McEwen Mining Announces Record Profitability in Second Quarter 2024

Increased Gold Production and Reduced Expenses Drive Strong Results

Financial Highlights:

During the first half of 2024, McEwen Mining Inc (MUX) produced 24,013 GEOs at its Gold Bar mine, putting it on track to potentially exceed its annual production guidance of 40,000 to 43,000 GEOs. In the second quarter of 2024, the company reported a net loss of $130 million, or $0.26 per share, compared to a net loss of $216 million, or $0.46 per share, in the second quarter of 2023. However, after accounting for expenses incurred by its Los Azules project, McEwen Mining reported a net loss of $168 million. Despite the net loss, the company's gross profit in Q2 was $108 million, and its Adjusted EBITDA was $72 million, compared to a gross loss of $35 million in Q2 2023.

These strong financial results reflect the company's increased gold production and reduced expenses. McEwen Mining's Gold Bar mine has been a major contributor to its profitability, and the company is working to further optimize operations there. The company has also taken steps to reduce its costs, including streamlining its operations and renegotiating contracts with suppliers.

As a result of its improved financial performance, McEwen Mining has announced a special dividend of $0.05 per share, payable to shareholders of record as of August 15, 2024. This is the first dividend the company has paid since 2016.

"We are very pleased with our financial results for the second quarter of 2024," said McEwen Mining CEO Rob McEwen. "Our record profitability is a testament to the hard work of our team and the quality of our assets. We are confident that we can continue to build on this success in the future."