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Post by Entendance on Jan 27, 2024 3:57:13 GMT -5
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Post by Entendance on Jan 29, 2024 4:58:04 GMT -5
Supply & Increased Demand Preservation Of Value Zero Counterparty Risk Safe Haven Asset
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Post by Entendance on Jan 31, 2024 2:20:14 GMT -5
Canadian entrepreneur Rob McEwen is in talks to raise about $100 million for a copper project in Argentina, at a time when miners are betting that deregulation by the new government of Javier Milei will boost prospects for the industry.
His closely-held firm, McEwen Copper Inc., is speaking with existing holders — which include automaker Stellantis NV and a Rio Tinto Group venture — as well as prospective new investors, he said in an interview. The idea is to secure fresh funds within six months for feasibility and engineering work. Longer-term options include expanded partnering with a major mining company such as Rio Tinto.
“We’re socializing the concept,” McEwen said Monday. “Just getting in front of a lot of people who finance large projects, not only for our immediate needs but for the longer term.”
The industry veteran who founded Goldcorp Inc. is hoping President Milei’s efforts to free up Argentina’s tightly controlled economy will help unlock vast copper deposits in San Juan province. That’s where McEwen wants to build the $2.5 billion Los Azules mine that would start up toward the end of the decade, when demand for the wiring metal is expected to accelerate in the shift away from fossil fuels.
Milei, a libertarian who took office on Dec. 10, wants to cut red tape as well as do away with customs and capital restrictions. If he can win over congressional opposition, such changes would reduce risks for investors, who remain optimistic yet cautious, McEwen said. The challenge for Milei is to move swiftly because metal markets are cyclical and financing windows can shut quickly, he said.
Los Azules isn’t waiting around for change. It already has 21 drill rigs on site, and it’s working on a renewable-energy supply deal from YPF Luz and a leaching method that would help it to be carbon neutral. It hopes to obtain an environmental permit this year, have a feasibility study ready in early 2025 and do pre-construction work from 2026, Michael Meding, who heads McEwen Copper, said in the same interview.
McEwen’s copper unit had planned to go public, but it’s now focusing on raising money privately since market conditions aren’t ripe for an IPO, McEwen said. He and Meding recognized that the investment climate for mining generally is tough, but said that tax incentives proposed for large Argentine infrastructure projects in Milei’s signature legislation could help lure partners.
“We think that we would classify as a large-scale infrastructure project and that would generate additional taxation stability,” Meding said. “And that would be very helpful in future financing discussions with the international community.”
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Post by Entendance on Feb 13, 2024 5:09:01 GMT -5
McEwen Mining: 2023 Production and Guidance for 2024 TORONTO, Feb. 12, 2024 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report full year and fourth quarter 2023 production results that represent a significant improvement year-over-year and compared to prior quarters. Consolidated production in Q4 2023 was 49,850 gold equivalent ounces (“GEOs”)(1), and full year production for 2023 was 154,600 GEOs. These results were consistent with our latest forecast (Q3 results press release dated Nov 8, 2023) and within our guidance range for the year (press release dated Mar 14, 2023).
Gold Bar production accelerated during Q4 and the month of December, making new records for the quarter and the month, through the addition of mining crews and the completion of the heap leach pad expansion. At Fox, production continued steady above 10,000 GEOs. San José production continued to strengthen throughout the year, past the operational challenges of the first quarter. Chart 1: 2023 Quarterly Production - Gold Bar, Fox, San José and Consolidated (GEOs) In 2023, Gold Bar produced 43,700 gold ounces, within guidance range, Fox produced 44,450 gold ounces, also within guidance range, and San José produced 65,650 GEOs, slightly below guidance range (see Table 1).
Our consolidated production is recovering after experiencing a challenging period from 2020. Looking ahead, while we forecast lower production in 2024, the historic production trend remains positive. Chart 2: Historic Consolidated Annual Production (Thousand GEOs) 2024 Production and Cost Guidance
For 2024, we expect to produce in the range of 130,000 to 145,000 GEOs attributable to MUX from all operations (see Table 2). The reduction compared to 2023 is primarily driven by lower output from our Fox operation and from San José, which is operated by our partner Hochschild Mining. We are currently evaluating potential areas for enhancing production and profitability, and we will update our guidance accordingly once any further improvements are implemented. Table 2: 2024 Production & Costs per GEO Guidance
At Fox in 2024, we will be starting the development of underground ramp access to the Stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026. This capital investment is partially funded by the US$16.1 million flow-through financing completed in December 2023.
At Gold Bar in 2024, the first half of the year is expected to deliver higher production relative to the second half, due to a scheduled waste stripping phase in the Pick pit, in preparation for the 2025 mining program. The mining sequence continues to be optimized.
McEwen Copper Twenty drill rigs are currently on site at Los Azules and over 36,000 meters (118,000 ft) of drilling have been completed so far this season, to advance all areas that contribute to the upcoming Feasibility Study (FS), which is expected to be published in Q1 2025. At the Los Azules Project, we've made significant progress. Our drilling program is over halfway complete, with 36,000 meters drilled out of the 55,000 planned for our comprehensive feasibility study. The work necessary for the completion of the feasibility study includes mineral resource estimation, metallurgical testing, equipment selection, final completion and cost estimation of design for the mine and our facilities. Additionally, we will work to advance our power and road infrastructure plans and establish preliminary site-wide water balance including pit dewatering. On the ground, we've made tangible progress with the drilling program, construction of our winter camp and improvements to the exploration road facilitating year-round operations. We're also on track with environmental permitting, reflecting our commitment to responsible development. Financially, we've been diligent in protecting our treasury. The majority of our funds have been invested in depository receipts of foreign and major Argentinean corporations, to shield us from devaluation. This strategic move ensures that the Los Azules project's financial backbone stays robust in supporting our project development. “We are adapting to a changing environment in Argentina, recognizing the importance of current political and economic reforms for the future stability and growth of the nation. Mining is a vital component of Argentina’s economy and, under the right conditions, one that is poised to grow significantly and support the country’s economic recovery,” said Michael Meding, VP of McEwen Copper and General Manager of the Los Azules Project.
