McEwen Mining Inc

For Q1/24, we reported gross profit of $6.0 million compared to gross profit of $4.4 million for Q1/23. The increase in gross profit is attributed to an increase in revenue of $6.5 million from our 100% owned operations, and partially offset by an increase in production costs of $1.7 million.

For Q1/24, we reported net loss of $20.4 million (or $0.41 per share) compared to net loss of $43.1 million (or $0.91 per share) for Q1/23. This decrease was primarily driven by a lower portion of exploration expenditures at the Los Azules copper project attributable to the Company, arising from the deconsolidation of McEwen Copper. Partially offsetting this was an increase in gross profit as described above.

We reported adjusted EBITDA of $6.3 million (or $0.13 per share) in Q1/24, compared to Q1/23 adjusted EBITDA of negative $2.9 million, or negative $0.06 per share. The improvement in adjusted EBITDA reflects our improved gross margin at both our 100% owned mines as well as at the San José mine.

Production from our 100% owned mines of 20,104 GEOs in Q1/24 increased by 911 GEOs as compared to 19,193 GEOs produced in Q1/23. At our Fox Complex operations, production decreased by 5,196 GEOs in Q1/24 as compared to Q1/23 as a result of lower mined gold grades, while at Gold Bar our production increased by 5,263 GEOs as a result of higher average head grades and a significant increase in processed tonnes.

Our attributable share of the San José mine production was 12,934 GEOs in Q1/24, which was 15% higher than 11,241 GEOs produced in Q1/23. This increase was primarily driven by 19% higher average gold and silver head grades resulting from the significant mine planning efforts undertaken through 2023.