McEwen Mining Reports 2024 Q4 & Year-End Results and Outlook for 2025
McEwen Mining (NYSE: MUX) reported its Q4 and full year 2024 results, with consolidated production of 135,884 Gold Equivalent Ounces (GEOs), down from 154,587 GEOs in 2023. Despite lower production, revenue increased to $174.5 million, driven by higher gold prices averaging $2,390 per ounce.
The company posted a net loss of $43.7 million ($0.86 per share) in 2024, primarily due to $47.0 million in McEwen Copper-related expenses and $16.5 million in exploration investments. Gross profit improved to $30.9 million from $17.8 million in 2023, while Adjusted EBITDA reached $29.2 million ($0.57 per share).
Looking ahead, MUX aims to increase production at the Fox Complex to 60,000 ounces by 2027, with potential expansion to 120,000-150,000 ounces by 2030. The company recently issued $110 million in Convertible Notes due 2030 to fund growth initiatives. As of March 13, 2025, cash position stood at $62.2 million with total debt of $130 million.
McEwen Mining (NYSE: MUX) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con una produzione consolidata di 135.884 Once d'Oro Equivalenti (GEO), in calo rispetto alle 154.587 GEO del 2023. Nonostante la riduzione della produzione, i ricavi sono aumentati a 174,5 milioni di dollari, sostenuti da prezzi dell'oro più elevati che hanno raggiunto una media di 2.390 dollari per oncia.
L'azienda ha registrato una perdita netta di 43,7 milioni di dollari (0,86 dollari per azione) nel 2024, principalmente a causa di spese legate a McEwen Copper per 47,0 milioni di dollari e investimenti in esplorazione per 16,5 milioni di dollari. Il profitto lordo è migliorato a 30,9 milioni di dollari, rispetto ai 17,8 milioni di dollari del 2023, mentre l'EBITDA rettificato ha raggiunto i 29,2 milioni di dollari (0,57 dollari per azione).
Guardando al futuro, MUX punta ad aumentare la produzione presso il Fox Complex a 60.000 once entro il 2027, con un potenziale ampliamento a 120.000-150.000 once entro il 2030. Recentemente, l'azienda ha emesso 110 milioni di dollari in Note Convertibili con scadenza nel 2030 per finanziare iniziative di crescita. Al 13 marzo 2025, la posizione di liquidità era di 62,2 milioni di dollari con un debito totale di 130 milioni di dollari.
McEwen Mining (NYSE: MUX) reportó sus resultados del cuarto trimestre y del año completo 2024, con una producción consolidada de 135,884 Onzas de Oro Equivalente (GEO), una disminución respecto a las 154,587 GEO en 2023. A pesar de la menor producción, los ingresos aumentaron a 174.5 millones de dólares, impulsados por precios del oro más altos que promediaron 2,390 dólares por onza.
La compañía registró una pérdida neta de 43.7 millones de dólares (0.86 dólares por acción) en 2024, principalmente debido a 47.0 millones de dólares en gastos relacionados con McEwen Copper y 16.5 millones de dólares en inversiones en exploración. El beneficio bruto mejoró a 30.9 millones de dólares desde 17.8 millones de dólares en 2023, mientras que el EBITDA ajustado alcanzó 29.2 millones de dólares (0.57 dólares por acción).
De cara al futuro, MUX busca aumentar la producción en el Fox Complex a 60,000 onzas para 2027, con una posible expansión a 120,000-150,000 onzas para 2030. Recientemente, la empresa emitió 110 millones de dólares en Notas Convertibles con vencimiento en 2030 para financiar iniciativas de crecimiento. A partir del 13 de marzo de 2025, la posición de efectivo era de 62.2 millones de dólares con una deuda total de 130 millones de dólares.
맥이웬 마이닝 (NYSE: MUX)은 2024년 4분기 및 전체 연도 결과를 보고했으며, 통합 생산량은 135,884 금 동등 온스(GEO)로 2023년의 154,587 GEO에서 감소했습니다. 생산량은 줄어들었지만, 금 가격이 온스당 평균 2,390달러로 상승하면서 수익은 1억 7,450만 달러로 증가했습니다.
