Growth Plans for 2024
“Our biggest single asset with the greatest near-term potential to increase our share value is our 48% owned subsidiary
“Compared to conventional copper mines, Los Azules is designed with a much lighter impact on the environment, initially emitting one third (1/3) of the CO2-e emissions and progressing to net-zero carbon by 2038, utilizing one quarter (1/4) the water, powered by 100% renewable electricity, and producing sustainable copper cathode.
“At our Canadian and Mexican mines we are advancing two important development projects. At the Fox Complex, the construction of the underground ramp access to the Stock orebodies will start in Q1. The Stock West deposit will become the primary source of production following the completion of mining at the Froome deposit in 2026. At the Fenix project, construction is expected to start in H2. Both of these projects are designed to extend the mine lives by over 9 years,” said
Individual Mine Performance and Growth (see Table 1 and 2)
Fox performed well in 2023, achieving its annual production guidance. Mill throughput achieved a record average of 1,300 tonnes per day in Q4, the highest since our acquisition in 2017. As a result, mill throughput in Q4 was 36% higher than in Q4 2022. This is an important achievement by our team in
Gold Bar,
Despite weather conditions in early 2023 that led to flooding and a slowdown of production at Gold Bar, our team ramped up gold production significantly through Q4, as planned, and achieved its annual production guidance. Cash costs(1) of
San José,
San José had a difficult start to 2023 as seen in our Q1 results. The team at San José was quick to respond by implementing operational changes that resulted in consistent quarterly improvements to production and unit costs. This was achieved through mining and processing more tonnes containing higher average gold and silver grades compared to Q1. As a result, San José achieved annual production of 65,800 GEOs(2) in 2023, slightly under the production guidance range of 66,000 to 74,000 GEOs(2). Annual cash costs(1) of
Table 1: Comparative production and cost per oz results for Q4 and full year 2023 and 2022, and 2023 guidance:
Q4 | Full year | Full Year 2023 | ||||||||
2022 | 2023 | 2022 | 2023 | |||||||
Consolidated Production | ||||||||||
Gold (oz) | 28,970 | 42,400 | 102,680 | 128,650 | 123,000-139,000 | |||||
Silver (oz) | 702,000 | 635,650 | 2,598,230 | 2,166,850 | 2,300,000-2,600,000 | |||||
GEOs(2) | 37,280 | 49,850 | 133,300 | 154,600 | 150,000-170,000 | |||||
GEOs(2) | 7,940 | 19,800 | 26,620 | 43,700 | 42,000-48,000 | |||||
Cash Costs/GEO(1) | 1,083 | 1,345 | 1,622 | 1,565 | ||||||
AISC/GEO(1) | 1,395 | 1,506 | 1,989 | 1,891 | ||||||
GEOs(2) | 9,870 | 10,200 | 36,650 | 44,450 | 42,000-48,000 | |||||
Cash Costs/GEO(1) | 1,137 | 1,253 | 1,020 | 1,157 | ||||||
AISC/GEO(1) | 1,606 | 1,467 | 1,465 | 1,351 | ||||||
San José Mine, | ||||||||||
Gold production (oz) | 11,170 | 11,700 | 38,610 | 39,700 | 39,000-43,000 | |||||
Silver production (oz) | 700,850 | 635,650 | 2,593,300 | 2,166,850 | 2,300,000-2,600,000 | |||||
GEOs(2) | 19,420 | 19,150 | 69,130 | 65,650 | 66,000-74,000 | |||||
Cash Costs/GEO(1) | $1,228 | $1,413 | ||||||||
AISC/GEO(1) | $1,573 | $1,840 |
Table 2: 2024 Production & Costs per GEO Guidance
2024 Guidance | |
100% Owned Mines (Gold Bar and Fox) | |
GEOs(2) | 80,000-85,000 |
Cash Costs/GEO(1) | |
AISC/GEO(1) | |
GEOs(2) | 40,000-43,000 |
Cash Costs/GEO(1) | |
AISC/GEO(1) | |
GEOs(2) | 40,000-42,000 |
Cash Costs/GEO(1) | |
AISC/GEO(1) | |
San José Mine, | |
GEOs(2) | 50,000-60,000 |
Cash Costs/GEO(1) | |
AISC/GEO(1) |
Advances in Q4 2023
McEwen Copper : Financings with Stellantis and Nuton (Rio Tinto) were closed in Q4, raising ARS$42 billion and$10.0 million , respectively, at a value of$26.00 per share, implying a market value of$800 million for McEwen Copper. Concurrently with these transactions,McEwen Mining sold 232,000 common shares ofMcEwen Copper in return for$6.0 million . After the closing of these transactions, Stellantis and Nuton own 19.4% and 14.5%, respectively, ofMcEwen Copper , while the Company’s ownership decreased to 47.7%.- Safety at all of our operations was excellent with no lost-time incidents.
