McEwen Mining Inc. reported its fourth quarter and full year 2024 financial and operational results on March 18, 2025. Consolidated 2024 production was 135,884 Gold Equivalent Ounces (GEOs), with revenue increasing to $174.5 million, driven by an average realized sale price of $2,390 per ounce. Gross profit for 2024 was $30.9 million, a significant increase from $17.8 million in 2023.
Adjusted EBITDA for 2024 rose to $29.2 million, or $0.57 per share, compared to $7.7 million, or $0.16 per share in 2023, reflecting improved profitability from operating precious metals assets. The net loss for 2024 was $43.7 million, primarily due to $47.0 million of McEwen Copper-related expenses, which are expected to be capitalized after the Los Azules feasibility study publication in June 2025.
The company significantly strengthened its liquidity by issuing $110.0 million in convertible senior unsecured notes, with net proceeds of approximately $90.8 million. Of these proceeds, $20.0 million was used to retire half of the outstanding $40.0 million senior secured credit facility. Cash and cash equivalents increased to $62.2 million as of March 13, 2025, from $17.5 million at year-end 2024.
Looking ahead, McEwen Mining maintains its 2025 consolidated production guidance of 120,000 to 140,000 GEOs. The company is advancing key projects, including targeting 60,000 ounces of gold production at the Fox Complex by 2027 and potentially 120,000-150,000 ounces by 2030. Exploration at Grey Fox increased indicated gold resources by 32% to 1,538,000 ounces and inferred resources by 95% to 458,000 ounces.
At Gold Bar, exploration drilling extended the mine life to 2029, with production planned at Windfall Canyon in 2028 and Lookout Mountain in 2030. San José completed the installation of a new vertical mill in mid-December 2024, expanding plant capacity to 2,000 tonnes per day, which is expected to support 2025 attributable production of 50,000 to 60,000 GEOs.
McEwen Copper invested $114.5 million in Los Azules exploration in 2024 and applied for Argentina's Regime of Incentives for Large Investments (RIGI) program in February 2025. The company also made strategic investments in Goliath Resources Limited and Canadian Gold Corp. in early 2025.
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