McEwen Mining Inc. reported its first quarter results for the period ended March 31, 2025, on May 8, 2025. The company's gross profit for Q1 was $10.1 million, an increase from $6.0 million in Q1 2024, primarily driven by a 31% higher average realized gold price. Adjusted EBITDA for the quarter rose to $8.7 million, up from $6.3 million in Q1 2024.
The net loss for Q1 2025 significantly improved to $3.9 million, or $0.07 per share, compared to a net loss of $20.4 million, or $0.41 per share, in Q1 2024. This improvement was largely due to a reduction in attributable expenditures from McEwen Copper, which decreased from a loss of $18.0 million to $8.6 million.
Consolidated production for Q1 2025 was 24,131 gold equivalent ounces (GEOs), including 10,924 attributable GEOs from the San José mine, a decrease from 33,037 GEOs in Q1 2024. Despite operational challenges at Fox Complex due to winter conditions and labor, the company maintained its full-year 2025 production guidance of 120,000 to 140,000 GEOs. McEwen Copper invested $21.3 million in the Los Azules feasibility study, which is expected to be published in July 2025.
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