- Gold Bar: During Q4, we achieved new daily, monthly, and quarterly production records as a result of the improvements in mining productivity, the addition of crushing crews and the completion of the heap leach pad expansion.
Fox Complex : We achieved the highest average daily mill throughput on record since acquisition in 2017, reaching 1,300 tonnes per day during Q4, and are currently reviewing improvements in 2024 to mining productivity and processing flowsheets to continue to increase throughput levels.- In December, the Company completed a private placement offering of 1,903,000 flow-through common shares for gross proceeds of
$16.1 million (CAD$22.0 million ) to be used exclusively to support exploration and development work at theFox Complex , which includes the development of the Stock ramp. - We continue to invest heavily in exploration and the results have been most encouraging, particularly at Los Azules, where the resource base increased by 27%, and at the
Fox Complex , where the results allow us to see the potential for significant increase in mine life at Stock andGrey Fox .
Financial Results
Notice to reader: Under US GAAP,
Net income for full year 2023 was
Liquidity and Capital Resources
We reported consolidated cash and cash equivalents of
During 2023, we decreased our total debt by
The Company also holds a portfolio of royalties including a 1.25% net smelter royalty at both our Los Azules and Elder Creek properties, together with other royalties on properties in
Exploration
Exploration results from the Stock deposits at the
Gold Bar exploration activities are currently focused on discovering near mine resources. Additional drilling targets have been identified at our Pick and Cabin pits to expand upon results from our 2023 drilling.
New metallurgical and exploration results from Los Azules were published in news releases dated
Confirmatory metallurgical testing and a large drilling campaign to upgrade resources, as well as geotechnical, hydrological, and geohydrological works are well underway to support the delivery of the feasibility study by early 2025.
We own a 47.7% interest in
Management Conference Call
Management will discuss our Q4 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.
Friday at | Toll Free (US & | (888) 210-3454 |
Toll Free Dial-In Other Countries: | https://events.q4irportal.com/custom/access/2324/ | |
Toll Dial In: | (646) 960-0130 | |
Conference ID Number: | 3232920 | |
Event Registration Link: | https://events.q4inc.com/attendee/876515509 |
An archived replay of the webcast will be available approximately 2 hours following the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.
Notes:
- Cash gross profit, cash costs per ounce, all-in sustaining costs (AISC) per ounce, adjusted net income or loss and adjusted net income or loss per share are non-GAAP financial performance measures with no standardized definition under
U.S. GAAP. For definition and reconciliation of the non-GAAP measures see "Non-GAAP Financial Measures" section in this press release and the unaudited Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Income below. - 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 85:1 for Q4 2023, 83:1 for 2023, 85:1 for Q4 2022 and 84:1 for 2022. 2023 and 2024 production guidance is calculated based on 85:1 gold to silver price ratio.
- This disclosure should not be taken to modify or update the conclusions of the PEA.
- Please refer to the “Reliability of Information Regarding San José” section in this press release.
