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    Chris White • Ventures

    Chris White's questions to McEwen Mining Inc (MUX) leadership

    Chris White's questions to McEwen Mining Inc (MUX) leadership • Q4 2024

    Question

    Chris White from Grey Aspen asked if quarterly earnings would have been positive without the Los Azules investment, what gold price is needed for profitability, the expected 2025 AISC, and why the call notice was short.

    Answer

    Executive Robert McEwen confirmed earnings would have been slightly positive without the $47 million Los Azules charge. Executive Perry Ing noted that after the feasibility study is published, these costs will be capitalized, removing the P&L impact. An unnamed executive provided AISC guidance of $1,700 to $1,900 per GEO for the Fox and Gold Bar operations. Mr. McEwen apologized for the short notice on the call, citing last-minute changes.

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    Chris White's questions to McEwen Mining Inc (MUX) leadership • Q3 2024

    Question

    Chris White from Ventures asked for an explanation of why Q3 All-in Sustaining Costs (AISC) at the Gold Bar and Fox mines were significantly higher than guidance. He also questioned if a production shortfall at Fox was the primary obstacle to achieving a breakeven quarter and how such issues could be prevented.

    Answer

    Executive Jeff Chan noted that cost guidance is annual and Gold Bar is still expected to meet its target, attributing the quarterly spike to an aggressive stripping program. Executive William Shaver and CEO Robert McEwen explained the high costs at Fox were due to lower production from an unexpected stope failure. CFO Perry Ing confirmed that higher production would have led to a positive quarter and that profitability is expected in H2 2025 after the Los Azules feasibility study allows for the capitalization of exploration costs.

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