McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is reporting on its second-quarter and half-year results for the period ended June 30, 2023. Highlights of the report include record daily mill throughput of 1,250 tonnes per day at Fox Complex, generating $6 million in cash gross profit during the quarter, with sustained higher throughput and improved grade expected to result in stronger production and margins in the coming months; a production increase of 54% at San José, with cash costs per ounce declining 24% compared to first quarter as the revised mine plan continues to be executed; higher mining rates and gold grades at Gold Bar, which is also reporting faster recovery and lower strip ratio from the Pick deposit, setting the stage for improved production and margins in the second half of 2023 and beyond; and progress being made toward a formal construction decision at the Fenix project, where a sonic drilling program has been initiated along with progress made on permitting applications and hiring a project manager.
In addition, the company is reporting early retirement of $25 million, or 39%, of its outstanding debt during the second quarter with a safety track record of no lost-time incidents at its wholly owned operating mines. “The year started with operational challenges at both Gold Bar and San José,” said McEwen Mining chair and chief owner Rob McEwen in the press release. “San José appears to have turned the corner, and we are confident that the plan in place for Gold Bar will do the same. Fox Complex has delivered another solid quarter, and we expect even better results in the second half of the year. We thank our operating teams for their hard work. The story at Los Azules keeps getting better and better. With a strong financing, an updated Preliminary Economic Assessment (‘PEA’) showing robust economics, unparalleled partners in Rio Tinto (through Nuton) and Stellantis, and potentially game-changing copper leaching technology, we could see Los Azules provide a model for how the mine of the future should look.”
To view the full press release, visit https://ibn.fm/TxYTx
About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company owns approximately 52% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. McEwen Mining chair and chief owner Rob McEwen has a personal investment in the company of $220 million; his annual salary is $1. To learn more about the company, visit www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX
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