-
Gold Equivalent Production: 135,884 ounces, 12% lower than 2023.
-
Selling Price Increase: 24% higher than the previous year.
-
Adjusted EBITDA: $29.2 million or $0.57 per share, up from $7.7 million or $0.16 per share in 2023.
-
Net Loss: $43.7 million, primarily due to expenditures at Los Azules.
-
Exploration Expenditure: $16.5 million, totaling $19.8 million.
-
Depreciation: $10 million.
-
Debt Increase: From $40 million to $130 million via capped call convertible debenture.
-
Cash Position: Approximately $62 million.
-
Fox Complex Exploration: Increased indicated and inferred resources to over 2 million ounces.
-
Los Azules Valuation: Implied value of $984 million, with a 46% interest equating to $457 million.
-
San Jose Mine Investment: 49% interest, expecting to pay a dividend soon.
Release Date: March 18, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
-
McEwen Mining Inc (NYSE:MUX) reported a significant increase in adjusted EBITDA, which was 3.8 times higher than the previous year, reaching $29.2 million.
-
The company achieved a 24% higher selling price for its production, despite a 12% decrease in consolidated production.
-
Exploration efforts at the Fox Complex have increased indicated and inferred resources to over 2 million ounces, allowing for future production expansion.
-
The Los Azules project has seen a substantial increase in implied value, now estimated at $984 million, with plans for an IPO contingent on market conditions.
-
The San Jose mine, in which McEwen Mining Inc (NYSE:MUX) holds a 49% interest, is expected to pay a dividend soon, benefiting from higher metal prices.
-
McEwen Mining Inc (NYSE:MUX) posted a net loss of $43.7 million, primarily due to significant investments in the Los Azules project.
-
The company’s debt increased from $40 million to $130 million through a capped call convertible debenture.
-
There is ongoing uncertainty regarding the approval of the Los Azules project under Argentina’s RIGI scheme, with no clear timeline for a decision.
-
The company faces a legal claim from an indigenous group concerning property interests in Timmins, which it believes is without merit.
-
Permitting timelines for the Timberline properties and other projects remain unpredictable, potentially delaying production increases.
Q: Can you provide more details on the mine life extension opportunities at Gold Bar and the permitting process for the Timberline properties? A: William Shaver, Chief Operating Officer, explained that exploration work is ongoing at Timberline, with $4 million allocated for exploration this year. The permitting process involves two parts: patented claims, which have a shorter permitting timeframe, and BLM land, which could take three to five years. Permitting work will start this year, with applications expected in the next quarter.
