McEwen Mining Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
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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Gold Bar mine operating results
Gold Bar Mine
The following table summarizes the operating results for the Gold Bar mine 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) | | 678 | | 563 | ||
| Average grade (g/t Au) | | 0.77 | | 0.84 | ||
| Processed mineralized material (t) | | 683 | | 579 | ||
| Average grade (g/t Au) | | 0.80 | | 0.83 | ||
| Gold ounces: | | | | | | |
| Produced | | 11.7 | | 6.5 | ||
| Sold | | 12.2 | | 6.3 | ||
| Silver ounces: | | | | | | |
| Produced | | 0.1 | | 0.2 | ||
| Sold | | — | | 0.4 | ||
| GEOs: | | | | | | |
| Produced | | 11.7 | | 6.5 | ||
| Sold | | 12.2 | | 6.3 | ||
| Revenue from gold and silver sales | | $25,278 | | $11,587 | ||
| Cash costs(1) | | $13,268 | | $9,341 | ||
| Cash cost per ounce ($/GEO sold)(1) | | $1,088 | | $1,491 | ||
| All‑in sustaining costs(1) | | $14,639 | | $10,805 | ||
| AISC per ounce ($/GEO sold)(1) | | $1,201 | | $1,725 | ||
| 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 Gold Bar mine produced 11,716 GEOs in Q1/24. This represents an 82% increase from 6,453 GEOs produced in Q1/23. The substantial increase in quarterly production was the result of improved weather conditions in Q1/24 compared to Q1/23, the completion and commissioning of a heap leach pad expansion in late 2023, and an improvement in ore stacked and placed under leach due to consistent performance from our mine contractor and crushing operations.
Revenue from gold and silver saleswas $25.3 million in Q1/24 compared to $11.6 million in Q1/23. The increase in revenue was the result of higher GEOs sold during Q1/24 (12,190 GEOs in Q1/24 compared to 6,260 GEOs in Q1/23) together with a higher average realized gold price ($2,131 per GEO in Q1/24 compared with $1,856 per GEO in Q1/24).
Production costs applicable to sales were $13.3 million during Q1/24 compared to $9.3 million during Q1/23. The increase was driven primarily by higher GEOs sold as described above: despite an 82% increase in GEOs produced, associated variable costs increased by only 34% due to improvements in mining, crushing, and stacking productivity.
Cash cost andAISC per GEO sold in Q1/24 were $1,088 and $1,201, respectively, compared to $1,491 and $1,725 in Q1/23, respectively. The improvement in cash costs and AISC per GEO sold was the direct result of higher GEOs sold 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.