McEwen Mining, Inc. (NYSE:MUX) Q3 2024 Earnings Conference Call November 6, 2024 11:00 AM ET
Company Participants
Rob McEwen - Chairman & Chief Owner
William Shaver - COO
Perry Ing - CFO
Jeff Chan - VP, Finance
Stefan Spears - VP, Corporate Development
Michael Meding - VP & GM, McEwen Copper\
Carmen Diges - General Counsel & Secretary
Conference Call Participants
Jake Sekelsky - Alliance Global Partners
Joseph Reagor - Roth Capital Partners
Heiko Ihle - H.C. Wainwright
Chris White - TELUS Ventures
Mike Kozak - Cantor Fitzgerald
Operator
Hello, ladies and gentlemen, welcome to McEwen Mining Q3 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, Finance; Stefan Spears, Vice President, Corporate Development; Michael Meding, Vice President and General Manager at McEwen Copper; Carmen Diges, General Counsel and Security [sic]. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]
I will now turn today's call over to Rob McEwen, Chief Owner. Please go ahead, sir.
Rob McEwen
Thank you, Operator. Good morning, fellow shareholders and interested investors. You heard who is with me today on the call, and they're available to answer your questions when we move into that period.
During the third quarter and the first nine months of this year, we have made significant progress reporting double and triple-digit improvements in key performance metrics.
As you can read in our press release, third quarter of 2024, was stellar compared to the third quarter of 2023. Revenue up 36%, gross profit up 268%, adjusted EBITDA up 586%, operating cash flow up at $23 million from a negative $2.3 million back in 2023.
Our safety record is also stellar. We are pleased to post our records at Gold Bar 54 months without a lost time accident; at the Fox Complex, 33 months without a lost time; and McEwen Copper Los Azules, an amazing 1.3 million man-hours without a loss time accident.
During the quarter, we continued to push our exploration, spending $5.3 million at the Fox and Gold Bar mines, $6.1 million at Los Azules, the McEwen Copper project. And these expenditures, we view as strategic investments and that have successfully extended the life of our mine and they're currently treated as expenses and largely contributed to the net loss we recorded of $2.1 million or $0.04 a share. We will be providing updated resource estimates to be released early next year.