Exploring the Surge in McEwen Mining’s Stock Prices Exploring the Surge in McEwen Mining’s Stock Prices

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McEwen Mining IncMUX shares have soared as it unveiled its fourth-quarter FY23 results.

In the quarter, the company reported an EPS of $2.88, a remarkable improvement from the EPS loss of $(0.79) a year prior, surpassing the consensus loss of $(0.20).

McEwen witnessed gold production climb to 42,400 oz from 28,970 oz in the previous year, although silver production dipped to 635,650 oz from 702,000 oz year-over-year.

Revenue generated from gold and silver sales reached $166.2 million, a significant rise from $110.417 million in 2022.

The company also reported a gross profit of $17.8 million in 2023 compared to a gross loss of $(0.5) million in the previous year.

Operating cash flow stood at $(42.7) million in 2023, an improvement from $(56.6) million in the prior year. McEwen Mining closed 2023 with $27.5 million in cash and equivalents and total debt of $40.0 million.

Rob McEwen, Chairman and Chief Owner, expressed, β€œOur most promising asset capable of driving significant share value growth is our 48%-owned subsidiary McEwen Copper.”

β€œAdvancements are also underway at our Canadian and Mexican mines, with two essential development projects in progress. At the Fox Complex, the initiation of construction on the underground ramp accessing the Stock orebodies is set to kick off in Q1.”

Price Action: MUX shares were up by an impressive 14.56% to $7.03 as of the most recent check on Friday.

Photo via Shutterstock

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