McEwen Inc Stock Price, News & Analysis

McEwen Mining (NYSE: MUX) announces senior management changes as Anna Ladd-Kruger retires as CFO for health and family reasons, with Perry Y. Ing appointed as interim CFO. Peter Mah, COO, also resigns, effective June 3, with William Shaver stepping in as interim COO. The company is focused on stabilizing operations, divesting certain assets, and advancing the Los Azules copper project. The board is actively searching for new candidates for both executive roles.

McEwen Mining Inc. (NYSE: MUX) invites stakeholders to a conference call on May 13, 2022, at 12:00 pm EDT, discussing its Q1 2022 financial results and project developments. Participants can ask questions during the call, which will also be archived for later access on the company's website. McEwen Mining operates mines in the Americas and holds the Los Azules copper deposit through its McEwen Copper subsidiary.

McEwen Copper Inc., a subsidiary of McEwen Mining (MUX), reports significant advancements in the Los Azules copper project in Argentina. With improved road access and ongoing drilling confirming substantial copper mineralization, the project aims to capitalize on growing copper demand, projected to outstrip supply by 5-8 million tons by 2030. The upcoming updated Preliminary Economic Assessment (PEA) could reveal enhanced project economics, with copper prices currently above $4/lb, compared to the $3/lb assumption in 2017. Community engagement initiatives are also underway.

McEwen Mining (MUX) updated its exploration efforts for 2022 at the Fox Complex in Canada and Gold Bar properties in Nevada, aiming to expand mineral resources. At the Fox Complex, significant targets include the Stock West and Stock East deposits, currently hosting 239,000 ounces of gold indicated. The Gold Bar exploration focuses on the Pick and Atlas pits, revealing potential for new mineralization. Key drill results indicate promising grades, with Stock West achieving up to 27.20 g/t gold. Both properties indicate a strong potential for future production enhancements and resource expansions.

McEwen Mining (NYSE: MUX) announced significant financial maneuvers to manage challenges posed by reduced cash flow in Q1 2022. The company amended its $50 million senior secured term loan to gain flexibility, removing certain security interests and extending the maturity to March 31, 2025. Additionally, it entered a $15 million unsecured promissory note to enhance working capital. Production targets were met at Gold Bar, but challenges at the Fox Complex and San José, coupled with COVID-19 impacts and equipment failures, hindered overall financial performance.

McEwen Mining Inc. (NYSE: MUX) announces production and cost guidance for 2022, projecting a production of 153,000 to 172,000 gold equivalent ounces (GEOs). Cash costs are estimated between $1,310 and $1,410 per GEO, while all-in sustaining costs (AISC) are between $1,570 and $1,690. The San José mine in Argentina anticipates production of 69,500 to 77,500 GEOs with an AISC of $1,330 to $1,370.

This guidance suggests stable operations, although production costs will be closely monitored.

McEwen Mining (NYSE: MUX) has successfully closed a private placement offering of 14,500,000 flow-through common shares at US$1.04 each, raising total gross proceeds of US$15,080,000 (Cdn$19,212,500). The funds will be allocated exclusively for Canadian Exploration Expenditures on properties in the Timmins region. Cantor Fitzgerald Canada Corporation acted as the sole bookrunner, with PearTree Canada structuring the flow-through donation placement. The shares are not being offered in the U.S. due to regulatory requirements.

McEwen Mining reported its Q4 and full-year results for 2021, highlighting a 154,410 gold equivalent ounces (GEOs) production, a 34% increase from 2020. Cash costs per GEO sold dropped to $1,453, an 18% reduction year-over-year. The company faced a consolidated net loss of $56.7 million, reflecting high investments in exploration and general expenses. Operational efficiency improved significantly at the Gold Bar Mine, with production increasing 66% in Q4. For 2022, production guidance is set between 153,000 to 172,000 GEOs.

McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has appointed Michael Meding as Vice President of Andes Corporacion Minera SA in Argentina. He will oversee the Los Azules copper project, directing its technical studies, upcoming IPO, and development into a model for environmentally responsible mining. Meding brings over 20 years of international experience in mining, including significant roles at Barrick Gold and Trafigura, and is trilingual with two MBAs.