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Jun 30, 2024
McEwen Mining Q2 2024 Earnings Report
Reported the most profitable quarter since 2016, driven by higher gold prices and increased GEOs sold, despite a net loss influenced by McEwen Copper's expenses.
Key Takeaways
McEwen Mining reported its second quarter results, highlighting it was the most profitable quarter since 2016, driven by increased revenue and higher gold prices. The company reported a net loss due to expenses related to McEwen Copper's Los Azules project.
Gross profit was $10.8 million, compared to a gross loss of $3.5 million in Q2 2023.
Net loss was $13.0 million, or $0.26 per share, compared to a net loss of $21.6 million, or $0.46 per share in Q2 2023.
Consolidated cash and cash equivalents were $40.7 million as of June 30, 2024.
Production from three operating mines was 35,265 gold equivalent ounces (GEOs).
McEwen Mining
McEwen Mining
Forward Guidance
McEwen Mining's production guidance remains 130,000-145,000 GEOs for 2024.