Earlier this year, Dave Mustaine said he had 500 riffs written for Megadeth's forthcoming 16th album. Work is still underway and he's boiled those riffs down to eight new songs and he's still aiming to pen a few more before the thrash legends release their new record.

Mustaine told Music Radar that he's been working on new material from 10AM through 7PM when he has time to spend at home. Co-producer Chris Rakestraw, who was part of the Dystopia production team, has been tracking pre-production demos with the Megadeth mastermind.

"I have about eight songs and there's one which is just unanimously everyone's favorite, which is great," Mustaine revealed, continuing, "I'm not saying there's only one good song so far though, haha! Let's just say whenever I have that first song everyone gets excited about, I know I'm on my way to another great record.

As for how much material fans can expect, the frontman went on to say, "We're going to do 12 or 13 tracks this time. My contract says I'm only supposed to do eight songs a record and I just can't do that — it feels like cheating."

"When I grew up listening to vinyl, it was a lot easier to buy a record and be happy with 45 minutes of music," Mustaine reflected, but he's well aware how things are different today. "When the digital world came, the paradigm changed — a musical offering needs a lot more," he said. "People aren't satisfied and hit fast-forward a lot. So right now, we know we're off to a good start; this new material is only going to get better and better…"

While we wait for Megadeth's 16th album to arrive, the band will be releasing a 35-track anthology, Warheads on Foreheads, on March 22.

Catch Megadeth at the following dates as the band supports Ozzy Osbourne on his farewell tour.

Ozzy Osbourne + Megadeth 2019 North American Tour Dates:

05/31 - Sunrise, Fla. @ BB&T Center
06/02 - Tampa, Fla. @ Midflorida Credit Union Arena
06/04 - Charlotte, N.C. @ PNC Music Pavilion
06/06 - Cincinnati, Ohio @ Riverbend Music Center
06/08 - Hershey, Pa. @ Hershey Concerts
06/11 - New York, N.Y. @ Madison Square Garden
06/13 - Burgettstown, Pa. @ KeyBan Pavilion
06/15 - Bangor, Maine @ Darling’s Waterfront Pavilion
06/20 - Hamilton, Ontario @ FirstOntario Centre
06/22 - Uncasville, Ct. @ Mohegan Sun
06/26 - Maryland Heights, Mo. @ Hollywood Casino Amphitheatre
06/28 - Kansas City, Mo. @ Spirit Center
06/30 - Des Moines, Iowa @ Wells Fargo Arena
07/04 - Milwaukee, Wis. @ Summerfest / American Family Insurance Amphitheatre
07/06 - Saint Paul, Minn. @ Xcel Energy Center
07/09 - Edmonton, Alberta @ Rogers Place
07/11 - Vancouver, British Columbia @ Rogers Arena
07/13 - Tacoma, Wash. @ Tacoma Dome
07/16 - Portland, Ore. @ Moda Center
07/18 - Sacramento, Calif. @ Golden 1 Center
07/20 - Las Vegas, Nev. @ MGM Grand Garden Arena
07/23 - Chula Vista, Calif. @ Mattress Firm Amphitheatre
07/25 - Phoenix, Ariz. @ Ak-Chin Pavilion
07/27 - Mountain View, Calif. @ Shoreline Amphitheatre
07/29 - Los Angeles, Calif. @ Hollywood Bowl

Megadeth Albums Ranked