회사는 2024년에 4,370만 달러(주당 0.86달러)의 순손실을 기록했으며, 이는 주로 맥이웬 구리 관련 비용 4,700만 달러와 탐사 투자 1,650만 달러 때문입니다. 총 이익은 2023년의 1,780만 달러에서 3,090만 달러로 개선되었고, 조정 EBITDA는 2,920만 달러(주당 0.57달러)에 달했습니다.
앞으로 MUX는 2027년까지 폭스 컴플렉스에서 생산량을 60,000온스로 늘릴 계획이며, 2030년까지 120,000-150,000온스로 확장할 가능성이 있습니다. 최근 회사는 성장 이니셔티브를 지원하기 위해 2030년 만기 1억 1,000만 달러의 전환사채를 발행했습니다. 2025년 3월 13일 기준으로 현금 보유액은 6,220만 달러이며 총 부채는 1억 3,000만 달러입니다.
McEwen Mining (NYSE: MUX) a publié ses résultats du quatrième trimestre et de l'année 2024, avec une production consolidée de 135 884 Onces d'Or Équivalent (GEO), en baisse par rapport aux 154 587 GEO en 2023. Malgré une production inférieure, les revenus ont augmenté à 174,5 millions de dollars, soutenus par des prix de l'or plus élevés, atteignant en moyenne 2 390 dollars l'once.
L'entreprise a enregistré une perte nette de 43,7 millions de dollars (0,86 dollar par action) en 2024, principalement en raison de 47,0 millions de dollars de dépenses liées à McEwen Copper et de 16,5 millions de dollars d'investissements en exploration. Le bénéfice brut s'est amélioré à 30,9 millions de dollars contre 17,8 millions de dollars en 2023, tandis que l'EBITDA ajusté a atteint 29,2 millions de dollars (0,57 dollar par action).
En regardant vers l'avenir, MUX vise à augmenter la production au Fox Complex à 60 000 onces d'ici 2027, avec une expansion potentielle à 120 000-150 000 onces d'ici 2030. Récemment, l'entreprise a émis 110 millions de dollars en Obligations Convertibles arrivant à échéance en 2030 pour financer des initiatives de croissance. Au 13 mars 2025, la position de liquidités s'élevait à 62,2 millions de dollars avec une dette totale de 130 millions de dollars.
McEwen Mining (NYSE: MUX) hat die Ergebnisse des vierten Quartals und des gesamten Jahres 2024 veröffentlicht, mit einer konsolidierten Produktion von 135.884 Goldäquivalent-Unzen (GEO), was einen Rückgang von 154.587 GEO im Jahr 2023 darstellt. Trotz der geringeren Produktion stiegen die Einnahmen auf 174,5 Millionen Dollar, angetrieben von höheren Goldpreisen, die im Durchschnitt bei 2.390 Dollar pro Unze lagen.
Das Unternehmen verzeichnete 2024 einen Nettoverlust von 43,7 Millionen Dollar (0,86 Dollar pro Aktie), hauptsächlich aufgrund von 47,0 Millionen Dollar an Ausgaben im Zusammenhang mit McEwen Copper und 16,5 Millionen Dollar an Investitionen in Exploration. Der Bruttogewinn verbesserte sich auf 30,9 Millionen Dollar von 17,8 Millionen Dollar im Jahr 2023, während das bereinigte EBITDA 29,2 Millionen Dollar (0,57 Dollar pro Aktie) erreichte.
Für die Zukunft plant MUX, die Produktion im Fox Complex bis 2027 auf 60.000 Unzen zu steigern, mit einer möglichen Erweiterung auf 120.000-150.000 Unzen bis 2030. Das Unternehmen hat kürzlich 110 Millionen Dollar an wandelbaren Anleihen mit Fälligkeit 2030 ausgegeben, um Wachstumsinitiativen zu finanzieren. Am 13. März 2025 betrug die Liquiditätsposition 62,2 Millionen Dollar bei einer Gesamtschuld von 130 Millionen Dollar.
