McEwen Mining reports Q3 EPS (4c), consensus (15c)

Reports Q3 revenue $52.3M, consensus $67.65M. Reports Q3 production 38,500 gold equivalent ounces. Average gold price sold was $2,499 per ounce in Q3 vs $1,920 in Q3 2023. The company said, “McEwen Copper recently raised $56 million at $30 per share to fund the ongoing development of its Los Azules copper project in Argentina. Of the total raised, $14 million was contributed by McEwen Mining (MUX), $5 million by Rob McEwen, $35 million by Nuton LLC, a Rio Tinto venture, and $2 million by two individual investors. Following these investments, McEwen Mining’s ownership in McEwen Copper now stands at 46.4% and the post-money market value of McEwen Copper is now $984 million. Over $350 million have been invested in exploration to develop Los Azules as a world-class copper deposit, including amounts spent by Minera Andes Inc. until 2012 and McEwen Mining until 2021.”