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Post by Entendance on Oct 6, 2021 11:15:14 GMT -5
McEwen Mining's Q3 production increases 41% Y/Y
TORONTO, Oct. 06, 2021 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q3 2021 was 32,100 gold ounces and 792,000 silver ounces, or 42,900 gold equivalent ounces(1)(“GEOs”), compared to 30,400 GEOs in Q3 2020. Consolidated production for the nine months ended September 30, 2021 is 114,300 GEOs, compared to 85,700 GEOs during the same period in 2020. 2021 production is trending towards the midpoint of the guidance range for the year.
Fox Complex, Timmins, Canada (100%)Fox produced 8,300 GEOs during the period, compared to 5,800 GEOs for Q3 2020.Mining at Fox has transitioned to the Froome deposit, where commercial production was reached on September 19, 2021, 3 months ahead of schedule. The underground infrastructure at Froome is expected to be fully developed by June 2022.
Highlights of results and opportunities at Froome: Encouraging drill results were returned from near-mine exploration designed to extend the Froome resources and mine life, providing more time to bridge potential future production from the Grey Fox and Stock deposits. The Company expects to update the Froome resource and life-of-mine plan with the release of the Fox Complex Preliminary Economic Assessment (PEA) in late-Q4 2021. Although early in the overall mining process, there have been positive trends in metallurgical recovery, which is 2.2% above plan, and average gold grade, which is 3.8 g/t versus plan of 3.2 g/t. Cash costs and AISC per ounce produced are reflecting better than expected efficiencies during the initial ramp-up of production to commercial levels.Gold Bar Mine, Nevada (100%)During the quarter, Gold Bar produced 12,400 GEOs, compared to 6,800 GEOs in Q3 2020. Production is on track to meet guidance for 2021. The permitting process to access ore at the Gold Bar South (GBS) deposit has progressed well, with authorizations now anticipated to be received in Q4 2021. The Company is planning for gold production from GBS in H2 2022. Exploration highlights from our adjoining Tonkin property. Positive initial drill results at the Rooster deposit include refractory mineralization of 14.7 g/t gold over 6.1 m (20 ft) in hole TS208 starting at 29.9 m (98 ft) depth, and mixed oxide/refractory mineralization of 1.5 g/t gold over 20.9 m (68.5 feet) starting at 59.3 m (194.5 ft). Also at Rooster, hole TS186 reported 1.8 g/t gold over 25.9 m (85 ft) of oxide mineralization (cyanide solubility of 81%) starting from surface, and hole TS202 reported 0.76 g/t gold over 41.1 m (135 feet) starting from surface with cyanide solubility of 67%. Ongoing mapping at the Tonkin Property during the quarter is reassessing the exploration potential based on an updated geological interpretation and includes relogging of previous drilling at Rooster.
San José Mine, Santa Cruz, Argentina (49% ( 2) ) During Q3, San José produced 10,800 gold ounces and 790,000 silver ounces, for a total of 21,600 GEOs, compared to 15,900 GEOs in Q3 2020. We received $2.4 million in dividends during the quarter, for a total of $10 million for the nine months ended September 30, 2021.
El Gallo Project, Sinaloa, Mexico (100%) In Q3, El Gallo produced 560 GEOs from residual leaching of the heap leach pad.
McEwen Copper With the approach of Argentinian spring and the melting of snow in the mountains, access to the Los Azules project site has been re-established via the existing exploration road. Drills and crews will begin mobilizing to the project in November and a 174,000 ft (53,000 m) drill program is expected to be completed by the end of Q2 2022. Construction of the new all-season access road has already advanced approximately 17 km from the east end. In order to accelerate its completion, construction advancing from the west end of the new road will begin this quarter. The new year-round access road is a key milestone in unlocking the project’s value as the current route is inaccessible 7 months of the year. All road construction will be completed by local San Juan contractors as part of the ongoing shared benefits with the local communities, entrepreneurs and workers. The prefeasibility study is in the tender award stage and is expected to begin as soon as possible in Q4 2021.
Financial Results Operating costs for the quarter ended September 30, 2021 will be released with our 10-Q Quarterly Financial Statements. Notes: (1) 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 79:1 for Q3 2020, 68:1 for Q1 2021, 68:1 for Q2 2021 and 73:1 for Q3 2021. (2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
Technical Information Technical information pertaining to mining operations contained in this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Technical information pertaining to Gold Bar geology and exploration contained in this news release has been prepared under the supervision of Kevin Kunkel, P.Geo., a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
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Post by Entendance on Oct 21, 2021 5:06:24 GMT -5
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Post by Entendance on Nov 2, 2021 6:00:30 GMT -5
McEwen Mining: Q3 2021 Results Webcast
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) invites you to join our conference call on Thursday, November 4th, 2021, from 2:00 pm EDT, where management will discuss our Q3 2021 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.
The webcast will be archived on McEwen Mining’s website at www.mcewenmining.com/media following the call.
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Post by Entendance on Nov 3, 2021 17:48:33 GMT -5
McEwen Mining (NYSE:MUX): Q3 GAAP EPS of -$0.04
Revenue of $37.1M (+35.5% Y/Y)
McEwen Mining: Q3 2021 Results TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its third quarter (Q3) results for the period ended September 30th, 2021. We continue to execute our turnaround strategy and have made significant progress both from an operational and a financial perspective (see Tables 1-3 below). We expect this trend to continue with the ongoing production ramp-up from the Froome deposit at the Fox Complex. Our operations delivered production results in line with our expectations, and we are on track to meet our 2021 production guidance of 141,000 to 160,400 GEOs. Cash and liquid assets (1) and working capital at September 30th, 2021 were $72.7 million(2) and positive $45.8 million, respectively, including $40 million of cash raised by our McEwen Copper subsidiary to advance the Los Azules project. Continued to aggressively invest $6.2 million in exploration and $4 million in advanced projects, primarily focused on the Fox Complex. These investments in our future growth and profitability accounted for a large part of our reported net loss of $17.4 million, or ($0.04) per share, compared to a net loss of $9.8 million, or ($0.02) per share in Q3 2020. Commercial production at the Froome deposit was reached on September 19th. Froome is the newest production area at the Fox Complex and has several advantages compared to Black Fox mine, such as a straighter, shorter, and more efficient underground haulage route, and wider more consistent mineralization that is amenable to lower-cost bulk mining methods. Results of the Fox Complex Expansion PEA are expected by the end of Q4 2021. The study will incorporate the 2021 exploration and resource definition drilling results and will highlight the exciting development plans for the Grey Fox and Stock deposits. Our quarterly webcast will take place on Thursday, November 4 th at 2 pm EDT. Please see the details further below.
Operations Update
Gold Bar Mine, USA (100% Interest)Gold Bar production for Q3 and 9M was 82% and 54% better, respectively, compared to Q3 and 9M 2020. While cash costs(2) and all-in sustaining costs (AISC)(2) for the 9M period dropped by 10% and 21%, respectively, compared to 9M 2020. 12,400 GEOs were produced in Q3 at total cash costs and AISC of $1,553 and $1,618 per GEO sold, respectively. This compares to 6,800 GEOs in Q3 2020 at total cash costs and AISC of $1,585 and $1,769 per GEO, respectively. AISC was positively impacted by less capital investment in processing equipment in 2021 versus 2020. Exploration is focusing on near-mine targets and further defining oxide resources on the neighboring Tonkin property that could potentially be processed at Gold Bar. During the quarter, we incurred exploration expenses of $1 million. Encouraging results at the Tonkin Rooster deposit included drill intercepts up to 1.0 g/t gold over 57.9 m and a cyanide solubility(3) of 74% and 3.2 g/t gold over 38.1 m (including 14.7 g/t over 6.1 m) with an 11% cyanide solubility that occur within a complex structural framework. An ongoing program of remapping, relogging historic drill holes and producing an updated geologic model by year-end will establish a basis for continued exploration at the Tonkin Property in 2022. Fox Complex, Canada (100% Interest)Fox production for Q3 and 9M was 43% and 26% better, respectively, compared to Q3 and 9M 2020. Cash costs and AISC for the 9M period both dropped by 23%, compared 9M 2020. 8,300 GEOs were produced in Q3 at total cash costs and AISC of $1,154 and $1,423 per GEO sold, respectively. This compares to 5,800 GEOs in Q3 2020 at total cash costs and AISC of $1,581 and $1,644 per GEO, respectively. The increase in production and the corresponding decrease in costs were attributed to improved efficiencies realized from production at the Froome deposit. In September, commercial production was achieved at Froome, three months ahead of schedule. Mining from Froome is expected to bridge production while the Grey Fox and Stock projects will be advanced in the production pipeline. At the Stock property, we see the opportunity to further expand the Stock West footprint beyond the grade-thickness contours shown below (see Figure 1). Of particular interest is hole S21-202, which returned 4.4 g/t gold over 21.0 m estimated true width, 200 m above hole S19-95, which returned 27.2 g/t gold over 7.0 m. These holes are located at the projected intersection of the Stock West shallow eastern plunge and the historically steep Stock Mine plunge, and they command further drilling in 2022.
Figure 1. Longitudinal section of Stock West and Stock Mine profiling hole S21-202 interceptmcewenmining.com/files/doc_news/archive/2021/20211103_Fig_1.pdf We remain focused on our principal exploration goal of cost-effectively discovering and extending gold deposits adjacent to our existing operations to contribute to near-term gold production growth. During the quarter, we incurred exploration expenses of $4.2 million in relation to this program. The Preliminary Economic Assessment (PEA) for the Fox Complex expansion will be released later this quarter. It is based on the Grey Fox, Froome, Stock, and Fuller resources, which are envisioned to be mined and then processed at an upgraded centralized mill at Stock. The objective of the PEA is to outline a low-cost, near-term business case that increases production and mine life for the Fox Complex.
San José Mine, Argentina (49% Interest) San José attributable production(4) for Q3 and 9M was 36% and 43% better, respectively, compared to Q3 and 9M 2020. While cash costs and AISC for the 9M period dropped by 11% and 6%, respectively, compared 9M 2020. Attributable production was 10,800 gold ounces and 790,000 silver ounces, for a total of 21,600 GEOs(3). For Q3, total cash costs and AISC were $1,100 and $1,466 per GEO sold, respectively. This compares to 15,900 GEOs in Q3 2020 at total cash costs and AISC of $1,269 and $1,538 per GEO, respectively. In 2021, we have received $10 million in dividends from our interest in San José. Exploration drilling in the mine area at San José returned encouraging results including: 6.3 m of 44.4 g/t gold in the Betania vein, 1.9 m of 14.5 g/t gold and 342 g/t silver in the Jimena vein, and 4.3 m of 14.9 g/t gold and 1,381 g/t silver in the Amelia vein.
McEwen Copper Activity at McEwen Copper’s Los Azules project is moving ahead quickly. The exploration road has been reopened, three work camp sites have been established, an expanded local labor force and preparations are underway for starting a 10-drill, 174,000-foot (53,000 m) drilling program. Drilling will focus on conversion of Inferred mineral resources to the Indicated category, as well as deeper exploration targets, where drilling ended in strong copper mineralization. Drills are expected to turn towards the end of November and continue through the end of Q2 2022. Construction of the new access road for providing the necessary year-round access to the project is advancing as planned. As part of our ongoing involvement with local communities and businesses, local contractors are being sourced for the construction. The contract for delivery of a pre-feasibility study (PFS) is at the tender stage and work is expected to begin in Q4. Whittle Consulting has been engaged to assist in identifying opportunities to improve the project that will be investigated during the PFS preparation.
Conference Call and Webcast on Thursday, November 4th, 2021, from 2:00 pm EDTManagement will discuss our Q3 2021 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.
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Post by Entendance on Nov 6, 2021 13:39:36 GMT -5
McEwen Mining's (MUX) CEO Rob McEwen on Q3 2021 Results Company Participants Rob McEwen – Chairman and Chief Owner Anna Ladd-Kruger – Chief Financial Officer Peter Mah – Chief Operating Officer Steve McGibbon – Executive Vice President of Exploration
Conference Call Participants Heiko Ihle – HCW Jake Sekelsky – Alliance Global Partners Joseph Reagor – Roth Capital Partners John Tumazos – Very Independent Research, LLC.
Rob McEwen Good afternoon, and welcome fellow shareholders and curious investors. Our fortunes are definitely improving. This is the second consecutive quarter, where our production has increased, and our production costs have decreased relative to last year. I am delighted to say that our Q3 was a good quarter. And year-to-date, we are looking far better than we did last year at this time. We are making good progress on our turnaround. Gold and silver production is up at our mines in Canada, America and Argentina, and our operating costs are falling. These results are due to the extra efforts of many individuals, and in particular, to our senior management team at head office and at our mines. But this is just the start. We know there’s much more to achieve, and we are intently focused and motivated to build an exceptional company. That becomes a model for mining in the 21st century. We have made a large investment in exploration over the years, and we will soon be showcasing the results of this effort. It is expected to extend the life of our mines and provide the foundation for future gold and silver production growth. I imagine that many of you feel the same way as I do when looking at our share price. I’m not happy with it. And I bet neither are you. But as you will hear today, we have good reason to be optimistic. Our operations are starting to hump. Exploration is starting to reveal the promise of our large land holdings in prolific gold and silver districts and our very big copper project is coming alive. Another indication that the market is beginning to appreciate our progress is our share performance year-to-date. It’s up 15.7% relative to the industry’s performance as measured by the ETFs, the GDX and GDXJ that have declined 11.6% and 19.7%, respectively, during the same period. So here’s the today’s agenda. Anna will cover our financials, Peter, our operations, and Steve, our exploration. I will follow with news on the McEwen Copper and provide closing remarks, then open the Q&A segment of the meeting. Anna, the podium is yours.
Anna Ladd-Kruger Thank you, Rob, and good afternoon, everyone. Q3 was another solid quarter that demonstrated operational progress in our turnaround strategy, translating into lower costs and a continued strengthening balance sheet. Our average realized gold sales price in the quarter was $1,793 per gold equivalent ounces, down from $1,925 in Q3 of last year, reflecting the lower spot prices. Nevertheless, stronger production from our operations translated has increased there. Revenue from our 100% owned operations during the quarter was $37.1 million, a 36% increase compared to the revenue in Q3 of last year. Cash gross profit, which is a non-GAAP measure that includes the depreciation was $6.4 million for the quarter compared to $3.9 million for Q3 2020. The nine months ended September 30 was $16.1 million versus $2.8 million, a material increase of 575% compared to the same period last year. Much of this change is due to the increased production sales despite lower realized gold prices and decreased per ounce cash cost for both Gold Bar and the three-month transition sweep from site commercial production at the Fox Complex, one full quarter ahead of vision. Peter Mah will detail more of our operational achievements shortly. During Q3, we also continued to aggressively invest in our fleet with $10.3 million spent on our exploration and advanced projects. This is reflected in reporting a loss of $17.4 million or minus $0.04 per share for the quarter compared to a net loss of $9.8 million or minus $0.02 per share in Q3 2020. In addition, we got [indiscernible] San José mine, with a $5.2 million reduction compared to Q3 2020. This decrease is primarily due to continued COVID-19 related expenditures of the operations in Argentina. We also spent $4 million on the gas project during the quarter, which included continued spending for the Fox Complex expansion PEA. Our total liquid assets as of September 30 is $72.7 million compared to $18.8 million for the same period last year. This is reflecting higher cash and cash equivalents, investments and precious metal inventory as well as the $40 million range for our mature and copper investment. In October, we also decreased an additional $2.3 million in dividends from our San José mine, bringing the year-to-date dividend up $10 million compared to a total of $0.3 million received in 2020. Cash used in investing activities of $20.4 million for a nine-month period, increased relative to the $7.8 million in the same period last year. The change is primarily due to capital development costs included the Fox Complex for the three-month deposit, partially offset by the dividend to receive from our San José mine. Lastly, we ended the quarter with $92.1 million in current assets and a positive working capital at $45.8 million. Thank you. I will now turn the call to Peter Mah, our Chief Operating Officer.
