McEwen Mining Inc. reported a net loss of $43.7 million for the fiscal year ending December 31, 2024, translating to a loss of $0.86 per share. This marks a significant decline from the previous year's net income of $55.3 million, primarily due to a $222.2 million gain recognized in 2023 from the deconsolidation of McEwen Copper. Revenue from gold and silver sales increased by 5% to $174.5 million, driven by a 24% rise in realized gold prices, which averaged $2,390 per gold equivalent ounce (GEO). However, the company sold 135,411 GEOs, a decrease of 16% compared to 2023, reflecting lower production volumes.
In terms of operational performance, McEwen Mining produced a total of 135,884 GEOs in 2024, down from 154,588 GEOs in 2023. The Gold Bar mine exceeded production expectations, yielding 44,581 GEOs, while the Fox Complex produced 30,151 GEOs, a 25% decline from the previous year. The San José mine, in which McEwen holds a 49% interest, produced 60,100 GEOs, an 8% decrease from 2023. The company attributed the overall production decline to lower grades and reduced access to mining stopes.
Strategically, McEwen Mining made significant moves in 2024, including the acquisition of Timberline Resources Corporation, which expanded its exploration portfolio in Nevada. The company also completed a flow-through share issuance that raised $21.9 million for exploration activities. Additionally, McEwen Copper, which holds the Los Azules copper project, received approval for its Environmental Impact Assessment, a critical step toward advancing the project to feasibility. The company’s ownership in McEwen Copper decreased to 46.4% following a private placement that raised $37 million.
As of December 31, 2024, McEwen Mining had total assets of $664.6 million, with cash and cash equivalents amounting to $13.7 million. The company reported a working capital deficit of $6.5 million, a decrease from a positive working capital of $22.7 million in the previous year. The company’s total liabilities stood at $169.6 million, with long-term debt remaining constant at $40 million. Looking ahead, McEwen Mining anticipates producing between 40,000 to 45,000 GEOs in 2025, with cash costs projected between $1,500 and $1,700 per ounce. The company is focused on improving operational efficiencies and advancing its development projects to enhance shareholder value.
About McEwen Mining Inc.
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