McEwen Mining (MUX) Conference June 10, 2025 11:00 AM ET Speaker0 Good morning, all. We're so pleased to host Michael Ametting, the VP and general manager of McEwen Copper, who is the wonderful financier that brought Stellantis from Argentina into finance the Los Azules project. It wasn't some fancy investment banker. It was Michael's LinkedIn message. And Rob McEwen, the chairman and chief owner of McEwen Mining and McEwen Copper. Please bring us up to speed on all the good news. Speaker1 Thank you, John. ...

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce a significant development at our Fox Complex’s Stock Mine that will usher in a new chapter of growth. Construction of the ramp system is now underway to provide access to future lower-cost-per-ounce gold production. Rob McEwen, CEO and Chief Owner of McEwen Mining states: “As a long-term gold bull, I am always excited to break ground on a new gold mine, especially today, with gold trading at record hi ...

Production Goals - McEwen Mining targets an increase in annual gold production at the Fox Complex to 60,000 ounces by 2027, with potential expansion to 120,000 - 150,000 ounces by 2030[3]. - Q1 2025 consolidated production was 33,037 Gold Equivalent Ounces (GEOs), a decrease from 24,131 GEOs in Q1 2024, with a full-year guidance range of 120,000-140,000 GEOs[42]. - Q1 2025 consolidated production was 24,131 GEOs, down from 33,037 GEOs in Q1 2024, with a full-year guidance of 120,000 to 140,000 GEOs[17]. Financial Performance - Q1 2025 gross profit was $10.1 million, a 68.3% increase from $6.0 million in Q1 2024, driven by a 31% higher average realized gold price[10]. - The net loss for Q1 2025 was $6.3 million, an improvement from a net loss of $20.4 million in Q1 2024, attributed to reduced expenditures by McEwen Copper and higher gross profit[11]. - Adjusted EBITDA for Q1 2025 was $8,709,000, an increase from $6,322,000 in Q1 2024, with adjusted EBITDA per share rising to $0.16 from $0.13[58]. - The company reported a net loss before income and mining taxes of $7,349,000 for Q1 2025, compared to a loss of $22,940,000 in Q1 2024[58]. Cash and Investments - Consolidated cash and cash equivalents as of March 31, 2025, were $68.5 million, up from $17.5 million at December 31, 2024[15]. - The company completed a $110.0 million convertible debt offering to fund growth programs, focusing on transitioning production from Froome to Stock[4]. - The company has a personal investment of $205 million from Chairman Rob McEwen, who receives an annual salary of $1[64]. Production Costs - Cash costs and AISC per GEO sold in Q1 2025 were $1,146 and $2,197, respectively, exceeding annual guidance ranges due to pre-stripping costs[20]. - Cash costs per GEO for Gold Bar Mine increased to $1,088 in Q1 2025 from $1,146 in Q1 2024, while All-In Sustaining Costs (AISC) per GEO rose significantly from $1,201 to $2,197[42]. - The production costs applicable to sales for Gold Bar Mine were $9,094,000 and for Fox Complex were $10,511,000 in Q1 2025, totaling $19,605,000[52]. Project Developments - The Grey Fox project saw a 32% increase in Indicated ounces to 1,538,000 oz at a grade of 3.64 g/t Au, and a 95% increase in Inferred ounces to 458,000 oz at a grade of 3.30 g/t Au[25]. - McEwen Copper invested $21.3 million in Q1 2025 to advance the feasibility study on the Los Azules project, which is one of the world's largest undeveloped copper deposits[31]. - The Los Azules feasibility study is expected to be released in July 2025, following the approval of the Environmental Impact Assessment[37]. Corporate Strategy and Communication - The company aims to enhance productivity and extend the life of its assets, with a commitment to achieving carbon neutrality by 2038 for its Los Azules copper project[63]. - The company emphasizes the importance of non-GAAP measures to evaluate operational efficiencies and cash flow generation[44]. - McEwen Mining's shares are publicly traded on the NYSE and TSX under the symbol "MUX"[65]. - The company is focused on expanding its market presence and enhancing investor relations through various social media platforms[67]. - McEwen Mining has established a toll-free line for investor inquiries, indicating a commitment to transparency and communication[67].

