McEwen Mining Posts Mixed Q2 Earnings On Weak Gold Bar Mine Operations
Portfolio Pulse from Lekha Gupta
McEwen Mining Inc (MUX) reported a Q2 2023 adjusted net loss of $(0.31) per share, beating the consensus loss of $(0.74). Revenue from gold and silver sales was $34.4 million, missing the consensus of $40.0 million. The company reported a gross loss due to lower grades and longer recovery times at its Gold Bar mine operations. Cash and equivalents stood at $84.8 million, and total debt was $40.0 million at the end of Q2 2023. MUX shares are trading lower by 0.28% at $7.24.
August 10, 2023 | 2:34 pm
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McEwen Mining Inc reported a smaller than expected loss for Q2 2023 but missed revenue estimates. The company's Gold Bar mine operations are underperforming, leading to a gross loss.
McEwen Mining Inc's Q2 2023 results show a mixed performance. While the company managed to narrow its loss more than expected, it missed revenue estimates. This, combined with the reported gross loss due to issues at the Gold Bar mine, is likely to negatively impact investor sentiment and put downward pressure on the stock in the short term.
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IMPORTANCE 80
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