09:01 PM EDT, 08/07/2024 (MT Newswires) -- McEwen Mining ( MUX ) said overnight after equity accounting for US$35.2 million in net expenses incurred by McEwen Copper's Los Azules project ($16.8 million impact on MUX) it reported a net loss in Q2 of $13.0 million, or $0.26 per share, compared to a net loss of $21.6 million, or $0.46 per share in Q2 2023.

"I'm delighted that this quarter was the most profitable since 2016 as measured by Adjusted EBITDA for our mining operations and Q3 is off to a good start. Production costs increased 8% quarter-over-quarter, but revenue grew by 38%. Fox and Gold Bar are capitalizing on the higher gold prices to increase operating cash flow, Gold Bar in particular with its AISC at only $1,400 per GEO in H1. It's important to note that our net loss continues to be influenced by McEwen Copper and its expenses at Los Azules, which are non-cash as it relates to MUX," said Rob McEwen, Chairman and Chief Owner.

"McEwen Copper continues to grow in value -- based on the most recent injection of capital at $30 per share the implied market value is now $947 million, with MUX owning 48.3% or $457 million. That is 106% of MUX's current fully diluted market capitalization. In addition, MUX shareowners also get exposure to a 1.25% NSR royalty on Los Azules, our cashflow generating gold-silver mines, and development projects."