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Core Viewpoint - McEwen Mining Inc. reported its Q1 2025 results, highlighting a strategic focus on increasing gold production and improving financial performance despite operational challenges [1][4][8]. Production and Growth Plans - The company aims to significantly increase annual gold production at the Fox Complex, targeting 60,000 ounces by 2027, with potential expansion to 120,000 - 150,000 ounces by 2030, contingent on timely permit approvals [2]. - Consolidated production for Q1 2025 was 24,131 GEOs, a decrease from 33,037 GEOs in Q1 2024, with expectations to meet the 2025 production guidance of 120,000 to 140,000 GEOs [14][36]. Financial Performance - Gross profit for Q1 2025 was $10.1 million, up from $6.0 million in Q1 2024, driven by a 31% increase in average realized gold price [8]. - The net loss for Q1 2025 was $3.9 million, an improvement from a net loss of $20.4 million in Q1 2024, attributed to reduced expenditures from McEwen Copper and higher gross profit from gold operations [9]. Capital and Liquidity - To fund growth initiatives, the company completed a $110 million convertible debt offering, with a focus on transitioning production at the Fox Complex [3][10]. - As of March 31, 2025, consolidated cash and cash equivalents were $68.5 million, a significant increase from $17.5 million at the end of 2024 [13]. Mine Performance - The Gold Bar Mine produced 7,688 GEOs in Q1 2025, down from 11,716 GEOs in Q1 2024, with expectations for steady production increases through the year [15]. - The San José Mine produced 10,924 GEOs in Q1 2025, a 16% decrease from the previous year, impacted by lower processed grades and recovery rates [22]. Exploration and Development - The company is advancing its Grey Fox project, with a pre-feasibility study underway to better define its potential and production timeline [3][21]. - Exploration at the Fox Complex resulted in a 32% increase in indicated ounces at Grey Fox, now totaling 1,538,000 ounces at a grade of 3.64 g/t Au [21]. McEwen Copper Developments - McEwen Copper invested $21.3 million in Q1 2025 to advance the feasibility study for the Los Azules copper project, which is one of the largest undeveloped copper deposits globally [26][27]. - The company is seeking admission to the Regime of Incentives for Investment in Argentina, which could provide significant fiscal and regulatory benefits for the Los Azules project [32].

McEwen Mining (MUX) Q1 2025 Earnings Call May 08, 2025 11:00 AM ET Company Participants Robert McEwen - Executive Chairman & Chief OwnerPerry Ing - Chief Financial OfficerWilliam Shaver - Chief Operating OfficerJeff Chan - Vice President, Finance Conference Call Participants Mike Kozak - Metals & Mining AnalystNone - Analyst Operator Welcome to McEwen Mining's First Quarter twenty twenty five Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief O ...

Financial Data and Key Metrics Changes - The company's gross profit increased by 68% to CAD 10.1 million compared to Q1 2024 [5] - Adjusted EBITDA rose by 38% to CAD 8.7 million [5] - Cash and cash equivalents grew to CAD 68.5 million from CAD 17.5 million [6] - Consolidated working capital improved to CAD 61 million from a negative CAD 6.5 million [6] - Total debt increased to CAD 130 million from CAD 40 million, while the debt cost of service decreased from 9.5% to 6% [6] - Net debt currently stands at just over CAD 42 million [6] Business Line Data and Key Metrics Changes - Gold Bar produced 10% more gold than budgeted at a cash cost 24% below the low end of annual guidance, with a cash cost of CAD 1,146 [4] - However, Gold Bar's all-in sustaining cost per ounce was approximately CAD 2,200 due to accelerated stripping costs [4] Market Data and Key Metrics Changes - The company reported a positive outlook due to higher prices of gold, silver, and copper [3] Company Strategy and Development Direction - The majority of funds from a capped call convertible note will be used to advance the development of the Fox Complex, with expected consolidated annual production reaching 225,000 to 255,000 ounces by 2030, an increase of over 80% from current production [3] - The company is focusing on exploration and development at both the Fox Complex and Gold Bar, with updates expected throughout the year [7] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing improved liquidity and the potential for higher gold prices [34] - The company anticipates that operational performance will improve in the coming quarters [33] Other Important Information - The company received a permit to construct a ramp to the underground at the Stock Mine, which is crucial for the Stock Complex expansion [7] - The feasibility study for Los Azules is expected to be published this summer, which will improve the company's income statement by capitalizing expenses related to McEwen Copper [29][30] Q&A Session Summary Question: How much cash or cash plus investments is held within the copper subsidiary? - Currently, the treasury for McEwen Copper is below GBP 10 million, and additional financing is expected as the feasibility study approaches [10][11] Question: Is the $10 million enough to complete the feasibility study? - Additional runway will likely be needed to complete the feasibility study by July [11] Question: What is the status of dividends from San Jose? - Regular dialogue with Hochschild is ongoing, focusing on balancing reinvestment in the mine and returning value to shareholders [14][16] Question: What is the expected production timeline for the Stock Mine? - First production from the underground portion of the Stock Mine is anticipated in the last quarter of this year [18][20] Question: What is the timeframe and cost for bringing the Grey Fox mine back into production? - A study is underway to determine capital and operating costs, with a focus on the best access method for the mine [21][22]

