McEwen Mining Inc. released its financial and operational results for the third quarter ended September 30, 2024, on November 5, 2024. Consolidated production from 100%-owned operations (Gold Bar and Fox Complex) was 13,208 gold equivalent ounces (GEOs), a decrease from 20,104 GEOs in Q3 2023.
Despite lower production volumes, revenue from 100%-owned operations decreased by a more modest 13% to $35.7 million, primarily due to a significant 31% increase in the average realized gold price to $2,803 per GEO. This price strength contributed to a 68% increase in gross profit, reaching $10.1 million.
Operational performance varied, with Gold Bar production increasing 43% to 13,640 ounces of gold, while Fox Complex production decreased 30% to 7,855 ounces of gold due to a stope failure. The company also completed the acquisition of Timberline Resources in August, expanding its exploration footprint in Nevada, and McEwen Copper raised $56 million at $30 per share, with McEwen Mining's ownership at 46.4%.
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