McEwen Mining Meets 2024 Production Targets, Prepares for 2025 Transition

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced its full-year 2024 gold equivalent ounce (GEO) production, reporting a consolidated total of 135,900 GEOs, landing within the company’s guidance range. Strong performances at the Gold Bar and San José mines offset shortfalls at the Fox Complex, ensuring McEwen delivered as projected.
As the company sets its sights on 2025, a transition year marked by mine development and operational shifts, production guidance has been set between 120,000 and 140,000 GEOs. The shift is primarily due to McEwen’s transition from the Froome mine to the Stock mine at Fox Complex, along with strategic investments at Gold Bar aimed at long-term production growth.
2024 Operational Performance
McEwen Mining’s three primary operations delivered as follows:
• Gold Bar Mine (Nevada): 44,600 GEOs – Slightly exceeding guidance.
• San José Mine (Argentina, 49% McEwen ownership): 60,100 GEOs – Above expectations.
• Fox Complex (Ontario): 30,150 GEOs – Below target due to early-year stope failure.
The Fox Complex, while falling short of annual guidance, remains a cornerstone of McEwen’s long-term plans. The Stock mine ramp-up is expected to provide sustained production well into the future.
2025 Production and Development Plans
McEwen Mining’s 2025 outlook reflects key operational transitions:
Fox Complex (Ontario)
• The transition from Froome to Stock is progressing, but permitting delays have pushed the Stock mine’s commercial production to early 2026.
• Ramp development at Stock will continue throughout 2025, partially funded by the US$22 million flow-through financing completed in mid-2024.
• Froome’s production will gradually wind down, contributing to a temporary decline in GEO output.
Gold Bar Mine (Nevada)
• First-half production will be lower due to continued waste stripping at the Pick pit.
• Ore availability is expected to increase significantly in the second half of the year, setting up stronger production into 2026.
Positioning for Long-Term Growth
While 2025 represents a transitional phase, McEwen remains focused on:
• Sustaining production through the transition at Fox Complex.
• Enhancing Gold Bar’s mine life by investing in stripping efforts.
• Maintaining stability at San José, which continues to generate strong GEO output.
• Evaluating long-term opportunities at the Los Azules copper project in Argentina, a major asset owned through McEwen Copper (46.4% McEwen ownership).
Financial and Strategic Outlook
The company will provide full-year 2024 cost reports in its upcoming annual financial results release. However, McEwen has confirmed:
• 2025 production guidance is based on an 86:1 gold-to-silver price ratio.
• El Gallo Mine (Mexico), which remains on care and maintenance, contributed 1,052 ounces from plant and pond cleanout in 2024.
McEwen Mining Chairman and Chief Owner Rob McEwen, who has personally invested $225 million into the company, continues to lead with a focus on shareholder value and operational efficiency.
With Fox Complex’s Stock mine coming online in 2026, Gold Bar’s optimization efforts, and continued contributions from San José, McEwen Mining is well-positioned to deliver steady production while strengthening long-term growth prospects.
By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News
Tags: Northern Ontario / Press Releases / Gold / All Articles