McEwen Mining Reports 2024 Results, New Investments

McEwen Mining has published its full-year 2024 report, confirming total production of 135,900oz of Aueq, which falls within the company's annual guidance of 130,000oz to 145,000oz of Aueq. 

Production at the Gold Bar and San José mines reached 44,600oz of Aueq and 60,100oz of Aueq, respectively, exceeding the upper end of expectations for both operations. However, production at the Fox Complex amounted to 30,150oz of Aueq, below the anticipated range of 40,000oz to 42,000oz of Aueq due to a stope failure in early 2024 that affected overall output.

Looking toward 2025, McEwen Mining projects consolidated production of between 120,000oz and 140,000oz of Aueq. This estimate incorporates the planned transition at the Fox Complex from the Froome mine to the Stock mine, with production expected to shift in late 2025. Due to permitting delays, ramp access development for the Stock project will continue throughout much of the year, with commercial production now projected for early 2026. At Gold Bar, production is expected to be lower in the first half of 2025, primarily due to ongoing waste stripping at the Pick pit. However, this work is anticipated to improve ore availability in the 2H25 and into 2026, resulting in higher production levels over the medium term.

McEwen Mining has also announced a US$7 million investment to acquire a 3.76% stake in Goliath Resources, a junior precious metals company with projects in British Columbia's Golden Triangle. The transaction, completed through McEwen shares, includes half warrants exercisable at US$1.72 for 12 months. This follows Goliath’s successful 2024 drilling campaign at its Surebet high-grade gold discovery, where visible gold was found in 92% of drill holes.