McEwen Mining Q1 Adjusted Loss Narrows On Higher Production

McEwen Mining Inc MUX reported Q1 2023 adjusted net loss of $(0.14) per share, narrowed from $(0.28) a year ago.
Production from the three operating mines came in at 30,400 gold equivalent ounces (GEOs) in Q1, higher than 25,200 GEOs in prior year.
The gross profit stood at $4.4 million vs. a gross loss of $(6.0) million last year, led by improved productivity of Fox Complex and Gold Bar mine operations.
Cash and equivalents stood at $190.8 million and total debt was $65 million at the end of Q1 2023.
The company continues to expect production of 150,000-170,000 GEOs for 2023.
"This quarter we completed a series of large financing transactions involving shares of our McEwen Copper subsidiary, which has increased the market value attributable to our copper business to $550 million (for 100%) from $257 million at the conclusion of the prior financing round in August 2022. As 52% owner, McEwen Mining shareholders are benefitting from this value accretion, which validates the strategy we set out in July 2021 to surface value from Los Azules by funding it independently," said Rob McEwen, Chairman and Chief Owner.
Price Action: MUX shares are trading lower by 3.61% at $8.55 on the last check Tuesday.

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