- McEwen Mining released its Q2 results last week, reporting quarterly production of ~40,800 gold-equivalent ounces, a more than 100% increase year over year.
- While the headline figures look great, it's important to note that the production results were down significantly vs. a more normalized Q2 2019 period pre-COVID-19.
- The one bright spot in the quarter was Gold Bar, which had its best quarter in years, finally putting up numbers consistent or better than its mine plan.
- However, given the company's track record of significant shareholder dilution, I continue to see the stock as an Avoid, and I would view rallies above US$1.60 as selling opportunities.
For further details see:
McEwen Mining: A Better Quarter, But Output Still Below FY2019 Levels