Peter Mah
Thank you, Anna, and good day all. We had another good quarter at McEwen mining with production trending up, costs going down and operations on track to meet our 2021 guidance of 141,000 to 160,400 gold equivalent ounces. Production in Q3 2021, with 42,900 gold equivalent ounces or 41% higher than the same quarter last year. The increased production was attributed to operational improvements at the Gold Bar, Fox, and San José operations, which were in line with our expectations. Total production was 114,300 gold equivalent ounces for the nine-month period ending Q3 2021 or 35% higher than the same period last year. From our 100% owned operations, Q3 consolidated cash and all-in sustaining cost per GEO for $13.9 and $15.39, respectively, or 12% and 10% over compared to last year. For the nine months ended September 30, 2021, our consolidated cash and all-in sustaining costs lowered by 14% and 21%, respectively, compared to last year. Gold Bar production for Q3 and year-to-date ending September 30 was 12,400 GEOs and 33,900 GEOs, representing 82% and 54% increases over last year. Cash and all-in sustaining cost per GEO for the quarter were lower by 2% to $15.53 and 9% to $16.18, respectively, compared to last year. The increased production and lower costs were attributed to improved mining efficiencies, processing optimization, tighter work control and reduced COVID impact. Moving on to Canada, Fox Complex. Production in Q3 2021 for the nine months ended September 30, 2021, in the Black Fox mine with 8,300 GEOs and 20,600 GEO’s representing a 42% and 26% increase, respectively. Relative to the GEOs produced in the comparable period in 2020. Cash and all-in sustaining cost per GEO were $11.54 and $14.23 in Q3 2021, 27% and 13% lower than 2020, respectively. Cash costs and all-in sustaining per GEO were $11.02 and $13.39 for the nine months ended September 30, 2021, both 23% lower in the comparable period in 2020. Higher production and lower costs were the result of more efficient mining, increased utilization of mowing capacity, better grade control, decreased COVID impacts, and reaching commercial production at term ahead of schedules. The optimization of the mine design and underground development and improved capital spend effectiveness, further contributed to the improvement. The company is looking forward to releasing the Fox Complex expansion growth results, model updates, and preliminary economic analysis in Q4 2021. The work is targeting higher gold production, a longer mine life, and lower cost than historically achieved at the Fox Complex. In Q3, El Gallo produced 600 GEOs in residual leaching and activities are winding down towards 2022. Multiple strategic initiatives are being evaluated. Moving now to Argentina at the San José mine, Q3 2021 attributable production was 10,800 gold ounces and 790,000 silver ounces for a total of 21,600 gold equivalent ounces or 36% higher than last year. The GEO production year-to-date ending September 30 increased by 43% compared to last year. Q3 cash and all-in sustaining costs per GEO sold were $1,100 and $1,466, respectively. This decreased from last year’s cost of $1,269 and $1,538 respectively. The increased production and reduced costs were attributed to higher ore tonne process, higher grade process in Q3 and improved workforce availability of the COVID’s restriction lifted in 2020. I will now turn the call over to Steve McGibbon, Executive Vice President of Explorations.
Steve McGibbon Thank you, Peter. Exploration activity continued during Q3 across all projects in Canada, the United States and Argentina with total spending of $6.2 million. Our principal exploration goal remains to cost-effectively make discoveries and to extend deposits adjacent to our existing operations in order to contribute to near to medium-term gold production growth. To that end, we had solid results from the recent quarter on which to build. Firstly, I will update on the work at our 49% owned San José property operated by our joint venture partner, Hochschild Mining. 100% basis, San José exploration was $2.7 million in Q3 and on track to meet the 2021 exploration budget of $9.3 million. San José has been in operation since 2007. Exploration activities at San José located in Santa Cruz province, we’re focused on the telco Norte and Savadia near-mine targets, exploration drilling in these areas returned encouraging results, including 6.3 meters of 44.4 grams per tonne gold in the Betania vein, 1.9 meters from 14.5 grams per tonne gold and 342 grams per tonne silver in Jimena vein, and 12.3 meters of 14.9 grams per tonne gold and 1,381 grams per tonne silver in the Amelia vein. Drilling is expected to continue through Q4 2021. The Q3 brownfield program at San José carried out 6,900 meters of drilling. Adding further high-grade inferred resources during the quarter and bringing the inferred resources adding year-to-date to approximately 121,000 GEOs, which is 9.1 million silver equivalent ounces. Longer term, we recognize the tremendous exploration potential of this property and province. Iman’s Cerro Negro mine is only 20 kilometers away and largely surrounded by our nearly 700,000 acre property that remains under stored. As the Gold Bar Mine and properties in Nevada, and in Q3 2021 for the nine months ended September 30, 2021, we incurred $1 million and $2.7 million in exploration, respectively, at both the Gold Bar Mine and Tonkin mine areas. At the Gold Bar Mine area, we are committed to targeting potential unmined zones and extending known mineral structures. Our exploration efforts are focused on derisking the geological and metallurgical models and expanding resources to replace mining depletion. Our Tonkin property sits immediately south of world-class Carlisle deposits being developed by Barrick Gold. Tonkin has not seen exploration activity, while Gold Bar was being built and production stabilized, but we recognize the long-term value creation that could be realized by committing exploration balance here. During the three months ended September 30, drilling was aggregated at the Tonkin Rooster deposit, located some 25 miles north of Gold Bar, which generated positive initial results starting from surface, including oxide dominant drill intercepts of 1 gram per tonne gold over 57.9 meters. 10.65 grams per tonne gold over 71.6 years, with both likely amenable to heap leaching. The Rooster deposit is structurally complex and includes mineralization in both lower plate lime stones and other plate shirts and siltstones. The oxide material has the same host rocks as we see at Gold Bar, whereas the more refractory style mineralization, which can be very high-grade is hosted in the conformation, also cost to multimillion ounce or deposits at Turquoise Ridge. We are very encouraged by intercepts that include hole TS208 at 3.23 grams per tonne gold over 38.1 meters and locally grading over 14 grams per ton. An ongoing program of remapping, relogging historic drill holes and producing an updated geological model by year-end will establish a basis for a stronger commitment to talking, including further defining oxide resources that could potentially be processed at Gold Bar. At the Fox Complex in Canada, we incurred $4.2 million in Q3 exploration expenditures in 2021. The majority of which was deployed at the stock property with lesser focus at Grey Fox. The stock property includes a historic stock mine, current mineral resources at stock needs and an important 2019 gold discovery at Stock West. Our fast complex processing plant also resides at stock. Our overall strategy in 2021 as stock includes delineation and expansion of non-mineralization of Stock West and Stock Mine in support of production will be detailed in our upcoming Fox Complex PEA. Also, we are ranking and drill testing targets likely to host the next important discovery on the property. In Q3 2021, a total of 19,400 meters of surface exploration drilling was completed with potentially important ramifications. Our particular interest was hole S21-202, which returned 4.3 grams per tonne gold over 21 meters have estimated it. This hole is a 200 meters from the Stock West discovery area and also resides some 250 meters above our S19-95, 27.2 grams per tonne gold over seven years in 2019. These holes are located at the projected intersection of the Stock West east plunge and the Stock Mine west plunge, and they will command further drilling in 2022. These intercepts which have far more similarities to the geometries and grades being successfully mined at from versus Black Fox are very exciting to us. Additional discovery potential is being assessed in the footwall of the Stock Mine, where we believe the host unit for the Stock West deposit called the [indiscernible] exists. That has been very poorly tested in the past. A discovery here would be very beneficial, owing to the proximity of underground infrastructure. Fox complex expansion, a PEA summary, an independent engineering group has been engaged to complete the PEA on the Fox, Grey Fox, Black Fox, pruned stock and filler resources using our existing centralized milling capacity of stock. The objective is to outline a potential low cost, near-term business case to increase production and mine life for the Fox Complex. The PEA activities for the nine months ended September 30 included ongoing drilling, modeling and remuneration, baseline work to support permitting, environmental, mine planning and trade-off studies, metallurgical assessment reviews and process flow sheet assessments and preliminary cash flow analysis. The PEA will include the resource estimates and an underground design, which are expected to be completed in late -- expected to be completed in late Q4 this year.
Rob McEwen Thank you, Steve. Okay. Let’s talk about the McEwen Copper and how we see it benefiting to in mining. As some of you know, key assets is losses, which is a big project. How big, it’s one of the world’s largest undeveloped copper porphyry deposits not owned by a major mining company. It’s total indicated and inferred resources are estimated to be 32.89 billion pounds of copper equivalent. For comparative purposes, let’s use today’s gold, silver and copper prices to see how large this resource would be if-converted to a gold equivalent. The answer will likely surprise you. It is 82 million gold equivalent ounces. I see the McEwen Copper becoming a powerful value driver for the McEwen Mining for us. However, to make that happen, we needed money that McEwen Mining didn’t have. And we needed to move fast to catch the limited weather window to access the project this season. We felt that the fastest way to fund the advancement of Los Azules from its current preliminary economic assessment stage and advanced it to a preliminary -- a pre-feasibility stage was to do with private financing. We estimated that $60 million to $80 million, including contingencies, would be sufficient to deliver a pre-feasibility study. To kick start the financing, I personally provided a lead order of $40 million, and some others have subsequently followed. With these initial funds, we are proceeding to de-risk and advance the project. So far, we have assembled a very talented and experienced copper team. We have begun construction of a new road to make the site accessible 12 months of the year rather than the current five months. The pre-feasibility study will include a 53,000 meter drill program to convert the insured resources to indicate it to complete environmental, technical and metallurgical studies and to find local infrastructure and training. We are moving forward quickly. Our financing remains open on terms previously disclosed. The minimal order is $250,000. Let me share with you some of the math and reference, 12 of the large copper projects purchased between 2010 and 2008. In this group, there were four projects at the PEA stage or preliminary economic assessment stage of development. And the price paid per copper equivalent pound ranged from $0.02 to $0.034 per copper equivalent pound. Due to the current remote nature of losses, the liquidity of our private placement, some geopolitical concerns. And being at its preliminary economic assessment stage, Los Azules for the purpose of our financing is valued at $175 million, which is equal to $0.065 per copper equivalent pound. As I said earlier, we are using the funds to advance Los Azules to a pre-feasibility study stage. Only two of the 12 largest projects purchased were at the pre-feasibility level. The purchase price for these two projects was $0.134 and $0.155 per copper equivalent pound. Clearly, a significant increase in value over a preliminary economic assessment stage projects. Let’s imagine for a moment. And when the launch of Los Azules pre-feasibility study is completed that, one, losses on risk still have total resources of 32.89 billion copper equivalent tons. Two, the private financing of $80 million has been fully subscribed, and thereby, reducing the McEwen Mining with an ownership to 69% of McEwen Copper. And three, Los Azules is valued at a much lower price per pound than the two pre-feasibility stage projects that I just mentioned. What could McEwen Mining ownership in the field at $0.03 or $0.05 per copper equivalent pound. The answer is quite attractive. It is $681 million to over $1.1 billion, respectively. This match, this leverage to the price of copper is why we have created McEwen copper and why we believe it could be a significant value driver for McEwen Mining. When combined with the improving performance of our mines producing gold and silver. We believe, we have a very compelling future. And our current share price presents an attractive entry point.
Heiko Ihle, HCW
Your 2021 guidance for Gold Bar is currently at 37,000 to 45,000 ounces. That’s 8,000 ounce gap between the high and the low end of the guidance, and there’s about 55 days less than a year. For contrast trend lining in Q3 production to Q4, you’d be at 33,900 plus 12.4 you did report 6,300. So I guess, can you just walk us through your thoughts of what factors could cause you to come in at either end of these that band in your guidance range, please?
Rob McEwen Sure. I’ll ask Peter to answer that question.
Peter Mah Sure. Thanks, Rob. Hi, Heiko, hope you’re well. Yes, the 37 was the feasibility number, and we’re obviously on the trend to beat that. There were some opportunity ounces that we couldn’t quite get a handle in terms of guiding at the feasibility stage. So we are trending. We were targeting kind of midpoint, and we’re trending on that quite well as we indicated and a potential for a beat. So there’s still another strip to sort through when we transition from Pick West into the Pick Central and Pick East, and that’s what we’re sorting to as we work through the rest of this year and next year. So that’s the reason for that range. And I think we also wanted to build back our credibility and to meet and beat our guidance and go back a reputation on delivery. So I think those factors led us to establish those ranges last year.
Rob McEwen It could be one other Heiko as well, and that is -- we’re changing contractors. And so, there might be an interruption, a brief interruption now. So we want to have a contingency for that.
Heiko Ihle Got it. Okay. Also, you mentioned in the release that -- and this is a quote. The COVID-19 is not materially affecting our operations or our future strategic plans and objectives. While I assume this holds true for quite a few firms, I don’t think it’s really seen it in writing in many releases thus far. At least to a logical follow-up, are you still feeling any sort of impact with regards to cost warranting expenditures, workforce costs, et cetera or is that essentially just gone or I guess what I’m saying is that, are you talking about future impacts or about current impact? And now, I’m not saying total, I don’t know if this is a number that you have on and do you know
what percentage of your workforce is vaccinated?
Rob McEwen It varies depending on site. Some of the understanding Gold Bar is the least vaccinated. You might want to come in there, Peter, knowing that more.
Peter Mah Yes. Gold Bar, we’re around 50% vaccination rate. At Fox, I believe we’re around 75% to 80%. It might be just above 80%, actually. A lot of it is cultural in Nevada, and there’s a strong sort of culture of not vaccinating there. I think we’re not, the only one who are not in that arena experiencing that, Canada and our corporate, of course, were I think primarily all double vaccinated. So that’s the status of the operations. We still have our protocols in place from prior. I think we are experiencing the same challenge as the industry is experiencing in supply chain, and we’re looking at the supply chain very carefully as we speak. We’ve recruited a global procurement lead to join our executive team. We just joined early this year, and part of his brief is looking at some of the potential risks to production and making sure we respond appropriately. As far as active cases, we don’t have any at current at our sites. I think protocols were quite effective last year. I think the comment we’re referring to in our Q3 results is that we didn’t take a temporary suspension of operations, and that has contributed to higher, obviously, production, and that’s what we mean by that.
Heiko Ihle Wonderful. Thank you all. Stay safe.
