Welcome to our dedicated page for McEwen Mining news (Ticker: MUX), a resource for investors and traders seeking the latest updates and insights on McEwen Mining stock.
McEwen Mining Inc. (symbol: MUX) is a mining and minerals production and exploration company with a focus on precious and base minerals in Argentina, Mexico, and the United States. The company's principal assets include a 49% interest in the San José mine in Santa Cruz, Argentina; the wholly-owned El Gallo 1 mine in Sinaloa, Mexico; the Gold Bar project in Nevada, U.S.; the Los Azules project in San Juan, Argentina; and a substantial portfolio of exploration properties across Argentina, Mexico, and Nevada.
McEwen Mining aims to qualify for inclusion in the S&P 500 by becoming a high-growth gold producer in the Americas. The company's revenue primarily stems from the production of gold and silver, with more than half of its gold output produced by the El Gallo 1 mine, while the San José mine contributes significantly to both gold and silver production.
As of August 7, 2014, McEwen Mining had 297,417,091 shares issued and outstanding. Rob McEwen, the Chairman, President, and Chief Owner, holds 25% of the shares, assuming all outstanding exchangeable shares are converted. On June 30, 2014, the company held cash and liquid assets worth approximately US$16.6 million.
The company has recently shown notable progress, including a net income of $1.15 per share for 2023, compared to a net loss of $1.71 per share in 2022. McEwen Mining's latest exploration initiatives at the San José mine cover the El Retiro and Liv Este targets adjacent to Newmont’s Cerro Negro mine. Further development includes ongoing geophysics and trenching, with future plans for drilling in these areas.
Noteworthy updates include technical advancements and detailed drilling results for the Los Azules project, aimed at expanding the deposit's potential. The company's strategic vision and continuous exploration efforts underline its commitment to achieving significant growth and establishing itself among leading gold producers.
McEwen Copper, a subsidiary of McEwen Mining (NYSE: MUX), has secured the Environmental Impact Statement (EIS) approval for its Los Azules copper project from San Juan Provincial Government's Ministry of Mines. The EIA documentation, submitted in April 2023, underwent thorough review by 14 public and private institutions. The project aims for carbon neutrality by 2038, operating on renewable energy with minimal water footprint. A definitive feasibility study is expected in the first half of 2025, with potential construction starting in 2026.
McEwen Mining has released new assay results from its Grey Fox deposit in Ontario's Timmins region. Key highlights include high-grade drill results of 10.2 g/t Au over 11.1m at Whiskey Jack. The deposit shows similarities to the Hishikari Gold Mine, with potential for stacked epithermal gold-bearing veins. Current geological modeling indicates over 50 distinct mineralized lenses in a 1.3 square kilometer area, with 90% of the current Grey Fox resource (1.4 million ounces) within 300 meters from surface. An updated Mineral Resource estimate for the Fox Complex will be released in Q1 2025. The company has announced a $9.7 million exploration campaign for 2025, planning 69,500 meters of drilling.
McEwen Mining reported Q3 2024 financial results showing significant improvements. Revenue increased 36% to $52.3M, driven by higher gold prices ($2,499/oz vs $1,920/oz in Q3 2023) and increased production. Gross profit rose 268% to $13.8M, while net loss decreased to $2.1M ($0.04/share) from $18.5M ($0.39/share) in Q3 2023. Operating cash flow improved to $23.2M from -$2.3M year-over-year.
Production highlights: Gold Bar Mine output increased 43% to 13,640 oz Au, Fox Complex decreased 30% to 7,855 oz Au due to stope failure, and San José Mine's attributable production fell 23% to 13,684 GEOs.
McEwen Mining (NYSE: MUX) (TSX: MUX) has announced its upcoming Q3 2024 financial results conference call, scheduled for Wednesday, November 6th, 2024, at 11:00 AM EST. The call will feature management's discussion of financial results and project developments, followed by a Q&A session where participants can ask questions directly. The call will be accessible via toll-free numbers in North America (888-210-3454) and internationally, with a conference ID number of 3232920. A webcast replay will be available approximately 2 hours after the event on the company's media page.
