McEwen Mining(MUX) - 2025 Q1 - Quarterly Results

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].