McEwen Mining Reports 2024 Q4 & Year-End Results and Outlook for 2025

Core Viewpoint - McEwen Mining Inc. reported its fourth quarter and full year 2024 financial results, highlighting increased revenues driven by production in line with guidance and higher gold prices, while also advancing key projects at Los Azules and Fox Complex [1]. Financial Results - Consolidated production in 2024 was 135,884 Gold Equivalent Ounces (GEOs), down from 154,587 GEOs in 2023, with a potential increase to 225,000 - 255,000 GEOs by 2030 due to growth at the Fox Complex [4]. - Revenue for 2024 rose to $174.5 million from$166.2 million in 2023, with an average realized sale price of $2,390 per ounce, slightly above the 2024 LBMA average of$2,386 per ounce [5]. - Gross profit increased to $30.9 million in 2024 compared to$17.8 million in 2023 [5]. - Adjusted EBITDA for 2024 was $29.2 million, or$0.57 per share, significantly up from $7.7 million, or$0.16 per share in 2023, driven by a 5% revenue increase and a 24% rise in realized gold prices [6]. - The net loss for 2024 was $43.7 million, primarily due to$47 million in McEwen Copper-related expenses and $16.5 million in exploration investments [7]. Liquidity and Capital Resources - To enhance liquidity, McEwen Mining issued$110 million in Capped Call 5.25% Convertible Senior Unsecured Notes due 2030, with net proceeds of approximately $90.8 million after costs [10]. - Cash equivalents and restricted cash as of March 13, 2025, were$62.2 million, up from $17.5 million at year-end 2024, while total debt increased to$130 million [11]. Exploration and Growth Initiatives - In 2024, $8.1 million was invested in exploration at the Fox Complex, resulting in a 32$9.7 million, including 68,500 meters of diamond drilling [16]. - At the Gold Bar Mine, $7.2 million was invested in exploration, extending the mine's expected life to 2029 [17]. Individual Mine Performance - Gold Bar Mine produced 44,581 GEOs in 2024, aligning with production guidance despite a planned 65$114.5 million in exploration at the Los Azules copper project in 2024, with a feasibility study expected in June 2025 [38]. - The Los Azules project received approval for its Environmental Impact Assessment, marking a significant milestone toward future development [41].