MCEWEN MINING INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED (unaudited, in thousands of | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Revenue from gold and silver sales | $ | 166,231 | $ | 110,417 | $ | 136,541 | ||||||
Production costs applicable to sales | (119,230 | ) | (91,260 | ) | (119,223 | ) | ||||||
Depreciation and depletion | (29,221 | ) | (19,701 | ) | (23,798 | ) | ||||||
Gross profit (loss) | 17,780 | (544 | ) | (6,480 | ) | |||||||
OTHER OPERATING EXPENSES: | ||||||||||||
Advanced projects - Los Azules | (80,038 | ) | (61,148 | ) | (5,019 | ) | ||||||
Advanced projects - Other | (6,292 | ) | (5,580 | ) | (7,420 | ) | ||||||
Exploration | (20,167 | ) | (14,973 | ) | (22,604 | ) | ||||||
General and administrative | (15,449 | ) | (11,890 | ) | (11,435 | ) | ||||||
Loss from investment in | (60,084 | ) | — | — | ||||||||
Loss (income) from investment in Minera Santa Cruz S.A.(4) | (281 | ) | 2,776 | (7,533 | ) | |||||||
Depreciation | (1,086 | ) | (733 | ) | (339 | ) | ||||||
Reclamation and remediation | (2,693 | ) | (3,345 | ) | (3,450 | ) | ||||||
(186,090 | ) | (94,893 | ) | (57,800 | ) | |||||||
Operating loss | (168,310 | ) | (95,437 | ) | (64,280 | ) | ||||||
OTHER INCOME (EXPENSE): | ||||||||||||
Interest and other finance income (expenses), net | 36,918 | (7,789 | ) | (6,200 | ) | |||||||
Other (expense) income | (29,925 | ) | 22,938 | 6,281 | ||||||||
Gain on deconsolidation of | 224,048 | — | — | |||||||||
Total other income | 231,041 | 15,149 | 81 | |||||||||
Income (loss) before income and mining taxes | 62,731 | (80,288 | ) | (64,199 | ) | |||||||
Income and mining tax recovery (expense) | (31,873 | ) | (5,806 | ) | 7,315 | |||||||
Net income (loss) after income and mining taxes | 62,731 | (86,094 | ) | (56,884 | ) | |||||||
Net loss attributable to non-controlling interests | 23,872 | 5,019 | 172 | |||||||||
Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders | $ | 54,730 | $ | (81,075 | ) | $ | (56,712 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic and diluted | $ | 1.15 | $ | (1.71 | ) | $ | (1.25 | ) | ||||
Weighted average common shares outstanding (thousands): | ||||||||||||
Basic and diluted | 47,544 | 47,427 | 45,490 |
CONSOLIDATED BALANCE SHEETS AS AT (unaudited, in thousands of | ||||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 23,020 | $ | 39,782 | ||||
Investments | 1,743 | 1,295 | ||||||
Receivables, prepaids and other current assets | 5,578 | 8,840 | ||||||
Due from | 2,376 | — | ||||||
Inventories, current portion | 19,944 | 31,735 | ||||||
Total current assets | 52,661 | 81,652 | ||||||
Mineral property interests and plant and equipment, net | 170,000 | 346,281 | ||||||
Investment in | 323,884 | — | ||||||
Investment in | 92,875 | 93,451 | ||||||
Inventories | 10,100 | 2,432 | ||||||
Restricted cash | 4,490 | 3,797 | ||||||
Other assets | 674 | 1,106 | ||||||
TOTAL ASSETS | $ | 654,684 | $ | 528,719 | ||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 22,656 | $ | 42,521 | ||||
Flow-through share premium | 1,661 | 4,056 | ||||||
Reclamation and remediation liabilities, current portion | 3,105 | 12,576 | ||||||
Tax liabilities | 1,603 | 7,663 | ||||||
Lease liabilities, current portion | 978 | 1,215 | ||||||
Long-term debt, current portion | — | 10,000 | ||||||
Contract liability | — | 6,155 | ||||||
Total current liabilities | 30,003 | 84,186 | ||||||
Long-term debt | 40,000 | 53,979 | ||||||
Reclamation and remediation liabilities | 39,916 | 29,270 | ||||||
Deferred tax liabilities | 38,586 | — | ||||||
Lease liabilities | 488 | 1,191 | ||||||
Other liabilities | 3,840 | 3,819 | ||||||
Total liabilities | $ | 152,833 | $ | 172,445 | ||||
Shareholders’ equity: | ||||||||
Common shares | $ | 1,768,456 | $ | 1,644,144 | ||||
