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Dec 31, 2023
McEwen Mining Q4 2023 Earnings Report
McEwen Mining reported a net income and focused on advancing key projects.
Key Takeaways
McEwen Mining Inc. reported a Q4 2023 net income of $137.9 million, or $2.88 per share, compared to a net loss of $37.4 million, or $0.79 per share for Q4 2022. The company is advancing projects at the Fox Complex and Fenix, and McEwen Copper is driving towards a Feasibility Study in Q1 2025.
Net income for Q4 was $137.9 million, or $2.88 per share, compared with a net loss of $37.4 million, or $0.79 per share for Q4 2022.
Mill throughput at the Fox Complex achieved a record average of 1,300 tonnes per day in Q4, 36% higher than in Q4 2022.
Gold Bar's Q4 unit costs were significantly below annual guidance with cash costs of $1,253 and AISC of $1,467.
San José achieved Q4 cash costs of $1,228 per GEO sold and AISC of $1,573 per GEO sold, in line with annual guidance.
Forward Guidance
McEwen Mining is focused on advancing key projects and increasing productivity at its mines. McEwen Copper is working towards delivering a bankable Feasibility Study in Q1 2025.
Positive Outlook
- Construction of the underground ramp access to the Stock orebodies at the Fox Complex will start in Q1.
- Construction at the Fenix project is expected to start in H2.
- Los Azules is designed with a much lighter impact on the environment.
- Metallurgical highlights include a 76% expected average copper recovery during the 27-year life of mine.
- Exploration results from the Stock deposits at the Fox Complex include a 31% increase in gold resources compared to 2022.
Challenges Ahead
- Cash costs and AISC per ounce remain 12-18% higher than guided and need more attention.
- The Stock West deposit will become the primary source of production following the completion of mining at the Froome deposit in 2026.
- San José had a difficult start to 2023 as seen in our Q1 results.
Historical Earnings Impact
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