McEwen Inc Stock Price, News & Analysis

McEwen Mining reported Q3 2024 financial results showing significant improvements. Revenue increased 36% to $52.3M, driven by higher gold prices ($2,499/oz vs $1,920/oz in Q3 2023) and increased production. Gross profit rose 268% to $13.8M, while net loss decreased to $2.1M ($0.04/share) from $18.5M ($0.39/share) in Q3 2023. Operating cash flow improved to $23.2M from -$2.3M year-over-year.

Production highlights: Gold Bar Mine output increased 43% to 13,640 oz Au, Fox Complex decreased 30% to 7,855 oz Au due to stope failure, and San José Mine's attributable production fell 23% to 13,684 GEOs.

McEwen Mining (NYSE: MUX) (TSX: MUX) has announced its upcoming Q3 2024 financial results conference call, scheduled for Wednesday, November 6th, 2024, at 11:00 AM EST. The call will feature management's discussion of financial results and project developments, followed by a Q&A session where participants can ask questions directly. The call will be accessible via toll-free numbers in North America (888-210-3454) and internationally, with a conference ID number of 3232920. A webcast replay will be available approximately 2 hours after the event on the company's media page.

McEwen Copper, a subsidiary of McEwen Mining (NYSE: MUX), has secured an additional $35 million investment from Nuton, a Rio Tinto Venture, through the purchase of 1,166,666 common shares at $30.00 per share. This investment is part of a larger $70 million private placement offering. The second tranche also included $2 million from two other investors. Following this transaction, Nuton owns 17.2% of McEwen Copper, with the company's shareholder structure now comprising McEwen Mining (46.4%), Stellantis (18.3%), Nuton (17.2%), Rob McEwen (12.7%), Victor Smorgon Group (3.0%), and others (2.0%). The proceeds will fund the Los Azules copper project feasibility study, due in H1 2025.

McEwen Mining has released new assay results from its Grey Fox deposit in the Timmins region of Ontario, Canada. The results show good grade mineralization over mineable widths near existing underground infrastructure. Highlights include:

- 24GF-1471: 4.9 g/t Au over 6.4 m
- 24GF-1474: 13.8 g/t Au over 2.4 m
- 24GF-1452: 9.8 g/t Au over 2.8 m

Grey Fox currently has a +1 Million ounce gold resource. Geological interpretations suggest potential for high-grade Black Fox style mineralization below and adjacent to Grey Fox, possibly extending 3 km towards the Black Fox Mine. The company plans follow-up geophysical surveys and drilling in 2025 to explore this potential.

McEwen Mining (NYSE: MUX) (TSX: MUX) has announced that its 48%-owned subsidiary, McEwen Copper Inc., has secured an agreement with YPF Luz to power the Los Azules copper project with 100% renewable energy. The exclusive agreement includes the development and financing of a high-voltage transmission line by YPF Luz to connect the project to the Argentine Interconnection System (SADI).

The energy will be sourced from YPF Luz's renewable assets connected to SADI. This partnership aims to contribute significantly to decarbonization efforts and position San Juan province as a key player in the energy transition. The agreement strengthens the alliance between McEwen Copper and YPF Luz, which began in early 2023, focusing on sustainable copper production and comprehensive energy solutions.

McEwen Mining (NYSE: MUX) (TSX: MUX) and McEwen Copper have announced their participation in several upcoming industry events. CEO Rob McEwen recently took part in a Fastmarkets webinar discussing Argentina's potential in copper and lithium resources. The company will also present at three major conferences:

1. Jefferies Global Metals & Mining Conference (Sept 4-5, 2024, New York)
2. H.C. Wainwright 26th Annual Global Investment Conference (Sept 9-11, 2024, New York)
3. 2024 Beaver Creek Precious Metals Summit (Sept 10-13, 2024, Colorado)

Rob McEwen will discuss McEwen Mining's projects, while Michael Meding, VP of McEwen Copper, will present on the Los Azules copper project. Webcasts of the presentations will be available for 90 days after each event on the company's media page.

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has completed the acquisition of Timberline Resources (TSXV:TBR)(OTCQB:TLRS) through a merger. Timberline shareholders approved the merger on August 16th, 2024. As part of the deal, Timberline shareholders will receive 0.01 McEwen Mining shares for each Timberline share held. Timberline shares will be delisted from the TSX Venture Exchange and OTCQB Venture within five business days.

Rob McEwen, Chairman and Chief Owner, stated that the company aims to advance the Eureka project through exploration drilling, permitting, and development planning. He emphasized Nevada as a key area for long-term operations and growth opportunities. McEwen Mining, as an Eligible Interlisted Issuer, relied on TSX Company Manual exemptions for certain requirements related to securities issuance in the transaction.

McEwen Copper, 48.3% owned by McEwen Mining (NYSE: MUX) (TSX: MUX), reports exciting developments in Argentina. President Milei's new legislation, the Incentive Regime for Large Investors (RIGI), offers significant tax and foreign exchange incentives for mining investments. A US$4.4 billion transaction by BHP and Lundin Mining to acquire two copper deposits in San Juan province demonstrates Argentina's attractiveness for large-scale mining projects.

At Los Azules, infill drilling during the 2023-24 season upgraded resource categories and confirmed a high-grade copper zone. Highlights include:

• 217 meters of 1.11% Cu, including 100 meters of 1.32% Cu (AZ24375)
• 276 meters of 0.86% Cu, including 160 meters of 0.96% Cu (AZ24403)
• 158 meters of 0.84% Cu, including 78.5 meters of 1.10% Cu (AZ24335)

The Los Azules Feasibility Study remains on track for delivery in early 2025.

McEwen Mining (NYSE: MUX, TSX: MUX) reported Q2 2024 results, highlighting significant financial improvements. The company achieved its highest Adjusted EBITDA since 2016 for mining operations, growing revenue by 38% despite an 8% increase in production costs. Key performance included:

• Gross profit of $10.8 million and Adjusted EBITDA of $7.2 million, up from a gross loss of $3.5 million and negative EBITDA of $5.8 million in Q2 2023.
• Net loss reduced to $13.0 million from $21.6 million in Q2 2023, influenced by McEwen Copper’s expenses.
• Gold Bar Mine’s production rose by 56%, generating 12,297 GEOs, with AISC reduced to $1,634 per GEO.
• Fox mine faced challenges, reducing production to 8,297 GEOs and increasing AISC to $1,874 per GEO.
• San José produced 14,672 GEOs, with AISC rising to $2,032 per GEO due to lower grade mined and currency impacts.

Cash and equivalents stood at $40.7 million with consolidated working capital of $29.1 million. McEwen Copper's recent valuation boosted McEwen Mining’s stake to $457 million, 106% of MUX's market cap.