McEwen Mining(MUX) Newsfilter·2025-03-18 05:21Core Viewpoint - McEwen Mining Inc. reported its Q4 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 [6] - The net loss for 2024 was $43.7 million, primarily due to $47 million in McEwen Copper-related expenses [7] Liquidity and Capital Resources - The company issued $110 million in Capped Call 5.25% Convertible Senior Unsecured Notes due 2030 to strengthen liquidity and fund growth projects [8] - Net proceeds from the Convertible Notes were approximately $90.8 million, with $20 million used to retire part of a senior secured credit facility [10] - As of March 13, 2025, cash equivalents and restricted cash totaled $62.2 million, with total debt at $130 million [11] Exploration and Growth Initiatives - In 2024, $8.1 million was invested in exploration at the Fox Complex, resulting in a 32% increase in the estimated Indicated contained gold resource at the Grey Fox deposit [14] - The 2025 exploration budget for the Fox Complex is set at $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 expected mine life to 2029 [17] Individual Mine Performance - Gold Bar Mine produced 44,581 GEOs in 2024, aligning with production guidance despite a planned 65% decrease in Q4 [20] - The Fox Complex produced 30,151 GEOs in 2024, 25% below guidance, with cash costs per GEO sold higher than expected [24] - The San José mine produced 122,653 GEOs in 2024, within guidance, but with higher cash costs per GEO sold than anticipated [28] McEwen Copper Developments - McEwen Copper invested $114.5 million in exploration at the Los Azules copper project in 2024, with a feasibility study expected in June 2025 [39] - The company holds a 46.4% interest in McEwen Copper, which has an implied market value of $984 million [35]