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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) 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.
McEwen Mining Inc. (NYSE: MUX) announced the release of their Q1 2024 financial results and invites investors to join the conference call on May 9th, 2024, at 11:00 AM EDT. The management will discuss financial results, project developments, and hold a Q&A session.
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