- Revenue increased to $174.5M from $166.2M in 2023
- Gross profit improved to $30.9M from $17.8M in 2023
- Adjusted EBITDA increased to $29.2M from $7.7M in 2023
- Grey Fox deposit's Indicated gold resource increased 32% to 1.54M ounces
- Successfully raised $110M through Convertible Notes for growth initiatives
- Strong liquidity position with $62.2M in cash as of March 2025
- Production declined to 135,884 GEOs from 154,587 GEOs in 2023
- Net loss of $43.7M in 2024
- Total debt increased to $130M from $40M at year-end 2024
- Fox Complex missed production guidance by 25% due to operational issues
- Higher production costs expected in H1 2025 at Gold Bar mine
Insights
McEwen Mining's Q4 and full-year 2024 results reveal a strategic pivot toward growth despite mixed operational performance. Revenue increased 5% to
The
The company's recent
The production outlook is compelling, targeting 225,000-255,000 GEOs by 2030 (from 135,884 currently), with Fox Complex projected to grow from 30,151 GEOs to 120,000-150,000 GEOs. Resource expansion at Fox Complex is encouraging, with indicated gold resources up
While the company faces near-term cost pressures at both Fox Complex and Gold Bar operations, the aggressive capital deployment toward exploration and development signals confidence in its resource base and long-term production potential. The
McEwen Mining's operational performance across its portfolio shows distinct challenges and opportunities. The Fox Complex missed production targets by
At Gold Bar, production hit guidance at 44,581 GEOs despite a planned
San José (McEwen's 49%-owned Argentine operation) achieved production targets at 122,653 GEOs, though processing lower grades increased cash costs by
The
TORONTO, March 18, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its fourth quarter ("Q4") and full year 2024 financial and operational results. Production ounces in line with guidance coupled with higher gold prices contributed to increased revenues. Looking ahead, the Company is advancing key projects at Los Azules and Fox Complex while continuing to invest in growth initiatives.
Financial Results
Please note: Under US GAAP, McEwen Mining consolidates
Adjustments to our equity investments represent our share of these companies’ net income or loss, and are presented on our income statement. With the upcoming publication of the Los Azules feasibility study in June 2025, McEwen Copper expects to capitalize its expenses under US GAAP, reducing its impact on McEwen Mining’s net income, which was negatively affected by
Consolidated 2024 production was 135,884 Gold Equivalent Ounces (GEOs) versus 154,587 GEOs in 2023. By 2030, consolidated GEO production could increase to 225,000 - 255,000 GEOs as a result of increased production from our Fox Complex.
Revenue in 2024 increased to
Gross profit in 2024 was
Adjusted EBITDA(1) for 2024 was
Net loss for 2024 was
Liquidity and Capital Resources
To strengthen our liquidity and fund our growth projects at the Fox Complex, following year-end, we issued
The Convertible Notes mature on August 15, 2030 with a
Net proceeds of the Convertible Notes were approximately
Cash equivalents and restricted cash as of March 13, 2025, was
As of March 13, 2025 total debt was
McEwen Mining holds a diversified portfolio of six royalties, including:
1.25% NSR on McEwen Copper's Los Azules property in San Juan, Argentina1.25% NSR on McEwen Copper's Elder Creek property in Nevada, USA2.0% NSR on 20 individual exploration licenses near Newmont's Cerro Negro Mine and our jointly operated San José Mine in Santa Cruz, Argentina0.5% 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
Our investments in promising development and exploration companies include:
- 15,234,667 shares, representing
46.4% of McEwen Copper, with an implied value of$457 million based on McEwen Copper’s last financing price, and representing a value of$8.47 b ehind every McEwen Mining share. - 10,000,000 shares, representing
5.4% of lnventus Mining Corp. - 5,181,347 shares, representing
3.7% of Goliath Resources Limited - 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 Complex
In 2024,
The expansion of mineral resources at Grey Fox is attributable to exploration activities conducted throughout the year and an adjustment in the gold price used in calculations.