Notes: (1) 'Gold Equivalent Ounces' are calculated based on a gold-to-silver price ratio of 84:1 for Q1 2023, 83:1 for Q2, 2023, 82:1 for Q3 2023, 85:1 for Q4 2023. 2023 production guidance is calculated based on an 85:1 gold-to-silver price ratio. (2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc. Production is shown on a 49% basis. (3) El Gallo Mine (on care and maintenance) produced 704 GEO and 797 GEO in Q4 and FY2023, respectively, from plant and pond cleanout.
Technical Information The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Reliability of Information Regarding San José Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied the Company with all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
ABOUT MCEWEN MINING McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 47.7% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personally provided the company with $220 million and takes an annual salary of $1.
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Post by Entendance on Feb 23, 2024 4:29:29 GMT -5
McEwen Copper Reports Improved Copper Recovery Metallurgical Testing Delivers a 3.2% Increase In Predicted Copper Recovery at Los Azules TORONTO, February 22, 2024 - McEwen Copper Inc., 47.7% owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce results from the recently completed Phase 1 copper heap leaching metallurgical tests undertaken at SGS Chile Limitada in Santiago, Chile. The test results were produced utilizing conventional bio-heap leaching technology and generated an average copper recovery of 76.0%. This represents an increase of 3.2% over the recovery rate used in the June 2023 Preliminary Economic Assessment (PEA) for Los Azules. These test results were reviewed by Jim Sorensen and Michael McGlynn at Samuel Engineering Inc., who are responsible for the development and oversight of the metallurgical programs.
Phase 1 Results Based on the Phase 1 test results available at the time and prior historical column test work, the PEA used an average copper recovery of 72.8% by employing conventional bio-heap leaching technology (see results published June 20th, 2023). Final results of Phase 1 show an increase in the average recovery to 76.0% in approximately 230 days of leaching over the planned 27-year life of the project. Average net acid consumption was also reduced by 8.3% relative to the PEA. The potential impact of the 3.2% increase in average recovery and 8.3% reduction in net acid consumption can be illustrated by selectively adjusting the PEA Base Case financial model, which results in a life of mine copper cathode production increase of 172,000 tonnes and an after-tax NPV(8%) increase of approximately $262 million. This disclosure should not be taken to modify or update the conclusions of the PEA.
Deposit Mineralogy Located in San Juan, Argentina, the Los Azules deposit consists primarily of secondary copper mineralization (supergene zone of predominantly chalcocite), with minimal oxide copper content. Additionally, there is a deeper primary copper (hypogene zone of predominantly chalcopyrite with some zones of significant bornite).
Metallurgical Testing Phases Preliminary results from the Phase 1 program along with historical metallurgical testing at Los Azules were used to support the 2023 Preliminary Economic Assessment (PEA), which proposed an environmentally friendly heap leach alternative to a conventional copper concentrator. The testing program is now advancing with two additional phases (2 & 3) currently underway to support the Feasibility Study (FS). Drilling activities related to the current study work started in 2021 and are continuing into 2024. The leach testing protocols are based on conventional bio-leaching methods used extensively in commercial applications for supergene copper mineralization. The current phases, 2 & 3, are being conducted at SGS Chile and Alfred H. Knight (ASMIN Industrial Limitada) laboratories, both located in Santiago, Chile. The Phase 1 program was initiated using drill core from drilling programs completed prior to 2021, but not older than 2015, for a total of 21 column tests. Started in 2022, Phase 1 has now been completed and final results received. Preliminary results of this work and prior historical leach testing information were used for the PEA metallurgical assumptions. The Phase 2 program utilizes drill core from the 2022-2023 drilling campaign and focuses on deposit-wide variability testing, leaching protocol optimization and scalability. A total of 34 column tests are in progress, with results expected in Q2 2024. The Phase 3 program is also started, utilizing additional drill core material from the ongoing 2023-2024 drilling program. Phase 3 testing is focusing on the material of the initial 5-year mine plan, as delineated in the PEA. A total of 33 additional column tests are planned as part of this final confirmatory testing program, with results anticipated in Q4 2024. The combined metallurgical programs comprise a total of 88 column tests to be used for the FS metallurgical design basis and geo-metallurgical model.
Copper assaying is conducted using a sequential method to determine the relative amounts of acid soluble (CuAS) and cyanide soluble (CuCN) copper mineralization (oxides and secondary sulfides). When combined, these two partial assay methods are generally considered readily soluble copper (CuSOL), extractable with conventional heap leaching technologies. Copper assayed that does not report to these two partial assay methods is classified as residual copper (CuRES) and is considered copper that requires additional time or is potentially not recoverable with conventional heap leaching technologies. The finalized results from the Phase 1 metallurgy program for tests completed at minus ½" and ¾" crush sizes confirmed that soluble copper (CuSOL) component recovery is 100% for all leachable resources. The information in Figure 1 below shows the minus ¾" (19 mm) test results. The PEA envisions a minus ¾" crush size for the heap leaching feed in the commercial application.
The recovery results for the residual copper (CuRES) component shown in Figure 2 indicated an average recovery of 25%, an increase of 10% from the 15% preliminary recovery assumption used in the PEA. The additional residual copper recovery when applied to the entire resource increases the overall average recovery from 72.8% to 76.0%.
Figure 3 below illustrates the increase in potential copper production throughout the mine life, attributable to the improved recovery, in comparison with the PEA assumptions. The initial two production years do not show additional recovered copper, as the design capacity of the electrowinning plant considered in the PEA is fully utilized.
The sulfuric acid consumption has also been updated with the Phase 1 final results. The averaged net sulfuric acid consumption reported in the PEA was 18 kilograms per ton of ore processed. The finalized Phase 1 testing now indicates a reduction of 8.3% to 16.5 kilograms per ton. The primary reason for the reduction of acid consumption is minimizing excess acid in the leaching solutions and operating the columns at a pH closer to 2.0 pH than the historic column work at 1.2 pH, which minimizes acid consumption by excess unmineralized gangue material dissolution. This lowered acid requirement may also improve the project economics, both NPV and IRR, by reducing the operating costs for copper produced and increasing revenue from the same tonnes mined.
