McEwen Mining Reports Strong Financial Performance

By Tamara Parker • Saturday, March 16 15:13 • Permanent Link

McEwen Mining Inc. has recently released its 10-K report for the year ended December 31, 2023. The company engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina, as well as explores for copper deposits.

In the 10-K report, McEwen Mining Inc. reported several key financial and operational highlights for the year and quarter ended December 31, 2023. The company reported achieving annual consolidated gold equivalent ounces (GEO) production guidance, producing 154,588 GEOs in 2023, meeting its production guidance for the year. McEwen Mining Inc. also reported a 14% increase in GEOs sold during 2023 compared to 2022, with 151,054 GEOs sold in 2023. Additionally, the company achieved a gross profit of $17.8 million and cash gross profit of $47.0 million for the full year 2023, compared to a gross loss of $0.5 million and cash gross profit of $19.2 million for the full year 2022.

The company reported a net income of $55.3 million for the full year 2023, compared to a net loss of $81.1 million for the full year 2022. McEwen Mining Inc. also provided information on its cash costs and all-in sustaining costs (AISC) per GEO sold for its operations, with the Gold Bar mine, Fox Complex, and San José mine all showing variations in costs from 2022 to 2023. The company also detailed its exploration and mineral resources and reserves investments, including a total expenditure of $128.7 million in the Los Azules copper project in Argentina in 2023.

McEwen Mining Inc. reported consolidated revenue of $166.2 million for the full year 2023 from the sale of 88,699 GEOs from its 100% owned operations, at an average realized price of $1,927 per GEO. This compares to revenue of $110.4 million from the sale of 63,825 GEOs from its 100% owned operations at an average realized price of $1,788 per GEO during the full year 2022.

In addition, the company reported a consolidated cash and cash equivalents of $23.0 million and consolidated working capital of $22.7 million as of December 31, 2023, compared to $39.8 million and negative $2.5 million, respectively, as of December 31, 2022.

For the full picture, make sure to review McEwen Mining's 10-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.