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Mar 31, 2023
McEwen Mining Q1 2023 Earnings Report
McEwen Mining reported a consolidated net loss due to exploration expenses at Los Azules project, while gross profit increased from improved productivity across Fox Complex and Gold Bar mine operations.
Key Takeaways
McEwen Mining reported a consolidated net loss of $43.1 million, primarily due to $31.9 million spent on exploration at the Los Azules project. However, the company's gross profit improved to $4.4 million, driven by increased productivity at the Fox Complex and Gold Bar mine operations. The company completed financing transactions for McEwen Copper, increasing its market value.
Completed financing transactions for McEwen Copper, increasing its market value to $550 million.
Gross profit was $4.4 million, up from a gross loss of $6.0 million in Q1 2022.
Consolidated cash and equivalents increased to $190.8 million.
Production from operating mines was 30,400 gold equivalent ounces (GEOs).
McEwen Mining
McEwen Mining
Forward Guidance
Production guidance remains 150,000-170,000 GEOs for 2023.