McEwen Mining (TSX: MUX) has announced its financial and operational results for Q4 and full year 2024, revealing a sharp pivot from net income of $55.3 million in 2023 to a net loss of $43.7 million in 2024.
Consolidated production reached 135,884 gold equivalent ounces (GEOs) in 2024, down from 154,587 GEOs the previous year, stemming primarily from lower output at the Gold Bar and Fox Complex operations.
Despite this, revenue rose to $174.5 million from $166.2 million in 2023, aided by an elevated average realized gold price of $2,390 per ounce in 2024 compared to $1,927 per ounce in 2023.
Gross profit improved to $30.9 million in 2024 from $17.8 million in 2023. Adjusted EBITDA also jumped to $29.2 million ($0.57 per share) from $7.7 million ($0.16 per share) a year earlier.
But these were overshadowed by two substantial factors: a $47.0 million attributable expense from McEwen Copper and $16.5 million allocated to exploration at the company’s wholly owned mines, leading to the significant swing to a net loss.
Operating costs at 100%-owned operations also rose, with AISC per GEO averaging $1,799 in 2024 compared to $1,615 in 2023.
Following year-end, McEwen Mining issued $110.0 million in 5.25% convertible senior unsecured notes due 2030 to support the Fox Complex expansion. Approximately $20.0 million of the net proceeds went toward retiring half of the $40.0 million 9.75% senior secured credit facility.
Total debt rose from $40 million at the end of 2024 to $130 million as of March 13, 2025. Meanwhile, cash equivalents and restricted cash climbed to $62.2 million, up from $17.5 million at year-end 2024.
By 2030, the company envisions consolidated GEO production of 225,000 to 255,000 ounces, driven largely by expansions at the Fox Complex. Plans are underway to ramp up output there from the current levels to as high as 120,000–150,000 ounces annually over the next five years.
McEwen Mining last traded at $11.25 on the TSX.
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