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McEwen Mining: 2024 Production Within Guidance; 2025 Guidance: Stable Production and Cost/Oz

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McEwen Mining: 2024 Production Within Guidance; 2025 Guidance: Stable Production and Cost/Oz

 

 

 

 

 

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report full-year 2024 consolidated production of 135,900 gold equivalent ounces(1), within our guidance range for the year (press release dated Feb 12, 2024).

 

During 2024, Gold Bar and San Jose produced 44,600 and 60,100 GEOs, respectively, slightly exceeding the top end of our guidance ranges for those operations. At the Fox Complex, we produced 30,150 GEOs, which was below annual guidance due to a stope failure in early 2024 impacting production.

 

Table 1: Consolidated 2024 Production and 2025 Guidance Summary

       
  Full Year
2024(3)(4)
2024
Guidance(4)
2025
Guidance
Consolidated Production    
GEOs(1) 135,900 130,000 – 145,000 120,000 – 140,000
Cash Costs/GEO     $1,550 – $1,750
AISC/GEO     $1,800 – $2,000
Gold Bar Mine, Nevada    
GEOs 44,600 40,000 – 43,000 40,000 – 45,000
Cash Costs/GEO     $1,500 – $1,700
AISC/GEO     $1,700 – $1,900
Fox Complex, Canada    
GEOs 30,150 40,000 – 42,000 30,000 – 35,000
Cash Costs/GEO     $1,600 – $1,800
AISC/GEO     $1,700 – $1,900
San José Mine, Argentina (49%)(2)    
GEOs 60,100 50,000 – 60,000 50,000 – 60,000
Cash Costs/GEO     $1,600 – $1,800
AISC/GEO     $1,900 – $2,100
       

 

2025 Production and Cost Guidance

 

For 2025, we expect consolidated production to be between 120,000 and 140,000 GEOs attributable to MUX from all operations. The lower end of the 2025 range is driven by the planned transition of production at the Fox Complex from the Froome mine to the Stock mine in late 2025.

 

At Fox in 2025, due to permitting delays, the development of the ramp access to the Stock project is expected to continue through the majority of the year, with commercial production from Stock now expected in early 2026. Operations at the Froome mine will wind down in late 2025. The capital investment required for ramp development in 2025 has been partially funded by the US$22.0 million flow-through financing completed in June 2024.

 

At Gold Bar in 2025, the first half of the year is expected to deliver lower production relative to the second half, due to a scheduled continuation of high waste stripping in the Pick pit to be completed during 2025. The investment in waste stripping at the Pick pit is expected to improve ore availability during the second half of 2025 and through 2026, increasing future annual gold production.

 

Notes:

(1) ‘Gold Equivalent Ounces’ are calculated based on a gold-to-silver price ratio of 89:1 for Q1 2024, 81:1 for Q2 2024, 85:1 for Q3 2024, and 85:1 for Q4 2024. 2025 production guidance is calculated based on an 86:1 gold-to-silver price ratio.
(2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc. Production is shown on a 49% basis.
(3)  El Gallo Mine (on care and maintenance) sold 1,052 ounces in FY2024 from plant and pond cleanout.
(4)  Full Year 2024 costs and their comparison against 2024 Guidance will be published in a future press release on our 2024 audited annual results.
(5)  Cash costs and AISC per GEO sold are presented in U.S. Dollars for all operations.
   
   

Technical Information

 

The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

 

Reliability of Information Regarding San José

Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied the Company with all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

 

ABOUT MCEWEN MINING

 

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 46.4% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s objective is to improve the productivity and life of its assets with the goal of increasing its share price and providing an investor yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of $225 million. His annual salary is $1.

 

Posted January 29, 2025

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