McEwen Mining releases numbers for 2023 Production and Guidance for 2024

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report full year and fourth quarter 2023 production results that represent a significant improvement year-over-year and compared to prior quarters. Consolidated production in Q4 2023 was 49,850 gold equivalent ounces (“GEOs”)(1), and full year production for 2023 was 154,600 GEOs. These results were consistent with our latest forecast (Q3 results press release dated Nov 8, 2023) and within our guidance range for the year (press release dated Mar 14, 2023).

Gold Bar production accelerated during Q4 and the month of December, making new records for the quarter and the month, through the addition of mining crews and the completion of the heap leach pad expansion. At Fox, production continued steady above 10,000 GEOs. San José production continued to strengthen throughout the year, past the operational challenges of the first quarter.

At Fox in 2024, we will be starting the development of underground ramp access to the Stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026. This capital investment is partially funded by the US$16.1 million flow-through financing completed in December 2023.

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