McEwen Mining Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Fox Complex operating results
Fox Complex
The following table summarizes the operating results for the Fox Complex for the three months ended March 31, 2024, and 2023:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended March 31, | ||||||
| · 2024 · 2023 | ||||||
| Operating Results · · (in thousands, unless otherwise indicated) | ||||||
| Mined mineralized material (t) | | 79 | | 91 | ||
| Average grade (g/t Au) | | 2.82 | | 4.19 | ||
| Processed mineralized material (t) | | 105 | | 108 | ||
| Average grade (g/t Au) | | 2.39 | | 4.11 | ||
| Gold ounces: | | | | | | |
| Produced | | 7.5 | | 12.7 | ||
| Sold, excluding stream | | | 6.9 | | | 12.2 |
| Sold, stream | | 0.6 | | 0.7 | ||
| Sold, including stream | | | 7.6 | | | 12.9 |
| Silver ounces: | | | | | | |
| Produced | | 1.1 | | 1.4 | ||
| Sold | | 1.3 | | 2.5 | ||
| GEOs: | | | | | | |
| Produced | | 7.5 | | 12.7 | ||
| Sold, excluding stream | | | 6.9 | | | 12.2 |
| Sold | | | 7.6 | | | 12.9 |
| Revenue from gold and silver sales | | $14,750 | | $23,165 | ||
| Cash costs(1) | | $11,842 | | $14,072 | ||
| Cash cost per ounce ($/GEO sold)(1) | | $1,555 | | $1,088 | ||
| All‑in sustaining costs(1) | | $14,683 | | $16,949 | ||
| AISC per ounce ($/GEO sold)(1) | | $1,928 | | $1,311 | ||
| Gold : Silver ratio | | 89 : 1 | | 84 : 1 | ||
| (1) | As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 30 for additional information. |
Q1/24 compared to Q1/23
The Froome mine produced 7,486 GEOs in Q1/24, compared to 12,682 GEOs produced in Q1/23. GEO production decrease was driven by 42% lower mined grades during Q1/24 compared to Q1/23. This decrease was somewhat offset by the consumption of long-term low grade stockpiles during the quarter. The operations conducted a review of mine plans and subsequent to the quarter end, we have begun to achieve higher mined grades and gold production. Other higher grade opportunities may be advanced earlier than planned in both the Froome and Black Fox mines.
Revenue from gold sales was $14.7 million in Q1/24 compared to $23.2 million in Q1/23. The decrease was driven by lower GEOs sold (7,614 GEOs in Q1/24 compared to 12,900 GEOs in Q1/23) and was partially offset by a favorable change in average realized gold prices ($1,937 per GEO in Q1/24 compared to $1,796 per GEO in Q1/23). Average realized gold prices at Froome are impacted by the historic streaming arrangements.
Production costs applicable to saleswere $11.8 million in Q1/24 compared to $14.1 million in Q1/23, reflecting the decrease in GEOs produced and sold, as described above.
Cash cost andAISC per GEO sold were $1,555 and $1,928 in Q1/24, respectively, compared to $1,088 and $1,311 in Q1/23, respectively. The increase in unit costs was driven primarily by lower processed grades, including impacts from the processing of lower grade stockpiles, impacting GEOs produced as described above.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.