Bioleaching Summary Copper bioleaching has been a commercially applied technology at altitudes similar to the Los Azules site and as much as 1,000 meters higher for several decades, in multiple locations around the world. Testing is conducted in conventional leach test columns by inoculation of the columns with naturally occurring bacterial ferrooxidans and thiooxidans prior to introduction of the leach solution. Bacterial cultures for the inoculum were sourced from the testing laboratories and adapted to the Los Azules leach material. Ferrooxidans convert the ferrous iron in solution to ferric iron, while thiooxidans convert the sulfur produced in the copper sulfide leaching activity to sulfuric acid/sulfate. Ferric iron is the key chemical component necessary for leaching of copper sulfide material. Bioactivity in the tests is monitored by measurement of the ferrous/ferric ratios and electrochemical oxidation potential in the leaching solutions.
ABOUT MCEWEN COPPER McEwen Copper is a well-funded, private company which owns 100% of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 47.7% owned private subsidiary of McEwen Mining, which is listed on NYSE and TSX under the ticker MUX. Los Azules is being designed to be distinctly different from conventional copper mines, consuming significantly less water, emitting much lower carbon levels and progressing to be carbon neutral by 2038, being powered by 100% renewable energy once in operation. The project’s recently updated Preliminary Economic Assessment (PEA) projects a long life of mine, low production costs per pound, a short payback period, high annual copper production, and an after-tax IRR of 21.1%.
ABOUT MCEWEN MINING McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7% of McEwen Copper, which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the company of US$220 million. His annual salary is US$1.
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Post by Entendance on Feb 26, 2024 11:55:03 GMT -5
McEwen Copper: Update on Assay Results at Los Azules February 26, 2024 Remaining assays from the 2022-2023 season, highlights include: 446 m of 0.63% Cu, including 76 m of 0.92% Cu (AZ23228MET)
TORONTO, Feb. 26, 2024 -- McEwen Copper Inc., 47.7% owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce assay results from the final unreleased drill holes of the last season (2022-2023). The results from this period not only validate previous drilling results but also confirm the continuity of mineralization and extend the mineralization.
Selected Highlights: Hole AZ23205MET returned 257 m of 0.76% Cu within the Enriched zone. Hole AZ23228MET returned 446 m of 0.63% Cu in the Enriched zone, including 76 m of 0.92% Cu. Hole AZ23230MET returned 250 m of 0.68% Cu in the Enriched zone, including 192 m of 0.83% Cu.
The objective of the 2022-2023 drilling campaign was to collect information needed as the project advances towards the completion of a Feasibility Study in Q1 2025. Work continues during this field season (2023-2024) and includes resource drilling that will convert the initial 5-year pit resources to Measured and Indicated categories and will further upgrade resources from Inferred to Indicated. In addition to resource drilling, geotechnical, metallurgical, hydrogeological, exploration, and condemnation drilling are also being performed.
With the closing in October 2023 of a US$10.0 million investment by Nuton, a Rio Tinto venture, and the ARS $42 billion investment by Stellantis, the Los Azules Project is fully funded for the 2023-2024 drilling campaign. McEwen Copper is currently seeking funding to support feasibility-level engineering and pre-construction work. Another record-setting drill season is underway at Los Azules with over 62,000 meters of drilling, of which 43,000 meters have been completed to date.
“Argentina’s new president is taking important initiatives to unlock the country’s potential to become a significant supplier of critical minerals to the world, to combat climate change and at the same time strengthening the economy,” said Rob McEwen, Chairman and Chief Owner.
“McEwen Copper’s Los Azules project is progressing at light speed towards completing a feasibility study by Q1 2025 and it has already delivered significant economic benefits to the neighbouring communities. It is a very large copper resource, where recent exploration drilling suggests it definitely has room to grow,” said Michael Meding, Vice President and General Manager of McEwen Copper.
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Post by Entendance on Feb 28, 2024 10:48:55 GMT -5
McEwen Mining: Stock Exploration Update Aggressive Exploration Generating a Bright Future at Stock Stock West and Stock Main gold resources increase by 31%, mineralization continuing at depth; Stock East emerging as a potential new source of near-term production. Assay highlights: Drillhole SEZ24-86: 121.5 g/t Au over 0.4 m (3.91 oz/t Au over 1.3 ft) (Fig. 2) Drillhole SEZ24-84: 6.5 g/t Au over 10.2 m (0.21 oz/t Au over 33.5 ft) (Fig. 3) Drillhole SEZ24-88: 4.5 g/t Au over 10.4 m (0.14 oz/t Au over 34.1 ft) (Fig. 3) TORONTO, February 28th, 2024 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report on three outcomes of its large exploration investment at the Stock Mine property, part of the Fox Complex, in the prolific Timmins gold district of Northern Ontario, Canada: One, a 31% year over year increase of gold resources at Stock West and Stock Main (historical Stock Mine), with Two, confirmation of good grading structures plunging to depth; and Three, Stock East emerging as a potential new near-term source of future revenue. 