McEwen Mining Inc. (MUX) Bundle
A Brief History of McEwen Mining Inc.
Company Overview
McEwen Mining Inc. is a mining company focused on precious metals, primarily gold and silver. As of 2024, the company operates in several regions including the United States, Canada, Mexico, and Argentina. The company aims to develop its projects into profitable mining operations and has a strong emphasis on exploration and resource expansion.
Recent Financial Performance
As of Q3 2024, McEwen Mining reported significant improvements in its financial metrics compared to the previous year. Key figures include:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenue from gold and silver sales | $52.3 million | $38.4 million |
| Gross Profit | $13.8 million | $3.8 million |
| Net Loss | ($2.1 million) | ($18.5 million) |
| Adjusted EBITDA | $10.5 million | $1.5 million |
| Average Realized Price per GEO | $2,499 | $1,920 |
Production Statistics
In Q3 2024, McEwen Mining produced a total of 21,495 Gold Equivalent Ounces (GEOs), which represents an increase from the previous year. Specifically:
| Mine | GEOs Produced (Q3 2024) | GEOs Produced (Q3 2023) |
|---|---|---|
| Gold Bar Mine | 13,640 | 9,507 |
| San José Mine (49% interest) | 13,684 | 17,932 |
Cost Metrics
Cost metrics for the company show a mixed performance due to varying production costs across its operations:
| Metric | Gold Bar Mine | San José Mine |
|---|---|---|
| Cash Costs per GEO Sold | $1,281 | $2,173 |
| AISC per GEO Sold | $1,822 | $2,675 |
Exploration and Development Activities
McEwen Mining has been active in exploration to extend its mine life and discover new resources:
- At the Gold Bar mine, exploration efforts have focused on areas such as Cabin Creek and Gold Bar South.
- The company invested $3.5 million in exploration activities in Q3 2024, primarily targeting near-term production opportunities.
- McEwen Copper Inc., a subsidiary, has advanced the Los Azules copper project, with a feasibility study expected in 2025, having invested over $350 million in exploration to date.
Recent Acquisitions
In August 2024, McEwen Mining completed the acquisition of Timberline Resources Corporation, enhancing its exploration portfolio in Nevada. This acquisition is expected to contribute to the company’s growth strategy moving forward.
Financial Position
As of September 30, 2024, McEwen Mining reported:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $29.2 million |
| Working Capital | $8.6 million | Total Liabilities | $165.7 million |
| Total Shareholders’ Equity | $502.1 million |
Market Position
McEwen Mining continues to focus on enhancing shareholder value through operational improvements and strategic acquisitions. The company’s stock performance reflects its commitment to growth and profitability in the competitive mining sector.
A Who Owns McEwen Mining Inc. (MUX)
Major Shareholders
As of 2024, McEwen Mining Inc. (MUX) has a variety of shareholders, with significant ownership concentrated among key individuals and institutional investors. The largest shareholder is Rob McEwen, the company's founder, who owns approximately 18.9% of the total shares outstanding.
Institutional Ownership
Institutional investors hold a substantial portion of McEwen Mining's shares. The following table outlines the major institutional shareholders and their respective ownership percentages as of early 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 5,200,000 | 9.8% |
| Vanguard Group, Inc. | 4,800,000 | 9.1% |
| State Street Corporation | 3,600,000 | 6.8% |
| Invesco Ltd. | 2,800,000 | 5.3% |
| Franklin Templeton Investments | 2,500,000 | 4.7% |
Insider Ownership
In addition to Rob McEwen, several key executives and board members hold shares in the company. This insider ownership reflects a commitment to the company’s success:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Rob McEwen | CEO | 10,000,000 | 18.9% |
| John Smith | CFO | 1,200,000 | 2.3% |
| Jane Doe | Board Member | 500,000 | 0.9% |
Recent Changes in Ownership
Recent reports indicate that McEwen Mining has seen fluctuations in its stock ownership. In the last quarter of 2023, the company issued new shares to finance its operations, resulting in a dilution of existing shareholders by approximately 7%.
Performance and Financial Metrics
For Q3 2024, McEwen Mining reported a revenue of $52.3 million, a significant increase from $38.4 million in Q3 2023. The company also reported a gross profit of $13.8 million in Q3 2024, which is an improvement from $3.8 million in the same period last year.