Jake Sekelsky, Alliance Global
Hey, Rob. Thanks for taking my questions. Hope, all is well. So just looking at Gold Bar costs, should we expect them to drop back down to 1,200, 1,300 an ounce range over the longer-term as capital investments moderate or do you think all-in sustaining costs of around 1,500 is sort of the new norm there going forward?
Rob McEwen Over to you, Peter.
Peter Mah Thanks. Hi, Jake. Well, I mean, I think you’ve got a pretty good view with the updated feasibility study. At this stage, I wouldn’t be guiding anything different than that cost profile. Next year, we need to raise or sure expand the footprint for our lease pad. Other aspects are the Gold Bar South project, which is actually trending ahead of schedule on permitting. It’s with on final review of the meta process, and we expect in Q4 to have approval to go forward in the feasibility, it showed Gold Bar in the second half of next year, we’re looking to accelerate that and bring production forward. I think that’s the case for Gold Bar is bringing production forward and offsetting some of those capital costs next year. And then, once 2022 is completed, you can see in the feasibility, we start cash and all-in sustaining drop quite significantly. And we’re in quite a cash flow generation phase there for the six-year mine life. And that’s part of what Steve looking at in the exploration of some of these near-term potential ounces of a fair amount of drilling also have been happening on Gold Bar this year at the Atlas, which is the old Gold Bar site Ridge. We’re going to be going back into cab, and we’ve identified more mineralization and extension of the cabin or. And that’s why, we’re turning back into Pick to see as we get towards the Pick East and West, or get more opportunity assets to bring it. So that’s the strategy there. But at the moment, the best guidance we have feasibility.
Jake Sekelsky Okay. That’s helpful. Looking over to the Fox Complex. Assuming the PEA is positive later in Q4, how quickly should we expect you guys to move forward with the positive development position or execution, I guess, of the new mine plan?
Peter Mah Yes, very good question, and I was expecting that it being a PEA, the general follow, we’d have to follow PFS and feasibility. Of course, this is a unique situation in that we have an operating mine at Froome mine where continue to explore Black Fox that we could hopefully bring on back online again in the future and a stock mill and tailings facility that’s got capacity. And so the PEA objective was exactly about what could we bring on quickly towards production? And so I would say, we chose the PEA because it was quite a complex set of deposits to understand and bring together. We’re obviously an operating mine and beyond feasibility and some of our knowledge of costs and things like that. So our whole idea there was once we understood that pathway to value, we would be looking at where could you access quickly and bring on near-term production at low cash and all-in sustaining costs and increased scale. As you recall, those were the objective I think we trended very well there. The two areas that we see advancing quickest are the Stock West deposit and Grey Fox. And so if we look to the end of Q4 here where we released those results, they’re fairly exciting and look forward to growing on that strategy even further.
Jake Sekelsky Okay. Fair enough. And then just more of a housekeeping item. On exploration, I mean, you guys were pretty aggressive this year, which was good to see, you’ve had some strong results. Should we be modeling a similar level of exploration in 2022?
Rob McEwen I’ll let Steve handle that. We’re right in budget time but he can give you more of a flavor of that.
Steve McGibbon Yes. I would say, in general terms, specifically for Nevada and Ontario, well, specific to Ontario, the flow-through funding that was raised in fourth quarter last year, we anticipate that that exploration funding will be depleted by the end of 2022. And we have a planned exploration program that is anticipated to work within that framework. At Nevada, our $5 million budget, we’ve had exploration spending that’s been a little slower than anticipated, and we’ll probably have a slight shortfall in spending in 2021 and anticipating rolling that difference into 2022. So expenditures in Nevada in 2022 will likely be higher than they were in 2021, but not necessarily a change in the three-year exploration plan for the area.
Jake Sekelsky Fair enough. That’s all in my end. Thanks again.
Joseph Reagor, Roth Capital
So first, obviously, congrats on having a second consecutive strong quarter production. It’s good to see things going in the right direction here. With that said, a couple of minor questions. Maybe following on something just sitting on with the exploration spend. So far you spent about $18 million at the income statement level on exploration. Should we expect a similar company-wide exploration budget next year? Should we expect it to decline somewhat now that you’re finalizing this PEA over at Black Fox? Or maybe get some of the gives and takes there?
Rob McEwen I would expect to be a little lighter next year as we move out of the PEA, move forward from the PEA at the Fox Complex. And the results -- at Gold Bar, probably there are some areas we want to get on to that will probably increase our expenditure there. And Hochschild, our partner in Argentina is still moving along there. Quite excited about some of the results they’re getting. But I’d say, it’s probably less by maybe 20%.
Joseph Reagor Okay. That’s helpful. And then forgive me if I missed it, but did you give any outlook in the release or in the MD&A on your thoughts on the El Gallo and the Phoenix expansion? Any update there? Maybe it’s not immediate, but are you guys still planning on potentially doing that expansion in the near-term?
Rob McEwen Peter, do you want to jump in?
Peter Mah Sure. Thanks, Joe. Yes, it’s a good question. I am wondering where they put that in, so I’m glad you actually asked. We’ve been working on a number of strategic alternatives, one of those is a low CapEx alternative for Phase 1. So if you recall, the initial CapEx for Phase 1 was around $42 million in the feasibility, and that gave us sort of six, seven years of gold production. What we’ve actually identified is to the lower CapEx opportunities, which were right in the proposal phase, targeting somewhere around $25 million CapEx for Phase 1. So we’re trying to find ways to advance that project, whether it’s internally or a partner or with other strategic alternatives such as a sale. So I think all told that, that option is looking quite promising. It’s early yet though, so we need to validate technical parameters and costing and construction, commissioning, and all those things. But either way, we believe that will add value, whatever strategic way we met those.
Joseph Reagor Okay. That’s helpful. And then, Rob, just kind of a big picture question. I mean, Black Fox is headed in the right direction, you guys got the firm deposit up early. Gold Bar has had a good turnaround and now those two give you two steady state operations going forward from here, MSC is steady state with your partner there. Longer term, how do you take the company from, call it, 150,000 gold equivalent to 0.5 million and make it more of a mid-tier producer?
Rob McEwen Well, one, we need a stronger share price before we go out looking for acquisitions or combinations. We’re putting a lot of energy into McEwen Copper, where we see a significant value accretion possible by moving from a PEA to a pre-feasibility stage. I would say, in the near term, that would be the largest generator -- potential generator. And from there, McEwen Mining, well -- at this point, is the majority shareholder and what we’ve been doing with McEwen Copper is working to surface the value of that asset. It’s somewhat unique in this world in terms of its size. And it’s a medium altitude, not as high as some of the others in the country, so easier operating conditions. And that’s where I think we could get some of the power to move to that next size.
Joseph Reagor Okay. Thanks for the color. I’ll turn it over.
John Tumazos, Very Independent Research, LLC
Could you give us any drilling update of Hochschildat San José, the vains that might continue from Newmont onto your property sound exciting and vice versa. And second, you mentioned earlier that maybe if it were sold, it would be $150 million to your company. I’m hoping it’s $200 million or $250 million or more. If that pot of gold rain money on you, would it be reasonable to say you pay off all the debt first, put a little bit of money more into McEwen Copper, pay some kind of special dividend and have a little cash in your treasury for the guy that wants you to be 500,000 ounces next week?
Rob McEwen All of the above sound great. Yes, we’d be using funds to retire the debt. Could use it in McEwen Copper. Special dividend is always close to my heart. When I was building Goldcorp, we got to a point where we are paying a dividend every month. And when -- I look ahead, that would be a fabulous position to get into. In terms of the exploration, Steve, would you care to comment on John’s question?
Steve McGibbon Yes. I guess I would just highlight specific to San José and the potential extensions at the -- from the sale McEwen Mining onto the property is -- we did get an update on the Brownfields program that just under 7,000 units of drilling, we added 121,000 GEOs. But I think we regard -- we really regard that as perhaps a tip of the iceberg. We know that there’s tremendous potential on the property. We don’t have an update currently on what the drill plan is for 2022, but the results that we’ve seen year-to-date tell us that we need to keep pushing there and moving forward. The results have been big, and the grades of the drilling stats are very good. And we believe that this mine still has a very bright future.
Rob McEwen I was just going to say that there’s been several parties that are interested in our interest in San José and in the whole property. But up until very recently, Argentina had a very restricted policy about letting foreign visitors come in. And so there was an inability to do an on-site due diligence. That’s now been cleared away. So we may see some action there.
John Tumazos Steve, I apologize. I haven’t listened to a Hochschild presentation in a few years. They may have made some public comments that I missed, you know how there’s more gold and silver companies than people walking the streets in Toronto. You can’t keep up with them all. What have they said publicly about San José drilling?
Rob McEwen Steve, did you hear John’s question.
Steve McGibbon Yes, I did. Sorry, I just had some trouble with my phone. I can’t speak to you the specific comments by Hochschild on the program as a whole. That update certainly from them will come from the budgeting process and the plan on 2022.
John Tumazos I’m very optimistic, Rob. I think most of the world’s major silver companies are in Santa Cruz province somewhere.
Rob McEwen Yes.
John Tumazos And your land position is multiple here and Hochschild’s land position is multiples of Newmont’s and Goldcorp spent over US$4.5 billion there. So I’m hoping you’re just very modest and humble, Rob.
Rob McEwen Well, it’d be very nice if Newmont decided to spend like old purchase when they bought that property and look towards ours.
John Tumazos Thank you.
Rob McEwen Thank you, John. That’s the end of our conference call, and I’d like to thank everybody for joining us. Best wishes for a successful investment. Thank you.
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Post by Entendance on Dec 15, 2021 10:44:13 GMT -5
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Post by Entendance on Dec 22, 2021 6:19:44 GMT -5
McEwen Mining: Exploration @ Fox McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that drilling continues to deliver good widths and grades at the Fox Complex, both from exploration at Stock and delineation at Froome. Highlights include: Assay results show the potential of the Stock mineralized zones to extend to depth and down plunge. What has been outlined to date will contribute to our immediate growth plans. Drilling is planned for 2022 to investigate the intercept in hole S21-202, which encountered 21 meters (m) of 4.29 g/t gold. If this intercept connects to mineralization at Stock West, it will materially enlarge the boundaries of the Stock West system. Assay results are starting to arrive from our exploration on Stock Main (the historic Stock mine). Visible gold has been noted in several drill cores, such as in hole SM21-024 that returned 9.1 m of 7.43 g/t gold including 2.6 m of 23.72 g/t gold, within 25 m of surface.
Stock West & Main Drill results from holes S21-202 (released on Nov. 3, 2021) and S19-95 (released on Sep. 4, 2019 - 7.0 m (core length) of 27.2 g/t gold) confirm that mineralization remains open to depth and the east (see Figure 1). The intercept in S21-202 is an over 200 m step-out along a prominent shallow eastern plunge from mineralization at Stock West. The current geologic interpretation suggests a possible connection of a further 250 m to the intercept in hole S19-95. The host lithology of the Stock West mineralization, which also occurs in hole S21-202, was recently intersected in the footwall of the Stock mine. These observations support our confidence that the property is early in its discovery phase of development. Forty-six surface drill holes were completed at Stock West (see Table 1) and Stock Main (see Table 2) since the last exploration update in May 2021. Progress made at the Stock Property in 2021 will be reflected in the pending Preliminary Economic Assessment (PEA) for the Fox Complex, which is currently being finalized for publication.
Figure 1: www.globenewswire.com/NewsRoom/AttachmentNg/95d0f9b3-13f4-4fd0-9caf-b122f557cc91Froome Mine The best new result is 20 m (true width) of 7.43 g/t gold – Hole 200-F085-14 Three hundred and seventeen underground drill holes were completed for delineating the Froome orebody during 2021 (see Table 3). The Froome mine, while only a short distance from the Black Fox mine, is different in important ways that offer several advantages, such as a straighter, shorter, and more efficient underground haulage route, and wider more consistent mineralization that is amenable to lower-cost bulk mining methods. Mining started earlier this year and has been meeting expectations on key ore quality indicators such as gold grade, dilution, and total ounces produced. Delineation drilling has expanded the deposit further to the west than previously designed, giving the Fox Complex team confidence that the Froome mine life will be extended. 2022 diamond drilling will focus on resource expansion at depth to extend the Froome mine life (see Figure 2).
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Post by Entendance on Dec 23, 2021 1:58:55 GMT -5
McEwen Copper: Los Azules Progress Report McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to provide a summary of the work at the Los Azules copper project in San Juan, Argentina, that started in earnest this July 2021. Our two immediate objectives on our path to designing and constructing the copper mine of the future are to: Advance Los Azules from its current stage of development (Preliminary Economic Assessment or PEA) to a Pre-Feasibility Study (PFS); and Construct a new road, the ‘ Northern Access Road’ , that will provide critical year-round access to Los Azules. The current ‘ Exploration Road’ is generally only usable five months of the year due to winter weather.
Below is a photographic account of our activities to date.
Background On July 6, 2021, we announced the creation of McEwen Copper and our intention to raise US$80 million in a private offering comprised of 8,000,000 shares priced at $10.00 per share. We closed the first $40 million tranche of the placement in August with Rob McEwen, and the balance of the financing is expected to close in January 2022. Assuming completion of the $80 million financing, McEwen Mining will retain 69% ownership in McEwen Copper, and new shareholders will hold 31%. McEwen Copper will continue to hold a 100% interest in the Los Azules project.
Los Azules is one of the largest undeveloped copper porphyry deposits in the world. It is located along the prolific Andes Copper Belt as shown in the location map below: Photo 1 - Work starting in July to open the Exploration Road Photo 2 - By September 27 th , we had reopened the Exploration Road to Los Azules, and the camp provisioner and caterer (Caterwest) had started setting up our work campsites. Below is a picture of the Exploration Road being improved. If you look closely, you can see the road continuing beyond the front-end loader.
Photo 3 - While opening the Exploration Road, on July 19 th we also started the construction of the Northern Access Road . Pictured here is the start of the eastern end of this new road. A prominent San Juan-based road construction firm (Zlato) is building the road for us. The construction of the road has been divided into five sections. Photo 4 - By late November, we had completed Section 5 and approximately 50% of Section 4. We are awaiting permits, expected in Q1 2022, to advance construction of the remaining sections. The expected completion date of the Northern Access Road is mid-2022. Photo 5 – Back on the Exploration Road, the road was reopened to our first work camp, Candidito, by August 25 th on the road to Los Azules.
On December 1st, the medical services and emergency rescue teams had arrived at site and exploration drill platforms were being constructed.
By December 20th, 36 drill platforms had been constructed and 2 of the 10 exploration drills had arrived on site. The other 8 drills are expected to be arriving throughout January and into February. Drilling will start on January 4th. The first phase of our drill program will involve a 174,000-foot (53,000 m) program. It is designed to convert the Inferred mineral resources to the Indicated category, as well as to test deeper exploration targets, where historic drilling had ended in strong copper mineralization.
McEwen Copper currently has 282 people supporting the exploration drilling program at Los Azules, with approximately 85% being from San Juan. Photo 8 and 9 - The first two exploration drills to arrive at the site. Photo 10 – At Los Azules, McEwen geologists orienting the drillers from Major Drilling, with the rock conditions that they will be encountering.
