McEwen Mining Inc

For the period ended Sep 30, 2024. Filed Nov 5, 2024.

About 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.

Sep 30, 2024 · Filed Nov 5, 2024

MUX$15.48+4.1%Stored close · as of Nov 6, 2026

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Contents

Fox Complex operating results

Fox Complex

The following table summarizes the operating results for the Fox Complex for the three and nine months ended September 30, 2024, and 2023:


· · Three months ended September 30, · · Nine months ended September 30,
· 2024 · 2023 · 2024 · 2023
Operating Results · · (in thousands, unless otherwise indicated)
Mined mineralized material (t)	89	95	241	296
Average grade (g/t Au)	2.78	3.41	2.91	3.50
Processed mineralized material (t)	105	116	315	337
Average grade (g/t Au)	2.52	3.19	2.55	3.48
Gold ounces:
Produced	7.8	11.2	23.6	34.2
Sold, excluding stream	7.4	10.3	21.8	31.5
Sold, stream	0.6	0.9	1.9	2.7
Sold, including stream	8.0	11.2	23.7	34.2
Silver ounces:
Produced	0.9	1.4	3.4	4.2
Sold	1.4	1.5	4.3	4.7
GEOs:
Produced	7.9	11.2	23.6	34.2
Sold, excluding stream	7.4	10.3	21.8	31.5
Sold	8.0	11.2	23.8	34.2
Revenue from gold and silver sales	$18,999	$20,259	$51,539	$61,847
Cash costs (1)	$12,604	$12,069	$37,343	$38,597
Cash costs per ounce ($/GEO sold) (1)	$1,572	$1,078	$1,572	$1,129
All‑in sustaining costs (1)	$15,660	$14,420	$45,341	$45,178
AISC per ounce ($/GEO sold) (1)	$1,953	$1,288	$1,909	$1,321
Gold : Silver ratio	85 : 1	82 : 1	85 : 1	83 : 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 33 for additional information.

Q3/24 compared to Q3/23

The Fox Complex produced 7,855 GEOs from the Froome mine in Q3/24, which represented a 30% decrease from the 11,174 GEOs produced in Q3/23. Mine production was affected by a shortfall in development meters in H1/24 due to a stope failure, limiting stope availability in Q3/24 and negatively impacting planned mined and milled gold grades. Additional development was completed during Q3/24 to accelerate stope availability in Q4/24, including at our historic Black Fox underground mine.

Revenue from gold saleswas $19.0 million in Q3/24, a decrease of $1.3 million compared to $20.3 million in Q3/23, A 28% decrease in GEOs sold was largely offset by an increase in the average realized gold price from $1,920 per GEO in Q3/23 to $2,499 per GEO in Q3/24. Realized gold prices at the Fox Complex are impacted by historic streaming arrangements, which require the sale of a portion of gold produced from the Froome and Black Fox mines at $601 per ounce as of Q3/24.

Production costs applicable to sales were $12.6 million, which increased in Q3/24 by $0.5 million from $12.1 million in Q3/23, driven primarily by higher mining contractor and labor costs required to complete work at Black Fox.

Cash costs andAISC per GEO sold were $1,572 and $1,953 in Q3/24, respectively, compared to $1,572 and $1,909 in Q3/23, respectively. The increase in unit costs was driven primarily by lower GEOs sold as described above, as well as accelerated capital development costs to increase stope availability in respect of AISC.

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