McEwen Q2 Net Income Triples to $9.6M, Raises Fox Guidance
MUX sits 96% above its 52-week low of $9.82.
Summary
McEwen's Q2 net income tripled to $9.6M from $3.0M a year ago, driven by a 35% jump in realized gold prices. Revenue rose 27% to $59.2M. The company raised Fox Complex production guidance to 20,000–23,000 GEOs on operational improvements, but cut Gold Bar outlook to 30,000–33,000 GEOs due to assay lab downtime and carbonaceous ore. Full-year production is seen at 109,000–120,000 GEOs with cash costs of $2,200–$2,450/oz. The mixed guidance and strong earnings follow the 10-Q filed yesterday, adding color on operational drivers.
At the time of this announcement, MUX was trading at $19.23 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $9.82 to $29.70. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.