McEwen Mining Inc. (TSX: MUX) reported this morning its production results for the first quarter of 2021. The results, which reported gold equivalent production calculated based on a gold:silver ratio of 68:1, amounted to 30,600 ounces for the quarter.
The 30,600 ounces of gold equivalent produced for the quarter is a 12.8% decline from last year’s 35,100. Breaking it down, the company produced 23,300 ounces of gold and 493,200 ounces of silver, a decline from last years 29,200 ounces and 553,200 ounces, respectively.
The company is optimistic that the results will still be in line with the 2021 full-year guidance of 141,000 – 160,400 ounces for gold equivalent production, which breaks down to 110,500 – 127,900 gold ounces, and 2,300,000 – 2,450,000 ounces of silver. Production as a result is expected to increase over the remainder of the year.
Looking at the production results at each site, the company’s Fox complex in Timmins, Canada produced 5,200 ounces of gold equivalent, down from 8,300 ounces produced last year. At the Gold Bar Mine in Nevada, the company produced 7,400 ounces of gold equivalent, compared to 9,100 ounces in Q1 2020. The company’s El Gallo Project in Mexico produced 1,300 gold equivalent ounces from residual leaching of the heap leach pad. And its San José mine, where the company owns a 49% stake, produced 9,500 gold ounces and 492,300 silver ounces, for a total of 16,700 gold equivalent ounces, a climb from 14,900 ounces last year.
McEwen Mining Inc. last traded at $1.49 on the TSX.
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