Project Development Workshop This past week, December 14th to 16th, we held an intensive workshop with senior management of both McEwen Mining and McEwen Copper and a powerful group of consultants and advisors. A total of 30 individuals well versed in designing and building, and operating copper mines, especially in South America, gathered physically and virtually from Argentina, Chile, USA, Canada, Australia, and New Zealand.
The workshop started with a presentation from Whittle Consulting from Australia, who for the past three months have been evaluating various development scenarios for the Los Azules Project. Their work suggests there is considerable room to improve the economics of the project.
Companies involved in moving Los Azules to PFS are:
Bechtel Corporation, the largest construction company in America with a long history of advancing, building and developing large copper concentrators and infrastructure projects globally, including the recent feasibility study update on the El Pachon project approximately 75 km south of Los Azules; and Samuel Engineering, who will help oversee project management, controls, metallurgy and processing plant design, is a full service multi-disciplinary project development and execution company bringing a team with extensive large copper project experience in South America, including past involvement at the Los Azules project; and Stantec, a full service engineering and consulting firm, with offices in Argentina, Chile, and Peru, including select subcontract consultants will focus on geology, resource and reserve estimates, mining engineering, hydrology, geotechnical and the tailings, waste, and water management facility design.
Our overarching goal is to design a mine that will be the model for copper mining in the 21 st century. One that supplies the raw material to enable a greener world, while incorporating the use of renewable energy sources to have a low-carbon footprint and that uses technological innovation to achieve an energy efficient mine.
At several points during the workshop, Jason F. McLennan of McLennan Design in Seattle, a prominent figure in the field of architecture and green building movement, shared his thoughts on technologies, visions and attitudes on how mining could change to contribute to a healthy world and how lessons learned in other industries could be applied to transform certain elements of mine operations, infrastructure and facilities.
We all left the meeting energized and believing that the future of mining will be exciting, new and game-changing. For the world to make considerable progress towards a lower carbon emissions world, the world needs responsible mining to provide the materials to make that a reality.
We at McEwen Copper, along with our consultants, plan to design, build, and operate a facility, a community, that will be at the leading edge of a changing attitude in mining towards protecting our planet.
To view a .PDF of this news release click here: mcewenmining.com/files/doc_news/archive/2021/20211222_McEwen_Copper_Update.pdf
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Post by Entendance on Dec 29, 2021 13:07:44 GMT -5
Breaking: The Pfizer 6 month data shows that Pfizer's COVID-19 inoculations cause more illness than they prevent. Plus, an overview of the Pfizer trial flaws in both design and execution: PDF
The Pfizer Inoculations Do More Harm Than Good: VIDEO
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Post by Entendance on Jan 7, 2022 5:43:06 GMT -5
IT'S THEM OR US. TERTIUM NON DATUR. (There is no third possibility)
TORONTO, January 6, 2022 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports that it has fallen below the New York Stock Exchange ("NYSE") continued listing requirement related to the price of its common stock. The NYSE requires that the average closing price of a listed company's common stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was notified by the NYSE on January 5th, 2022 that the average price of its common stock for the previous 30 trading days was below $1.00 per share. McEwen Mining intends to take steps to regain compliance with the NYSE continued listing requirements. Under NYSE rules, the Company has a period of six months to bring its share price and 30-day average closing share price back above $1.00. During this period, the Company’s common stock will continue to trade on the NYSE, subject to all other continued listing requirements. At the end of the six-month remedy period, if the share price has not recovered, the Company's stock will be subject to NYSE suspension and delisting procedures. The Company's listing on the Toronto Stock Exchange ("TSX") is unaffected by any actions of the NYSE.
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Post by Entendance on Jan 12, 2022 5:28:46 GMT -5
January 11, 2022 McEwen Mining: CFO on Temporary Medical Leave TORONTO, Jan. 11, 2022 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports that Anna Ladd-Kruger, the Company’s Chief Financial Officer, is temporarily on leave for health reasons. She is expected to return to regular duties in the near future. During Mrs. Ladd-Kruger’s absence, other executive officers of the Company will assume her duties, including Segun Odunuga CPA, CA, MBA, Vice President, Corporate Controller, who will take responsibility for the management of the financial team and who will act as temporary principal financial officer until further notice.
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Post by Entendance on Jan 19, 2022 10:52:22 GMT -5
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Post by Entendance on Jan 20, 2022 6:13:34 GMT -5
...“We’ve seen a number of majors come in and take a close look at Argentina,” McEwen said. “That in itself is giving more comfort to foreign investments.” For now, he wants to increase Los Azules’s value by moving to pre-feasibility stage over the next year and a half. The company is deploying drill teams and building an access road, although work has been delayed by cultural preservation efforts after hitting fossils...
Copper Majors Are Taking Another Look at Argentina,McEwen Says
McEwen reports FY 2021 consolidated production jumped 34% Y/Y to 154.4K gold equiv. oz., consisting of 118.5K gold oz. and 2.57M silver oz., and Q4 output rose 29% Y/Y to 40.1K gold equiv. oz., consisting of 31.3K gold oz. and 682.7K silver oz.
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report consolidated production for the full year of 2021 was 34% higher than in 2020 and Q4 2021 was 29% higher than in Q4 2020. Production guidance for 2021 was achieved. Full year production was 154,410 gold equivalent ounces(1)(“GEOs”) consisting of 118,500 gold ounces and 2,572,000 silver ounces. In Q4, production was 40,150 GEOs consisting of 31,300 gold ounces and 682,700 silver ounces.
In Q4 2021, our attributable production from San José(2) was 682,700 silver ounces and 11,300 gold ounces, or 20,200 GEOs, which was in-line with our expectations; Black Fox production of 9,460 GEOs was also in-line with our expectations; Gold Bar production of 9,950 GEOs was above our expectations; and El Gallo produced 540 GEOs from residual leaching. Notes: (1) 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 79:1 for Q3 2020, 77:1 for Q4 2020, 68:1 for Q1 2021, 68:1 for Q2 2021, 73:1 for Q3 2021 and 77:1 for Q4 2021. (2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.
Technical Information Technical information pertaining to mining operations contained in this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by 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 to the Company 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.
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Post by Entendance on Jan 22, 2022 3:40:00 GMT -5
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Post by Entendance on Jan 27, 2022 5:44:14 GMT -5
McEwen Mining: Fox PEA – Higher Production, Longer Life McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide summary results from the Fox Complex Preliminary Economic Assessment ("Fox PEA" or "PEA"), which outlines a mine life of over twelve (12) years, generating average annual production of 71,980 gold ounces, at average cash costs and all-in sustaining costs ("AISC") per ounce under $800 and $1,225, respectively.(1)(2) Peak annual gold production of approximately 100,000 ounces occurs in Years 6 to 10 of the mine life. "The Fox PEA is an important step forward for us. It translates our exploration success into a business case that increases mine life and production rates and lowers costs per ounce! It also provides a clearer picture of where future exploration should be focused to add value. Our commitment and investment in exploration has provided the foundation for this study, and ongoing exploration success continues to further enhance the expansion potential at Fox. While the PEA is an encouraging first iteration, continuing exploration success, improved economics, and a shorter payback period is required before we decide to advance the project. I am also pleased that the Froome mine was successfully brought into production in 2021, is performing as planned, and is expected to continue for at least another three years while our expansion plans and drilling progress," commented Rob McEwen, Chairman and Chief Owner... Press Release Details here
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Post by Entendance on Feb 14, 2022 1:33:01 GMT -5
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce a financing to fund continued exploration at the Fox Complex in the Timmins region of Ontario. These funds will be employed to build on the business case outlined in our recently announced preliminary economic assessment (see news release dated January 26, 2022).
The financing consists of a US$15,080,000 (Cdn$19,212,500) private placement offering (the “Offering”) of 14,500,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$1.04 (Cdn$1.325) per flow-through common share (the “Offering Price”). The Offering is expected to close on March 1, 2022 (the “Closing”) and is subject to customary closing conditions, including approval from the TSX and NYSE.
The proceeds of this Offering will be used exclusively for qualifying Canadian Exploration Expenditures (CEE) on McEwen’s properties in the Timmins region.
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Post by Entendance on Feb 17, 2022 8:26:28 GMT -5
McEwen Copper anuncia Incorporación de Nuevo Directivo
TORONTO, February 17, 2022 - McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce that Michael Meding has joined as Vice President of Andes Corporacion Minera SA. in Argentina. Mr. Meding is accountable for the overall direction and management of the Los Azules copper project in San Juan. He will play a significant role in taking McEwen Copper through its next phases of technical studies, upcoming IPO, and development as a global model for environmentally and socially responsible green mining. Mr. Meding has over 20 years of international experience, primarily with major mining companies such as Barrick Gold and Trafigura, including extensive experience with project development and operations in Argentina. While at Barrick Gold's Veladero mine in Argentina, he played a key role in the turnaround, extension of the mine life, and subsequent strategic partnering with Shandong Gold. Mr. Meding is trilingual (Spanish-English-German) and holds an MBA from Indiana University in Pennsylvania and an MBA from the Leipzig Graduate School of Management in Germany.
McEwen Copper Inc., una subsidiaria de McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), se complace en anunciar que el Sr. Michael Meding se ha incorporado como Vicepresidente de Andes Corporación Minera SA. en Argentina. El Sr. Meding tiene a su cargo la dirección y administración general del proyecto de cobre Los Azules en San Juan. Desempeñará un papel muy importante en la conducción de McEwen Copper a través de las próximas fases de estudios técnicos, la pronta Oferta Pública Inicial de Acciones (OPI) y el desarrollo como modelo global de minería verde en términos medioambientales y sociales. El Sr. Meding cuenta con más de 20 años de experiencia internacional, principalmente en grandes empresas mineras, tales como Barrick Gold y Trafigura, incluyendo vasta experiencia en el desarrollo de proyectos y operaciones en Argentina. Durante su desempeño en la mina Veladero de Barrick Gold en Argentina, jugó un papel fundamental en el proceso de cambio de rumbo, la ampliación de la vida útil de la mina y la posterior asociación estratégica con Shandong Gold. El Sr. Meding es trilingüe (español-inglés-alemán) y posee título de Maestría en Administración de Negocios de la Universidad de Indiana en Pennsylvania y título equivalente de la Escuela de Posgrado en Administración Leipzig en Alemania.
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Post by Entendance on Mar 1, 2022 7:19:29 GMT -5
McEwen Mining GAAP EPS of -$0.05, revenue of $35M; issues FY22 guidance Revenue of $35M (+26.4% Y/Y). For 2022, our gold equivalent production guidance is 153,000 to 172,000 GEOs. Fox production for Q4 and 12M 2021 was 18% and 23% higher, respectively, compared to Q4 and 12M 2020. Cash costs and AISC per ounce sold for the 12M period both dropped by 21% and 11%, respectively, compared to 12M 2020.
McEwen Mining: 2021 Year End and Q4 Results March 1, 2022TORONTO, March 01, 2022 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period ended December 31, 2021.
Cash and liquid assets (2) and working capital at December 31, 2021 were $63.5 million and $32.6 million, respectively.
Our operations delivered production in line with our guidance. For the full year 2021, production was 154,410 gold equivalent ounces (GEOs)(1), above the midpoint of guidance for the year and 34% higher than 2020 production.
Production costs/oz for 2021 decreased compared to 2020 and additional reductions remain a focus. Cash costs(2) per GEO sold from our 100%-owned mines in 2021 were $1,453 representing a decrease of 18% compared to 2020. All-in sustaining costs (“AISC”)(2) per GEO sold from our 100%-owned mines in 2021 were $1,635, representing a decrease of 21% compared to 2020.
For 2022, our gold equivalent production guidance is 153,000 to 172,000 GEOs (see Table 5).
We continued to invest aggressively in exploration, completing 254,800 feet (77,700 meters) of drilling at the Fox Complex, and 17,500 feet (5,300 meters) of drilling at Gold Bar.
Our 100%-owned mines generated a cash gross profit of $17.3 million(2) in 2021 and a gross loss of $6.5 million. Cash gross profit (loss) is calculated by adding back depletion and depreciation to gross profit (loss).
Our consolidated net loss in 2021 of $56.7 million, or $0.12 per share, relates primarily to investment of $35.0 million in advanced projects and exploration, general and administrative costs of $11.4 million, and a gross loss of $6.5 million from our operations.
Fox Complex PEA outlined potential to extend the mine life by 9 years, generating average annual production of 80,800 gold ounces at average cash costs and AISC per ounce of $769 and $1,246, respectively.
A webcast will be held on Wednesday, March 9th at 2 pm EST. Please see the details further here
Operations Update Fox Complex Canada (100% Interest) Fox production for Q4 and 12M 2021 was 18% and 23% higher, respectively, compared to Q4 and 12M 2020. Cash costs and AISC per ounce sold for the 12M period both dropped by 21% and 11%, respectively, compared to 12M 2020.
Black Fox mine wound down during 2021 as production shifted to the Froome mine. We realized a milestone on September 19th, 2021 when commercial production was reached at the Froome mine, three months ahead of schedule. To date, mineralized material extracted from the Froome mine produced grades that are consistent with the resources model and mine plan.
On January 26, 2022, we announced the results of our PEA for the Fox Complex. The PEA presents estimates for a positive business case for the Fox Complex expansion project, with potential average gold production of 80,800 gold ounces per year over nine (9) years, after the depletion of the current resources at Froome. The economic analysis estimates an after-tax IRR of 21% at a gold price of $1,650/oz, and average cash costs and AISC per ounce of gold of $769 and $1,246, respectively. Additional exploration work on the Fox Complex properties will be conducted throughout 2022 to support ongoing studies necessary to advance the expansion project and shorten the payback period.
We remain focused on our principal exploration goal of cost-effectively discovering and extending gold deposits adjacent to our existing operations, that can contribute to near-term gold production. During 2021, we incurred $15.0 million in exploration initiatives at Fox. The exploration budget for 2022 at the complex is $10.0 million.
Gold Bar Mine, USA (100% Interest) Gold Bar production for Q4 and 12M 2021 was 66% and 57% higher, respectively, compared to Q4 and 12M 2020. Production increased significantly in 2021, primarily due to improved heap leach operating efficiencies and no materially adverse COVID-19 impacts on operations. Cash costs and AISC per ounce sold for the 12M period dropped by 20% and 29%, respectively, compared to 12M 2020.
The permitting process to access ore at Gold Bar South satellite deposit is ongoing and we anticipate receiving the permit in Q1 of 2022. The initiation of gold production from Gold Bar South is planned for the second half of 2022.
In 2021, we spent $4.2 million on exploration activities, including metallurgical, geotechnical and drilling programs for a cumulative 8,620 feet (2,627 m) at Ridge and Tonkin Rooster. Delineation drilling programs were conducted at Atlas Pit, SW Pick Extension, and Cabin North, with a cumulative 8,629 feet (2,632m) completed. Delineation drilling at Cabin North and the SW Pick Extension is ongoing. The Gold Bar exploration budget for 2022 is $2.5 million.
San José Mine, Argentina (49% Interest) San José attributable production(3) for Q4 and 12M was 38% and 41% higher, respectively, compared to Q4 and 12M 2020. Cash costs and AISC per ounce sold for the 12M period increased by 2% and 6%, respectively, compared to 12M 2020.
