McEwen Mining reports increased revenues and future growth plans

McEwen Mining Inc. has released its financial results for the fourth quarter and the full year 2024. The company reported that its production met expectations, and rising gold prices helped increase its revenue compared to the previous year. For 2025, McEwen Mining is focusing on important projects at Los Azules and Fox Complex while investing in growth opportunities. In 2024, the company produced approximately 154,587 gold equivalent ounces (GEOs), which is consistent with earlier guidance. The revenue saw an increase, driven mainly by sales from the Fox Complex and Gold Bar Mine. The average gold price realized was slightly above the annual market average. However, the company experienced a net loss, largely due to expenses associated with McEwen Copper and investments in exploration. Looking to the future, McEwen Mining aims to significantly increase gold production at the Fox Complex. They project that by 2030, production could grow substantially if necessary permits are approved on time. Key financial steps, such as issuing convertible senior unsecured notes, will help support these growth plans. In exploring its properties, McEwen has already increased the estimated gold resource at the Grey Fox deposit. Exploration at other properties, such as the recently acquired Timberline resources, is also underway, with promising initial results reported. The Gold Bar Mine performed well in 2024 despite a planned production decrease in the last quarter. Costs per GEO sold are expected to rise in the first half of 2025 due to mining adjustments, but costs should decline later in the year as production increases. McEwen Mining also holds a 49% interest in the San José mine in Argentina, where production met guidance but saw higher costs than expected. The company is making significant efforts in sustainability and responsible mining practices to benefit local communities as it continues to grow.