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 Mining (NYSE: MUX, TSX: MUX) reported Q2 2024 results, highlighting significant financial improvements. The company achieved its highest Adjusted EBITDA since 2016 for mining operations, growing revenue by 38% despite an 8% increase in production costs. Key performance included:
- Gross profit of $10.8 million and Adjusted EBITDA of $7.2 million, up from a gross loss of $3.5 million and negative EBITDA of $5.8 million in Q2 2023.
- Net loss reduced to $13.0 million from $21.6 million in Q2 2023, influenced by McEwen Copper’s expenses.
- Gold Bar Mine’s production rose by 56%, generating 12,297 GEOs, with AISC reduced to $1,634 per GEO.
- Fox mine faced challenges, reducing production to 8,297 GEOs and increasing AISC to $1,874 per GEO.
- San José produced 14,672 GEOs, with AISC rising to $2,032 per GEO due to lower grade mined and currency impacts.
Cash and equivalents stood at $40.7 million with consolidated working capital of $29.1 million. McEwen Copper's recent valuation boosted McEwen Mining’s stake to $457 million, 106% of MUX's market cap.
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced its upcoming Q2 2024 financial results conference call, scheduled for Thursday, August 8th, 2024, at 11:00 AM EDT. The call will feature management discussing financial results and project developments, followed by a question-and-answer session. Participants can directly ask questions during the webcast.
Key details include:
- Toll-free dial-in for North America: (888) 210-3454
- Toll dial-in: (646) 960-0130
- Conference ID: 3232920
- Webcast link: https://events.q4inc.com/attendee/655979798/guest
An archived replay of the webcast will be available approximately 2 hours after the event concludes on the company's media page.
McEwen Mining (NYSE: MUX) held its Annual General Meeting (AGM) on June 27, 2024, announcing several key decisions. Shareholders voted on the 2024 Equity and Incentive Plan with 16.6 million votes in favor and 2.1 million against. Ernst & Young LLP was reappointed as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, with 26.7 million votes in favor.
A total of 26,845,690 shares were voted, representing approximately 54.33% of the 49,408,775 outstanding shares. Directors elected include Robert McEwen, Allen Ambrose, Ian Ball, Richard Brissenden, Nicolas Darveau-Garneau, Robin Dunbar, Michelle Makori, Merri Sanchez, and William Shaver.
Detailed voting results for each director were disclosed, highlighting the number of shares voted for and withheld. Additionally, resources from the AGM such as recordings, transcripts, presentations, and a Los Azules project video are available on McEwen Mining’s media page.
McEwen Copper, a wholly-owned subsidiary of McEwen Mining (NYSE and TSX: MUX), has announced a non-brokered private placement financing to raise up to US$70 million. This will involve issuing up to 2,333,333 common shares at a price of US$30.00 per share. Key participants include McEwen Mining, committing up to US$14 million, and Rob McEwen, committing up to US$5 million. The financing aims to support the development of the Los Azules copper project, with a bankable feasibility study expected by the end of Q1 2025. Pre-existing shareholders have anti-dilution and pre-emptive rights, and the securities from this offering are subject to transfer restrictions until publicly listed. Post-offering, McEwen Mining and Rob McEwen's ownership will adjust to 45.8% and 12.5% respectively.
McEwen Mining (NYSE: MUX) reports progress at the Fox Complex, specifically on the new mine at the Stock Property. Production is set to begin in H2 2025, with pre-construction activities already started for the Stock portal. Exploration increased estimated gold resources in the East Zone by 29%. The Fox Complex has Measured and Indicated gold resources of 1,905,000 ounces at 4.20 g/t Au and Inferred resources of 549,000 ounces at 3.60 g/t Au. The Stock Property, part of the Fox Complex, will use a new ramp to connect its West and East Zones, reducing costs and increasing production. Recent drill results show promising gold mineralization, supporting further development. The Stock Property is projected to offer earlier cash flow and lower production costs compared to the Froome Mine.
McEwen Mining announced the closing of a US$22 million (Cdn$30 million) public financing to fund exploration and development at the Fox Complex in Ontario. The financing will support exploration drilling and the underground access ramp development at Stock East and West. The proceeds are designated for Canadian Exploration Expenses (CEE) and Canadian Development Expenses (CDE), with 1,533,000 flow-through common shares issued at a blended average price of $14.36 (Cdn$19.59), a 19% premium to May 27th's closing price. After placement agents' fees, net proceeds were approximately US$20.8 million (Cdn$28.5 million). Cantor Fitzgerald led the syndicate of placement agents, with PearTree Securities structuring the flow-through donation placement. The offering was conducted under a shelf registration statement filed with the SEC and a multi-jurisdictional disclosure system prospectus in Canada.
McEwen Mining (NYSE: MUX, TSX: MUX) announced a flow-through financing at $14.36 (Cdn$19.59) per share, a 19% premium to market. The financing, divided into two parts, aims to raise US$22.0 million (Cdn$30,035,790) to fund exploration and development at the Fox Complex in Ontario. Part 1 targets Canadian Exploration Expenses with 643,000 shares at US$15.56 (Cdn$21.23) per share, while Part 2 targets Canadian Development Expenses with 890,000 shares at US$13.49 (Cdn$18.41) per share. The closing is expected on June 14, 2024, subject to customary conditions including TSX and NYSE approvals. Cantor Fitzgerald is leading the syndicate of placement agents.
McEwen Mining (NYSE: MUX) reported encouraging assay results from the Grey Fox deposit, part of the Fox Complex. The assays indicate high-grade gold near the surface, with potential for deeper mineralization similar to nearby Black Fox and Froome mines.
Key results include:
- 24GF-1426: 586.7 g/t Au over 0.5 m
- 24GF-1424: 14.3 g/t Au over 5.0 m
- 24GF-1397: 17.4 g/t Au over 4.2 m
- 22GF-1366: 8.8 g/t Au over 3.9 m
The current resource estimate for Grey Fox stands at 1,168,000 oz gold indicated and 236,000 oz inferred. Recent drilling has focused on expanding existing resources and identifying new mineralized zones. McEwen plans an updated resource estimate in September.
Grey Fox's geological setting shares similarities with the high-production Young-Davidson Mine, enhancing its potential value. Furthermore, the mineralization is suitable for lower-cost open pit mining.
McEwen Copper completed a 70,000-meter feasibility drilling program at their Los Azules project in Argentina. Key highlights include intercepts of 349 m of 0.77% Cu and 382.5 m of 0.54% Cu. The season's infill drilling campaign aimed to confirm deposit size and grade, test for mineralization extensions, and explore new areas. Initial results suggest an increase in Measured and Indicated resources, with successful mineralization extensions both north and south of the current pit shell. Exploration identified a large porphyry system 3 km east of Los Azules. The results will support the Los Azules Feasibility Study, expected to be completed by early 2025.
McEwen Mining reported its Q1 2024 results, highlighting financial data, production figures, and project developments. The company's gross profit increased to $6.0 million, with an adjusted EBITDA of $6.3 million. They reported a consolidated net loss of $20.4 million, mainly due to an $18.0 million loss from the investment in McEwen Copper. The company's liquidity and capital resources remained stable, with consolidated cash and cash equivalents of $22.0 million. Production from the Gold Bar, Fox Complex, and San José mines exceeded expectations, with a total of 32,725 gold equivalent ounces in Q1. McEwen Mining's Los Azules copper project showed promising results, with significant drilling achievements and improved copper recovery rates. The company also announced the acquisition of Timberline Resources to strengthen their project portfolio in Nevada.
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