McEwen Inc.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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.
Mar 31, 2025 · Filed May 7, 2025
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Gold Bar Mine
The following table summarizes the operating and financial results for the Gold Bar Mine for the three months ended March 31, 2025, and 2024:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended March 31, | ||||||
| · 2025 · · 2024 | ||||||
| Operating Results · · | ||||||
| Mined mineralized material (kt) | | 451 | | 678 | ||
| Average grade (g/t Au) | | 0.81 | | 0.77 | ||
| Stacked mineralized material (kt) | | 468 | | 683 | ||
| Average grade (g/t Au) | | 0.79 | | 0.80 | ||
| Gold ounces: | | | | | | |
| Produced | | 7,686 | | 11,715 | ||
| Sold | | 7,935 | | 12,190 | ||
| Silver ounces: | | | | | | |
| Produced | | 138 | | 127 | ||
| Sold | | — | | — | ||
| GEOs: | | | | | | |
| Produced | | 7,688 | | 11,716 | ||
| Sold | | 7,935 | | 12,190 | ||
| Revenue from gold and silver sales, ($000s) | | $22,391 | | $25,278 | ||
| Cash costs (1), ($000s) | | $9,094 | | $13,268 | ||
| Cash costs per ounce ($/GEO sold) (1) | | $1,146 | | $1,088 | ||
| All‑in sustaining costs (1), ($000s) | | $17,436 | | $14,639 | ||
| AISC per ounce ($/GEO sold) (1) | | $2,197 | | $1,201 | ||
| 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 Gold Bar Mine produced 7,688 GEOs in Q1/25, representing a 34% decrease from 11,716 GEOs produced in Q1/24 driven by lower mined and stacked tonnes. The operational focus in Q1/25 was to complete pre-stripping activities at the Pick III deposit, where we expect to begin production in early Q2/25.
Revenue from gold and silver sales was $22.4 million in Q1/25, down from $25.3 million in Q1/24, primarily due to a 35% decrease in GEOs sold resulting from lower production, partially offset by a 36% increase in the realized gold price.
Production costs applicable to sales were $9.1 million in Q1/25 down from $13.3 million in Q1/24, a 32% decrease. The decrease was primarily driven by a 16% reduction in crushing contractor costs, as the material currently processed from Gold Bar South does not require crushing, and a 35% decrease in GEOs sold discussed above.
Cash costs andAISC per GEO sold in Q1/25 were $1,146 and $2,197 respectively, compared to $1,088 and $1,201 in Q1/24, respectively. While a minor increase in unitary cash costs was driven by 34% lower GEOs sold, partially offset by a corresponding decrease in total production costs, the increase in AISC was attributable to $7.5 million in Pick III pre-stripping costs capitalized during Q1/25.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.