31% Resource Growth (Inferred + Indicated) and the Importance of Structures at Stock West and Main Geological interpretations suggest that two principal structures that plunge to depth, emanating from the historical Stock Mine (see Fig. 1) control the mineralization of Stock West and Stock Main. Resources identified within these structures in 2023 account for most of the 31% increase in the Stock West and Main resource (see Table 2) when compared to year end 2022. The infill drilling at Stock West completed in 2023 demonstrated an increase in the widths of the mineralized zones with a slight decrease in the overall grade. Drilling along the deeper part of structures accounts for about half of the 31% increase in the updated resource estimate and demonstrates the potential for these structures to extend to depth and remain highly prospective for additional exploration and resource growth. Stock East Emerging Drilling in late 2023 and continuing into 2024 was designed to assess Stock East’s potential to be a shallow source of near-term revenue during the construction phase of the access ramp at Stock West. Assay results from the infill drill program successfully identified mineable widths and grades. In addition, the block model updated in 2022 has been successful in forecasting the projected grades and widths for the new drilling. Stock East mineralization appears to be controlled by two plunge directions, with one similar to that seen for the rest of Stock structures (see Fig. 1 in upper right-hand corner and Fig. 3) An assay result from drillhole SEZ24-86 that returned 121.5 grams per tonne (g/t) gold (Au) over 0.4 meters (m), equivalent to 3.91 ounces per tonne (oz/t) Au over 1.3 ft (see Fig. 2), is very intriguing because of its high grade, proximity to surface and position outside the main mineralized zone (lying approximately 75 m in the hanging wall to the main Stock East zone). Its orientation suggests that earlier drilling may have missed other possible high-grade occurrences. To date, all of the drilling at Stock East has been in a mostly North to North‑West orientation, therefore this particular intercept may have been mostly missed. Additional follow-up drilling is warranted to determine its true geometry. Some of the key drill results from our recent drilling programs are listed below; see Fig. 3: Also shown in Fig. 3 are earlier assay values of attractive grades and widths. SEZ23-69: SEZ24-71: SEZ24-84: SEZ24-85: SEZ24-88: 7.1 g/t Au over 4.8 m 4.5 g/t Au over 7.7 m 6.5 g/t Au over 10.2 m 3.5 g/t Au over 5.3 m 4.5 g/t Au over 10.4 m 0.23 oz/t Au over 15.8 ft 0.14 oz/t Au over 25.3 ft 0.21 oz/t Au over 33.5 ft 0.11 oz/t Au over 17.4 ft 0.14 oz/t Au over 34.1 ft The location of Stock East is strategic for multiple reasons: From a geological perspective: The Stock East zone lies close to the splay point of the NE-SW trending Nighthawk Lake fault and the E-W trending regional Destor-Porcupine fault (see Fig. 2). Such splays are known in the district to be good traps for gold mineralization. The host rocks at Stock East are a combination of altered mafic & ultramafic volcanics and quartz breccias. From an operational perspective: It is located only 700 meters East of our mill (see Fig. 1); Stock East is a shallow deposit positioned just 400 meters from the proposed ramp to Stock West, that could be quickly and inexpensively accessed; and it could potentially provide early revenue during the construction of the Stock West ramp. The current drilling program aims to upgrade the majority of the Inferred mineralization to the Indicated category while also targeting higher grade (>10 GxM, grade x true width) sections of the zone. We are also updating the resource for Stock East to include these new intercepts, targeting completion by the end of Q1 2024 (see Table 1)
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Post by Entendance on Feb 29, 2024 3:23:03 GMT -5
McEwen Mining 2023 Results Conference CallFebruary 28, 2024
TORONTO, Feb. 28, 2024 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) invites you to join our conference call following the release of our Q4 and year-end 2023 financials results on Friday, March 1st, 2024 at 10:00 AM EST, where management will discuss our financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast. Toll Free Dial-In North America: (888) 210-3454 Friday Toll Free Dial-In Other Countries: events.q4irportal.com/custom/access/2324/ March 1st 2024 Toll Dial-In: (646) 960-0130 at 10:00 AM EST Conference ID Number: 3232920 Webcast Link: events.q4inc.com/attendee/876515509
An archived replay of the webcast will be available approximately 2 hours following the conclusion of the live event. Access the replay on the Company’s media page at www.mcewenmining.com/media.
ABOUT MCEWEN MINING McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 47.7% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the Company of US$220 million. His annual salary is US$1.
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Post by Entendance on Mar 1, 2024 2:02:20 GMT -5
McEwen Mining press release (NYSE:MUX): FY GAAP EPS of $1.15. Revenue of $166.23M (+50.5% Y/Y). Net income for the year was $54.7 million or $1.15 per share versus a 2022 net loss of $81.1 million or $1.71 per share 2023 Net income $1.15/share vs. 2022 net loss $1.71/share
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its fourth quarter (“Q4”) and full year 2023 financial and operational results. Net income for the year was $54.7 million or $1.15 per share versus a 2022 net loss of $81.1 million or $1.71 per share! Gold production at the Fox Complex and Gold Bar mine came in just above the low end of guidance and San José just below guidance. However, cash costs(1) and AISC(1) per ounce remain 12-18% higher than guided and need more attention.
Growth Plans for 2024 “Our biggest single asset with the greatest near-term potential to increase our share value is our 48% owned subsidiary McEwen Copper. Its 2nd and 3rd largest shareholders are global giants, Rio Tinto and Stellantis, the world’s 2nd largest mining company and the world’s 4th largest automaker, owning 14.5% and 19.4% of McEwen Copper, respectively. McEwen Copper is driving hard, with 22 drills operating on site, to complete the necessary work to deliver a bankable Feasibility Study in Q1 2025.
“Compared to conventional copper mines, Los Azules is designed with a much lighter impact on the environment, initially emitting one third (1/3) of the CO2-e emissions and progressing to net-zero carbon by 2038, utilizing one quarter (1/4) the water, powered by 100% renewable electricity, and producing sustainable copper cathode.
“At our Canadian and Mexican mines we are advancing two important development projects. At the Fox Complex, the construction of the underground ramp access to the Stock orebodies will start in Q1. The Stock West deposit will become the primary source of production following the completion of mining at the Froome deposit in 2026. At the Fenix project, construction is expected to start in H2. Both of these projects are designed to extend the mine lives by over 9 years,” said Rob McEwen, Chairman and Chief Owner.