On February 27, 2025, we announced the results from 2024 and early-2025 drilling at Grey Fox expanding the Gibson Zone. Along with the discovery of multiple gold lenses, drill assays returned good grades and widths, such as in hole 24GF-1520, with 17.7 g/t gold (Au) over 8.0 m.
The 2025 exploration budget for the Fox Complex is
Exploration at Gold Bar Mine
In 2024,
Last year's exploration drilling program extended the expected life of the Gold Bar mine to 2029 and identified multiple near-surface targets. The 2025 exploration budget for Gold Bar is a similar amount to 2024.
On March 3rd, 2025, we announced initial exploration results from our Timberline-Eureka properties, which demonstrated the continuity of oxide gold mineralization along a 1.6-km-long (1 mile) section of the Windfall fault zone. Drilling also encountered mineralization extending below the bottoms of the historical pits. One of the better intercepts was from hole WF006, which returned 2.85 g/t Au over 33.5 m from 64.0 m.
To view that press release click https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2025/McEwen-Mining-Highlights-from-2024-Drilling-at-the-Recently-Acquired-Timberline-Property-Assay-Highlights.
Additional drilling at Windfall is planned for 2025.
Individual Mine Performance and Growth Plans (See Table 1)
Gold Bar, Nevada, USA
Gold Bar Performance
Gold Bar Mine successfully delivered 44,581 GEOs in 2024, aligning with our production and cost guidance, despite a planned
During 2025, production costs per GEO will be higher in H1 due to the continuing stripping phase at the Pick deposit. However, as gold production is expected to increase steadily through the balance of the year, costs per GEO are expected to decline. For 2025, guidance is 40,000 to 45,000 GEOs at a cash cost per GEO sold(1) of
Gold Bar Growth Potential
Exploration drilling is ongoing at the Timberline-Eureka properties (Windfall Canyon and Lookout Mountain), which were acquired through the Timberline Resources acquisition in August 2024. In Q4 2024, we initiated preliminary data gathering to support the permitting process for these properties. With production planned at Windfall Canyon in 2028 and Lookout Mountain in 2030, the Gold Bar Complex is positioned for continued production growth, extending mine life beyond the current 2029 estimate.
Additionally, ongoing exploration at the existing Gold Bar operations also has the potential to further extend mine life. These efforts could set the stage for increased production through concurrent operations at both the Gold Bar and the Eureka properties.
Fox Complex, Timmins, Canada
Fox Complex Performance
A stope failure in Q2 plus workforce constraints that delayed stope development and availability resulted in Fox missing guidance for gold production and unit costs. Production in 2024 was 30,151 GEOs,
During 2025, the development of underground ramp access from the portal to the Stock orebodies will be a major focus. Stock will become the primary source of feed in 2026, following the completion of mining from the Froome and Black Fox deposits. The capital expenditures for the portal and ramp development are fully funded by the
Fox Complex Growth Potential
Preliminary mine plans, capital infrastructure requirements, and permitting timelines are under review at the Fox Complex to support a doubling of gold production to 60,000 ounces in 2027 and a possible four- to fivefold increase to between 120,000 and 150,000 ounces in 2030, subject to timely permit approval. This expansion will include the start of mining at the Grey Fox property and the Fuller deposit, alongside continued production at the Stock operation. The advancement at the Fox Complex is a direct result of the significant ongoing investment in exploration.
