McEwen Mining Inc

Driven by an increase in the average realized price per GEO sold from $1,951 in Q2/23 to $2,355 in Q2/24, we reported a gross profit of $10.8 million in Q2/24, compared to a gross loss of $3.5 million for Q2/23. Sales volumes remained consistent across comparative periods, increasing to 35,182 GEOs in Q2/24 from 35,051 GEOs in Q2/23.

Supported by our improvement in gross margin described above, we reported a net loss of $13.0 million (or $0.26 per share) and adjusted EBITDA of $7.2 million (or $0.15 per share) in Q2/24, compared to a net loss of $21.6 million (or $0.46 per share) and adjusted EBITDA of negative $5.8 million (or negative $0.12 per share) in Q2/23.

Production from our 100% owned mines of 20,594 GEOs in Q2/24 increased by 2,327 GEOs, from 18,267 GEOs produced in Q2/23. At the Gold Bar mine, the production increase of 4,381 GEOs in Q2/24 compared to Q2/23 was primarily attributable to a 48% increase in tonnes processed, as well as higher processed gold grades. This was offset by a decrease in Fox Complex production of 2,054 GEOs in Q2/24 compared to Q2/23 driven by lower mine production, slightly offset by the processing of our stockpile inventory, resulting in a 14% decrease in average head grades processed.

Our attributable share of the San José mine production was 14,672 GEOs in Q2/24, or 15% lower than 17,358 GEOs produced in Q2/23. The decrease was primarily driven by lower average gold grades processed.