- McEwen Mining released its Q2 results earlier this month, reporting quarterly production of ~40,800 gold-equivalent ounces, and revenue of $40.7 million.
- While these figures were up substantially on a year-over-year basis, Q2 2021 was up against easy year-over-year comps due to COVID-19 impacts, making it a less relevant comparison.
- Compared to Q2 2019 levels, revenue increased just 11% despite a 33% increase in the gold price, and revenue per share actually declined due to continued share dilution.
- While a rising tide (gold price) will lift all boats, I continue to see McEwen Mining as an Avoid, given that it's a high-cost producer with an inability to meet its targets historically.
For further details see:
McEwen Mining: Costs Improve In Q2, But Still At Industry-Lagging Levels