Gold and silver production increased in 2021 due to the lifting of COVID-19 restrictions that impacted operations throughout 2020. We received $10 million in dividends from our interest in San José in 2021, compared to $0.3 million received in 2020.
McEwen Copper (81% Interest) Activities at Los Azules ramped up in Q4, with the opening of the seasonal exploration road, the activation of two camps, the start of construction of a new all-year access road, and the preparation of drill pads and roads to support the current drilling program. Drilling started in January 2022 and there are currently five rigs operating, increasing to seven in March.
On February 17th, 2022, Michael Meding joined as Vice President responsible for the overall direction and management of the Los Azules project. Mr. Meding has over 20 years of international experience, primarily with major mining companies such as Barrick Gold and Trafigura, including extensive experience with project development and operations in Argentina. While at Barrick Gold's Veladero mine in Argentina, he played a key role in the turnaround, extension of the mine life, and subsequent strategic partnering with Shandong Gold.
An extensive team of experts have been engaged to advance the Los Azules project to a pre-feasibility stage, including the following:
Bechtel Corporation, the largest construction company in America with a long history of advancing, building and developing large copper concentrators and infrastructure projects globally, including the recent feasibility study update on the El Pachon project approximately 75 km south of Los Azules; Samuel Engineering, who will help oversee project management, controls, metallurgy and processing plant design, is a full service multi-disciplinary project development and execution company bringing a team with extensive experience in large South American copper projects, including past involvement at the Los Azules project; Stantec, a full service engineering and consulting firm, with offices in Argentina, Chile, and Peru, will focus on geology, resource and reserve estimates, mining engineering, hydrology, geotechnical and the design of tailings, waste, and water management facility; Whittle Consulting from Australia, with over 35 years of leadership in the field of integrated strategic planning and optimization; and McLennan Design in Seattle, led by Jason F. McLennan, a prominent figure in the field of architecture and green building movement. McLennan is the creator of the Living Building Challenge – the most stringent and progressive green building program in existence.
Our overarching goal is to design a mine that will be the model for copper mining in the 21 st century, one that supplies the raw material to enable a greener world, while incorporating the use of renewable energy sources and technological innovation for a low-carbon footprint and energy efficient mining.
Conference Call and Webcast Management will discuss our Q4 and Year-End 2021 financial results and project developments and follow with a question-and-answer session. The conference call and webcast is being held later than usual this quarter due to executive site visits. Questions can be asked directly by participants over the phone during the webcast. McEwen Mining Q4 and Year-End 2021 Results Date: Wednesday, March 09, 2022 Time: 02:00 PM Eastern Standard Time
To call into the conference call over the phone, please register here
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Post by Entendance on Mar 3, 2022 7:04:30 GMT -5
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce the closing of the previously announced private placement offering (the “Offering”) of 14,500,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$1.04 (Cdn$1.325) per flow-through common share for total gross proceeds of US$15,080,000 (Cdn$19,212,500). The sole bookrunner for the Offering was Cantor Fitzgerald Canada Corporation and PearTree Canada structured the flow-through donation placement.
The proceeds of this Offering will be used exclusively for qualifying Canadian Exploration Expenditures (CEE) on McEwen’s properties in the Timmins region.
This press release is not an offer of common shares for sale in the United States. The common shares may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. McEwen will not make any public offering of the securities in the United States. The common shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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Post by Entendance on Mar 7, 2022 13:41:47 GMT -5
McEwen Mining El Gallo 2020 Sustainability Report link to flipbook Here
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Post by Entendance on Mar 10, 2022 3:18:36 GMT -5
McEwen Mining MUX CEO Rob McEwen on Q4 2021 Results
Company Participants Rob McEwen - Chairman and Chief Executive Officer Segun Odunuga - VP and Controller and Interim CFO Peter Mah - COO Michael Meding - Vice President, Andes Corporación Minera S.A. Steve McGibbon - EVP of Exploration
Conference Call Participants Jake Sekelsky - Alliance Global Partners Joseph Reagor - Roth Capital Partners John Tumazos - John Tumazos Very Independent Research Heiko Ihle - H.C. Wainwright
Rob McEwen Hello to and welcome to fellow shareholders and investors. As you know, we've been working to turn our fortunes around. Today we're going to discuss the progress that we made in 2021 and provide our outlook for this year. In 2021, we had a number of notable steps of improvement. We increased our production, lowered the cost, cost per ounce at our operations delivered positive exploration results along with a preliminary economic assessment for our Fox complex showing that there's a 10 year life out in front of there and we created McEwen copper to fund the advancement of our losses of this copper project. Today on the call, a number of our officers will be talking about 2021 results and looking forward into this year. And we're going to start with Segun Odunuga. You're up Segun.
Segun Odunuga Thank you, Rob. Good day, everyone. Our financial performance continue to improve our power [ph] at Fox Complex mine in 2021 after a 2020 mark, by the beginning of the COVID-19 pandemic. Although mostly [ph] currently imported by COVID-19, our operation -- our 50-50 gold ratio operation at [indiscernible] money to generate $10 million in dividend payments to maximum mining during 2021. Our liquid asset at the end of the year, which includes cash and cash equivalents of $54.3 million including distributed cost of $6.3 million, investments in short term investment -- investment in short term pressure be cash equivalent of $1.8 million and precious metal inventory of $1 million. We have $63.9 million as of 30 of 2021. In 2021 we completed three financing transactions, which including a $40 million -- $40 million private replacement for the advancement of project. At the Fox complex here in Ontario in Canada, before obtain commercial production during 2021 ahead of schedule. We are expecting that the nine will continue to deliver as plan during 2022. Also in 2022 we are primarily we'll continue to monitor operating margin by reviewing capital expeditions, materials contract, improving to our management systems, and also bring synergies to our procurement of recurring between operations through the year started, as we all are aware and know what is starting in the global arena right now, we started the year with a very high cost, which already impacting our cash for half of about $25,000. We expect to see offset with the increasing gold price life at current gold price averaging $1900. This is something that we are expecting that the impact would be -- will especially impact us, even though the diesel price is increasing, but we expect to see offset with the gold price. We'll be working in those in 2022 to advance the project. So this study will be accounted in our income statement our financials. So we expect to see our in statement in 2022 be impacted by spending that we are doing at Los Azules. Subsequent to the year hand at March 5, we raised $15.1 million through a flow through financing that will be used exclusively for our qualifying calendar exploration expenditure on building, on the business case applied in the PA for the Fox complex and these are all the costly things that we will be working towards in 2022.
Peter Mah Thank you, Rob. Thank you, Segun. The three highlights for 2021 were improved production, lowering costs and advancing our pipeline of growth projects. I'll just take a moment to go through some of those highlights. For Q4 2021, consolidated production was 31,300 gold ounces and 683,000 silver ounces. So 40,150 GEOs or 33% higher than Q4 2020. Our consolidated production for 2021 was 154,410 GEOs above the midpoint of our guidance for the year and about 34% higher than 2020. Production cost per ounce for '21 decreased compared to 2020 an additional reduction remain for the focus for this year. Cash cost for yield sold from our one mine in 2021 were 1453 representing an 18% decrease over last year and all-in sustaining costs were 1635 or 21% below 2020. For 2020, we are forecasting production between 153,000 to 172,000 GEO of the shift into each region quickly here, Fox Complex production from in Q4 2021 was 9460 GEOs, 18% higher compared to mining out a Black Fox since Q4 2020. Fox Complex production 2021 was 30,060 GEOs or 23% higher in production 2020. Production guidance in 2022 at the complex based on a full year production firm, were flowing into the production and commercial past commercial and whole production there. We'll be wrapping up to around 44,000 to 49,000 GEO. 2021 cash costs all on GEO were 11 and 1461 or a 1% down from same period last year. For 2022, we'll just keep continuing little downward trend efforts and working improved efficiency as we advance our firm project. We also came up with a Fox PA [ph]. It adds another 80,800 ounces of gold. So again, growing our scale, helping spread our fixed costs that will add on after the firm is completed. We have about another 2.5 years of firm left. We added a year of resources in 2021. The IRR on that project is 21% and it's got some nice low cost ounces, cash cost being up 770 and all in sustaining being around 1246. Exploration Fox well there -- exploration continues through 2022. Steve will touch on that more, a bit later. Gold bar in Nevada, our production for Q4 2021 was 9950 GEO or 66% higher compared to Q4 2020. Operations in Nevada produced 43,850 deals for 20 representing 57% increase over 2020. This was the improved production was mainly due to improved operating efficiencies and lesser material impact or sorry, no material impacts on COVID-19, no suspension of operations. 2021 cash cost and all-in sustaining for GEO for Gold Bar where 1,687 instead 1,753 deal down in 2020. Production guidance for Gold Bar in 2022 is 38,000 to 44,000 GEO. We'll continue addressing reduced costs in 2022. We anticipate placing more on the leach pad, which will reduce our glomeration costs and increasing the rom placement to about 80% from a historical 50%. Other highlights we've changed mining contractors to new fixed unit rate contract and start proving out to help lower cost compared to last year. San Jose moving South Argentina 49% interest. The San Jose contributor production for Q4 2021 was 20,200 GEOs, 38% higher than Q4 2020, and as well for the full year per year production of [indiscernible] higher compared to a 2020. Gold ounce per production increased the lessening COVID restrictions that impacted operations in 2020. That's it. And I'll now turn over the presentation to Steve, who'll talk about our exploration plans and results.
Steve McGibbon Thank you, Peter, and good afternoon, everyone. During 2021, we invested $20.9 million in exploration at Fox Complex in Nevada and delivered solid results in three important projects. Those being increasing the mine life of room, completing our initial resource estimate at South West and completed initial assessments of Tonkin Rooster and Atlas in Nevada. We remain focused on our principle goal in 2022 of one, cost effectively discovering and extending gold deposits adjacent to our existing operations. Two, drill testing, very attractive exploration targets at stock, and three, seeking to expand through still further to depth in other areas. During 2021, we completed over 250,000 feet or 77,000 meters in drilling focused on Stock and Grey Fox properties. 2021 delineation drilling at Peru has expanded the deposit further to the West. The best 2021 results from drilling was a 20 meter true width interceptive 7.43 grams per ton gold in whole 200F 08514. 2022 Diamond drilling will focus on extending mine life through resource expansion of depth. In 2021, 24,300 GEOs were produced from through [ph] and as that year end, 2021 indicated resource additions at firm and Gray Fox of some 317,000 ounces having discovery cost of less than $55 per ounce. And in addition, we released an initial resource estimate of Stock West that includes 144,000 ounces indicated and 111,000 ounces of incurred material. The stock exploration area is adjacent to our stock mill, which currently processes from through. Drilling plans for 2022 will follow up on the 2021 drilling in plus 21202, which encountered 21 meters two width of 4.29 per ton material at Stock West and Maine. This connects to mineralization at Stock West, it will materially enlarge the boundaries of the Stock West utilization system. Visible gold has been noted in several drills from our exploration on Stock Maine and historic stock mine. Shallow drill intercepts include 9.1 meters of 7.43 gram per ton gold including 2.6 meters of more than 23 grams per ton gold within 25 meters of surface from gold SM21024. The expiration budget for 2022 at Fox is about $10 million. Now at Gold Bar in 2021, we completed 17,500 or 5,300 meters of drilling, which included some 8,620 feet, 2,630 meters of metallurgical geotechnical and drilling programs at Ridge and Tonkin Rooster. Delineation programs were conducted at Atlas pit Southwest pit extension and Cabin North. The Gold Bar exploration budget for 2022 is $2.5 million and will be targeting replacement of mining depletion and growth of mineral resources and reserves. Modelling of delineation drilling at Cabin North and at Southwest pit extension is ongoing. We will focus on near mine exploration that can offset mining depletion and grow mineral resources over time. San Jose, our 49% interest in Argentina, the San Jose mine mining is funding a pro rata portion of a $3.5 million exploration program for 2022. The San Jose property surrounds nuances Cerro Negro mine, and is host to high grade epithermal gold and silver deposits. Important areas of exploration in 2021 where San Jose and Saavedra located in the center of the property. Exploration drilling in the mine area at San Jose returned several encouraging results in 86.3 meters of 44.4 grams per ton gold in the Betania vein 1.9 meters of 14.5 grams per ton, and 342 grams per ton silver in Jimena vein and 4.3 meters of 14.9 grams per ton in gold and nearly 1400 grams per silver in the Amelia vein. [indiscernible] is a new nearly acquired property, 70 kilometers south of San Jose. It represents a bulk mineralization target, six initial holes and 1800 meters of plant drilling for 2022 is to demonstrate continuity of high grade silver results that have been recognized on surface. This concludes the exploration portion of the presentation. And I will pass that back to Rob.
Rob McEwen Thank you, Steve. I'd like to now introduce the newest member of our team Michael Meding. He is looking after our material and copper. He has spent seven years working for Barrack in San Juan province, Argentina both at Veladero mine and [indiscernible]. He has extensive experience in San Juan. He lived there for seven years and two or three daughters were born there. So he has strong connections there politically and commercially. So, we just returned from a trip down to the property. And I asked Michael to speak about that, Michael?
Michael Meding Thank you so much, Rob. As Rob said, the senior management just came back from San Juan Argentina. There, we visited our Los [ph] properties and had the opportunity to meet key stakeholders, including South Juan Governor Minister of Mines, [indiscernible] and the [indiscernible] were all positive about our project and advance it to advance as quickly as possible. We visited the site and also had the opportunity to drive a new access road that we are currently developing that is significantly lower than our current exploration road, which will almost allow for year round access to the sites and should help us to develop the properties quicker. We also had the opportunities to see our drill program advancing and this is an exciting opportunity as we have heard by all stakeholders that we met during that visit.
