McEwen Mining Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue from gold and silver sales reached $52.3 million for Q3 2024, a 36% increase from $38.4 million in Q3 2023. For the nine months, revenue totaled $140.9 million, up from $107.6 million in the prior year. The gross profit for Q3 2024 was $13.8 million, compared to $3.8 million in Q3 2023, while the nine-month gross profit surged to $30.6 million from $4.1 million.
Despite these gains, the company reported a net loss of $2.1 million for Q3 2024, an improvement from a net loss of $18.5 million in Q3 2023. The nine-month net loss was $35.5 million, down from $108.0 million in the same period last year. The net loss per share also improved, with Q3 2024 reporting $(0.04) compared to $(0.39) in Q3 2023.
Cash and cash equivalents increased to $29.2 million as of September 30, 2024, from $23.0 million at the end of 2023. The company’s total current assets rose to $59.6 million, while total current liabilities increased to $50.9 million, leading to a working capital decrease of 62% to $8.6 million, primarily due to reclassifications of long-term debt and increases in accounts payable.
Strategically, McEwen Mining completed the acquisition of Timberline Resource Corporation on August 19, 2024, enhancing its exploration portfolio in Nevada. The acquisition involved issuing 1,839,306 common shares valued at $18.3 million and 205,349 warrants valued at $0.9 million. Additionally, the company raised $20.4 million through flow-through share issuances in June 2024, aimed at funding Canadian exploration and development projects.
Production metrics showed a mixed performance, with total gold equivalent ounces (GEO) produced in Q3 2024 at 35,180, a 9% decrease from 38,613 GEOs in Q3 2023. The Gold Bar mine, however, reported a 43% increase in production, while the Fox Complex saw a 30% decrease. The average realized price per GEO sold increased to $2,499 in Q3 2024 from $1,920 in Q3 2023.
The company also reported a loss from its investment in McEwen Copper of $1.9 million for Q3 2024, reflecting ongoing costs to advance the Los Azules copper project. Overall, McEwen Mining's financial results indicate a positive trend in revenue and gross profit, despite ongoing net losses and strategic investments aimed at future growth.
About McEwen Mining Inc.
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