McEwen Mining Inc
For the period ended Sep 30, 2024. Filed Nov 5, 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.
Sep 30, 2024 · Filed Nov 5, 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 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) | | 381 | | 737 | | 1,709 | | 1,796 | ||||
| Average grade (g/t Au) | | 0.83 | | 0.87 | | 0.88 | | 0.83 | ||||
| Stacked mineralized material (t) | | 306 | | 604 | | 1,636 | | 1,661 | ||||
| Average grade (g/t Au) | | 0.84 | | 0.69 | | 0.89 | | 0.77 | ||||
| Gold ounces: | | | | | | | | | | | | |
| Produced | | 13.6 | | 9.5 | | 37.6 | | 23.9 | ||||
| Sold | | 13.3 | | 9.4 | | 38.0 | | 23.8 | ||||
| Silver ounces: | | | | | | | | | | | | |
| Produced | | 0.1 | | 0.2 | | 0.4 | | 0.5 | ||||
| Sold | | 0.7 | | 0.3 | | 0.7 | | 0.7 | ||||
| GEOs: | | | | | | | | | | | | |
| Produced | | 13.6 | | 9.5 | | 37.7 | | 23.8 | ||||
| Sold | | 13.3 | | 9.4 | | 38.0 | | 23.8 | ||||
| Revenue from gold and silver sales | | $33,251 | | $17,967 | | $88,215 | | $45,526 | ||||
| Cash costs (1) | | $17,078 | | $14,399 | | $49,515 | | $41,446 | ||||
| Cash costs per ounce ($/GEO sold) (1) | | $1,281 | | $1,529 | | $1,302 | | $1,743 | ||||
| All‑in sustaining costs (1) | | $24,293 | | $20,342 | | $58,860 | | $52,392 | ||||
| AISC per ounce ($/GEO sold) (1) | | $1,822 | | $2,160 | | $1,548 | | $2,203 | ||||
| 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 Gold Bar mine produced 13,640 GEOs in Q3/24, representing a 43% increase from 9,507 GEOs produced in Q3/23. The increase in quarterly production was a result of higher average gold grades in stacked material of 0.84 g/t Au in Q3/24 compared to 0.69 g/t Au in Q3/23, as well as higher recoveries realized during Q3/24 from previously stacked material.
Revenue from gold and silver sales increased 85% to $33.3 million in Q3/24, compared to $18.0 million in Q3/23. The increase in revenue was the result of higher GEOs sold during Q3/24 of 13,333 GEOs in Q3/24 compared to 9,420 GEOs in Q3/23 along with a higher average realized gold price of $2,499 per GEO in Q3/24 compared with $1,920 per GEO in Q3/23.
Production costs applicable to sales increased 19% to $17.1 million in Q3/24 from $14.4 million in Q3/23. Higher mining rates, including for stripping, and contractor unit costs contributed to the increase in year-over-year costs.
Cash costs andAISC per GEO sold in Q3/24 were $1,281 and $1,822 respectively, compared to $1,529 and $2,160 in Q3/23, respectively. Unit costs generally improved due to the higher GEOs sold in Q3/24 relative to Q3/23, offset by higher mining costs, including for capital development.
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