McEwen Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 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.
Jun 30, 2025 · Filed Aug 6, 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 and six months ended June 30, 2025, and 2024:
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three months ended June 30, · · Six months ended June 30, | ||||||||||||
| · 2025 · · 2024 · 2025 · 2024 | ||||||||||||
| Operating Results · · | ||||||||||||
| Mined mineralized material (kt) | | 386 | | 650 | | 837 | | 1,328 | ||||
| Average grade (g/t Au) | | 0.60 | | 1.02 | | 0.76 | | 0.89 | ||||
| Stacked mineralized material (kt) | | 401 | | 647 | | 870 | | 1,330 | ||||
| Average grade (g/t Au) | | 0.59 | | 1.02 | | 0.74 | | 0.90 | ||||
| Gold ounces: | | | | | | | | | | | | |
| Produced | | 8,405 | | 12,295 | | 16,091 | | 24,010 | ||||
| Sold | | 8,350 | | 12,510 | | 16,285 | | 24,700 | ||||
| Silver ounces: | | | | | | | | | | | | |
| Produced | | 135 | | 169 | | 273 | | 296 | ||||
| Sold | | — | | — | | — | | — | ||||
| GEOs: | | | | | | | | | | | | |
| Produced | | 8,406 | | 12,297 | | 16,094 | | 24,013 | ||||
| Sold | | 8,350 | | 12,510 | | 16,285 | | 24,700 | ||||
| Revenue from gold and silver sales ($000s) | | $27,523 | | $29,686 | | $49,913 | | $54,964 | ||||
| Cash costs (1) ($000s) | | $14,020 | | $19,170 | | $23,113 | | $32,437 | ||||
| Cash costs per ounce ($/GEO sold) (1) | | $1,679 | | $1,532 | | $1,419 | | $1,313 | ||||
| All‑in sustaining costs (1) ($000s) | | $14,966 | | $20,444 | | $32,334 | | $34,671 | ||||
| AISC per ounce ($/GEO sold) (1) | | $1,792 | | $1,634 | | $1,986 | | $1,404 | ||||
| Gold : Silver ratio | | 99 : 1 | | 81 : 1 | | 94 : 1 | | 85 : 1 | ||||
| (1) | This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 37. |
2025 compared 2024
The Gold Bar Mine produced 8,406 GEOs in Q2/25, a 32% decrease compared to 12,297 GEOs in Q2/24, primarily due to lower mined and stacked tonnes (H1/25 and H1/24 – 16,094 GEOs and 24,013 GEOs, respectively). 2025 mining operations are focused on the Pick III deposit, which has a higher strip ratio than deposits mined in prior year. Higher production is expected in the second half of 2025 as planned stripping activities reduce and the operation shifts to ore extraction.
Revenue from gold and silver sales was $27.5 million in Q2/25, down from $29.7 million in Q2/24, primarily due to a 33% decrease in GEOs sold resulting from lower production volumes, partially offset by a 40% increase in the realized gold price. The same factors impacted revenue for H1/25 compared to H1/24.
Production costs applicable to sales were $14.0 million in Q2/25, down 27% from $19.2 million in Q2/24. The decrease was primarily driven by a 33% reduction in GEOs sold, partially offset by a $3.3 million year-over-year increase in mining contractor costs due to higher stripping costs at Pick III. These same factors also drove the change in production costs for H1/25 compared to H1/24.
Cash costs andAISC per GEO sold in Q2/25 were $1,679 and $1,792 respectively, compared to $1,532 and $1,634 in Q2/24, respectively. The increase in cash costs, and a corresponding increase in AISC, was primarily attributable to the ongoing high-stripping phase at Pick III through Q2 and H1/25. The Company expects unit costs to move toward the lower end of the guidance range beginning in mid-Q3/25, when the high-stripping phase at Pick III is anticipated to be completed.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.