.000 e 140.000 GEO. L'intervallo più basso riflette la transizione pianificata al Fox Complex, dal giacimento Froome a quello Stock, alla fine del 2025, con la produzione commerciale da Stock prevista per l'inizio del 2026. La produzione di Gold Bar nel 2025 sarà concentrata nella seconda metà dell'anno a causa di lavori di scavo programmati nella miniera Pick, che dovrebbero migliorare la disponibilità future di minerale e aumentare la produzione d'oro fino al 2026.
McEwen Mining (NYSE: MUX) reportó una producción consolidada para el año completo 2024 de 135,900 onzas equivalentes de oro (GEO), cumpliendo con su rango de guía. El rendimiento individual de las minas incluyó Gold Bar con 44,600 GEO y San José con 60,100 GEO, ambos superando los objetivos de guía. Sin embargo, el complejo Fox produjo 30,150 GEO, por debajo de la guía debido a un fallo en el tajo a principios de 2024.
Para 2025, MUX proyecta una producción consolidada entre 120,000 y 140,000 GEO. El rango inferior refleja la transición planificada en el complejo Fox de la mina Froome a la mina Stock a finales de 2025, con la producción comercial de Stock esperada para principios de 2026. La producción de Gold Bar en 2025 estará más concentrada en la segunda mitad del año debido a la programación de extracción de desechos en la mina Pick, lo que debería mejorar la disponibilidad futura de mineral y aumentar la producción de oro hasta 2026.
맥에우엔 마이닝(McEwen Mining) (NYSE: MUX)은 2024년 전체 연도 동안 135,900 금속 등가 온스(GEO)의 통합 생산량을 보고했으며, 이는 그들의 가이던스 범위에 부합하는 수치입니다. 개별 광산의 성과는 Gold Bar에서 44,600 GEO, San Jose에서 60,100 GEO로, 둘 다 가이던스 목표를 초과했습니다. 그러나 Fox Complex는 30,150 GEO를 생산했으며, 2024년 초의 스톱 실패로 인해 가이던스에 미치지 못했습니다.
2025년에 대해 MUX는 통합 생산량을 120,000에서 140,000 GEO 사이로 예상하고 있습니다. 하한 범위는 2025년 말에 Fox Complex의 Froome 광산에서 Stock 광산으로의 계획된 전환을 반영하며, Stock에서의 상업 생산은 2026년 초에 기대됩니다. Gold Bar의 2025년 생산은 Pick pit에서의 예정된 허비 제거 작업으로 인해 하반기에 집중될 것이며, 이는 향후 광석 가용성을 향상시키고 2026년까지 금 생산을 증가시킬 것입니다.
McEwen Mining (NYSE: MUX) a annoncé une production consolidée pour l'année complète 2024 de 135 900 onces d'équivalent or (GEO), respectant son intervalle de prévision. Les performances individuelles des mines comprenaient Gold Bar avec 44 600 GEO et San José avec 60 100 GEO, les deux dépassant les objectifs fixés. Cependant, le complexe Fox a produit 30 150 GEO, en dessous des prévisions en raison d'un éboulement dans la mine au début de 2024.
Pour 2025, MUX projette une production consolidée entre 120 000 et 140 000 GEO. La plage inférieure reflète la transition prévue au complexe Fox, de la mine Froome à la mine Stock fin 2025, avec une production commerciale de Stock prévue pour début 2026. La production de Gold Bar en 2025 sera davantage concentrée sur la seconde moitié de l'année en raison des travaux de déblaiement programmés dans la mine Pick, ce qui devrait améliorer la disponibilité future du minerai et augmenter la production d'or jusqu'en 2026.
McEwen Mining (NYSE: MUX) meldete eine konsolidierte Produktion für das gesamte Jahr 2024 von 135.900 Goldäquivalent-Unzen (GEO), die ihren Richtwerten entspricht. Die Leistungen der einzelnen Minen umfassten Gold Bar mit 44.600 GEO und San Jose mit 60.100 GEO, die beide die Zielvorgaben übertrafen. Das Fox Complex produzierte jedoch 30.150 GEO und fiel aufgrund eines Stoppverlusts zu Beginn des Jahres 2024 unter die Richtwerte.
Für 2025 plant MUX eine konsolidierte Produktion zwischen 120.000 und 140.000 GEO. Der untere Bereich spiegelt den geplanten Übergang im Fox Complex von der Froome-Mine zur Stock-Mine Ende 2025 wider, wobei die kommerzielle Produktion von Stock für Anfang 2026 erwartet wird. Die Produktion von Gold Bar im Jahr 2025 wird aufgrund geplanter Abraumarbeiten in der Pick-Grube auf die zweite Jahreshälfte fokussiert sein, was die zukünftige Erzverfügbarkeit verbessern und die Goldproduktion bis 2026 steigern sollte.
- 2024 consolidated production of 135,900 GEOs met guidance targets
- Gold Bar and San Jose mines exceeded production guidance in 2024
- US$22.0 million flow-through financing secured for Stock project development
- Fox Complex missed 2024 production guidance due to stope failure
- Stock mine commercial production delayed to early 2026 due to permitting delays
- Lower production expected in H1 2025 at Gold Bar due to waste stripping requirements
Insights
McEwen Mining's operational performance presents a complex picture for investors. The company achieved 135,900 GEOs in 2024, meeting guidance despite challenges at the Fox Complex. The standout performers were Gold Bar and San Jose mines, delivering 44,600 and 60,100 GEOs respectively, exceeding their guidance ranges.