Individual Mine Performance and Growth (see Table 1 and 2)
Fox Complex, Timmins, Canada Fox performed well in 2023, achieving its annual production guidance. Mill throughput achieved a record average of 1,300 tonnes per day in Q4, the highest since our acquisition in 2017. As a result, mill throughput in Q4 was 36% higher than in Q4 2022. This is an important achievement by our team in Canada, as we aim to continue to increase mining productivity and mill throughput capacity during 2024 in preparation for production from our Stock West project. While we work to develop our ramp access to Stock West in 2024, with completion expected by the end of 2025, we also intend to conduct exploration activities at Stock East and Stock Main. We see operational improvements and cost savings at Stock as compared to Froome due to the close proximity of the Stock Mill (expected savings of $7 per tonne), softer material enabling higher mill throughput, and deposits which are not encumbered by a meaningful royalty or a stream (Froome’s 2023 stream cost estimated at $108 per ounce produced). Exploration activities are also underway with our Grey Fox project where we see significant long-term growth potential. In 2023, cash costs(1) of $1,157 per GEO sold were higher than our annual guidance of $1,020 per GEO sold due to moving to contractor crushing in early 2023, however AISC(1) of $1,351 per GEO sold came in below guidance of $1,465 per GEO sold, as a result of reduced sustaining capital expenditure requirements enabled by the productivity improvements achieved by contractor crushing.
Gold Bar, Nevada, USA Despite weather conditions in early 2023 that led to flooding and a slowdown of production at Gold Bar, our team ramped up gold production significantly through Q4, as planned, and achieved its annual production guidance. Cash costs(1) of $1,565 per GEO sold and AISC(1) of $1,891 per GEO sold were 12% and 13% higher than annual guidance of $1,400 and $1,680 per GEO sold, respectively, but improved compared to 2022 as a result of mine contractor and crushing crew productivity, as well as the expansion of our heap leach pad, which was completed on time and on budget. Our Q4 unit costs were significantly below annual guidance at cash costs(1) of $1,253 and AISC(1) of $1,467, and we expect similar trends during H1 2024.
San José, Santa Cruz, Argentina(4) San José had a difficult start to 2023 as seen in our Q1 results. The team at San José was quick to respond by implementing operational changes that resulted in consistent quarterly improvements to production and unit costs. This was achieved through mining and processing more tonnes containing higher average gold and silver grades compared to Q1. As a result, San José achieved annual production of 65,800 GEOs(2) in 2023, slightly under the production guidance range of 66,000 to 74,000 GEOs(2). Annual cash costs(1) of $1,413 per GEO sold and AISC(1) of $1,840 per GEO sold remained 12% and 18% higher than guidance of $1,250 and $1,550 per GEO sold, respectively, as a result of lower than expected metal grades. By Q4, cash costs(1) of $1,228 per GEO sold and AISC(1) of $1,573 per GEO sold were achieved, which was in line with annual guidance. With the investment in improving the mine plan in mid-2023 and recent exploration results indicating better than expected grades on portions of 2024 production targets, we expect operations to continue to improve. Early 2024 production and financial results have exceeded expectations to date.
Advances in Q4 2023 McEwen Copper: Financings with Stellantis and Nuton (Rio Tinto) were closed in Q4, raising ARS $42 billion and $10.0 million, respectively, at a value of $26.00 per share, implying a market value of $800 million for McEwen Copper. Concurrently with these transactions, McEwen Mining sold 232,000 common shares of McEwen Copper in return for $6.0 million. After the closing of these transactions, Stellantis and Nuton own 19.4% and 14.5%, respectively, of McEwen Copper, while the Company’s ownership decreased to 47.7%. Safety at all of our operations was excellent with no lost-time incidents. Gold Bar: During Q4, we achieved new daily, monthly, and quarterly production records as a result of the improvements in mining productivity, the addition of crushing crews and the completion of the heap leach pad expansion. Fox Complex: We achieved the highest average daily mill throughput on record since acquisition in 2017, reaching 1,300 tonnes per day during Q4, and are currently reviewing improvements in 2024 to mining productivity and processing flowsheets to continue to increase throughput levels. In December, the Company completed a private placement offering of 1,903,000 flow-through common shares for gross proceeds of $16.1 million (CAD $22.0 million) to be used exclusively to support exploration and development work at the Fox Complex, which includes the development of the Stock ramp. We continue to invest heavily in exploration and the results have been most encouraging, particularly at Los Azules, where the resource base increased by 27%, and at the Fox Complex, where the results allow us to see the potential for significant increase in mine life at Stock and Grey Fox.
Financial Results McEwen Mining ceased being the majority owner of McEwen Copper after the October 2023 financing (moving from 51.9% to 47.7% ownership), therefore for the fourth quarter and moving forward the Company’s financial statements no longer consolidates McEwen Copper on a 100% basis, and instead accounts for McEwen Copper as an equity investment. As a result of the deconsolidation of McEwen Copper, we recognized a gain of $224 million and an investment value of $384 million based on the value per share achieved in our October financing.
Notice to reader: Under US GAAP, McEwen Mining consolidates 100% of the accounts of its fully owned and majority owned subsidiaries in its reported financial results. Entities over which we exert significant influence but do not control (such as Minera Santa Cruz S.A. (“MSC”), the operator of the San José mine, and McEwen Copper, the owner of the Los Azules copper project) are presented as equity investments on our balance sheet.
Net income for full year 2023 was $54.7 million, or $1.15 per share, compared to net loss of $81.1 million, or $1.71 per share for full year 2022. Our net income for full year 2023 improved primarily as a result of the $224.0 million accounting gain recognized on the deconsolidation of McEwen Copper. Net income for Q4 was $137.9 million, or $2.88 per share, compared with a net loss of $37.4 million, or $0.79 per share for Q4 2022.
Liquidity and Capital Resources We reported consolidated cash and cash equivalents of $23.0 million and consolidated working capital of $22.7 million as at December 31, 2023, compared to the respective numbers at December 31, 2022, of $39.8 million and negative $2.5 million. The reported consolidated cash balance at December 31, 2023 does not include cash balances held by McEwen Copper given the deconsolidation recognized in Q4 2023; while our cash and cash equivalents balance of $39.8 million included $38.1 million attributable to McEwen Copper.
During 2023, we decreased our total debt by $25 million or 38% to $40 million and entered into the Third Amended and Restated Credit Agreement effective May 23, 2023.
The Company also holds a portfolio of royalties including a 1.25% net smelter royalty at both our Los Azules and Elder Creek properties, together with other royalties on properties in Nevada, Yukon, Canada and in Santa Cruz, Argentina.
