McEwen Mining Reports Record Breaking Profitability in Second Quarter 2024
Strong Production Output Drives Financial Success
Net Loss Narrowed, Gross Profit and Adjusted EBITDA Soar
McEwen Mining Inc. (NYSE: MUX), a leading precious metals producer, has reported its most profitable quarter since 2016 in its Second Quarter 2024.
During the first half of 2024, McEwen produced 24,013 gold equivalent ounces (GEOs) at its Gold Bar mine, putting the company on track to potentially exceed its annual production guidance of 40,000 GEOs.
Despite 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 Q2 2023, the company's gross profit surged to $108 million and its Adjusted EBITDA1 rose to $72 million, compared to a gross loss in the previous year's Q2.
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