分组1 - McEwen (MUX) reported a quarterly loss of $0.12 per share, better than the Zacks Consensus Estimate of a loss of $0.14, and an improvement from a loss of $0.41 per share a year ago, indicating a 14.29% earnings surprise [1] - The company posted revenues of $35.7 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 12.30%, and down from $41.23 million year-over-year [2] - McEwen shares have increased by approximately 4.4% since the beginning of the year, contrasting with the S&P 500's decline of -4.7% [3] 分组2 - The earnings outlook for McEwen is uncertain, with current consensus EPS estimates at -$0.16 for the coming quarter and -$0.41 for the current fiscal year, with revenues expected at $39.9 million and $231.8 million respectively [7] - The Zacks Industry Rank for Mining - Miscellaneous is currently in the bottom 41% of over 250 Zacks industries, suggesting that the industry outlook may negatively impact stock performance [8]

Core Insights - McEwen Mining Inc. has reported significant drilling results from the Grey Fox Project, indicating a promising increase in gold resources and the discovery of a new exploration corridor at depth [2][41]. Resource Update - The current resource at Grey Fox consists of 1,538,000 gold ounces at 3.64 g/t Indicated and 458,000 gold ounces at 3.30 g/t Inferred [3]. - The Gibson Zone accounts for approximately 18% of the Indicated resource with 290,000 ounces and 50% of the Inferred resource with 245,000 ounces [12]. Drilling Results - Notable drill results include: - Hole 25GF-1539: 12.4 g/t gold over 10.7 m, including 27.9 g/t gold over 4.5 m [8]. - Hole 25GF-1548: 4.0 g/t gold over 30.1 m, including 7.8 g/t gold over 11.5 m [8]. - Hole 25GF-1537: 6.2 g/t gold over 7.8 m CW and 4.4 g/t gold over 16.0 m CW [8][35]. Exploration Focus - The ongoing drilling campaign is primarily concentrated in the Gibson Zone, with a geophysical survey aimed at identifying new mineralization and structural trends [13]. - New mineralization has been identified 250 meters below the current resource at the Grey Fox South Zone, indicating potential for further resource expansion [8][37]. Future Development - The company anticipates production to begin at the Stock Project in 2026, which currently hosts an Indicated resource of 281,000 oz of gold and an Inferred resource of 182,000 oz of gold [42].