Exploration Exploration results from the Stock deposits at the Fox Complex were published in a separate press release on February 28th. Highlights include a 31% increase in gold resources compared to 2022. Drilling in the Stock East deposit area returned high grade intersections up to 121.5 grams per tonne (3.91 oz/t) in an orientation that suggests that earlier drilling may have missed other possible high-grade occurrences.
Gold Bar exploration activities are currently focused on discovering near mine resources. Additional drilling targets have been identified at our Pick and Cabin pits to expand upon results from our 2023 drilling.
McEwen Copper New metallurgical and exploration results from Los Azules were published in news releases dated February 22nd and 26th. Metallurgical highlights include a 76% expected average copper recovery (3.2% higher compared to the 2023 NI 43-101 Preliminary Economic Assessment (“PEA”)) during the 27-year life of mine and 8.3% lower acid consumption, resulting in a potential increase in the project after-tax NPV(8%) of $262 million(3). Exploration highlights included 446 m of 0.76% including 76 m of 0.92% (hole AZ23228MET). Our 2023-2024 drilling season began in October 2023; during Q4 we completed over 74,000 feet (22,627 meters) of drilling out of a full season target of 203,000 feet (62,000 meters). A full complement of 22 drill rigs is operating on site to reach this target.
Confirmatory metallurgical testing and a large drilling campaign to upgrade resources, as well as geotechnical, hydrological, and geohydrological works are well underway to support the delivery of the feasibility study by early 2025.
We own a 47.7% interest in McEwen Copper Inc., which holds a 100% interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek exploration project in Nevada, USA. The last financings completed by McEwen Copper with Stellantis and Nuton (Rio Tinto) gave the Company a market value of $800 million. This translates to $384 million for McEwen Mining shareholders’ 47.7% ownership.
Management Conference Call Management will discuss our Q4 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast. Friday Mar 1, 2024 at 10:00 AM EST Toll Free (US & Canada): (888) 210-3454 Toll Free Dial-In Other Countries: events.q4irportal.com/custom/access/2324/ Toll Dial In: (646) 960-0130 Conference ID Number: 3232920 Event Registration Link: events.q4inc.com/attendee/876515509 An archived replay of the webcast will be available approximately 2 hours following the conclusion of the live event. Access the replay on the Company’s media page at www.mcewenmining.com/media.
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Post by Entendance on Mar 1, 2024 13:10:16 GMT -5
McEwen Mining Inc. Q4 2023 Earnings Conference Call March 1, 2024 10:00 AM ET Company Participants Rob McEwen - Chairman and Chief Owner William Shaver - COO Jeff Chan - VP, Finance Michael Meding - VP and General Manager of McEwen Copper
Conference Call Participants Heiko Ihle - H.C. Wainwright Joseph Reagor - ROTH Capital John Tumazos - John Tumazos Very Independent Research
Rob McEwen Good morning, ladies and gentlemen, and welcome. I'm delighted to say we had a great year. Not only did our strategy to surface value of McEwen Copper and a very large copper project, Los Azules, delivered large gains, but also our gold and silver mines increased production and met guidance and reduce their production cost per ounce closer to industry averages. In addition, our exploration efforts delivered solid gains in -- at Los Azules and that's our properties in Timmins. And all of this allowed us to report a net income of $54.7 million or $1.15 per share, versus a net loss of $81.1 million or $1.71 in 2022. These big swings in our bottom line are largely due to our investment in McEwan Copper and its 100% ownership in our massive Los Azules property. Prior to last October, we own more than 50% of McEwen Copper. And as a result, McEwen Mining's financials represented the consolidation of its financials with that of McEwen Copper, where we have been spending hundreds of millions of dollars, advancing the Los Azules project first to an updated preliminary economic assessment, which we released in June of last year. And now we're driving towards completing a bankable feasibility study in the first quarter of 2025. In October of last year, we completed our third financing of McEwen Copper. And as a result of that, our ownership dropped below 50% to 48% and that led to us no longer consolidating the financials of McEwen Copper, and it generated a significant gain, which is reflected in our financials, which was the strategy from the very beginning to surface value for McEwen Mining. Now the biggest -- I think we're trading at a substantial discount. And I can see a price that --although we're trading around $6 a share, and it is biased. We have a management view that we're trading at anywhere between $7 and $29 a share. So I think there's a lot of room on the upside. And that's driven by -- we have basically three sets of assets and that's the sum of the parts. We have McEwen Copper, which we own 48% of, we have a royalty portfolio. And we have our gold and silver assets. So we have values ranging from $8 to $30 a share. So I think there's -- you can look at it and say we're trading at a big discount for where there's a lot of upside. Now it's been a hard couple of years for us and shareholders. From September '18 to the end of August '22, our share price was going in one direction, and that was not the direction I ever wanted it to go. And that was down. And I call that the road to hell. Right now, I'll call it, we're on the road to redemption. And if we compare our results, and maybe it's a false cheer. But when you look at how we performed against the price of gold, the price of copper, the NASDAQ, the Dow since September '22, when we did our first financing in McEwen Copper. McEwen Mining is up 107%, the NASDAQ is up 37%, Silver 27%, the Dow 23%, Gold 20%, GDX 14%, GDXJ up 13% and Copper up 12%. We're clearly outperforming. I think we have two drivers. One is our copper, which I think is -- and have long considered a potential copper unicorn and that we're seen shape out.
And then the second is the turnaround in our gold and silver assets that are delivering positive cash flows and financing our exploration programs there. And we have some exciting development programs one in Timmins, where we expect to put a ramp down and start production in '25 on a discovery we made several years ago. Stock West, Stock East. We recently put out some results, some intriguing high grade over there. And the importance of the stock mine, is threefold. One, it's right beside our mill. So it would eliminate the transportation costs we currently have of about $10 a ton. Two, it doesn't have a royalty on it. So we're going to save on that royalty of about $1,500 an ounce that we have to give up. And three, the rock is softer, which means we should be able to process a higher volume of material through the mill and in theory, produce more gold as a result of that and bring down our costs.
