McEwen Mining Inc. (NYSE:MUX) Q2 2024 Earnings Conference Call August 8, 2024 11:00 AM ET
Company Participants
Rob McEwen - Chairman & Chief Owner
William Shaver - Chief Operating Officer
Perry Ing - Chief Financial Officer
Michael Meding - Vice President and General Manager of McEwen Copper\
Conference Call Participants
Jake Sekelsky - Alliance Global Partners
Heiko Ihle - H.C. Wainwright
Mike Kozak - Cantor Fitzgerald
Allan Barry - Rocks and Stocks
Operator
Hello, ladies and gentlemen, and welcome to McEwen Mining's, Second Quarter 2024 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner; William Shaver, Chief Operating Officer; Perry Ing, Chief Financial Officer; Jeff Chan, Vice President of Finance; Stefan Spears, Vice President of Corporate Development; Michael Meding, Vice President and General Manager of McEwen Copper; and Carmen Diges, General Counsel and Secretary. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]
I'd now like to turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.
Rob McEwen
Thank you very much, operator. Good morning, and welcome, ladies and gentlemen. It was a quarter we've all been waiting to see. It was our most profitable quarter since 2016. We recorded a gross profit of $10.8 million and adjusted EBITDA of $7.2 million, compared to losses in the second quarter of last year.
It was a quarter of improved financial liquidity. Our cash was up 77% to $40.7 million, working capital was up 28% to $29.1 million, and our debt remained unchanged at $40 million since year-end. It was a quarter when both McEwen Mining and myself increased our investment in McEwen Copper.
Based on the last financing of McEwen Copper, the implied value has risen to $947 million, which makes McEwen Mining's 48.3% interest equal to $457 million. On a per-share basis, that is $8.45 behind every fully diluted share of McEwen Mining. It’s worth noting that this value is greater than our entire market capitalization today.
Last night, our closing share price was $8 on the NYSE. I want to remind you that McEwen Mining also owns a portfolio of six royalties, with the largest being a 1.25% NSR on Los Azules. Additionally, we own three cash-flowing gold and silver mines. Management has conducted an internal valuation of our assets, ranging from a low of $20 a share to $50 a share.