San José, Santa Cruz, Argentina (4)
San José Performance
McEwen Mining has a
San José Growth Potential
The construction and installation of a new vertical mill was completed in mid-December 2024, expanding plant capacity from 1,720 to 2,000 tonnes per day. Consequently, attributable 2025 production for our
Table 1: Production & Costs per GEO Sold for Full Years 2023 & 2024, and 2024 & 2025 Guidance:
| Full Year | Full Year 2024 Guidance Range | Full Year 2025 Guidance Range | ||
| 2023 | 2024 | |||
| Consolidated Production | ||||
| 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 |
| Cash Costs/GEO(1) | $1,425 | |||
| AISC/GEO(1) | $1,677 | |||
| Fox Complex, Canada | ||||
| GEOs(2) | 44,439 | 30,151 | 40,000-42,000 | 30,000-35,000 |
| Cash Costs/GEO(1) | $1,642 | |||
| AISC/GEO(1) | $1,980 | |||
| San José Mine, Argentina ( | ||||
| GEOs(2) | 65,673 | 60,100 | 50,000-60,000 | 50,000-60,000 |
| Cash Costs/GEO(1) | $1,742 | |||
| AISC/GEO(1) | $2,139 | |||
Notes:
- Adjusted EBITDA, cash costs per ounce and all-in sustaining costs (AISC) per ounce are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definition and reconciliation of the non-GAAP measures see "Non-GAAP Financial Measures" section in this press release below.
- 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 85:1 for 2024, 83:1 for 2023. 2024 and 2025 production guidance are calculated based on 85:1 gold to silver price ratio.
- El Gallo contributed 797 GEOs of production in 2023 and 1,052 GEOs of production in 2024.
- Please refer to the “Reliability of Information Regarding San José” section in this press release.
Activities in 2024
In June, McEwen Mining completed a flow-through share issuance, at a
In August, the Company completed its acquisition of Timberline Resources Corporation. This transaction creates synergies with our existing Gold Bar mine operations and offers near-term development potential.
In June and October, McEwen Copper completed two tranches of a private placement offering at a subscription price of
McEwen Copper holds a
Subsequent Events in 2025
In January, McEwen Mining amended its Third Amended and Restated Credit Agreement (the "Amendment") to extend the credit facility maturity date from August 31, 2026 to August 31, 2028, and extended the commencement date for monthly mandatory repayments of drawn principal from January 31, 2025 to January 31, 2027. The Amendment requires the Company to issue common shares to the lender, representing
In March, McEwen Mining closed a
Also in March, McEwen Mining announced its intention to make a
McEwen Copper
McEwen Copper Progress and Key Developments
In 2024, McEwen Copper invested
Including amounts spent by Minera Andes Inc. before 2012, and McEwen Mining before 2021, over
In February, McEwen Copper, through its wholly owned subsidiary, Andes Corporacion Minera S.A., applied for admission of the Los Azules project to Argentina's Regime of Incentives for Large Investments ("RIGI") program. If successful, the RIGI is expected to provide significant fiscal and regulatory benefits, including tax reductions, export duty exemptions, and a 30-year tax stability guarantee.
In December, McEwen Copper received approval for the Environmental Impact Assessment ("EIA"), the key environmental permit for constructing and operating the Los Azules copper project. This represents a major milestone toward feasibility and future development. Submitted in April 2023, the EIA underwent a rigorous evaluation by the San Juan Provincial Government's Ministry of Mines and 14 other institutions.
McEwen Copper Growth Potential
Following the EIA approval, Los Azules is advancing toward a definitive feasibility study, with construction potentially starting in late 2026. This would position McEwen Copper as a leader in sustainable mining and a key economic driver in the San Juan province.
Environmental, Social, and Governance
McEwen Mining is committed to industry-leading sustainability practices that drive responsible mining, reduce environmental impact, and create long-term benefits for local communities. Our Environmental, Social and Governance (ESG) strategy aligns with global best practices, including the Global Reporting Initiative (GRI) framework. Our mission is to operate safely and respectfully toward our stakeholders, as we strive for continuous improvement throughout the responsible and sustainable development of our mining projects. Our ESG highlights from 2021 to 2024 include:
Health and Safety
For 2024, at our
- We reported a Total Recordable Injury Frequency Rate (TRIFR) of 1.30 for Fox Complex and 1.08 for Gold Bar.
- We continued to maintain a Lost Time Injury Frequency Rate (LTIFR) of 0, consistent with 2022 and 2023, reflecting our strong safety performance.
