McEwen Mining releases Q1 2024 Results, lower grades at Fox, up since

McEwen Mining Inc. today reported its first quarter (Q1) results for the period ended March 31st, 2024. McEwen Mining's ownership of McEwen Copper decreased from 51.9% to 47.7% after the October 2023 financing, and as a result the Company’s financial statements no longer consolidate McEwen Copper on a 100% basis, and instead account for McEwen Copper as an equity investment.
 
Our gross profit in Q1 was $6.0 million, compared to a gross profit of $4.4 million in Q1 2023. A 15% increase in the gold price and a 3% increase in metal sold contributed to the improvement in gross profit. 

Fox Complex Mine, Ontario (100% owned)
 
At Fox, production was below plan at 7,486 GEOs, due to lower than expected mined grades. As a result of the lower mined and stockpile grades, our cash costs(2) and AISC per GEO(2) sold for Fox in Q1 were $1,555 and $1,928, respectively, higher than full year guidance of $1,325 and $1,550, respectively.
 
Subsequent to quarter end we have begun to see higher grades of gold production and we reiterate production cost/oz guidance at Fox of 40,000 to 42,000 GEOs for the full year 2024.

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