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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 Mining (NYSE: MUX) has announced significant exploration success at its Grey Fox Deposit within the Fox Complex. The 2024 drilling campaign delivered impressive results, including 17.7 g/t gold over 8.0m from hole 24GF-1520. Early 2025 results are equally promising, with hole 25GF-1525 yielding 12.9 g/t gold over 4.3m and 15.3 g/t gold over 2.7m.
The company recently updated its Grey Fox resource estimate to 1,538,000 ounces of Indicated gold at 3.64 g/t and 458,000 ounces of Inferred gold at 3.30 g/t. The 2025 exploration budget is set at US$9.7 million, including 68,500 meters of diamond drilling.
Key focus areas include the Gibson Zone, where 23 additional epithermal lenses were discovered, and the Whiskey Jack Zone, which boasts the highest Indicated grade of 5.7 g/t gold. The company has completed ground-based geophysical surveys and is currently interpreting the data to guide future drilling targets.
McEwen Mining (NYSE: MUX) (TSX: MUX) has issued a response to the Apitipi Anicinapek Nation's (AAN) allegations regarding breaches of the Impact Benefit Agreement (IBA) at the Fox Complex. The company addresses two main concerns:
1. Environmental Management: McEwen affirms its commitment to environmental protection at the Stock Mill, stating the tailings facility operates under Ontario Ministry approval with regular inspections and strict monitoring requirements.
2. Share Payment Dispute: The company acknowledges an ongoing dispute regarding annual payments of 25,000 Brigus common shares to AAN. McEwen maintains that Brigus and McEwen shares are not interchangeable, and they are not responsible for shares not delivered during Primero's ownership.
Since 2017, McEwen has provided CDN$20 million in direct and indirect benefits to AAN. The company expresses willingness for constructive dialogue and suggests reinstating an AAN representative at Fox to enhance communication and transparency.
McEwen Copper, a subsidiary of McEwen Mining (NYSE: MUX), has applied for admission of the Los Azules copper project to Argentina's Large Investment Incentive Regime (RIGI). The project requires an estimated USD 2.7 billion investment, with USD 227 million committed under RIGI for feasibility study, exploration, and preliminary work. An additional USD 2.5 billion is estimated for mine and production facilities construction.
Upon RIGI approval, Los Azules will receive significant benefits including: reduction in corporate tax rate from 35% to 25%, value added tax relief during construction, export duties exemption, and freedom from mandatory export proceeds repatriation. The project recently received environmental permit approval for construction and operation, and aims to begin construction in early 2026 following the completion of a feasibility study in first half of 2025.
McEwen Mining (NYSE: MUX) has successfully closed a $110 million offering of 5.25% convertible senior notes due 2030, including the full exercise of a $15 million option. The notes feature an initial conversion rate of 88.9284 shares per $1,000 principal amount, equivalent to $11.25 per share, representing a 30% premium to the February 6th, 2025 closing price.
The offering generated approximately $90.8 million in net proceeds after deducting $15.1 million for capped call costs and $4.1 million in expenses. The company will use $20 million to partially repay its senior secured credit facility, with remaining proceeds for general corporate purposes. The capped call structure potentially increases the effective conversion price to $17.30 per share, limiting dilution.
The company plans to increase gold production at the Fox Complex from 30,000 ounces in 2024 to 60,000 ounces in 2027 and 150,000 ounces by 2030.
McEwen Mining (NYSE: MUX) has announced the pricing of $95 million convertible senior notes due 2030 in a private placement to qualified institutional buyers. The company also granted purchasers an option for an additional $15 million in notes.
Key transaction details include:
- Initial conversion price of $11.25 per share (30% premium over $8.65 closing price)
- 5.25% annual interest rate, paid semi-annually
- Capped call transactions potentially increasing effective conversion price to $17.30 per share
- Expected net proceeds of $91.3 million ($105.9 million if additional option exercised)
The company plans to use proceeds to pay for capped call overlay ($13.1 million), repay existing credit agreement borrowings, and general corporate purposes. The notes will mature on August 15, 2030, unless earlier converted, redeemed, or repurchased.
McEwen Mining (NYSE: MUX) (TSX: MUX) has announced plans to offer $85 million in convertible senior notes due 2030 through a private placement to qualified institutional buyers. The company may grant an additional $15 million option to initial purchasers.
The notes will be senior, unsecured obligations with semi-annual interest payments, convertible into cash, company stock, or a combination. The proceeds will fund capped call transactions, repay approximately $20 million of existing credit agreement debt, and support general corporate purposes.
The company plans to enter into capped call transactions with financial institutions to reduce potential stock dilution or offset cash payments exceeding the principal amount of converted notes. These transactions may influence the market price of both MUX common stock and the notes through various derivative trading activities.
McEwen Mining (NYSE: MUX) has announced significant increases in gold resources at the Grey Fox deposit, part of the Fox Complex. The Indicated Resource grew by 32% to 1,538,000 ounces of gold, while the Inferred Resource increased by 95% to 458,000 ounces.
Key highlights include:
- Discovery cost of US $14.46 per ounce
- Lower cut-off grade (from 2.30 g/t Au to 1.60 g/t Au) due to higher gold price assumptions ($2,000 vs $1,725)
- Gibson zone showed notable growth with Indicated resources up 109% to 290,000 oz
- Whiskey-Jack zone contains 116,000 oz at 5.7 g/t Au, being 97% Indicated
The Grey Fox deposit, located 3km South-East of the Black Fox Mine, contains over 150 distinct mineralized lenses across 1.4 square kilometers. The resource growth is attributed to exploration drilling success and updated economic parameters.
McEwen Mining (NYSE: MUX) has reported significant increases in gold resources at its Grey Fox deposit as of December 31st, 2024. The Indicated Resource increased by 32% to 1,538,000 ounces of gold, while the Inferred Resource grew by 95% to 458,000 ounces.
The resource growth was achieved at a discovery cost of US $14.46 per ounce. The deposit comprises six zones: Contact, 147, 147 NE, Grey Fox South, Gibson, and Whiskey-Jack. Notable increases were seen in the Gibson zone, where Indicated resources grew 181% to 290,000 oz and Inferred resources increased 80% to 245,000 oz.
The resource update reflects a lower cut-off grade (from 2.30 g/t Au to 1.60 g/t Au) due to higher gold prices (US$2,000/oz vs US$1,750/oz previously used). The Grey Fox deposit contains over 150 distinct mineralized lenses across 1.4 square kilometers, with many extending to bedrock surface.
McEwen Mining (NYSE: MUX) reported full-year 2024 consolidated production of 135,900 gold equivalent ounces (GEOs), meeting their guidance range. Individual mine performances included Gold Bar with 44,600 GEOs and San Jose with 60,100 GEOs, both exceeding guidance targets. However, Fox Complex produced 30,150 GEOs, falling below guidance due to a stope failure in early 2024.
For 2025, MUX projects consolidated production between 120,000 and 140,000 GEOs. The lower range reflects the planned transition at Fox Complex from Froome mine to Stock mine in late 2025, with commercial production from Stock expected in early 2026. Gold Bar's production in 2025 will be weighted toward the second half due to scheduled waste stripping in the Pick pit, which should improve future ore availability and increase gold production through 2026.
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.
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