At Los Azules, in McEwen Copper, we delivered a very robust preliminary economic assessment in June. We've got a project there that I can't help myself, but I always look at something that's not gold and try to convert it into gold to try to get a sense of its scale. So when I do that with Los Azules, it's indicated and inferred resources, you get a resource of 37.6 billion pounds of copper. If you were to take today's price of gold and divided by the price of copper to find out how many copper pounds equals 1 ounce of gold is about 536 pounds of copper, 1 ounce of gold, divide that into 36.7 billion pounds of copper, and you're looking at a of gold equivalent deposit of 70 million ounces. The average production of 321 million pounds of copper per annum would translate into about 600,000 ounces a year. And with a cash cost of $1.07 a pound, the gold equivalent of that would be just under $600 an ounce. By my book, that is a big gold equivalent deposit and reflects the size and I think the power of Los Azules. This is -- we're looking at a 27-year life and I think there's still quite a bit of room in improving the value of that asset and that improving the value of McEwen Mining. And then you look at the gold and silver assets where we're doing exploration I'm quite pleased with what we're getting there. It's taken a while, but we're moving in very much the right direction.
Our press release outlines pretty well. We have another project in Mexico that we're looking at advancing later this year. And I want to come back to Los Azules for a moment because what we're trying to do there is a bit different than what's in the market right now. Mining generally is held in poor opinion by most of the world. I feel it's very damaging to the environment, and it's not important to life. But I can assure you, if all the mines stopped tomorrow, modern civilization would grind to an abrupt halt. And somehow, we have to put that message out there that we can mine the earth resources in a manner that is viewed as responsible and sensitive to the environment. So at Los Azules, Several years ago, we engaged the services of an architect who is very prominent in the green living building space. And asked him to help us redefine mining to look at it so that we could hopefully move in the direction of shifting the perception of the public perception of mining. And so we're looking to create the future. And in order to create the future, it has to look like the future, both in terms of its buildings.
We have some wonderful renderings, very comfortable, safe, attractive accommodations for the workforce, but also looking at how do we treat the world. And we're looking at a project that will have a much lighter impact on the environment, initially emitting one third of CO2 emissions, using less than one quarter of the water of a comparable size, conventional copper mine being powered by 100% renewable energy sourced from hydro water and wind and producing a sustainable copper cathode. Most of the mines, copper mines today in the world produce concentrate that has to be shipped to a smelter, then convert it into a product that is usable by industry. With our copper cathode, it can go directly to industry and cut out the transportation cost. And we think that will attract a premium in the marketplace as well.
Heiko Ihle, H.C. Wainwright Hey, Rob, and team, thanks for taking my questions. Earlier on this call, you talked about the lower production costs. And it's now officially March or two thirds through Q1 at this point. How much more in these cost savings have you seen in Q1 thus far? And maybe if you could give a bit of a break on where they derive from. I mean, obviously, you have your guidance in the release, but maybe you just want to provide a bit more color raw numbers.
Rob McEwen I'll ask Bill to answer that question, Heiko.
William Shaver Yeah. Thanks for the question, Heiko. I guess the -- the drivers of the costs are basically pretty fundamental in terms of labor cost power cost exposures, all of those things that make up the cost. So what we have to do in 2024 and then going forward is we have to produce more ounces in order to drive some of those monthly operating costs down in such a way that we can improve the overall operating cost and also improve, of course, the margin. And so that's basically the direction that we're going in. As we transition from mining -- from mine over into stock, we're going from or that has a work index of between '21 and '23 to one between, say, '14 and '17. So that will allow us to increase the number of tonnes per day going through the plant. The grades are, for the most part, similar. And so that will allow us to move up the production from the present 50,000 ounces a year up to 60. And I guess, in the longer term, we're also looking at ways that we can get that tonnage up a little bit higher by adding some capacity to our grinding circuit. So that's kind of the short term and the longer-term aspirations in terms of getting the operating cost per tonne and per ounce lower.
Heiko Ihle
That was good. Thank you. Completely different question. You had a reasonably large flow-through financing in December of last year it was CAD22 million. How much of that have you already spent at Fox this year? And how much -- should we just more or less assume that it's even by quarter?
William Shaver Yeah. So yeah, of that total amount of money, approximately half of it is or CEE for drilling. And I would say if you divide that by, say, something like 10 or 11 that will be the expenditures per month. The CEE is for development of the infrastructure at stock, and that will get -- we'll start the spending and not I guess, at the beginning of the second quarter. And so -- and it will get spent over the rest of the year. So that's probably something like a little bit over $1 million to $1.2 million a month.
Heiko Ihle Okay. I’ll get back in queue. Thank you all.
Joseph Reagor, ROTH Capital Thanks for taking my questions. I guess the first one is since you had this large gain in Q4, can you guys just back that out and for apples-to-apples sake, what would the earnings have looked like in Q4?
Jeff Chan Sure. I'll take that one. So we reported net income for the year of $54.7 million. I would add back the accounting gain of $224 million less the deferred tax accounting impacts of that of $37 million. So I think once you remove those factors, that would normalize the earnings from that accounting.
Joseph Reagor Yeah, it's the taxes I needed there. Thanks for clarifying. Okay. And then as you guys think about 2024, other than issuing the copper, what are the big things you guys are looking at for growth in this year and maybe into next? Is it the Mexican assets? Is it developing stock and drilling that out more? What should we be looking at?
Rob McEwen Number one would be behind Los Azules would be Timmins and the development of the Stock property, which is serving as the next source of production coming on stream. And there's quite a bit of exploration going on there. We've had a couple of press releases out recently talking about the increase in the resource at stock than the over at Stock East. There's been some high grade that's intriguing. And we're also drilling at over at Grey Fox, where there's over 1 million ounces. We're looking at possible additions if we can make it of adjacent areas that would be complementary to our production base. Second would be Mexico.