McEwen Copper, a subsidiary of McEwen Mining (NYSE: MUX), has secured an additional $35 million investment from Nuton, a Rio Tinto Venture, through the purchase of 1,166,666 common shares at $30.00 per share. This investment is part of a larger $70 million private placement offering. The second tranche also included $2 million from two other investors. Following this transaction, Nuton owns 17.2% of McEwen Copper, with the company's shareholder structure now comprising McEwen Mining (46.4%), Stellantis (18.3%), Nuton (17.2%), Rob McEwen (12.7%), Victor Smorgon Group (3.0%), and others (2.0%). The proceeds will fund the Los Azules copper project feasibility study, due in H1 2025.
McEwen Mining has released new assay results from its Grey Fox deposit in the Timmins region of Ontario, Canada. The results show good grade mineralization over mineable widths near existing underground infrastructure. Highlights include:
- 24GF-1471: 4.9 g/t Au over 6.4 m
- 24GF-1474: 13.8 g/t Au over 2.4 m
- 24GF-1452: 9.8 g/t Au over 2.8 m
Grey Fox currently has a +1 Million ounce gold resource. Geological interpretations suggest potential for high-grade Black Fox style mineralization below and adjacent to Grey Fox, possibly extending 3 km towards the Black Fox Mine. The company plans follow-up geophysical surveys and drilling in 2025 to explore this potential.
McEwen Mining (NYSE: MUX) (TSX: MUX) has announced that its 48%-owned subsidiary, McEwen Copper Inc., has secured an agreement with YPF Luz to power the Los Azules copper project with 100% renewable energy. The exclusive agreement includes the development and financing of a high-voltage transmission line by YPF Luz to connect the project to the Argentine Interconnection System (SADI).
The energy will be sourced from YPF Luz's renewable assets connected to SADI. This partnership aims to contribute significantly to decarbonization efforts and position San Juan province as a key player in the energy transition. The agreement strengthens the alliance between McEwen Copper and YPF Luz, which began in early 2023, focusing on sustainable copper production and comprehensive energy solutions.
McEwen Mining (NYSE: MUX) (TSX: MUX) and McEwen Copper have announced their participation in several upcoming industry events. CEO Rob McEwen recently took part in a Fastmarkets webinar discussing Argentina's potential in copper and lithium resources. The company will also present at three major conferences:
1. Jefferies Global Metals & Mining Conference (Sept 4-5, 2024, New York)
2. H.C. Wainwright 26th Annual Global Investment Conference (Sept 9-11, 2024, New York)
3. 2024 Beaver Creek Precious Metals Summit (Sept 10-13, 2024, Colorado)
Rob McEwen will discuss McEwen Mining's projects, while Michael Meding, VP of McEwen Copper, will present on the Los Azules copper project. Webcasts of the presentations will be available for 90 days after each event on the company's media page.
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has completed the acquisition of Timberline Resources (TSXV:TBR)(OTCQB:TLRS) through a merger. Timberline shareholders approved the merger on August 16th, 2024. As part of the deal, Timberline shareholders will receive 0.01 McEwen Mining shares for each Timberline share held. Timberline shares will be delisted from the TSX Venture Exchange and OTCQB Venture within five business days.
Rob McEwen, Chairman and Chief Owner, stated that the company aims to advance the Eureka project through exploration drilling, permitting, and development planning. He emphasized Nevada as a key area for long-term operations and growth opportunities. McEwen Mining, as an Eligible Interlisted Issuer, relied on TSX Company Manual exemptions for certain requirements related to securities issuance in the transaction.
McEwen Copper, 48.3% owned by McEwen Mining (NYSE: MUX) (TSX: MUX), reports exciting developments in Argentina. President Milei's new legislation, the Incentive Regime for Large Investors (RIGI), offers significant tax and foreign exchange incentives for mining investments. A US$4.4 billion transaction by BHP and Lundin Mining to acquire two copper deposits in San Juan province demonstrates Argentina's attractiveness for large-scale mining projects.
At Los Azules, infill drilling during the 2023-24 season upgraded resource categories and confirmed a high-grade copper zone. Highlights include:
- 217 meters of 1.11% Cu, including 100 meters of 1.32% Cu (AZ24375)
- 276 meters of 0.86% Cu, including 160 meters of 0.96% Cu (AZ24403)
- 158 meters of 0.84% Cu, including 78.5 meters of 1.10% Cu (AZ24335)
The Los Azules Feasibility Study remains on track for delivery in early 2025.
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