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