William Shaver Yeah. Second would be Mexico. I think we have to complete -- well, we have to complete the engineering, but the driver is probably the permitting phase where we hope to have permits sometime middle of this year, but permitting is always a challenge in every part of the world today. So we don't know exactly where or when that's going to happen. But that's part of the future plan. We also have a plan to expand our production at Gold Bar. Gold Bar is an asset where we have a leach pad, as you probably know. And we have -- there's a there's enough different workplaces at Gold Bar for us to increased production. And last year, we were able to construct our new leach pad. So now we have no constraints in terms of the area where we can put material to be leased. And so that's one of the strategies for this year is to increase the ore production at Gold Bar get it onto the pad, and that will result in an increase in total ounces produced at Gold Bar. So I think we're looking at improving the production at all three operations or the two operations that are running today as well as at as well as in Mexico. So I think that's our goal this year. And then as we move forward, it's to do more of that kind of increase and maybe try and get the whole Timmins complex. So it's producing, say, 25% or 30% better tonnage going into 2025.
Joseph Reagor Okay. That sounds good. And one final thing, Rob, do you have any thoughts on the potential repeal of the new mining exploration law in Mexico and how it might impact you guys if it does get repealed.
Rob McEwen We're just watching it. We've had some permits there. But politics is a little difficult to predict, Joe. So we're moving ahead on the assumption that the in-pit tailings disposal, we gotten approval for will continue. It might -- if it were to go in -- it would impact six years later because the first six years of reprocessing the tailings or not the tailings the heap leach.
William Shaver That’s correct.
Rob McEwen Yeah. So near term we've got time to see if it's repealed.
Joseph Reagor Okay, thanks for comments. I’ll turn it over.
John Tumazos, John Tumazos Very Independent Research Well, I'm looking ahead a year or so to after the definitive fees is completed in hand.
Rob McEwen Okay.
John Tumazos What will be the path forward for McEwen Copper or I guess the consensus of the Board is McEwen Mining, Rio Tinto, Stellantis, et cetera. Would the next step be to apply for permits or do early works for construction, the access road that was built to facilitate the detailed drilling campaign, I guess, is one of those early works already done? Just give us a flavor for what the path forward is going to be when the definitive fees as it had.
Rob McEwen It’s the feasibility study Q1 of next year and after which we'll have -- there will be about a year of engineering required before we make a decision to put a shovel in the ground.
In terms of -- Mike has assembled a team, a very confident team of nationals that have a lot of experience building in San Juan province where Los Azules is located. And moving ahead on the basis that we -- they've built substantially large mines, gold mines down there. And they -- there's a team that could build it. We do have some large shareholders that might want to have -- would prefer to operate. But at the moment, we're moving ahead as though we could build it. Mike, do you want to add anything on that?
Michael Meding Hi, John. Hey, glad to speak to you. We filed our environmental permit for construction and operation in April last year. We are currently going through the different meetings with the different ambulatory commission members. We expect our environmental permit in the second half of 2024. And then as Rob said, after having gone through the detailed engineering and at the same time, obtaining remaining permits alongside we go that would be the path forward. We haven't made any kind of decision yet on how we are going to construct, as Rob said before. But we think that Los Azules overall, when you compare it to other projects in the region has high constructability with low CapEx. I think that should help us with financing and the construction going forward.
John Tumazos Thank you.
Rob McEwen I’d like to thank everyone for being on the line. I think that our future is looking much brighter than it looked several years ago. Hold on, we’re going higher. Thank you.
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Post by Entendance on Mar 6, 2024 2:23:42 GMT -5
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Post by Entendance on Mar 13, 2024 4:15:05 GMT -5
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Post by Entendance on Mar 16, 2024 8:29:47 GMT -5
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Post by Entendance on Apr 1, 2024 7:36:50 GMT -5
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Post by Entendance on Apr 9, 2024 1:31:07 GMT -5
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Post by Entendance on Apr 12, 2024 7:10:21 GMT -5
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Post by Entendance on Apr 16, 2024 13:18:19 GMT -5
McEwen Mining Inc. (NYSE: MUX)(TSX: MUX) is pleased to announce that it has entered into a definitive agreement and plan of merger (the “Agreement”) to acquire all of the issued and outstanding shares of Timberline Resources Corporation (TSXV:TBR)(OTCQB:TLRS) (“Timberline”) by way of a merger between Timberline and a subsidiary of McEwen (the “Transaction”). The Transaction will augment McEwen’s existing portfolio of development and exploration projects in Nevada. Timberline shareholders will have the right to receive 0.01 of a share of McEwen’s common stock for each share of Timberline’s common stock (the “Exchange Ratio”), representing a value of US$0.102 per Timberline share, calculated based on the 20-day volume weighted average trading price of McEwen’s shares on the NYSE at the close on April 15th, 2024. This represents an 132% premium to Timberline’s 20-day volume-weighted average price on the OTCQB. McEwen currently owns 6.25 million Timberline shares representing approximately 3.3% of Timberline’s basic common shares outstanding and 6.25 million Timberline warrants. Excluding McEwen’s existing ownership, McEwen expects to issue approximately 1.84 million shares on closing for a transaction value of US$18.8 million.
The closing of the Transaction is subject to customary conditions, including receipt of necessary regulatory and stock exchange approvals and approval from Timberline’s shareholders holding a majority of its outstanding shares.
Timberline’s board of directors has unanimously recommended that Timberline’s shareholders vote in favour of the Transaction. The directors, officers and two principal shareholders of Timberline, holding shares reflecting approximately 40% of Timberline's aggregate outstanding shares, have entered into voting and support agreements with McEwen, pursuant to which they have agreed, among other things, to vote their shares in favour of the Transaction.
The Agreement includes customary deal-protection provisions. Timberline has agreed not to solicit or initiate any discussion regarding any other business combination or acquisition. In the event that Timberline validly terminates the Agreement to accept a superior offer, Timberline will be required to pay McEwen a termination fee of US$400,000.
Each Timberline warrant outstanding immediately prior to the closing of the Transaction will remain outstanding and be converted into a warrant to acquire McEwen shares based on the Exchange Ratio. Each Timberline stock option outstanding and in-the-money immediately prior to the closing of the Transaction will automatically vest and be converted into the right to receive McEwen shares at the Exchange Ratio less the exercise price per stock option; all other outstanding Timberline stock options will be cancelled.
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Post by Entendance on Apr 20, 2024 6:20:49 GMT -5
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Post by Entendance on May 1, 2024 4:58:51 GMT -5
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