Production and Sales Performance - Q1/25 consolidated production totaled 24,132 GEOs, a decrease from 33,037 GEOs in Q1/24, with annual production guidance set at 120,000 to 140,000 GEOs [106]. - Q1/25 revenues were $35.7 million from the sale of 13,036 GEOs, compared to $41.2 million from 19,804 GEOs in Q1/24, reflecting a decrease in sales volume [109]. - Revenue from gold and silver sales decreased by 13% to $35.7 million in Q1/25, down from $41.2 million in Q1/24, primarily due to a 34% decrease in GEOs sold [118]. - Total ounces sold, including stream, decreased to 13,036 in Q1 2025 from 19,804 in Q1 2024, a decline of 34.5% [180]. Financial Performance - Gross profit for Q1/25 was $10.1 million, up from $6.0 million in Q1/24, driven by a 31% increase in average realized gold prices [109]. - Net loss for Q1/25 was $6.3 million, or $0.12 per share, an improvement from a net loss of $20.4 million, or $0.41 per share, in Q1/24 [109]. - Adjusted EBITDA for Q1/25 was $8.7 million, or $0.16 per share, compared to $6.3 million, or $0.13 per share, in Q1/24 [109]. - Revenue from gold sales was $13.3 million in Q1/25, down from $14.7 million in Q1/24, driven by a 33% reduction in GEOs sold, partially offset by a 35% increase in average realized gold price [144]. - Revenue from gold and silver sales for Q1 2025 was $35,696,000, down from $41,228,000 in Q1 2024, a decrease of 13.0% [180]. Cost and Expenses - Cash costs and AISC per GEO sold at the Fox Complex were $2,061 and $2,504, respectively, exceeding annual guidance ranges due to lower GEOs sold [110]. - Production costs applicable to sales decreased by 22% to $19.6 million in Q1/25, down from $25.1 million in Q1/24, driven by lower GEOs produced and sold [119]. - Cash costs per GEO sold for 100% owned operations increased to $1,504 in Q1/25 from $1,268 in Q1/24, while AISC per GEO sold rose to $2,318 from $1,481 [117]. - Production costs applicable to sales for Gold Bar and Fox Complex totaled $19,605,000 for Q1 2025, a decrease of 22.1% from $25,110,000 in Q1 2024 [175]. - All-in sustaining costs (AISC) per ounce sold for Gold Bar and Fox Complex was $2,318 in Q1 2025, compared to $1,481 in Q1 2024, reflecting a 56.5% increase [175]. Production Details by Mine - At the Gold Bar Mine, Q1/25 production was 7,688 GEOs, with expectations for increased production as pre-stripping activities conclude [108]. - San José Mine production in Q1/25 was 10,924 GEOs, a 16% decrease from Q1/24, with plans to increase throughput starting April 2025 [108]. - The Gold Bar Mine produced 7,688 GEOs in Q1/25, a 34% decrease from 11,716 GEOs in Q1/24, attributed to lower mined and stacked tonnes [135]. - The Fox Complex produced 5,520 GEOs in Q1/25, a 26% decrease from 7,486 GEOs in Q1/24 [143]. - The San José mine produced 22,294 GEOs in Q1/25, down from 26,396 GEOs in Q1/24, primarily due to an 8% reduction in gold head grades processed [152]. Investments and Future Projects - The Company invested $3.9 million in Q1/25 for Stock portal access development at the Fox Complex, aiming to begin mining by 2026 [108]. - McEwen Copper completed final drilling activities for the Los Azules feasibility study during Q1/25, advancing the project towards feasibility [108]. - McEwen Copper invested over $400 million in exploration expenditures for the Los Azules copper project, which is advancing towards a definitive feasibility study expected in summer 2025 [158][160]. - The Los Azules project applied for admission to the Large Investment Incentive Regime, which could provide significant fiscal and regulatory benefits if approved [166]. Cash and Liquidity - Cash and cash equivalents increased to $68.5 million as of March 31, 2025, from $13.7 million at December 31, 2024, reflecting a significant liquidity improvement [115]. - Working capital increased to $61.1 million as of March 31, 2025, from negative $6.5 million at December 31, 2024, driven by a $54.8 million increase in cash and cash equivalents [130]. - Cash used in investing activities totaled $13.6 million in Q1/25, primarily for additions to mineral property interests and plant and equipment [128]. Risks and Market Conditions - The company does not hedge any of its sales, exposing it to all changes in commodity prices [202]. - The outstanding debt includes $110.0 million in convertible notes due 2030 and a $20.0 million term loan facility, with fixed coupons indicating insignificant interest rate risk exposure [205]. - There is a risk that the company may not be able to sell equity securities at an acceptable price to meet future funding requirements due to past volatility in investment prices [198]. - The company has not utilized material market risk-sensitive instruments for managing exposure to Canadian dollar and Mexican peso exchange rates but may consider it in the future [196].