Top Stories for Mar. 1, 2024:
1. McEwen Mining Inc. (NYSE:MUX) reported fourth-quarter and full-year 2023 financial results on Friday.
In the fourth quarter, net income was $137.9 million ($2.88 per share) compared to a net loss of $37.4 million ($0.79 per share) for Q4 2022.
As a result of improvements in mining productivity, the company achieved daily, monthly, and quarterly production records, while the Fox Complex achieved the highest average daily mill throughput of 1,300 tons per day.
For the year, the company reported a net income of $54.7 million ($1.15 per share) compared to a loss of $81.1 million ($1.71 per share) in 2022.
Gold production at its Fox Complex and Gold Bar mine were just above the low end of guidance, while the San José mine was just below and cash costs and all-in sustaining costs were 12-18% higher than guided.
Following the October 2023 financing, McEwen Mining’s stake in McEwen Copper dropped to 47.7%, shifting its accounting to equity investment, resulting in a $224 million gain and a $384 million investment valuation.
2. Peru’s largest publicly traded precious metals miner, Compañia de Minas Buenaventura S.A.A. (NYSE:BVN) announced its fourth-quarter and full-year 2023 financial results.
In the fourth quarter, the company reported an EBITDA of $116.4 million (up from $76.9 million in 4Q22) and an annual EBITDA of $238.3 million (up from $173.1 million in FY22).
However, it reported a fourth-quarter net loss of $3.0 million, down from a net income of $56.7 million in the same quarter in 2022, with annual net income of $39.5 million for all of 2023, which was lower than the previous year’s $124.4 million.
The company ended the year with a cash position of $219.8 million and reduced net debt to $486.8 million. It also completed a sale of Contacto to Howden for $33.7 million, began silver production at Yumpag and faced a $113.2 million provision due to a Supreme Court ruling.
Additionally, Buenaventura received $49.0 million in dividends from Cerro Verde in December, totaling $146.9 million for 2023, and proposed a dividend payment of $0.0726 per share/ADS.
3. Royal Gold, Inc. (NASDAQ:RGLD) announced its board of directors declared a second-quarter dividend of 40 cents per share.
The dividend will be distributed on Friday, April 19, 2024, to shareholders as of the close of business on Friday, April 5, 2024.
4. HC Wainwright & Co. analyst Heiko Ihle reiterated U.S. Gold Corp (NASDAQ:USAU) with a Buy and maintained a price target of $11.
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