Gold Bar safety record is excellent, with 5 years without a Lost Time Injury (LTI), and the Fox Complex is catching up, with 3.5 years without an LTI.
Environment
At our
- We reported zero significant environmental incidents and zero reportable spills in 2022, 2023 and 2024.
- Water recycling rates at our
100% -owned operations have improved dramatically from 2021 to 2024, rising from24% in 2021, to over90% in both 2023 and 2024. - Our water consumption in 2024 decreased from 2023, by
38% at the Fox Complex (from 1,423,000 m3 to 884,000 m3), and by 21% at the Gold Bar Mine (from 206,000 m3 to 163,000 m3).
- During 2024, we revised our Operations, Maintenance and Surveillance manual for tailings handling, in line with our policies. Our annual dam safety inspection at the Fox Complex was completed in late 2024 with no significant findings.
Management Conference Call
Management will discuss our Q4 and year-end 2024 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.
| Tuesday, March 18th 2025 at 11:00 AM EDT | Toll Free Dial-In North America: | (888) 210-3454 |
| Toll Free Dial-In Other Countries: | https://events.q4irportal.com/custom/access/2324/ | |
| Toll Dial-In: | (646) 960-0130 | |
| Conference ID Number: | 3232920 | |
| Webcast Link: | https://events.q4inc.com/attendee/492546978/guest | |
An archived replay of the webcast will be available approximately 2 hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.
NON-GAAP FINANCIAL PERFORMANCE MEASURES
We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our US GAAP results and using the non-GAAP measures supplementally.
The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled “
The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include:
- The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and
- Other companies in our industry may calculate their cash cost per ounce and all-in sustaining costs differently than we do, limiting the usefulness as a comparative measure.
Cash Costs and All-In Sustaining Costs
The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.
Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:
- Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include costs of expanding the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life.
- Sustaining exploration and development costs include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activity performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining.
The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales.
| Three months ended December 31, 2024 | Year ended December 31, 2024 | |||||||||||||||||
| Gold Bar | Fox Complex | Total | Gold Bar | Fox Complex | Total | |||||||||||||
| (in thousands, except per ounce) | (in thousands, except per ounce) | |||||||||||||||||
| Production costs applicable to sales ( | $ | 14,032 | $ | 12,423 | $ | 26,455 | $ | 63,547 | $ | 49,766 | $ | 113,313 | ||||||
| In‑mine exploration | 149 | — | 149 | 796 | — | 796 | ||||||||||||
| Capitalized mine development (sustaining) | 2,617 | 2,361 | 4,978 | 7,863 | 9,955 | 17,818 | ||||||||||||
| Capital expenditures on plant and equipment (sustaining) | 1,407 | — | 1,407 | 2,491 | — | 2,491 | ||||||||||||
| Sustaining leases | 14 | 68 | 82 | 84 | 273 | 357 | ||||||||||||
| All‑in sustaining costs | $ | 18,219 | $ | 14,852 | $ | 33,071 | $ | 74,781 | $ | 59,994 | $ | 134,775 | ||||||
| Ounces sold, including stream (GEO) | 6.6 | 6.6 | 13.2 | 44.6 | 30.3 | 74.9 | ||||||||||||
| Cash cost per ounce sold ($/GEO) | $ | 2,136 | $ | 1,874 | $ | 2,004 | $ | 1,425 | $ | 1,642 | $ | 1,513 | ||||||
| AISC per ounce sold ($/GEO) | $ | 2,773 | $ | 2,240 | $ | 2,505 | $ | 1,677 | $ | 1,980 | $ | 1,799 | ||||||
| Three months ended December 31, 2023 | Year ended December 31, 2023 | |||||||||||||||||||||||||||||||