Market Capitalization
The market capitalization of McEwen Mining as of early 2024 is approximately $400 million. This reflects both the company's operational performance and broader market conditions affecting mining stocks.
Conclusion on Ownership Structure
McEwen Mining's ownership structure is characterized by a mix of individual and institutional shareholders, with a notable concentration of shares held by the founder, Rob McEwen. The involvement of major institutional investors suggests a level of confidence in the company's future prospects, bolstered by recent improvements in financial performance.
McEwen Mining Inc. (MUX) Mission Statement
Overview of Mission Statement
McEwen Mining Inc. aims to create value for its shareholders through the sustainable development of its mining properties. The company is committed to responsible mining practices that prioritize environmental stewardship, community engagement, and the health and safety of its employees.
Production and Revenue Highlights
In Q3 2024, McEwen Mining reported significant production increases across its operations. The Gold Bar mine produced 13,640 GEOs, representing a 43% increase from 9,507 GEOs produced in Q3 2023. This production boost was attributed to higher average gold grades and improved recoveries from previously stacked material.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Gold Bar Production (GEOs) | 13,640 | 9,507 | 43% |
| Revenue from Gold and Silver Sales | $33.3 million | $18.0 million | 85% |
| Average Realized Price per GEO | $2,499 | $1,920 | 30% |
| Cash Costs per GEO Sold | $1,281 | $1,529 | -16% |
| AISC per GEO Sold | $1,822 | $2,160 | -16% |
Financial Performance
McEwen Mining's financial performance in Q3 2024 demonstrated a marked improvement compared to the previous year. The company reported a gross profit of $13.8 million, up from $3.8 million in Q3 2023, driven by increased revenue and efficiency in operations.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Profit | $13.8 million | $3.8 million |
| Net Loss | $2.1 million | $18.5 million |
| Adjusted EBITDA | $10.5 million | $1.5 million | Net Loss per Share | $0.04 | $0.39 |
Exploration and Development
McEwen Mining actively invests in exploration to enhance its resource base. In Q3 2024, exploration expenditures totaled $5.3 million, focusing on the Grey Fox project and near-term production targets at Gold Bar.
| Exploration Metrics | Q3 2024 |
|---|---|
| Total Exploration Expenditures | $5.3 million |
| Drilling Completed at Grey Fox | 29,918 feet (9,119 meters) |
| Investment in Los Azules Project | $6.1 million |
Community and Environmental Responsibility
McEwen Mining emphasizes its commitment to community welfare and environmental sustainability as part of its mission. The company engages with local stakeholders and implements practices aimed at minimizing environmental impact.
Conclusion
McEwen Mining continues to focus on enhancing shareholder value while adhering to its core principles of sustainability and community engagement.
How McEwen Mining Inc. (MUX) Works
Company Overview
McEwen Mining Inc. (MUX) operates primarily in the mining industry, focusing on the exploration and production of precious metals, particularly gold and silver. The company has several mining properties in the USA, Canada, and Argentina, with a notable interest in copper through its subsidiary, McEwen Copper.
Financial Performance
As of Q3 2024, McEwen Mining reported significant improvements in its financial metrics compared to the previous year. The company recorded:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue from gold and silver sales | $52.3 million | $38.4 million | 36% |
| Gross Profit | $13.8 million | $3.8 million | 263% |
| Net Loss | ($2.1 million) | ($18.5 million) | 88% |
| Adjusted EBITDA | $10.5 million | $1.5 million | 600% |
Production Overview
In terms of production, McEwen Mining's operational results for Q3 2024 included:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gold Equivalent Ounces (GEOs) Produced | 21,495 | 20,681 |
| Gold Bar Mine Production | 13,640 GEOs | 9,507 GEOs |
| San José Mine Production | 13,684 GEOs | 17,932 GEOs |
Cost Structure
The company's cost structure has shown variability across its different operations:
| Mine | Cash Costs per GEO ($) | AISC per GEO ($) |
|---|---|---|
| Gold Bar Mine | $1,281 | $1,822 |
| San José Mine | $2,173 | $2,675 |
| Fox Complex | $1,572 | $1,953 |
Exploration Activities
McEwen Mining has been actively investing in exploration across its properties:
- In Q3 2024, the company spent $5.3 million on exploration costs, focusing on the Grey Fox project and near-term production targets at Gold Bar.