Rob McEwen Very good. Thank you, Michael. Before starting question answers, I want to make a couple of comments; for those of you unfamiliar with the term GEO which you heard, it's not that we're employing a lot more are geologists, but the GEOs are gold equivalent ounces and in that is converting the silver ounces have come out of our operations in Argentina and some in Nevada are converted to a gold equivalent and that's what is referred to as GEOs. Michael just mentioned the new access road we're looking at is lower. That's lower elevation and it lacks the high, our current route in there as two high mountain passes that we have to pass that are prone to getting closed because of snow loads and this new route is quite an important development for that project. I want to say that looking forward our production for 2022 we expected the trend of lowering cost per ounce to continue and there will be a slight increase in production, but I want to alert everybody to the fact that in the first quarter, we're going to experience higher cost of COVID and was a large contributor to that, but it's contributed to a lot of companies having higher costs, but we have, it was higher costs, both in Siemens and in Nevada. So Q1, there'll be a hiccup and cost are projected to be lower going forward for the balance for the year. There are a number of questions that have been asked and I wanted to speak to them before opening up for further questions. Cost guidance was given by Peter just now and Segun for the year. There is the commodity prices. There is some sensitivity given by Segun on oil and the offset of a higher gold price. It's a big issue, we're trading below a $1 and the New York Stock Exchange as many as you know, has given us notice that they don't like stocks below a dollar. And if within a six month period, it isn't trading above a dollar, then you face two decisions. One to accept delisting or you go and think about a consolidation. We've had some experience with this before and each time we've entered into this danger zone, we've been able to escape it and think that we will be able to do that again. There are a number of reasons for that one, the exploration that Steve spoke about, we believe it will allow us to reduce the payback period in the preliminary economic assessment for the Fox Complex which would be quite positive because that is projected to be a nine year mine life as we know it. We have annual production of about 80,000 ounces a year or about almost 60% higher than what we're currently doing and a significantly lower cost, but it's important to get the payback done. Two, we'll be coming out later this year with our progress at Los Azules where we'll be updating the preliminary economic assessment. We've been looking at the project going through a number of simulations optimization simulations, and believe there is a larger deposit there and a more deposit -- profitable deposit using a $3 proper price and copper is now above $4.5, so 50% higher. We decided to the best way to develop this project or to fund the development of Los Azules was to put it into a separate company and some people have questioned that decision. It was largely driven by a desire not to issue a lot of shares in mining to fund it and it was also so we wanted to reduce the potential for significant solution in order that would be required to fund the project within the mining. But also there is a very distinct preference by most investors for specific plays like a pure copper play or a pure precious metal play and that's why we put it out. A question relating to the McEwen Mining copper is when do we expect to close the $60 million to $80 million financing we announced last year. And we hope to conclude that -- we expect to conclude that in the first quarter of this year. Still relevant to McEwen Mining and McEwen copper with this financing that we expect to close by the end of the first quarter, McEwen which have 69% interest in McEwen copper. There's been some people asking, well, what would the percentage ownership be following the IPO? The IPO is still sometime away, but I do believe that Los Azules represent a very valuable asset for us that we will enhance its value in its form as a separate company and it would be appear very attractive to copper investors. As you heard earlier on, or may have, the Canadian Mining Journal ranked it as the 10th or the ninth largest undeveloped copper deposit in the world. We also at the McEwen level and McEwen mining level, we had $50 million of debt that we were to start the retirement of it in August of this year. Now we will be moving that we expect to have that pushed out by a year, taking that immediate need off our balance sheet and there's also some people saying why hasn't management been buying? Well there long blackout periods that we have to observe when we're releasing financials or any significant news of the company such as preliminary economic assessment. So that's largely been why people haven't been adding to their positions. In terms of profitability, you should know that since McEwen copper will be a subsidiary of McEwen mining and McEwen mining being a large shareholder, the money we spend at Los Azules, a large portion of it will be reflected on our income statement as an expense. So the question of profitability will be up in the air for quite a while as we're spending money there. Operationally, our mines are generating positive cash flow. And with that, I'd like to open it up for question and answers.
Jake Sekelsky, Alliance Global Partners Hey Rob. Thanks for taking my questions. I think you mentioned that cost guidance was given on the call. I might have missed it. My apologies for that Rob. Would you mind just walking us through that again?
Segun Odunuga Sure. First quarter is going to be quite expensive. I'll do it on a consolidative basis first. Cash of $1900, all-in sustaining 24.50, second quarter $1400 cash, $1850, all in sustaining, third quarter $1,230 and $1,550 and in the fourth quarter $1,200 cash and $1,350 all in sustaining. It was COVID and weather that affected both Black Fox and Gold Bar during the first quarter. And that caused that bump up and a problem in the mill with a piece of equipment also at Black Fox. But you can see the trend aside from that ugly bump in the first quarter is progressively lower.
Jake Sekelsky Yeah, no, that's helpful and it's good to see the trend in the second half. Okay. And then just quickly at Gold Bar you mentioned in the release potentially bringing on the Gold Bar South satellite deposit in the second half of the year. Any color on development costs that you expect to incur there during the first quarter to kind of bring that comment into the mine's life.
Rob McEwen I'll ask Peter to shed some light on that.
Peter Mah Yeah. Thank Rob. Hi Jake. Yeah, Gold Bar the CapEx for the year is around $10 million. We're expecting to be able to bring that project on in the second half of this year. So we moved it forward from the feasibility spend, if you will. Most of that spend is to expand the heat leach pad, build the Gold Bar South road and construction and pay some big growth credit.
Jake Sekelsky Got it. Okay. That's all on my end. Thanks guys.
Joseph Reagor, Roth Capital Partners Hey Rob and team. How you guys doing? So you mentioned weather impacting Q1 like Gold Bar, but looking back to Q4 the grade, was you quite a bit below the first three quarters? Was that planned or was that something where the resource didn't match expectations,
Rob McEwen Peter, please.
Peter Mah Yeah. In Q4 we changed out the mining contractor and transitioned to core unit rates. So we didn't quite get the strip we had hoped for and ore release so things have gone well now. All the contractors fully transitioned and we expect to get back on track this year.
Joseph Reagor Okay. And then looking at the guide for this year particularly at Gold Bar I think when we've talked about this, maybe even over a year ago, there was kind of an expectation at sometime around 2022, 2023, there'd be an uptick grade. As you guys completed some pre-stripping activities and got to a higher grade part of the resource. Has that been pushed out? Is it just not as high as maybe we'd anticipated. Any additional color you can give as far as like going forward expectations on grade?
Rob McEwen Yeah. I'm not sure which timeframe you're referring to, but so we're still in West and obviously that mining's extended out longer than the feasibility by adding in some other opportunity or as we call it. So we've been mining some waste or, and this year we continue to do that. The higher grades will actually come with Gold Bar South in the mine plan. And we're advancing that ahead of the feasibility quicker into this half of the year on the permit is progressing well. We're expecting approval in the next month caveat though that although the Gold Bar South grades are expect to be hotter the recoveries are slightly lower.
Joseph Reagor Okay. And then looking at MSC and I realize guidance there is provided by your partner. But, there was a pretty decent jump in both cash costs and on sustaining costs in Q4. What do you guys attribute that to? And do we expect that to continue into 2022?
Rob McEwen Large part of that cost came from COVID? The mine was largely evacuated for a period of several weeks. There were a number of people that were infected with COVID and they came in and shut down the mine. They didn't have the product, had the expenses,
Peter Mah The San Jose pandemic I expected that where were tally up to be, I believe $11.4 million in 2020. So significant pandemic loss delays, as Rob mentioned
Joseph Reagor And no issues in Q1 so far.
Peter Mah They started opening their board. We heard we've gone down. So it's improving. I guess stay guarded. We didn't see that going but things seemed to be getting back to normal when we were there.
Joseph Reagor Okay. All right. I'll turn it over. Thanks guys.
John Tumazos, Very Independent Research So with all these great metals prices, maybe there's a shot of selling Al or the 49% of Marina San Jose, or eventually McEwen Copper. Do you have enough confidence to borrow $25 million, maybe buy 25 million shares. If you were to sell Marina San Jose, the proceeds would be a lot more than that for example, even Al GaIo might be that much or more, might also address your NYSE issues too.
Rob McEwen Yes, yes. We have been gathering into move some of our assets. We just haven't been able to conclude a transaction on that, but definitely that would be I think high on list would be reducing the debt or eliminating it. And with the extra funds using it on some of the area issues suggested there.
John Tumazos If I can ask a second question, looking at the MD&A beginning around page five, it mentions reserves at San Jose. I'm looking at the resources for Ontario, it were about the same as the end of 2020, but more at Grey Fox and Stock West and less at four and what you call others or other than the first five zones. Could you explain in the progress where the Ontario reserves the resources, excuse me, stayed the same And the documentation that Peter, Steve and the team need to do to classify reserves at 100% projects. And I'm assuming that the absence of much gross profit or net profit in current periods is not relevant because if you doubled Ontario production, the costs would fall and the results would improve if more, tons, grade, more zones, but correct me if that impression is wrong and then current results have an impact. I'm just trying to understand the reserve and resource accounts better.
Rob McEwen Sure. I'll ask Peter and Steve to weigh in on that question.
Peter Mah Steve, do you want to go first on re resource or I can lead out.
Steve McGibbon Yeah, go ahead Peter.
Peter Mah Okay. yeah. Thanks John. Lots of moving pieces there in Ontario. As I mentioned room, you know, remind a year and we kept drilling with mine X and, and added a year's resource, which really is in our mind plan. So it added to our mind planning inventory. So we, we stayed flat there on a resource reserve basis by mining a year out and by adding another year so very positive. We're and tried to do the same this year, maybe slightly less maybe 30,000 40,000 ounces targeted to add at, from Great Box and went up with some drilling around there. More focus was on stock west. And we came out with the made in resource of about 200,000 ounces and about a hundred and 85,000, if my memory's correct was in the mine plan which made the PA so although it might seem that some of the PA resources decrease they're there, they just need more drilling and, and what we've added in was what we believe were the more sure mind plan constrained ounces into the PA. So that's why there's a bit of difference between PA mine planning and the financial models you see in there and the resource numbers and why we decided to raise some more flow through funds. They both unlock Great Box and room fuller. A full look hadn't been done I know, unintended in the past and so when we started putting mining shapes on that again, for the same reason, we thought some of the drilling or areas would require more drilling. So that might be part of the reason for some of the reductions you saw it fuller. That's really all I have there, Steve overview. Maybe,
Steve McGibbon Maybe Peter, what I'll add to that for our 2022 plan, as I had mentioned we believe there's still an opportunity to increase further the resources that firm most notably from our drilling at the bottom of the deposit, also our near surface drilling at Stock West where we believe there's an opportunity to ultimately improve the payback period that was in the PPA and that would come by adding some additional ounces near surface approximate to the stock mine. There's further delineation to be undertaken at Stock West over time and from an exploration standpoint, while it may not show up in resources this year, any success we have following up the 4.3 gram per ton intercept with 21 meters is going to certainly signal probably a meaningful increase in the reserve over time. A little further at depth and at San Jose, what I can at least best speak to now is the new property at San Jose proper that has veins on surface that is a very attractive bulk mineralization opportunity. And that's really the focus of a good portion of the exploration program there this year.
John Tumazos Thank you, Steven and Peter, if I ask a little more. There's 235,000 measured indicated inferred ounces called others. And I think that might be Black Fox or Stock Central or Buffalo Anchorite or Davis and Tisdale. Do any of those four projects have resources? And could you tell us kind of which one is the biggest one in others?
Rob McEwen Steve. Peter,
Steve McGibbon Yeah, I'd say the biggest one in the other category would likely be Stock East which was around 95,000.
John Tumazos The Stock East is broken out Steven.
Steve McGibbon Oh, I'm sorry.
John Tumazos It's approaching Stock Central.
Steve McGibbon I'd have to go back and, and kind of do a tabulation on that, John. And certainly I could put that back to you.
Rob McEwen In ancient times before Steven, before Peter, when Lexam VG gold stood alone or was brought into the McEwen mining, my recollection is that there are three deposits, Fuller, Davis and Tisdale and Buffalo Ankerite, were much larger resources. I'm assuming the drilling wasn't was too widely spaced in the current [indiscernible] and management just interpret the resources, smaller, pending more info drilling. Is that fair?
Rob McEwen That'd be a fair state.
Steve McGibbon Thank you very much. Thank you for putting up with all my questions.
Heiko Ihle, H.C. Wainwright At that moment too, Can you guys -- can you guys hear me okay? Thanks for taking my question for the second, right. And thanks for taking the first time too. Hey, Hey Rob do geo -- most of my questions been answered, but geopolitical rates are all over the news right now. I mean, obvious reason in, in your conversations with investors or potential business partners, do you feel you're getting enough credit for the geo politically state jurisdictions they have to have? I mean I'm thinking of Russian oil versus non Russian oil. I'm thinking about North American source uranium versus every other source of uranium. Do, do we, that he do enough credit for that? And if no, what can the analyst community and, and your Company do to maybe lead up to that?
Rob McEwen I don't think political risk has come into the consideration for North of America -- for Canadian and American assets. There was questions and it remains about Mexico, but Mexico is a small, small part of our portfolio today. And Argentina has dominated the area of concern. I'd say about our asset. With the recent development in Chile and Peru, in terms of the political leaning at the parties elected and the amount of Copper produced by those nations, there's been a decided shift to Argentina And it's looking better, but I think they have to do a better job of convincing investors. It's a good place. But we have, Glennco talking about it and developing their mine. That's close to Los Zulu. You have for making a very large statement about working to develop the hydrogen green energy of Argentina. They're also exploring near us. You have London working to develop a copper mine and the same problem. So I think you need to see more of that and you're seeing some good copper drill holes that I'd say Argentina is better than the Congo, or Go ahead. Sorry.
Heiko Ihle I, I said I would, so it's probably just about everybody else?
Rob McEwen So I guess right now the political conflicts are just illustrating the short supply of metals in face of the demand profiles that are being constructed.
Heiko Ihle But I guess I, I guess I -- I agree with every single word you said, but, but probably on just a little bit more, I mean, do you think that investors give you full? I mean, most fear assets are in places where you could walk alone and at night and, and be just fun. And do you think you get enough credit for them being in that state already in the marketplace? And if, no, how do you think we might be able to achieve this?
Rob McEwen As I said, I don't think there's any concern about the location of our Canadian and American assets. There's more concern about the operation results coming out of them. And then Argentina, I think people -- Argentina should do a better job of grant and we should be doing a better job of just highlighting the types of capital investments moving into the country. But Argentina needs to be changing a few of the rules to make it look like an even more attractive time. So I would say the, Argentinian asset is receiving the largest discount.
Heiko Ihle Got it. Okay. And then just a quick clarification in your entire model, what figure do you guys use for salary inflation for the remaining year? And, and I assume all of that is baked into the guys, correct?
Rob McEwen Salary inflation across the board?
Heiko Ihle Yes. Rob McEwen Hmm. I'll have to ask Steven and Peter for that one
Steve McGibbon Question. Great
Peter Mah Consolidated.
Rob McEwen It was, it was just about what inflation factor did we factor into compensation levels for this year?
Peter Mah Yeah, I'm just. I think we were around in Nevada. And [indiscernible]do you have the, the exact numbers?
Unidentified Company Participant Yes. Our U.S operation, we factor in 4.5% inflation rate and at current operations, we factor in 3.5% inflation rate.
Rob McEwen Okay. Thank you, Heiko?
Heiko Ihle Yeah, that was it on my end. Thank you all so much. And, and sorry about being muted there. Well not sure what happened.
Rob McEwen Oh, you don't need to apologize. Thank you. Hi Ronnie.
Unidentified Analyst Hi, Rob. Rob. I've been a long-term shareholder and I watched the McEwen share price, five years ago in March. It was trading at $4 a share and gold was trade -- gold was trading at between $1,200 and $1,300 an ounce. Fast forward today. We're less than 90 cents -- 90 cents per share and gold is trading for $2,000 an ounce, which is very, very disappointing. I'd like for you to give some color on that. And my, my next, my question is if you cannot improve your cash flow and profitability in the near future, would you be, would you be willing to sell the whole Company to a large or minor?
Rob McEwen Oh, Well, depends. If you had a bid, you'd look at it, right?. I'd have to say we, we encountered some, some natural problems that were unanticipated and we experienced some Serious operational issues. And I share your disappointment in a very large way. I think we have some interesting assets in particular, and it might sound different because you bought it as a precious metal Company, but we happen to have a very large copper resource that makes every other asset look very small right now. And I don't think that's getting value, but as we've in the past two years, you've seen copper more than double and recently seen a lot of other commodities trying to do the same thing. And it has, it's very big size. So we're trying to bring the costs down. We're going along nicely. And then a couple of operational missteps, big missteps happened that shouldn't have, but that's water under the bridge right now. I pretty confident we're going to rebuild that, That it's testing everyone's patience.
