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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 01/07/2017)
Risk: Moderate
Mcewen Mining Inc
www: www.mcewenmining.com     email: info@mcewenmining.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSE:MUX 10/20/2017 USD 2.02 -0.05 4.43 - 1.94 3,037,342
TSE:MUX 10/20/2017 CAD 2.5500 -0.0300 5.8300 - 2.4000 132,973
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Don's Summary (from last analysis - 01/07/2017)

McEwen Mining is a mid-tier gold and silver producer. In 2017, they will produce 100,000 oz of gold and 3 million oz of silver and (150,000 oz of gold equivalent). By 2018, they should be producing somewhere around 170,000 oz gold equivalent (including silver). That's not much growth, but long term this company has a lot of potential. It is currently very profitable (28% net margins in Q1 2016) with an excellent balance sheet (no debt and $68 million in cash). And they have solid resources with 7 million oz of gold and 200 million oz of silver.

I think McEwen Mining is a potential 5 bagger long term at higher gold prices. And they have Rob McEwen as CEO. He is one of brightest in the business. They also have significant exploration potential on their six projects. It's probably not wise to bet against Rob McEwen, who built Gold Corp from its beginning. Their El Gallo property (500,000 acres in Mexico) has 9 gold discoveries, 1 producing mine, and 2 others under development. That property alone is probably worth their market cap.

They also have several other excellent properties. Gold Bar in Nevada is currently being permitted to produce 65,000 oz (production scheduled for 2019). Their San Jose and Los Azules properties in Argentina were considered a political risk, but the newly elected president is a free-market conservative. The Los Azules property is a huge copper project with 20 billion lbs of copper and a $4 billion capex. I would expect them to sell this project to fund growth of their gold and silver projects. San Jose is a long-life gold/silver mine that is producing 90,000 oz of gold equivalent.

General Details

Financial 01/07/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $1,070.55M $630.81M 06/30/2017 $-439.74M
Total Assets: $499.83M $531.27M 06/30/2017 $31.44M
Total Liabilities: $52.62M $52.73M 06/30/2017 $0.11M
Current Assets: $74.80M $66.07M 06/30/2017 $-8.73M
Current Liabilities: $19.23M $19.08M 06/30/2017 $-0.15M
Total Debt: $0.00M $0.00M 06/30/2017 $0.00M
Cash: $68.00M $35.88M 06/30/2017 $-32.12M
Enterprise Value: $1,002.55M $594.93M 11/07/1988 $-407.62M
Cash Flow: $22.29M $30.72M never $8.43M
Cash Flow Multiple: 48.02 20.53 never -27.49
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 01/07/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/07/2017 0.00%
Misc 01/07/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $3.510 $2.020 16:10 on 10/20/2017 $-1.49
Shares Outstanding: 300,000,000 312,280,000 06/30/2017 12,280,000
Shares Fully Diluted: 305,000,000 312,280,000 06/30/2017 7,280,000
Insider Ownership: n/a 27% 02/10/2017 27%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 01/07/2017 n/a
Production (Gold Eq Oz.): (guess) 
146,250
(guess) 
143,814
01/07/2017 -2,436
Production (Silver Eq Oz.): (guess) 
10,435,119
(guess) 
10,831,877
01/07/2017 396,759
Initial CapEx (Outstanding): n/a n/a 01/07/2017 n/a
Funding Option: n/a n/a 01/07/2017 n/a
Documentation: none PRODUCER 02/10/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/07/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.65M 0.65M 01/07/2017 0.00M
Measured & Indicated: 4.00M 4.00M 01/07/2017 0.00M
Inferred: 3.00M 3.00M 01/07/2017 0.00M
Reserves & Resources: 7.00M 7.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.52M 0.52M 01/07/2017 0.00M
Measured & Indicated: 2.66M 2.66M 01/07/2017 0.00M
Inferred: 1.20M 1.20M 01/07/2017 0.00M
Reserves & Resources: 3.86M 3.86M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
100,000oz.
(guess) 
100,000oz.
01/07/2017 0oz.
Cash Cost: $750 $750 01/07/2017 $0.00
Extra Operating Cost: $250 $250 01/07/2017 $0.00
Average Grade: 1.00 g/t 1.00 g/t 01/07/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 02/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 5.00M 5.00M 01/07/2017 0.00M
Annual Production: 200,000oz. 200,000oz. 01/07/2017 0oz.
Cash Cost: $800 $800 01/07/2017 $0
Extra Operating Cost: $400 $400 01/07/2017 $0
SILVER 01/07/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 01/07/2017 0.00M
Measured & Indicated: 100.00M 100.00M 01/07/2017 0.00M
Inferred: 100.00M 100.00M 01/07/2017 0.00M
Reserves & Resources: 200.00M 200.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 01/07/2017 0.00M
Measured & Indicated: 64.00M 64.00M 01/07/2017 0.00M
Inferred: 40.00M 40.00M 01/07/2017 0.00M
Reserves & Resources: 104.00M 104.00M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
3,300,000oz.
(guess) 
3,300,000oz.
01/07/2017 0oz.
Cash Cost: $8 $8 01/07/2017 $0.00
Extra Operating Cost: $4 $4 01/07/2017 $0.00
Average Grade: 90.00 g/t 90.00 g/t 01/07/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 02/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 150.00M 150.00M 01/07/2017 0.00M
Annual Production: 7,000,000oz. 7,000,000oz. 01/07/2017 0oz.
Cash Cost: $9 $9 01/07/2017 $0
Extra Operating Cost: $6 $6 01/07/2017 $0

