McEwen Mining: 2024 Manufacturing Inside Steering; 2025 Steering: Secure Manufacturing and Price/Oz
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TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is happy to report full-year 2024 consolidated manufacturing of 135,900 gold equal ounces (“GEOs”)(1), inside our steering vary for the yr (press launch dated Feb 12, 2024).
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Throughout 2024, Gold Bar and San Jose produced 44,600 and 60,100 GEOs, respectively, barely exceeding the highest finish of our steering ranges for these operations. On the Fox Complicated, we produced 30,150 GEOs, which was beneath annual steering as a result of a stope failure in early 2024 impacting manufacturing.
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| Desk 1: Consolidated 2024 Manufacturing and 2025 Steering Abstract | |||
| Full Yr 2024(3)(4) |
2024 Steering(4) |
2025 Steering |
|
| Consolidated Manufacturing | |||
| GEOs(1) | 135,900 | 130,000 – 145,000 | 120,000 – 140,000 |
| Money Prices/GEO | $1,550 – $1,750 | ||
| AISC/GEO | $1,800 – $2,000 | ||
| Gold Bar Mine, Nevada | |||
| GEOs | 44,600 | 40,000 – 43,000 | 40,000 – 45,000 |
| Money Prices/GEO | $1,500 – $1,700 | ||
| AISC/GEO | $1,700 – $1,900 | ||
| Fox Complicated, Canada | |||
| GEOs | 30,150 | 40,000 – 42,000 | 30,000 – 35,000 |
| Money Prices/GEO | $1,600 – $1,800 | ||
| AISC/GEO | $1,700 – $1,900 | ||
| San José Mine, Argentina (49%)(2) | |||
| GEOs | 60,100 | 50,000 – 60,000 | 50,000 – 60,000 |
| Money Prices/GEO | $1,600 – $1,800 | ||
| AISC/GEO | $1,900 – $2,100 | ||
2025 Manufacturing and Price Steering
For 2025, we anticipate consolidated manufacturing to be between 120,000 and 140,000 GEOs attributable to MUX from all operations. The decrease finish of the 2025 vary is pushed by the deliberate transition of manufacturing on the Fox Complicated from the Froome mine to the Inventory mine in late 2025.
At Fox in 2025, as a result of allowing delays, the event of the ramp entry to the Inventory venture is anticipated to proceed by the vast majority of the yr, with business manufacturing from Inventory now anticipated in early 2026. Operations on the Froome mine will wind down in late 2025. The capital funding required for ramp improvement in 2025 has been partially funded by the US$22.0 million flow-through financing accomplished in June 2024.
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At Gold Bar in 2025, the primary half of the yr is anticipated to ship decrease manufacturing relative to the second half, as a result of a scheduled continuation of excessive waste stripping within the Choose pit to be accomplished throughout 2025. The funding in waste stripping on the Choose pit is anticipated to enhance ore availability through the second half of 2025 and thru 2026, growing future annual gold manufacturing.
| Notes: | |
| (1) | ‘Gold Equal Ounces’ are calculated based mostly on a gold-to-silver worth ratio of 89:1 for Q1 2024, 81:1 for Q2 2024, 85:1 for Q3 2024, and 85:1 for This fall 2024. 2025 manufacturing steering is calculated based mostly on an 86:1 gold-to-silver worth ratio. |
| (2) | The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc. Manufacturing is proven on a 49% foundation. |
| (3) | El Gallo Mine (on care and upkeep) offered 1,052 ounces in FY2024 from plant and pond cleanout. |
| (4) | Full Yr 2024 prices and their comparability towards 2024 Steering might be revealed in a future press launch on our 2024 audited annual outcomes. |
| (5) | Money prices and AISC per GEO offered are introduced in U.S. {Dollars} for all operations. |
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Technical Data
The technical content material of this information launch associated to monetary outcomes, mining and improvement initiatives has been reviewed and accepted by William (Invoice) Shaver, P.Eng., COO of McEwen Mining and a Certified Individual as outlined by SEC S-Okay 1300 and the Canadian Securities Directors Nationwide Instrument 43-101 “Requirements of Disclosure for Mineral Initiatives.”
Reliability of Data Concerning San José
Minera Santa Cruz S.A., the proprietor of the San José Mine, is accountable for and has equipped the Firm with all reported outcomes from the San José Mine. McEwen Mining’s three way partnership companion, a subsidiary of Hochschild Mining plc, and its associates apart from MSC don’t settle for accountability for using venture knowledge or the adequacy or accuracy of this launch.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This information launch accommodates sure forward-looking statements and data, together with “forward-looking statements” throughout the which means of the Non-public Securities Litigation Reform Act of 1995. The forward-looking statements and data expressed, as on the date of this information launch, McEwen Mining Inc.’s (the “Firm”) estimates, forecasts, projections, expectations or beliefs as to future occasions and outcomes. Ahead-looking statements and data are essentially based mostly upon a variety of estimates and assumptions that, whereas thought of cheap by administration, are inherently topic to vital enterprise, financial and aggressive uncertainties, dangers and contingencies, and there will be no assurance that such statements and data will show to be correct. Subsequently, precise outcomes and future occasions may differ materially from these anticipated in such statements and data. Dangers and uncertainties that might trigger outcomes or future occasions to vary materially from present expectations expressed or implied by the forward-looking statements and data embody, however will not be restricted to, fluctuations out there worth of valuable metals, mining business dangers, political, financial, social and safety dangers related to overseas operations, the power of the Firm to obtain or obtain in a well timed method permits or different approvals required in reference to operations, dangers related to the development of mining operations and graduation of manufacturing and the projected prices thereof, dangers associated to litigation, the state of the capital markets, environmental dangers and hazards, uncertainty as to calculation of mineral assets and reserves, overseas alternate volatility, overseas alternate controls, overseas foreign money danger, and different dangers. Readers shouldn’t place undue reliance on forward-looking statements or data included herein, which communicate solely as of the date hereof. The Firm undertakes no obligation to reissue or replace forward-looking statements or data on account of new data or occasions after the date hereof besides as could also be required by regulation. See McEwen Mining’s Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2023, Quarterly Report on Type 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, and different filings with the Securities and Alternate Fee, below the caption “Danger Components”, for extra data on dangers, uncertainties and different elements regarding the forward-looking statements and data concerning the Firm. All forward-looking statements and data made on this information launch are certified by this cautionary assertion.
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The NYSE and TSX haven’t reviewed and don’t settle for accountability for the adequacy or accuracy of the contents of this information launch, which has been ready by administration of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. As well as, it owns 46.4% of McEwen Copper which owns the big, superior stage Los Azules copper venture in Argentina. The Firm’s goal is to enhance the productiveness and lifetime of its belongings with the objective of accelerating its share worth and offering an investor yield. Rob McEwen, Chairman and Chief Proprietor, has a private funding within the firms of $225 million. His annual wage is $1.
McEwen Mining’s shares are publicly traded on the New York Inventory Alternate (NYSE) and the Toronto Inventory Alternate (TSX) below the image “MUX”.
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