Non-controlling interests | — | 33,465 | ||||||
Accumulated deficit | (1,266,605 | ) | (1,321,335 | ) | ||||
Total shareholders’ equity | 501,851 | 356,274 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ | 654,684 | $ | 528,719 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED (unaudited, in thousands of | ||||||||||||||||||
Common Shares | ||||||||||||||||||
and Additional | ||||||||||||||||||
Accumulated | Non-controlling | |||||||||||||||||
Shares | Amount | Deficit | Interests | Total | ||||||||||||||
Balance, | 41,659 | $ | 1,548,876 | $ | (1,183,548 | ) | $ | — | $ | 365,328 | ||||||||
Stock-based compensation | — | 837 | — | — | 837 | |||||||||||||
Sale of flow-through shares | 1,260 | 10,785 | — | — | 10,785 | |||||||||||||
Sale of shares for cash | 3,000 | 29,875 | — | — | 29,875 | |||||||||||||
Issuance of equity by subsidiary | — | 25,051 | — | 14,949 | 40,000 | |||||||||||||
Net loss and comprehensive loss | — | — | (56,712 | ) | (172 | ) | (56,884 | ) | ||||||||||
Balance, | 45,919 | $ | 1,615,424 | $ | (1,240,260 | ) | $ | 14,777 | $ | 389,941 | ||||||||
Stock-based compensation | — | 340 | — | — | 340 | |||||||||||||
Sale of flow-through shares | 1,450 | 10,320 | — | — | 10,320 | |||||||||||||
Shares issued for debt refinancing | 59 | 500 | — | — | 500 | |||||||||||||
Issuance of equity by subsidiary | — | 17,643 | — | 23,707 | 41,350 | |||||||||||||
Share repurchase | — | (87 | ) | — | — | (87 | ) | |||||||||||
Exercise of warrants | — | 4 | — | — | 4 | |||||||||||||
Net loss and comprehensive loss | — | — | (81,075 | ) | (5,019 | ) | (86,094 | ) | ||||||||||
Balance, | 47,428 | $ | 1,644,144 | $ | (1,321,335 | ) | $ | 33,465 | $ | 356,274 | ||||||||
Stock-based compensation | 66 | 605 | — | — | 605 | |||||||||||||
Restricted shares issued | 43 | 366 | — | — | 366 | |||||||||||||
Proceeds from McEwen Copper financing | — | 109,913 | — | 75,477 | 185,390 | |||||||||||||
Sale of flow-through shares | 1,903 | 13,428 | — | — | 13,428 | |||||||||||||
Net income (loss) and comprehensive income (loss) | — | — | 54,730 | (23,872 | ) | 30,858 | ||||||||||||
— | — | — | (85,070 | ) | (85,070 | ) | ||||||||||||
Balance, | 49,440 | $ | 1,768,456 | $ | (1,266,605 | ) | $ | — | $ | 501,851 |
MCEWEN MINING INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED (unaudited, in thousands of | ||||||||||||
Year ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 30,858 | $ | (86,094 | ) | $ | (56,884 | ) | ||||
Adjustments to reconcile net loss from operating activities: | ||||||||||||
Loss from investment in | 60,084 | — | — | |||||||||
Loss (income) from investment in Minera Santa Cruz S.A.(4) | 281 | (2,776 | ) | 7,533 | ||||||||
Gain on sale of mineral property interests | — | — | (2,271 | ) | ||||||||
Depreciation, amortization and depletion | 30,307 | 19,532 | 25,338 | |||||||||
Unrealized (gain) loss on investments | (20,542 | ) | 511 | (28 | ) | |||||||
Foreign exchange loss on investments | 9,858 | — | — | |||||||||
Foreign exchange loss | 48,977 | 2,029 | 160 | |||||||||
Reclamation accretion and adjustments to estimate | 2,693 | 7,168 | 3,677 | |||||||||
Income and mining tax recovery | 35,033 | (1,856 | ) | (7,315 | ) | |||||||
Stock-based compensation | 971 | 340 | 837 | |||||||||
Gain on deconsolidation of | (224,048 | ) | — | — | ||||||||
Change in non-cash working capital items: | ||||||||||||
Change in other assets related to operations | 7,113 | (12,873 | ) | 7,887 | ||||||||
Change in liabilities related to operations | (24,298 | ) | 17,439 | 1,003 | ||||||||
Cash used in operating activities | $ | (42,713 | ) | $ | (56,580 | ) | $ | (20,063 | ) | |||
Cash flows from investing activities: | ||||||||||||
Additions to mineral property interests and plant and equipment | $ | (23,021 | ) | $ | (24,187 | ) | $ | (34,888 | ) | |||