Unidentified Analyst Okay.
Rob McEwen Yeah, I, to get copper going, I put in $40 million, my total investment in the Company is now $200 million. So, and trading at about half the value I paid. So not happy about that at all. And we're working to resolve that and we spoke about the cost. There's a bump in the first four order, but we're heading down and the margins will be increasing, Hopefully.
Unidentified Analyst Yeah, I guess the share process, what really I'm looking at when a lot of the other minors they thought doubled tripled in the last four years and here we are 75% less in,
Rob McEwen We went the wrong way.
Unidentified Analyst Yep.
Rob McEwen
So well I think better times are coming. I see them, but It's been hard on everyone. I don't have anything further to add to that.
Unidentified Analyst Thank you.
Bill Powers, a private investor Yes. Hi, Ron. Thanks for taking my question here today. Just a quick question on I guess the cost going and forward what is going to be, is it the big drop into Q3 versus a slight uptick into Q4 or about a 20% uptick in 20 in Q4? What is kind of the surrounding factors for that?
Rob McEwen Improved production at fruit in terms of number of ounces and getting through some of the a large waste removal at gold bar.
Unidentified Analyst Okay. And how quickly could we see a decision? I know improved metals prices at at stock west. I know, or going forward there. I know you're there's, you're actively drilling. What is the, I, I guess, do you need another six months, another year? Could you give us some idea onwhat the timeframe's looking like on that front?
Rob McEwen We're exploring and very encouraged by what's going on with stock mine. We put out our initial for a preliminary economic assessment and it projected a nine year life average production of 80,000 ounces a year, which would be about 60% higher than what we're projecting for this year. It, however, had a payback period that was not attractive, that this was a six years. I think we were using 1750 on it, or what a higher gold price, I assume, shorter period, but we're, we expect that the exploration work we're doing will expand the resource space and have a positive impact on the pay period.
Unidentified Analyst So I mean, I guess the question is you have near surface material at stock and stock west as far as looking for ways to bring that forward. Is that something, I guess, how much more before I know it's been it's been up to two years before you would go forward with a decision on construction there. I guess, is there ways to do a, a smaller initial investment to get that would, those to me would seem to be pretty profitable ounces given the proximity to the, to the mill as well as not having a, a royalty on it?
Rob McEwen Yes, that's true. That's true. Peter, would you like to give a little more flavor there?
Peter Mah Yeah, absolutely. Yeah, we're very encouraged and a very astute to question. I think that's an exciting project. We have enough resources you see in the PEA to go after it now. What Robin and Steve have been talking about is drilling up higher in and around the old workings. And the host unit that stock left is, in the foot wall of stock main, the historical working. So we're busy grilling around the old workings and around near around the new stock West ramp to try and find around a hundred thousand ounces in the upper part of the mind that we could easily access and, and, and start mining while we developed the ramp all the way down to stock west. So that's, that's the strategy. Drilling's been, been encouraging as, as Rob says, we're, very excited about that. We've started of preparing the baseline work and the, and the work to submit a permit application. So if things work out in the drilling and on the back of that, we see that resulting in, in much less dilution of the shareholders. It's about a year to get down to the top of stock west and about a $10 -- $10 million estimate on the, on the cap to do that. So it's, it's something we could do quickly and we're working on and hoping to bring something in the second half of this year for, for decision for maybe next steps and further advancement.
Unidentified Analyst Okay. Now that's, that sounds, I mean, I that's I mean, with prices, I think your, your base case was 1650 at today plus or minus 2000 and a way to move that forward would be, I think very welcomed by pretty much all shareholders, just given it the impact it could have and in moving things forward. I guess the other thing I I'm blasting is Mexico. I saw that you put out some, a little news on that. Is that something that is in the cards as far as selling or potentially developing at know there is fairly there's some options that involve relatively low initial capital. Is that something that you guys are looking actively looking at right now?
Peter Mah Yep. We're -- Hi, Rob absolutely. We're looking at each of those strategic options. There are still some folks in the data room looking at purchasing the asset. We haven't remained idle ourselves on other options. We've identified a low capital option for about $29 million for phase one. And Stephan and team have been coordinating with ASA on a potential gold loan option to finance and build phase one. The permitting has been advancing as you may all know the, the input tailing disposal permitted, but we've also been advancing the power permits per compressed natural gas. So we have the team there. We have two potential mills that we could achieve that low CapEx cost board. We're working on getting locations for those mills and the, and the final detailed engineering designs and all the steps that go with that that would be something like a 12 to 18 month construction period from the time we take the decision hit the go button. So the, at the price of gold at, at these levels, you look at the robust upside case, if you will, in the feasibility, it's quite attractive. I think payback at, at, around the 1900 gold reduced to just around a year on the $29 million. So it's looking to be a really good and, and averaging 30,000 ounces of gold for the first six or seven years at a, at a cost of 7,000 bucks. So it could be a really gas generator for essentially [indiscernible] mining or, or an employer?
Unidentified Analyst No, I, and I mean, especially if it can be done partially through a debt financing, I mean, that's a that sounds like you've put some more work on that. I mean, certainly that's a would imagine very attractive with the payback of a year. So anyway, I hope P keep us updated on all of that. And anyway, thank you for all your time today.
Mark Ellot Thank you. Hi, Rob. We spoke a few months ago, believe or not about the Copper IPO, but quick question. Since I work for international data corporation our job is to really put names out there. And I think with your Company, do you have any ideas or plan to get more analysts or coverage on wall street? Because I think that would help with your visibility quite a bit?
Rob McEwen Yes. Well we wanted to move the copper project forward to a degree and then communicate with the street COVID was restricting that at first, but no, that's in the plan you had ways to do that effectively?
Unidentified Analyst Yes, we do, but that's a whole another conversation. I just wanted to see if you had plan, because I don't think a lot of big banks or Wall Street or there's not enough coverage. And I know that the future is bright with your Company. So that was my purpose of the question.
Rob McEwen Well, there, there was some work. We were, we're working to update the preliminary economic assessment that was done in 2017 and included in that would be some of, some of the results coming from the optimization and work that's being done by Australian Company called Whittle consulting. And they're envisioning through all the simulations they've done What appears would be larger and more profitable than what the PEA suggested. So we, we want to fine tune that and granted it's a, it's a preliminary economic assessment, but it, It shows that working at a $3 copper price, you can improve the economic by considerable degree in when you, if you were to plug in today price,
Unidentified Analyst It's
Rob McEwen A very attractive
Unidentified Analyst Definitely. That's all I have. Thank you so much.
Rob McEwen You're welcome, Mark. Thank you.
Jeffrey, a shareholder Hey I like your thoughts since the announcement of McEwen Copper, we've talked about this that was I believe July 6th, 2021, the price of McEwenmineand may was a $35. And since that announcement has gone down a black diamond slope To the price we see today I'd like your thoughts on why the market And investors have given that a thumb down. And Secondly, you've created the McEwen Copper and you said have stayed in the past to show the value of between mining. Why not why not sell your golden silver properties? Cause they they're just not, it seems like they're hemorrhaging money and just go full forced into the McEwen Copper and. Also You give an update on the CFO's condition And finally, what would be the de delisting date from the new, the New York stock exchange? I know those were like three questions at you, but you anyway Sure. Give some sure. Yeah?
Rob McEwen Yeah. Well, let's start with the CFO. She had a stroke in December mid-December that led to a brain aneurysm and some brain surgery. She's been recovering well and expects to report back to work next week. Okay. You be on a, on a part-time basis. Okay. And we're all ha very happy about that. We learned that when they went into the operating, when she went into the operating theater, the doctors gave her a 30% chance of living. So it was very sudden and very sad and but were delighted to see her recovering. She was an athletic individual and that contributed to that recovery. So as a retired anesthesiologist, that's great to hear my question was just because anytime the, when the market or when the Company reports CFO leaving or whatever, temporary leave that always gives investors a sensible alarm. But anyway, that's good news. With respect to selling gold, I mean, are our other assets and just concentrating on the copper if you were to look at the potential of the assets that we hold, certainly today, it would appear that the largest potential return and the longest life asset would be Los Azules. And that's never escaped me. It's always been one of my favorite assets in our portfolio because of its size and its economic power once developed. What was important though, there were, we did a PEA some time ago and a number of majors looked at it and there were some, they said, well, there are a couple of things that we would've liked to have seen you done before to convince this, that this is a great deposit. And so they were looking at us and saying our finances were weak. We had this big deposit, let's put some low ball in there and see what we can get it. Since then proper price has gone from $2 to now better than four and a half. And we look at well, could we finance it by just financing the McEwen mining? And I'm really not happy with the number of shares we have outstanding in McEwen mining. And John Tumazos was saying, well, let's, let's buy some back. But we didn't have the financial strength to advance our gold and silver assets at the same time as advancing the copper. So I know some people have wondered, well, why didn't I just put the $40 million into McEwen and right. And, and you look at it and say, we're going to have to issue a ton of shares. So I thought if we could advance and I didn't want you a ton of shares in McEwen. I said, alright, if investors prefer a pure play over an [indiscernible] gold copper built let's create a separate Company and that we can get should create value. Once we get it fully financed for a McEwen mining and it retains a large interest, it retains a royalty The suggests a 36 year life and copper 50% high and what it was, but the project was all remote.
Unidentified Analyst Hey, Rob can with, with Moses joys from the day from day one, I guess, how were you going to develop that originally your plan before you, went into the Smith McEwen copper.
Rob McEwen Oh,
Unidentified Analyst You follow me on that? I mean, what,
Rob McEwen Yeah, yes, yeah, no, it's a good question. I looked at it at first, I thought, okay, we're supposed to have gold bar and it was going to be up and running. We had a positive cash flow, surplus cash flow that it would allow us to develop.
Unidentified Analyst Okay.
Rob McEwen Gold bar flew into a wall, right. And we had to scramble for the last two, the years to try to repair the damage of a wrong geological model that sucked enormous amounts of cash out of our system. So, and okay. I took on debt, believing in the projections on gold bar and said, well, I'd rather have debt and we can repay it. But in hindsight, it would've been better to do equity and not have that amount of debt on. And it's not a lot of debt, but it's, it's certainly weighing heavily on the Company right now,
Unidentified Analyst Rob. So on those projections who made those projections with Gold Bar way off as apparently
Rob McEwen We used this from a firm recognized geologic consultant SRK[ph] and they looked at our resources, came up with a geological interpretation,
Unidentified Analyst Okay.
Rob McEwen That our geologists compared with and the year after we went into production and we weren't getting the grade or the tonnage that had been projected, they came back in and said, oh the interpretation of the deposits is different. And rather, rather than being laterally distributed, it's more concentrated vertically. And that wiped out a large part of the, to we had and the resources.
Unidentified Analyst Well, is that a screw on their part then?
Rob McEwen I, I won't put it exclusively on it. Okay. I'd have to say we were part of the party.
Unidentified Analyst I see. Okay. because you have wow. Yeah.
Rob McEwen Okay. Now that, that, that just slammed us in the head and you spent all of 2020 and, a large part of 2021 trying to say, well, where'd the goal go? Is there more of it? And all of a sudden it was like, we looked at a, at a rather continuous or body and what the reinterpretation said, it wasn't, didn't extend the full distance. In fact, there's a big chunk right. In the middle.
Unidentified Analyst Okay. Cause I'm kind of learning as I go to. I mean, I've been investing with your Company since 2016, when you had no debt, you paid a, a dividend. I mean, it was only a penny, but anyway well, do you still use that Company then?
Unidentified Analyst For projections or...
Rob McEwen It's an excellent question. I, I believe in some cases we do, they're different areas. They're international.
Unidentified Analyst I oh, I see. Okay. and then I know I threw something about the de-listing date got, I mean, I hope you don't have to do that and I hope you don't do a reverse split cuz as I've told you on my emails, I, I know they've been kind of harsh at times, but well, I think that'll be the, I think that'll be the last mail in the coffin. I hope. But anyway, so what, what date do we look at where, I mean, you have to get this price above a dollar?
Rob McEwen Yeah. You have to be above a dollar for 30 days trading days,
Unidentified Analyst Right. To?
Rob McEwen Avoid that happens.
Unidentified Analyst Okay. So this depends on what's what, from the date, date of the announcement, what's the cutoff date and they say, well,
Rob McEwen You know, it it's a six month period Jeff.
Unidentified Analyst Right. Okay. So that puts
Rob McEwen Six months from the date of notice.
Unidentified Analyst Okay. So I'll figure that. Okay. I'll figure that out.
Rob McEwen It's into June. Unidentified Analyst Okay. but you kind of, so you can address that.
Rob McEwen Sure. Tell her to try.
Unidentified Analyst Yeah. Okay. And I think, I think that's it for me. Yeah, yeah, we did get a nice, of course Gold's down 50,
Unidentified Analyst About $50 today. I think it's under under 2000, but
Steve McGibbon But I guess oils down. I...
Unidentified Analyst I hear I land's going to release some oil and anyway, but...
Steve McGibbon Hey Rob, I think that's it. Thanks for bearing with me and get this puppy going.
Rob McEwen That's right.
Unidentified Analyst All right. We,
Rob McEwen What Jeff, we just came back from, as Michael said, came back from Argentina and there's a lot of excitement down there right now and we'll be putting out a PEA an updated PEA on the project. Okay. When you start doing some of the math, it starts looking very interesting.
Unidentified Analyst Okay. I just say you, we've been hearing this for a long time from yeah know.
Rob McEwen I Know.
Unidentified Analyst It's it's all right. Hey alright. Be safe and thanks a lot for taking my
Rob McEwen You're welcome. Thank you. Thank you everyone for attending. A friend of mine, Ted Rogers used to say- “The best is yet to come. I know it's been a long way”, but the metal prices are moving in the direction that are a function of the huge amounts of liquidity. That's been pumped into the system by governments around the world, the large levels of debt and low interest rates. And that's an environment in which hard assets appreciate and value and goal being one of the most valuable of those. But copper is also moving as we electrify the world. And I think we have the right assets and the trends despite bumps and hurdles we've had. The trend is lower production costs and an opening of the margins profit margins. So thank you very much for joining us today.
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Post by Entendance on Mar 11, 2022 6:29:15 GMT -5
McEwen Mining Provides 2022 Guidance McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide production and cost guidance for 2022. We are estimating production of 153,000 to172,000 gold equivalent ounces (GEOs) in 2022. Cash costs and all-in sustaining costs (AISC) per GEO sold for 2022 from our 100%-owned mines (Gold Bar and Fox) are expected to be in the range $1,310-1,410 and $1,570-1,690, respectively. At San José, production is estimated to be 69,500 to 77,500 GEOs at an AISC per GEO sold of $1,330-1,370.
