McEwen Inc Stock Price, News & Analysis

McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has signed a binding term sheet with Kennecott Exploration Company (KEX), a subsidiary of Rio Tinto, to earn a 60% interest in the Elder Creek property in Nevada. KEX will invest US$18 million over seven years to achieve this stake, becoming the project's operator. Upon completion, a 60:40 joint venture will be formed between KEX and McEwen Copper. The Elder Creek project comprises 577 unpatented mining claims and is considered to have potential for porphyry copper mineralization.

McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has successfully closed the third tranche of its private placement, raising a total of $81.85 million through the issuance of 8,185,000 common shares at US$10.00 each. The latest tranche included a significant $25 million investment from Rio Tinto's Nuton venture. With this funding, McEwen Copper is positioned to progress its Los Azules Project and conduct critical drilling and economic assessments in the coming months.

McEwen Mining reported Q2 results, achieving production of 36,100 GEOs at cash costs of $1,169 and AISC of $1,549 from 100%-owned mines. The Fox Complex produced 11,200 GEOs at cash costs of $985 and AISC of $1,290, while the Gold Bar Mine produced 5,100 GEOs with AISC rising to $2,108. The company incurred a net loss of $12.4 million primarily due to investments in the Los Azules copper project. Cash and equivalents stand at $47.8 million. A 1-for-10 reverse share split occurred on July 28, 2022.

McEwen Mining Inc. (NYSE: MUX) invites participants to its conference call on August 11, 2022, at 11:00 am EDT to discuss Q2 2022 financial results and project developments. The call will feature a question-and-answer session, allowing direct participant interaction. The webcast will be available for archiving on the company's website afterwards. McEwen Mining operates in the Americas, focusing on gold and silver production while also having significant exposure to copper through its McEwen Copper subsidiary.

McEwen Copper, a subsidiary of McEwen Mining (NYSE: MUX), released promising assay results from its Los Azules project, featuring several long intercepts of copper-rich mineralization. Highlights include 222.0 m grading 0.95% Cu and 44.0 m of 1.38% Cu (hole AZ22158). The ongoing drill program aims to upgrade inferred resources and advance metallurgical studies, supporting a significant update to the 2017 Preliminary Economic Assessment expected in Q1 2023. Los Azules is ranked among the top undeveloped porphyry copper deposits globally, with further exploration planned to assess deeper mineralization potential.

McEwen Mining Inc. (NYSE: MUX) announced that starting July 28, 2022, its common shares will trade on the NYSE and TSX post a 1-for-10 reverse split approved by shareholders on July 7, 2022. This split reduces outstanding shares from approximately 474 million to 47 million, aiming to regain compliance with NYSE listing requirements. No fractional shares will be issued; instead, cash will be provided for those entitled to fractional shares. The reverse split will not affect the par value or voting rights of shares.

McEwen Mining Inc. (NYSE: MUX) has announced a 1-for-10 reverse stock split effective July 26, 2022. This decision was approved by shareholders during the annual meeting on July 7, 2022. The reverse split will reduce the outstanding shares from approximately 474 million to 47 million. Additionally, shareholders authorized a reduction in the total shares available for issuance from 675 million to 200 million. Mr. Ian Ball was elected to the Board of Directors, enhancing the company's leadership in the mining sector.

McEwen Copper Inc. has announced the latest drilling results from its Los Azules copper project in Argentina. The recent drilling program has shown promising copper mineralization with highlights including 330.0 m of 0.83% Cu in hole AZ22146 and 298.0 m of 0.55% Cu in hole AZ22149. This 59,000-meter drilling effort aims to upgrade Inferred resources to Indicated and assess high-value exploration targets. The construction of new lower-altitude road access has also improved year-round accessibility to the site, enhancing operational efficiency.

McEwen Copper Inc., a subsidiary of McEwen Mining (MUX), has closed the second tranche of its private placement offering, raising $15 million. This offering, which includes a $10 million investment from the Victor Smorgon Group and $5 million from other investors, brings total gross proceeds to $55 million. The funds will support the updated preliminary economic assessment and upcoming drilling season, as well as a planned IPO in the first half of 2023. The offering remains open until July 6, 2022.