McEwen Mining Q1 net loss $43.1M; adjusted loss narrows to $6.4M; production up 21%

McEwen Inc.

2023-Q1 EPS reported -$0.91 revenue$34,752,000

Consolidated net loss $43.1M ($0.91/share) vs $20.7M loss in Q1 2022; adjusted net loss $6.4M ($0.14/share) vs $13.1M loss.
Gross profit $4.4M vs gross loss $6.0M; cash gross profit $11.3M vs cash gross loss $2.3M in prior year.
Production 30,400 GEOs (+21% YoY); 2023 guidance maintained at 150,000-170,000 GEOs.
McEwen Copper value increased to $550M (100%) from $257M; received $47.5M from secondary sale; cash $190.8M.
Exploration expensed $31.9M at Los Azules; total debt $65M; plan to repay $25M to Sprott.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

McEwen Inc. reported first quarter (Q1) results for the period ended March 31st, 2023 results: net income cash gross profit was $11.3 million.

Period: first quarter (Q1) results for the period ended March 31st, 2023
Net income: cash gross profit was $11.3 million
Result: reported results

Exact text from the filing

We reported a consolidated net loss of $43.1 million , or $0.91 per share in Q1, compared to a net loss of $20.7 million, or $0.45 per share in Q1 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

McEwen Inc. reported first quarter (Q1) results for the period ended March 31st, 2023 results: net income cash gross profit was $11.3 million.

Period: first quarter (Q1) results for the period ended March 31st, 2023
Net income: cash gross profit was $11.3 million
Result: reported results

Exact text from the filing

Adjusted net loss (1) was $6.4 million , or $0.14 per share in Q1, compared to an adjusted net loss of $13.1 million, or $0.28 per share in Q1 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

McEwen Inc. reported first quarter (Q1) results for the period ended March 31st, 2023 results: net income cash gross profit was $11.3 million.

Period: first quarter (Q1) results for the period ended March 31st, 2023
Net income: cash gross profit was $11.3 million
Result: reported results

Exact text from the filing

Our gross profit in Q1 was $4.4 million and our cash gross profit (1) was $11.3 million , compared to a gross loss of $6.0 million and cash gross loss of $2.3 million in Q1 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

McEwen Inc. updated its for 2023 guidance (reaffirmed).

Period: for 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Production guidance remains 150,000-170,000 GEOs for 2023.

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McEwen Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-057823

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