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Post by Entendance on Mar 23, 2022 8:41:04 GMT -5
"McEwen Mining has been a gold producer struggling with poor mine performance and high costs in recent years. With its performance starting to improve, the company is ramping up exploration while also resuming work at its Los Azules copper project in San Juan, Argentina in a new vehicle called McEwen Copper..."
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Post by Entendance on Mar 30, 2022 5:34:41 GMT -5
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Post by Entendance on Apr 6, 2022 5:46:36 GMT -5
McEwen Mining Amends Term Loan Facility and Raises Additional $15 Million from Rob McEwen
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX)(“McEwen” or the “Company”) is pleased to announce that it has amended its $50 million senior secured term loan facility (the “Term Loan”) to gain financial flexibility and entered into a new $15 million unsecured subordinated promissory note (the “Promissory Note”).
“Reduced cash flow from operations in Q1 has placed McEwen Mining in a challenging position which we needed to overcome. I have invested a further $15 million by way of an unsecured Promissory Note so that we can implement corrective action. It was also beneficial to extend the maturity of our Term Loan to enable us to invest in production growth and mine life extensions before debt retirement. Results from operations are expected to improve starting with the current quarter and resume the positive trend we experienced during 2021. Gold Bar achieved our production target in Q1 and Los Azules has made some important advances,” said Rob McEwen, Chairman and Chief Owner . “The deviation from our financial forecast for Q1 was caused by lower production at the Fox Complex and at San José. Loss of manpower due to COVID-19 was a significant factor at both mines. Very cold weather and equipment failures also occurred at the Fox mill.”
The maturity of the Term Loan was extended to March 31, 2025, the amortization period and certain covenants were also amended, and any security interest over McEwen Copper Inc. and the Los Azules copper project was removed. The principal amount of the loan and reference rate remain unchanged. The amendment will eliminate the need to repay $10 million of principal in 2022 and $40 million in 2023 and allow McEwen Copper to raise additional financing as well as pursue its IPO.
In consideration for the extension of the Term Loan and other amendments, Sprott Private Resource Lending II (Collector), LP will be paid bonus interest in the form of 588,235 restricted common shares of the Company. Evanachan Limited, an entity wholly-owned by Rob McEwen, and a lender of half the principal outstanding under the Term Loan, has waived any right to receive bonus interest.
In addition, the Company has entered into a $15 million Promissory Note with Evanachan Limited maturing on September 30, 2025, and bearing interest of 8% payable monthly in arrears. The Promissory Note will be used for working capital purposes and can be repaid by the Company at any time without penalty.
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Post by Entendance on Apr 12, 2022 4:46:42 GMT -5
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Post by Entendance on Apr 23, 2022 6:52:16 GMT -5
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Post by Entendance on Apr 25, 2022 5:43:26 GMT -5
April 25, 2022 McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide an update on its 2022 exploration program at the Fox Complex properties near Timmins, Canada, and at the Gold Bar properties in Nevada. The programs are focused on expanding known mineral resources. At the Fox Complex, the objective is to shorten the payback period outlined in the Fox Complex PEA (Preliminary Economic Assessment). At Gold Bar, drilling is following up on mineralized trends in and around the Pick Pit, and on exploration opportunities around the nearby Atlas property that was acquired in 2020.
Fox Complex - Stock Our Stock Property covers 4-miles (7 km) of one of Canada’s best mining addresses, the Destor-Porcupine Fault Zone, which is home to a number of world class Archean gold deposits. Our 2019 discovery of the Stock West deposit and our recent exploration success in the area adjacent to the former Stock Mine have opened the potential to source relatively, near term production from a shallow depth and very close to our existing mill. The Stock property currently hosts a mineral resource estimate of 239,000 gold ounces in the Indicated category and 113,000 ounces of Inferred category, in addition to the 137,000 ounces of past production. These resources are largely within 1,650 feet (500 m) of surface. Stock is an Archean gold system, and the hallmark of world-class Archean gold systems is persistent vertical continuity measured in kilometres, allowing the very best of such deposits to remain in production for decades.
Based on previous high-grade drill intercepts, we have several deeper targets (see circled letter “A” in Figure 1). Mineralization measured by ounces per vertical metre is not a constant in Archean deposits, commonly varying by multiples as grade or volume of mineralization increase and decrease over lateral and vertical extents.
Stock Targets Figure 1 below highlights our four priority target areas that are proximal to our operating Stock Mill. These targets have excellent potential to grow our mineral resources and impact positively the future development of the property.
Stock West and Stock East resource areas have not been fully tested. The “A” target area represented by hole S21-202 (4.29 g/t gold over 21 m) appears to be on trend with both the shallow east-plunge of mineralization coming from Stock West and steeper west-plunging mineralization observed in the Stock Mine mineralization. The Heat Map contouring shown 820 feet (250 m) below hole S21-202 remains an isolated but highly attractive target anchored by hole S19-95 (27.20 g/t gold over 7 m).
The “B” target area is located immediately below the base of the Stock West resource represented by hole S21-178A that includes 9.36 g/t gold over 3 m and 2.48 g/t over 15 m (core lengths) respectively. A further 500 feet (150 m) west, hole S21-203 intercepted 2.61 g/t gold over 6 m and 6.69 g/t gold over 2.9 m (core lengths). Precise structural controls on the Stock West deposit are yet to be determined.
The Target “C” area is at Stock East, where limited drilling has been conducted beneath a porphyry sill, the current base of mineralization. Drilling will test to determine if the gold mineralization continues at depth, as our geologists see possible.
The Target “D” area has shallow exploration targets that represent an opportunity to develop mineral resources proximal to potential Stock West development. Some 45 holes have been completed on this area since December 2021. These holes have been successfully expanding the known lateral extent of the green carbonate (CGR) unit located in the footwall to the former Stock Mine and which is also host to the Stock West deposit. Hole SM21-029 intersected 7.98 g/t gold over an estimated true width of 6.2 m within 100 metres from surface. Drilling is also returning encouraging results within the bleached mafic volcanic (BMV) unit that is host to Stock Mine mineralization.
Table 1 and Figure 2 below, summarize key results from shallow drilling in Target “D” area.
For a complete list of drilling results at Stock since December 20, 2021, click here:mcewenmining.com/files/doc_news/archive/2022/20220400/Dec2021-April2022_holes.xlsxOpportunity to Stock’s Western BoundaryThe 2-mile (3-km) strike length between the Stock Mine and the west property boundary appears to be a prospective trend. Holes S37 and S39, both drilled in 1964, host intercepts of 1.50 g/t gold over 7.3 m and 16.46 g/t gold over 1.5 m respectively that occur 1-mile (1.5 km) west of the Stock West deposit. This area warrants further work and will be tested this year.
Fox Complex - Grey Fox Grey Fox hosts the largest and highest-grade mineral resources within the Fox Complex. Exploration prospectivity remains very good, with improved understanding of the deposit. The presence of the Gibson-Kelore and A1 fault zones created the conditions for the formation of the Black Fox, Froome and Grey Fox deposits. Continued exploration along these faults will remain a priority. Figure 3 shows a simplified geological plan view of the Grey Fox area.
Figure 3 – Geology of the Grey Fox Deposit Area Exploration targets at Grey Fox planned for 2022 follows up on two exciting intersections drilled last year. Hole 21GF-1350 returned 7.29 g/t gold over 15.35 m (from 267 m), 100 m west of Whiskey Jack. Determining the potential extension or repetition of the Whiskey Jack mineralization into the sediments or northwest along the A-1 fault zone is a priority. Other examples of some sediment-hosted deposits in the Timmins area include the Pamour and Dome Mines. For those deposits the gold is preferentially found in the more clastic-rich sediments, while the more recent discoveries of gold are found in more greywacke-rich sediments found at Grey Fox and Froome. Hole 21GF-1333 returned 4.75 g/t gold over 25.20 m (from 378.4 m) proximal to the Goldpost Ramp (shown above in the upper left half of Figure 3). Limited drilling in 2021 also demonstrated the potential for mineralization to be hosted with sedimentary rocks at Gibson North.
Exploration @ Gold Bar The goal of exploration at the Gold Bar property near Eureka, Nevada is the same as at the Fox Complex, which is to replace what has been mined and expand the gold resource base. There are two areas on the property where we see this opportunity, at the Pick Pit and at the Atlas Pit. At the Pick Pit, a strong northeast structural control of mineralization has been observed. As a result, several areas of open mineralization have been identified extending beyond the current pit margins (see the target extension areas marked by ovals on Figure 4). Evaluation of these targets is in progress starting with the SW Pick Extension. Core drilling conducted at the SW Pick Extension has yielded multiple significant intercepts including GBS002, which returned 1.93 g/t gold over 38.6 m (126.5 feet) from drill depths of 51.2 m (168 feet)(see Figure 5). Cyanide solubility assays averaged attractive 80.1% recovery, suggesting mineralization could be heap leachable. Assay results are listed in Table 2.
Figure 6 - Plan View of Atlas Pit Showing Historic Gold in Blast Holes and Target Areas Two other target areas have been identified for additional drilling, including the South Pit margin to identify the Gold Bar fault extension, and the Footwall fault zone to identify outcropping mineralization indicated in legacy drilling. Systematic rock chip sampling supports the potential of the Footwall fault zone, whose possible southern extension has also not been adequately drill-tested. Rock chip samples analyzed for cyanide solubility at the Gold Bar laboratory indicate the presence of anomalous mineralization.
Figure 7 –Cross-section through Atlas pit (looking west)
TECHNICAL INFORMATION Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Technical information pertaining to the Gold Bar geology and exploration contained in this release has been prepared under the supervision of Kevin Kunkel, P. Geo., a Qualified Person as defined by Canadian Securities national Instrument 43-101 “Standards of Disclosure for Mineral Projects”.
Fox Complex drilling (including the Stock Property) was supervised by McEwen’s Geology Department. All exploration drill core samples at the Stock Property were submitted as 1/2 core. Analyses reported herein were usually performed by the fire assay method by the independent laboratories: Pangea Laboratorio (NMX-EC-17025-IMNC-2018, ISO /IEC 17025:2017), Activation Labs (ISO 9001/ISO 17025) and AGAT Labs (ISO 9001/IEC17025 certified). In Nevada, McEwen’s Exploration supervises drilling. All exploration RC samples are split and submitted to Paragon Geochemical (ISO/IEC 17025) in Reno, Nevada for fire assay and geochemical analysis. McEwen’s quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy.
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Post by Entendance on May 5, 2022 2:17:30 GMT -5
TORONTO, May 04, 2022 -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to provide a progress report on recent successes and future work planned at the Los Azules copper project in San Juan, Argentina.
Timing is everything and now appears to be a time for copper to shine. According to Goldman Sachs’ (GS) research1, copper is the new oil. A growth sector with supply constraints, GS forecasts that copper has only two years of supply growth left, 2022 and 2023, and an open-ended supply decline starting from 2024. They see copper playing a big, critical role as an essential component in the global push to electrify transportation and to contain/reverse global warming. They are not alone in thinking about copper this way. McKinsey’s research2 is estimating that by 2030 copper demand will be outstripping supply by five to eight million tons per year. Executive SummaryAn Attractive Copper Development Story As you have seen above, Los Azules compares very well to many other copper development stories, given its size, life, location and economics.
Designing for Positive Impact Working to create a net positive impact on the world over the life of the project - McLennan Design, architects at the forefront of the green sustainable buildings movement, are assisting our team in designing systems and selecting innovative technologies and approaches for making our project regenerative. mclennan-design.com Los Azules Is No Longer Remote! The critical issue of road access to the site has been resolved! We have developed a second road at a lower altitude that will allow us year-round access to the site. Our access will be extended, making it safer, less expensive and faster to advance and complete our fieldwork.
Drilling Confirming Size and Grade Additional drilling is confirming the mineralization size and grade compared to historic intercepts used to estimate the 2017 PEA mineral resource estimate. To date, the results from core logging and sample analysis are very encouraging. In many holes, drilling was allowed to continue beyond the planned length where visible copper mineralization was observed. Often, primary mineralization in the hole was still apparent when drilling was stopped due to drill equipment limitations. Hole AZ22142 intersected 419.1 meters of 0.79% copper including an interval 104.0 m of 1.00% copper in the supergene enriched zone and 46 m of 1.59% copper in the primary copper zone. Importantly, our updated geological model will reflect the sub-vertical structures and rock types that are thought to be key features controlling the distribution of mineralization. This points directly to the potential for significant mineralization to be discovered with additional drilling to depth.
Community EngagementOur sustainability efforts are currently focused on systems relating to local procurement and employment, environment, health, education, training and security. We employ a local workforce and invest in projects such as the construction of medical outposts, sponsoring education, and installing low-energy street lighting.
Bigger & BetterWhittle Consulting’s Enterprise Optimization work, which will be outlined in our forthcoming updated PEA expected in Q1 2023, suggests that both the size and value of the Los Azules project have the potential to be significantly larger than was described in the 2017 PEA. Their analysis has provided important focus and direction for the detailed work underway, including guidance for drilling programs, metallurgical test work and trade-off studies for mining, processing and infrastructure.
Link to Whittle Consulting:www.whittleconsulting.com.auLink to the Whittle Enterprise Optimization Methodology: mcewenmining.com/files/doc_news/archive/2022/20220500_copper/20220500_whittle_methodology.pdfPEA to be Updated – 2017 HighlightsThe Preliminary Economic Assessment (PEA) base case assumed a $3/lb copper price, and the economics were robust. Today copper is above $4/lb. Summary results of the 2017 PEA available on the Company’s website:
TECHNICAL INFORMATION The technical content of this news release has been reviewed and approved by Stephen McGibbon, P.Geo, SVP Exploration of McEwen Mining and a Qualified Person as defined by NI 43-101.
All samples were collected in accordance with generally accepted industry standards. Drill core samples usually taken at 2m intervals are split and submitted to Alex Stewart International laboratory in Mendoza, Argentina for the following assays: gold determination using fire assay fusion and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content was determined using a sequential copper analysis (Cu-Sequential). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulfide content.
The Company carries out a Quality Assurance / Quality Control program consistent with NI 43-101 and industry best practices utilising a combination of standards and blanks approximately one in every 25 samples. Results are monitored as the final certificates are received and any re-assay requests are sent back immediately. Pulp and prep duplicate sample analyses are also taken as part of the QAQC process. Approximately 5% of sample pulps are sent to a secondary laboratory for check assays. In addition, the assay lab performs its own internal QAQC checks with results available in the certificates for review by the Company.
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Post by Entendance on May 5, 2022 7:03:32 GMT -5
MCEWEN MINING: Q1 2022 Results Webcast TORONTO, May 5th, 2022 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) invites you to join our conference call on Friday, May 13th, 2022, from 12:00 pm EDT, where management will discuss our Q1 2022 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. The webcast will be archived on McEwen Mining’s website at www.mcewenmining.com/media following the call. Friday, May 13th, 2022 at 12:00 pm EDT To call into the conference call over the phone, please register here: www.directeventreg.com/registration/event/1556038 Audience URL: event.on24.com/wcc/r/3731513/8B1AF5DA6C7E1C2409D5EB4DDF445357 ABOUT MCEWEN MINING McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada and Argentina. It also has a large exposure to copper through its McEwen Copper subsidiary, owner of the Los Azules copper deposit in Argentina.
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