Why McEwen Mining Shares Are Up Today

McEwen Mining Inc MUX shares are trading higher after it reported fourth-quarter FY23 results.

The company reported an EPS of $2.88 in the quarter, better than the EPS loss of $(0.79) a year ago, beating the consensus loss of $(0.20).

McEwen reported gold production rose to 42,400 oz (from 28,970 oz a year ago), while silver production declined to 635,650 oz (from 702,000 oz the prior year).

Revenue from gold and silver sales stood at $166.2 million in the year, which was higher than $110.417 million in 2022.

The company reported a gross profit of $17.8 million in 2023 versus a gross loss of $(0.5) million last year. 

Operating cash flow stood at $(42.7) million in 2023 versus $(56.6) million a year ago. Cash and equivalents stood at $27.5 million and total debt was $40.0 million at the end of 2023.

Rob McEwen, Chairman and Chief Owner said, “Our biggest single asset with the greatest near-term potential to increase our share value is our 48% owned subsidiary McEwen Copper.”

“At our Canadian and Mexican mines we are advancing two important development projects. At the Fox Complex, the construction of the underground ramp access to the Stock orebodies will start in Q1.”  

Price Action: MUX shares are trading higher by 14.56% at $7.03 on the last check Friday.

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