| Gold Bar | Fox Complex | Total | Gold Bar | Fox Complex | Total | |||||||||||||||||||||||||||
| (in thousands, except per ounce) | (in thousands, except per ounce) | |||||||||||||||||||||||||||||||
| Production costs applicable to sales ( | $ | 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 development (sustaining) | — | 2,119 | 2,119 | — | 8,046 | 8,046 | ||||||||||||||||||||||||||
| Capital expenditures on plant and equipment (sustaining) | 1,374 | — | 1,374 | 9,028 | — | 9,028 | ||||||||||||||||||||||||||
| Sustaining leases | 11 | 153 | 164 | 248 | 676 | 923 | ||||||||||||||||||||||||||
| All‑in sustaining costs | $ | 28,979 | $ | 15,570 | $ | 44,549 | $ | 81,370 | $ | 60,617 | $ | 141,986 | ||||||||||||||||||||
| Ounces sold, including stream (GEO) | 19.2 | 10.6 | 29.9 | 43.0 | 44.9 | 87.9 | ||||||||||||||||||||||||||
| Cash cost per ounce sold ($/GEO) | $ | 1,345 | $ | 1,253 | $ | 1,313 | $ | 1,565 | $ | 1,157 | $ | 1,356 | ||||||||||||||||||||
| AISC per ounce sold ($/GEO) | $ | 1,506 | $ | 1,467 | $ | 1,492 | $ | 1,891 | $ | 1,351 | $ | 1,615 | ||||||||||||||||||||
| Three months ended December 31, 2022 | Year ended December 31, 2022 | |||||||||||||||||||||||||||||||
| Gold Bar | Fox Complex | Total | Gold Bar | Fox Complex | Total | |||||||||||||||||||||||||||
| (in thousands, except per ounce) | (in thousands, except per ounce) | |||||||||||||||||||||||||||||||
| Production costs applicable to sales ( | $ | 8,666 | $ | 10,742 | $ | 19,408 | $ | 43,500 | $ | 36,845 | $ | 80,345 | ||||||||||||||||||||
| In‑mine exploration | 505 | — | 505 | 3,335 | — | 3,335 | ||||||||||||||||||||||||||
| Capitalized underground mine development (sustaining) | — | 4,317 | 4,317 | — | 15,448 | 15,448 | ||||||||||||||||||||||||||
| Capital expenditures on plant and equipment (sustaining) | 1,576 | — | 1,576 | 3,084 | — | 3,084 | ||||||||||||||||||||||||||
| Sustaining leases | 191 | 110 | 301 | 1,754 | 619 | 2,373 | ||||||||||||||||||||||||||
| All‑in sustaining costs | $ | 10,938 | $ | 15,169 | $ | 26,107 | $ | 51,673 | $ | 52,912 | $ | 104,585 | ||||||||||||||||||||
| Ounces sold, including stream (Au Eq. oz) | 8.0 | 9.4 | 17.4 | 26.8 | 36.1 | 62.9 | ||||||||||||||||||||||||||
| Cash cost per ounce ($/Au Eq. oz sold) | $ | 1,083 | $ | 1,137 | $ | 1,112 | $ | 1,622 | $ | 1,020 | $ | 1,276 | ||||||||||||||||||||
| AISC per ounce ($/Au Eq. oz sold) | $ | 1,367 | $ | 1,606 | $ | 1,496 | $ | 1,927 | $ | 1,465 | $ | 1,662 | ||||||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||||
| San José mine cash costs ( | (in thousands, except per ounce) | |||||||||||||||||||
| Production costs applicable to sales | $ | 60,929 | $ | 45,800 | $ | 215,065 | $ | 177,234 | $ | 182,195 | ||||||||||
| Site exploration expenses | 303 | 1,831 | 5,229 | 9,167 | 8,946 | |||||||||||||||
| Capitalized underground mine development (sustaining) | 8,079 | 10,379 | 29,504 | 38,318 | 37,959 | |||||||||||||||
| 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 costs | $ | 75,931 | $ | 59,348 | $ | 264,056 | $ | 231,013 | $ | 238,746 | ||||||||||
| Ounces sold (GEO) | 37.3 | 39.7 | 123.5 | 127.3 | 139.5 | |||||||||||||||
| Cash cost per ounce sold ($/GEO) | $ | 1,635 | $ | 1,155 | $ | 1,742 | $ | 1,393 | 1,306 | |||||||||||
| AISC per ounce sold ($/GEO) | $ | 2,038 | $ | 1,497 | $ | 2,139 | $ | 1,815 | 1,711 | |||||||||||
Adjusted EBITDA and Adjusted EBITDA per Share
Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP financial measure and does not have any standardized meaning. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our wholly owned operations in production; we disclose this metric as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper exploration operations. The most directly comparable measure prepared in accordance with GAAP is net loss before income and mining taxes. Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes.