The 2025 guidance of 120,000-140,000 GEOs reflects careful operational planning but signals potential headwinds. The lower production range is primarily attributed to the critical transition at Fox Complex, where operations will shift from Froome to Stock mine. This transition period, coupled with permitting delays, presents a temporary setback but positions the company for more sustainable long-term production.
Gold Bar's production strategy for 2025 is particularly noteworthy. The planned high waste stripping in the Pick pit during H1 2025 represents a strategic investment in future production capacity. While this may impact short-term metrics, it's expected to enhance ore accessibility and boost production efficiency from H2 2025 through 2026.
The projected cost metrics for 2025, with cash costs of
Investors should note that while 2025 may present temporary production constraints, the company's strategic investments in mine development and operational optimization position it for improved performance beyond 2026. The successful execution of these transitions, particularly at Fox Complex and Gold Bar, will be important performance indicators to monitor throughout 2025.
TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report full-year 2024 consolidated production of 135,900 gold equivalent ounces (“GEOs”)(1), within our guidance range for the year (press release dated Feb 12, 2024).
During 2024, Gold Bar and San Jose produced 44,600 and 60,100 GEOs, respectively, slightly exceeding the top end of our guidance ranges for those operations. At the Fox Complex, we produced 30,150 GEOs, which was below annual guidance due to a stope failure in early 2024 impacting production.
| Table 1: Consolidated 2024 Production and 2025 Guidance Summary | |||
| Full Year 2024(3)(4) | 2024 Guidance(4) | 2025 Guidance | |
| Consolidated Production | |||
| GEOs(1) | 135,900 | 130,000 - 145,000 | 120,000 - 140,000 |
| Cash Costs/GEO | |||
| AISC/GEO | |||
| Gold Bar Mine, Nevada | |||
| GEOs | 44,600 | 40,000 - 43,000 | 40,000 - 45,000 |
| Cash Costs/GEO | |||
| AISC/GEO | |||
| Fox Complex, Canada | |||
| GEOs | 30,150 | 40,000 - 42,000 | 30,000 - 35,000 |
| Cash Costs/GEO | |||
| AISC/GEO | |||
| San José Mine, Argentina ( | |||
| GEOs | 60,100 | 50,000 - 60,000 | 50,000 - 60,000 |
| Cash Costs/GEO | |||
| AISC/GEO | |||
2025 Production and Cost Guidance
For 2025, we expect consolidated production to be between 120,000 and 140,000 GEOs attributable to MUX from all operations. The lower end of the 2025 range is driven by the planned transition of production at the Fox Complex from the Froome mine to the Stock mine in late 2025.
At Fox in 2025, due to permitting delays, the development of the ramp access to the Stock project is expected to continue through the majority of the year, with commercial production from Stock now expected in early 2026. Operations at the Froome mine will wind down in late 2025. The capital investment required for ramp development in 2025 has been partially funded by the US
At Gold Bar in 2025, the first half of the year is expected to deliver lower production relative to the second half, due to a scheduled continuation of high waste stripping in the Pick pit to be completed during 2025. The investment in waste stripping at the Pick pit is expected to improve ore availability during the second half of 2025 and through 2026, increasing future annual gold production.
| Notes: | |
| (1) | 'Gold Equivalent Ounces' are calculated based on a gold-to-silver price ratio of 89:1 for Q1 2024, 81:1 for Q2 2024, 85:1 for Q3 2024, and 85:1 for Q4 2024. 2025 production guidance is calculated based on an 86:1 gold-to-silver price ratio. |
| (2) | The San José Mine is |
| (3) | El Gallo Mine (on care and maintenance) sold 1,052 ounces in FY2024 from plant and pond cleanout. |
| (4) | Full Year 2024 costs and their comparison against 2024 Guidance will be published in a future press release on our 2024 audited annual results. |
| (5) | Cash costs and AISC per GEO sold are presented in U.S. Dollars for all operations. |
Technical Information
The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Reliability of Information Regarding San José
Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied the Company with all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Report on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns
McEwen Mining's shares are publicly traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol "MUX".
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| Relationship with Investors: (866)-441-0690 Toll free (647)-258-0395 | Facebook: LinkedIn: Twitter: Instagram: | McEwen Copper facebook.com/ mcewencopper linkedin.com/company/mcewencopper twitter.com/mcewencopper instagram.com/mcewencopper |
| Mihaela Iancu ext. 320 info@mcewenmining.com | ||
Facebook: LinkedIn: Twitter: | Rob McEwen facebook.com/mcewenrob linkedin.com/in/robert-mcewen-646ab24 twitter.com/robmcewenmux |
FAQ
What was McEwen Mining's (MUX) total gold equivalent production in 2024?
What is MUX's production guidance for 2025?
Why did the Fox Complex underperform in 2024?
When will MUX's Stock mine begin commercial production?
What are the expected cash costs per GEO for MUX in 2025?