Proceeds from disposal of property and equipment | — | — | 492 | |||||||||
Investment in marketable equity securities | (34,157 | ) | — | — | ||||||||
Dividends received from Minera Santa Cruz S.A. | 295 | 286 | 9,832 | |||||||||
Cash outflow on | (45,708 | ) | — | — | ||||||||
Cash used in investing activities | $ | (101,591 | ) | $ | (23,901 | ) | $ | (24,564 | ) | |||
Cash flows from financing activities: | ||||||||||||
Proceeds from | 185,390 | 41,263 | 29,875 | |||||||||
Proceeds from sale of investment in | 6,032 | — | — | |||||||||
Issuance of flow-through common shares, net of issuance costs | 13,428 | 14,376 | 11,966 | |||||||||
Proceeds from promissory note | — | 15,000 | 40,000 | |||||||||
Principal repayment on long-term debt | (25,000 | ) | — | — | ||||||||
Subscription proceeds received in advance | — | (2,850 | ) | 2,550 | ||||||||
Proceeds from exercise of warrants | — | 4 | — | |||||||||
Payment of finance lease obligations | (1,637 | ) | (2,338 | ) | (3,408 | ) | ||||||
Cash provided by financing activities | $ | 178,213 | $ | 65,455 | $ | 80,983 | ||||||
Effect of exchange rate change on cash and cash equivalents | (48,977 | ) | (2,029 | ) | (160 | ) | ||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (16,068 | ) | (17,055 | ) | 36,196 | |||||||
Cash, cash equivalents and restricted cash, beginning of year | 43,579 | 60,634 | 24,438 | |||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 27,511 | $ | 43,579 | $ | 60,634 |
NON-GAAP FINANCIAL PERFORMANCE MEASURES
We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our US GAAP results and using the non-GAAP measures supplementally.
The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled “49% basis” were derived by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement (“OJVA”) and varies depending on factors including the profitability of the operations.
The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include:
- The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and
- Other companies in our industry may calculate their cash cost per ounce and all-in sustaining costs differently than we do, limiting the usefulness as a comparative measure.
Cash Costs and All-In Sustaining Costs
The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.
Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:
- Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include costs of expanding the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life.
- Sustaining exploration and development costs include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activity performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining.
The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales. The
Three months ended | Year ended | |||||||||||||||||
Gold Bar | Total | Gold Bar | Total | |||||||||||||||
(in thousands, except per ounce) | (in thousands, except per ounce) | |||||||||||||||||
Production costs applicable to sales - Cash costs (100% owned) | $ | 25,889 | $ | 13,298 | $ | 39,187 | $ | 67,335 | $ | 51,895 | $ | 119,230 | ||||||
In‑mine exploration | 1,705 | — | 1,705 | 4,759 | — | 4,759 | ||||||||||||
Capitalized underground mine development (sustaining) | — | 2,119 | 2,119 | — | 8,046 | 8,046 | ||||||||||||
Capital expenditures on plant and equipment (sustaining) | 1,374 | — | 1,374 | 9,028 | — | 9,028 | ||||||||||||
Sustaining leases | 11 | 153 | 164 | 248 | 676 | 924 | ||||||||||||
All‑in sustaining costs | $ | 28,979 | $ | 15,570 | $ | 44,549 | $ | 81,370 | $ | 60,617 | $ | 141,987 | ||||||
Ounces sold, including stream (GEO) | 19.2 | 10.6 | 29.9 | 43.0 | 44.9 | 87.9 | ||||||||||||
Cash cost per ounce sold ($/GEO) | $ | 1,345 | $ | 1,253 | $ | 1,313 | $ | 1,565 | $ | 1,157 | $ | 1,356 | ||||||
