McEwen Mining Inc
For the period ended Jun 30, 2024. Filed Aug 7, 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.
Jun 30, 2024 · Filed Aug 7, 2024
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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 and six months ended June 30, 2024, and 2023:
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three months ended June 30, · · Six months ended June 30, | ||||||||||||
| · 2024 · · 2023 · 2024 · 2023 | ||||||||||||
| Operating Results · · (in thousands, unless otherwise indicated) | ||||||||||||
| Mined mineralized material (t) | | 650 | | 496 | | 1,328 | | 1,060 | ||||
| Average grade (g/t Au) | | 1.02 | | 0.76 | | 0.89 | | 0.80 | ||||
| Processed mineralized material (t) | | 647 | | 479 | | 1,330 | | 1,057 | ||||
| Average grade (g/t Au) | | 1.02 | | 0.69 | | 0.90 | | 0.77 | ||||
| Gold ounces: | | | | | | | | | | | | |
| Produced | | 12.3 | | 7.9 | | 24.0 | | 14.4 | ||||
| Sold | | 12.5 | | 8.1 | | 24.7 | | 14.4 | ||||
| Silver ounces: | | | | | | | | | | | | |
| Produced | | 0.2 | | 0.1 | | 0.3 | | 0.4 | ||||
| Sold | | — | | — | | — | | 0.4 | ||||
| GEOs: | | | | | | | | | | | | |
| Produced | | 12.3 | | 7.9 | | 24.0 | | 14.4 | ||||
| Sold | | 12.5 | | 8.1 | | 24.7 | | 14.4 | ||||
| Revenue from gold and silver sales | | $29,686 | | $15,971 | | $54,964 | | $27,559 | ||||
| Cash costs (1) | | $19,170 | | $17,115 | | $32,437 | | $26,455 | ||||
| Cash costs per ounce ($/GEO sold) (1) | | $1,532 | | $2,113 | | $1,313 | | $1,842 | ||||
| All‑in sustaining costs (1) | | $20,444 | | $20,935 | | $34,671 | | $31,457 | ||||
| AISC per ounce ($/GEO sold) (1) | | $1,634 | | $2,585 | | $1,404 | | $2,190 | ||||
| Gold : Silver ratio | | 81 : 1 | | 83 : 1 | | 85 : 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 31 for additional information. |
Q2/24 compared to Q2/23
The Gold Bar mine produced 12,297 GEOs in Q2/24, representing a 55% increase from 7,916 GEOs produced in Q2/23. The increase in quarterly production was a result of higher average grades processed (1.02 g/t Au in Q2/24 compared to 0.69 g/t Au in Q2/23) along with a 35% increase in tonnes stacked on our heap leach.
Revenue from gold and silver saleswas $29.7 million in Q2/24, an improvement of 86%, compared to $16.0 million in Q2/23. The increase in revenue was the result of higher GEOs sold during Q2/24 (12,510 GEOs in Q2/24 compared to 8,100 GEOs in Q2/23) together with a higher average realized gold price ($2,355 per GEO in Q2/24 compared with $1,951 per GEO in Q2/23).
Production costs applicable to sales of $19.2 million during Q2/24 were comparable to $17.1 million during Q2/23. This increase was primarily driven by higher mining and processing costs arising from a 35% increase in the volume of processed mineralized material.
Cash costs andAISC per GEO sold in Q2/24 were $1,532 and $1,634, respectively, compared to $2,113 and $2,585 in Q2/23, respectively. The reduction in cash costs and AISC per GEO sold was primarily driven by higher GEOs sold, as noted above.
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