McEwen Mining Inc

Our cash and cash equivalents balance increased by $17.7 million during H1/24, from $23.0 million as at December 31, 2023 to $40.7 million as at June 30, 2024.

Cash from operating activities of $7.5 million during H1/24 reflects the net loss of $33.4 million for the period, as adjusted for non-cash impacts, including net losses from equity method investments of $28.8 million, depreciation, amortization, and depletion of $15.1 million, and income and mining tax recovery of $5.8 million. Further details are provided in the* Consolidated Statements of Cash Flows.*

Cash used in investing activities of $11.1 million during H1/24 consisted primarily of additions to mineral property interests and plant and equipment and was driven primarily by capital development at our Froome mine and Stock project in Canada.

Cash provided by financing activities of $20.0 million during H1/24 represented the proceeds from flow-through common shares of $21.8 million, offset by issuance costs of $1.4 million and finance lease payments of $0.4 million.

Working capital as at June 30, 2024 was $29.1 million, and increased by 25% from $22.7 million as at December 31, 2023. This improvement was primarily driven by the increase of cash and cash equivalents of $17.7 million described above, and a $1.8 million increase in other current assets. This was partially offset by an increase in current liabilities of $13.0 million, which primarily included $6.0 million in the current portion of long-term debt, $5.2 million in flow-through share premiums, and a $2.1 million increase in accounts payable and accrued liabilities.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.