AISC per ounce sold ($/GEO) | $ | 1,506 | $ | 1,467 | $ | 1,492 | $ | 1,891 | $ | 1,351 | $ | 1,615 |
Three months ended | Year ended | |||||||||||||||||
Gold Bar | Total | Gold Bar | Total | |||||||||||||||
(in thousands, except per ounce) | (in thousands, except per ounce) | |||||||||||||||||
Production costs applicable to sales - Cash costs (100% owned) | $ | 8,666 | $ | 10,742 | $ | 19,408 | $ | 43,500 | $ | 36,845 | $ | 80,345 | ||||||
Mine site reclamation, accretion and amortization | 218 | — | 218 | 1,654 | — | 1,654 | ||||||||||||
In‑mine exploration | 505 | — | 505 | 3,335 | — | 3,335 | ||||||||||||
Capitalized underground mine development (sustaining) | — | 4,317 | 4,317 | — | 15,448 | 15,448 | ||||||||||||
Capital expenditures on plant and equipment (sustaining) | 1,576 | — | 1,576 | 3,084 | — | 3,084 | ||||||||||||
Sustaining leases | 191 | 110 | 301 | 1,754 | 619 | 2,373 | ||||||||||||
All‑in sustaining costs | $ | 11,156 | $ | 15,169 | $ | 26,325 | $ | 53,327 | $ | 52,912 | $ | 106,239 | ||||||
Ounces sold, including stream (GEO)(1) | 8.0 | 9.4 | 17.4 | 26.8 | 36.1 | 62.9 | ||||||||||||
Cash cost per ounce sold ($/GEO) | $ | 1,083 | $ | 1,137 | $ | 1,112 | $ | 1,622 | $ | 1,020 | $ | 1,276 | ||||||
AISC per ounce sold ($/GEO) | $ | 1,395 | $ | 1,606 | $ | 1,509 | $ | 1,989 | $ | 1,465 | $ | 1,688 |
Three months ended | Year ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||
San José mine cash costs (100% basis) (4) | (in thousands, except per ounce) | |||||||||||||||||||
Production costs applicable to sales - Cash costs | $ | 48,680 | $ | 51,963 | $ | 180,115 | $ | 182,195 | $ | 196,032 | ||||||||||
Mine site reclamation, accretion and amortization | 93 | 111 | 535 | 400 | 451 | |||||||||||||||
Site exploration expenses | 1,831 | 2,158 | 9,167 | 8,946 | 11,207 | |||||||||||||||
Capitalized underground mine development (sustaining) | 10,407 | 10,201 | 38,346 | 37,959 | 27,548 | |||||||||||||||
Less: Depreciation | (768 | ) | (499 | ) | (2,930 | ) | (1,990 | ) | (1,971 | ) | ||||||||||
Capital expenditures (sustaining) | 2,106 | 3,006 | 9,224 | 11,636 | 15,751 | |||||||||||||||
All‑in sustaining costs | $ | 62,349 | $ | 66,940 | $ | 234,457 | $ | 239,146 | $ | 249,018 | ||||||||||
Ounces sold (GEO) | 39.6 | 39.3 | 127.5 | 139.5 | 155.3 | |||||||||||||||
Cash cost per ounce sold ($/GEO) | $ | 1,228 | $ | 1,321 | $ | 1,413 | $ | 1,306 | 1,262 | |||||||||||
AISC per ounce sold ($/GEO) | $ | 1,573 | $ | 1,701 | $ | 1,840 | $ | 1,714 | 1,603 |
Technical Information
The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by
Reliability of Information Regarding San José
The Company accounts for its investment in
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release,
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of
ABOUT
Want News Fast?
Subscribe to our email list by clicking here:
https://www.mcewenmining.com/contact-us/#section=followUs
and receive news as it happens!
WEB SITE | SOCIAL MEDIA | |||||
www.mcewenmining.com | McEwen Mining | Facebook: | facebook.com/mcewenmining | |||
LinkedIn: | linkedin.com/company/mcewen-mining-inc- | |||||
CONTACT INFORMATION | Twitter: | twitter.com/mcewenmining | ||||
Instagram: | instagram.com/mcewenmining | |||||
Suite 2800, PO Box 24 | ||||||
McEwen Copper | Facebook: | facebook.com/mcewencopper | ||||
M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
Twitter: | twitter.com/mcewencopper | |||||
Relationship with Investors: | Instagram: | instagram.com/mcewencopper | ||||
(866)-441-0690 - Toll free line | ||||||
(647)-258-0395 | Facebook: | facebook.com/mcewenrob | ||||
LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | |||||
info@mcewenmining.com | Twitter: | twitter.com/robmcewenmux | ||||
Source:
2024 GlobeNewswire, Inc., source