The following table presents a reconciliation of adjusted EBITDA:
| Three months ended December 31, | Year ended December 31, | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||
| (Loss) income before income and mining taxes | $ | (7,161 | ) | $ | 156,865 | $ | (46,739 | ) | $ | 67,036 | $ | (80,288 | ) | |||||||
| Less: | ||||||||||||||||||||
| Depreciation and depletion | 6,854 | 6,073 | 30,863 | 30,359 | 20,434 | |||||||||||||||
| Loss from investment in McEwen Copper Inc. | 10,297 | 57,821 | 46,977 | 57,821 | — | |||||||||||||||
| Dilution gain from investments in McEwen Copper Inc. | (5,777 | ) | — | (5,777 | ) | — | — | |||||||||||||
| Gain on deconsolidation of McEwen Copper Inc. | — | (222,157 | ) | — | (222,157 | ) | — | |||||||||||||
| Advanced Projects – McEwen Copper Inc. | — | — | — | 76,345 | 61,148 | |||||||||||||||
| General, interest and other – McEwen Copper Inc. | — | (4,451 | ) | — | (7,484 | ) | (13,268 | ) | ||||||||||||
| Interest expense | 983 | 982 | 3,911 | 5,749 | 5,488 | |||||||||||||||
| Adjusted EBITDA | $ | 5,196 | $ | (4,867 | ) | $ | 29,235 | $ | 7,669 | $ | (6,486 | ) | ||||||||
| Weighted average shares outstanding (thousands) | 52,926 | 47,844 | 51,021 | 47,544 | 47,427 | |||||||||||||||
| Adjusted EBITDA per share | $ | 0.10 | $ | (0.10 | ) | $ | 0.57 | $ | 0.16 | $ | (0.14 | ) | ||||||||
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
The Company accounts for its investment in Minera Santa Cruz S.A., the owner of the San José Mine, using the equity method. The Company relies on the management of MSC to provide accurate financial information prepared in accordance with GAAP. While the Company is not aware of any errors or possible misstatements of the financial information provided by MSC, MSC is responsible for and has supplied to the Company all reported results from the San José Mine, and such results are unaudited as of the date of this release. 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, 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 the management 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 company also owns
Focused on enhancing productivity and extending the life of its assets, the Company's goal is to increase its share price and provide investor yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US
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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| WEB SITE | SOCIAL MEDIA | |||||
| www.mcewenmining.com | McEwen Mining | Facebook: | facebook.com/mcewenmining | |||
| LinkedIn: | linkedin.com/company/mcewen-mining-inc- | |||||
| CONTACT INFORMATION | Twitter: | twitter.com/mcewenmining | ||||
| 150 King Street West | Instagram: | instagram.com/mcewenmining | ||||
| Suite 2800, PO Box 24 | ||||||
| Toronto, ON, Canada | McEwen Copper | Facebook: | facebook.com/ mcewencopper | |||
| M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
| Twitter: | twitter.com/mcewencopper | |||||
| Relationship with Investors: | Instagram: | instagram.com/mcewencopper | ||||
| (866)-441-0690 - Toll free line | ||||||
| (647)-258-0395 | Rob McEwen | Facebook: | facebook.com/mcewenrob | |||
| Mihaela Iancu ext. 320 | LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | ||||
| info@mcewenmining.com | Twitter: | twitter.com/robmcewenmux | ||||
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