MUX - McEwen Mining Non-GAAP EPS of -$0.27; reaffirms FY23 production guidance
2023-08-10 06:16:37 ET
- McEwen Mining press release ( NYSE: MUX ): Q2 Non-GAAP EPS of -$0.27.
- Consolidated cash and equivalents increased to $84.6 million at the end of Q2 from $39.8 million at the end of 2022.
- Additionally, investments totalled $29.2 million, primarily in equity securities held in Argentina, to mitigate the impact of high inflation and devaluation.
- Consolidated working capital was $92.0 million at June 30, 2023.
- Production from our three operating mines was 35,625 gold equivalent ounces (GEOs) in Q2 and 66,100 GEOs in H1, compared to 36,218 GEOs in Q2 2022 and 61,200 GEOs in H1 2022.
- "Our consolidated production guidance remains 150,000-170,000 GEOs for 2023. "
- Fox Complex: Record daily mill throughput of 1,250 tonnes per day, generating $6 million in cash gross profit in Q2.
- San José: Production increased 54% with cash costs/oz declining 24% compared to Q1, as the revised mine plan continues to be executed.
- We continued our safety track record of no lost time incidents at our 100% owned operating mines during Q2.
- Exploration update across the portfolio to be delivered later in Q3.
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McEwen Mining Non-GAAP EPS of -$0.27; reaffirms FY23 production guidance