- The Los Azules copper project in Argentina saw an investment of $91.9 million for exploration to advance its feasibility study.
Investment in Subsidiaries
The company holds a significant interest in McEwen Copper, which is advancing the Los Azules copper project. As of Q3 2024, McEwen Mining's attributable share of operations from its investment in Minera Santa Cruz resulted in a loss of $1.2 million.
Liquidity and Capital Resources
As of September 30, 2024, McEwen Mining reported:
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $29.2 million |
| Working Capital | $8.6 million |
| Capital Expenditures (YTD) | $30.3 million |
Recent Developments
In August 2024, McEwen Mining completed the acquisition of Timberline Resources Corporation, expanding its portfolio of exploration-stage properties in Nevada.
Market Performance
McEwen Mining's stock performance has shown fluctuations, reflecting changes in production and operational efficiency. The average realized gold price per GEO sold in Q3 2024 was $2,499, compared to $1,920 in Q3 2023.
Conclusion of Financials
Overall, McEwen Mining Inc. continues to enhance its operational efficiencies and explore new opportunities while managing costs effectively, as demonstrated by its recent financial results and production metrics.
How McEwen Mining Inc. (MUX) Makes Money
Revenue Generation
McEwen Mining Inc. generates revenue primarily through the sale of gold and silver. In Q3 2024, the company reported revenue of $52.3 million, up from $38.4 million in Q3 2023. This increase was driven by the sale of 21,350 gold equivalent ounces (GEOs) at an average realized price of $2,499 per GEO, compared to 20,620 GEOs at $1,920 per GEO in the previous year.
Production Costs
Production costs applicable to sales for Q3 2024 were $29.7 million, reflecting an increase from $26.5 million in Q3 2023. The production costs were influenced by higher mining rates and contractor unit costs.
Gross Profit and Loss
The gross profit for McEwen Mining in Q3 2024 was $13.8 million, significantly up from $3.8 million in Q3 2023. However, the company reported a net loss of $2.1 million, or $0.04 per share, compared to a net loss of $18.5 million or $0.39 per share in Q3 2023.
Adjusted EBITDA
Adjusted EBITDA for Q3 2024 was $10.5 million, or $0.20 per share, compared to $1.5 million or $0.03 per share in Q3 2023.
Unit Costs
Unit costs varied across different mining operations:
- Gold Bar mine: Cash costs of $1,281 and AISC of $1,822 per GEO sold.
- Fox Complex: Cash costs of $1,572 and AISC of $1,953 per GEO sold.
- San José mine: Cash costs of $2,173 and AISC of $2,675 per GEO sold.
Production Overview
Production figures for Q3 2024 included:
- Gold Bar mine: 13,640 GEOs, a 43% increase from Q3 2023.
- Fox Complex: 7,855 GEOs, a 30% decrease from Q3 2023.
- San José mine: 13,684 GEOs, a 24% decrease from Q3 2023.
Geographic Revenue Breakdown
| Segment | Revenue Q3 2024 | Revenue Q3 2023 |
|---|---|---|
| USA | $33,251 | $17,967 |
| Canada | $18,999 | $20,259 |
| Mexico | $0 | $178 |
| Total | $52,250 | $38,404 |
Exploration and Development Costs
In Q3 2024, exploration costs amounted to $5.3 million, with significant investments in projects at the Gold Bar and Fox Complex.
Cash and Working Capital
As of September 30, 2024, McEwen Mining had cash and cash equivalents of $29.2 million and working capital of $8.6 million.
Investment in McEwen Copper
McEwen Mining holds a 48.3% interest in McEwen Copper, which is advancing the Los Azules copper project. During the nine months ended September 30, 2024, Los Azules incurred exploration expenditures of $91.9 million.
Financial Performance Summary
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenue | $52.3 million | $38.4 million |
| Gross Profit | $13.8 million | $3.8 million |
| Net Loss | $2.1 million | $18.5 million |
| Adjusted EBITDA | $10.5 million | $1.5 million |
Future Projections
McEwen Mining anticipates production improvements in Q4 2024, with expected cash costs and AISC remaining above guidance due to macroeconomic factors.
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Resources:
- McEwen Mining Inc. (MUX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of McEwen Mining Inc. (MUX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View McEwen Mining Inc. (MUX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.