McEwen Inc.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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.
Mar 31, 2025 · Filed May 7, 2025
Contents
Fox Complex
The following table summarizes the operating and financial results for the Fox Complex for the three months ended March 31, 2025, and 2024:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended March 31, | ||||||
| · 2025 · 2024 | ||||||
| Operating Results · · | ||||||
| Mined mineralized material (kt) | | 70 | | 79 | ||
| Average grade (g/t Au) | | 3.02 | | 2.82 | ||
| Processed mineralized material (kt) | | 64 | | 105 | ||
| Average grade (g/t Au) | | 3.00 | | 2.39 | ||
| Gold ounces: | | | | | | |
| Produced | | 5,512 | | 7,473 | ||
| Sold, excluding stream | | | 4,730 | | | 6,917 |
| Sold, stream | | 382 | | 639 | ||
| Sold, including stream | | | 5,100 | | | 7,600 |
| Silver ounces: | | | | | | |
| Produced | | 655 | | 1,126 | ||
| Sold | | — | | 1,268 | ||
| GEOs: | | | | | | |
| Produced | | 5,520 | | 7,486 | ||
| Sold, excluding stream | | | 4,730 | | | 6,917 |
| Sold | | | 5,101 | | | 7,614 |
| Revenue from gold and silver sales, ($000s) | | $13,305 | | $14,750 | ||
| Cash costs (1), ($000s) | | $10,511 | | $11,842 | ||
| Cash costs per ounce ($/GEO sold) (1) | | $2,061 | | $1,555 | ||
| All‑in sustaining costs (1), ($000s) | | $12,774 | | $14,683 | ||
| AISC per ounce ($/GEO sold) (1) | | $2,504 | | $1,928 | ||
| Gold : Silver ratio | | 90 : 1 | | 89 : 1 | ||
| (1) | This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 34. |
The Fox Complex produced 5,520 GEOs from the Froome mine in Q1/25, reflecting a 26% decrease from the 7,486 GEOs produced in Q1/24. Stock Mill processed less material in Q1/25 primarily due to weather related delays and labor challenges that impacted both mining and crushing operations, resulting in reduced mill feed. Additionally, the mill produced 39% fewer GEOs compared to Q1/24, as the 2024 results benefited from a significant stockpile carryover from Q4/23. In response, the Company accelerated hiring efforts and engaged contractors to support our mining and crushing operations.
Revenue from gold saleswas $13.3 million for Q1/25, compared to $14.7 million for Q1/24. This decrease was primarily driven by a 33% reduction in GEOs sold, partially offset by a 35% increase in the average realized gold price. 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 $613 per ounce as of Q1/25.
Production costs applicable to sales were $10.5 million in Q1/25, compared to $11.8 million in Q1/24, an 11% decrease reflecting lower GEOs sold, partially offset by higher unitary costs due to a higher fixed cost component of underground development.
Cash costs andAISC per GEO sold were $2,061 and $2,504 for Q1/25, respectively, compared to $1,555 and $1,928 for Q1/24. The increase was primarily driven by a 33% reduction in GEOs sold with only an 11% corresponding decrease in production costs as discussed above. Sustaining capital investments remained consistent period over period.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.