Property

Last Analysis Data  (01/07/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina San Jose 49% n/a n/a n/a
Production Sinaloa State, Mexico El Gallo Gold 100% 200,000 Open Pit show
Very large property. One producing mine and two more under development. 9 discoveries.
Development Nevada, USA Gold Bar 100% n/a n/a show
Currently permitting.

Planning to produce 50,000 oz per year.
Exploration San Juan Province, Argentina Los Azules 100% n/a n/a show
$4 billion capex

20 billion lbs of copper

35 year mine life.
Exploration Sinaloa State, Mexico El Gallo 2 - Silver 100% n/a n/a show
Developing.

6 million oz of silver annually.

$150 million capex.
Exploration Nevada, USA Limo 100% n/a n/a n/a
Exploration Nevada, USA New Pass 50% n/a n/a n/a
Exploration Nevada, USA Tonkin 100% n/a n/a n/a
Total Land Package Size (ha): 200,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina San Jose 49% n/a n/a n/a
Production Sinaloa State, Mexico El Gallo Gold 100% 200,000 Open Pit show
Very large property. One producing mine and two more under development. 9 discoveries.
Development Nevada, USA Gold Bar 100% n/a n/a show
Currently permitting.

Planning to produce 50,000 oz per year.
Exploration San Juan Province, Argentina Los Azules 100% n/a n/a show
$4 billion capex

20 billion lbs of copper

35 year mine life.
Exploration Timmins, Ontario, Canada Buffalo Ankerite 100% n/a n/a show
largest deposit. surface and underground.
Exploration Ontario, Canada Davidson Tisdale 100% n/a n/a n/a
Exploration Ontario, Canada Fuller 100% n/a n/a n/a
Exploration Ontario, Canada Paymaster 60% n/a n/a show
Currently Paymaster and Davidson are only 250,000 oz of resources. Thus, the smaller ownership is not a factor in the companies value.
Exploration Sinaloa State, Mexico El Gallo 2 - Silver 100% n/a n/a show
Developing.

6 million oz of silver annually.

$150 million capex.
Exploration Nevada, USA Limo 100% n/a n/a n/a
Exploration Nevada, USA New Pass 50% n/a n/a n/a
Exploration Nevada, USA Tonkin 100% n/a n/a n/a
Total Land Package Size (ha): 200,000  

Profitability (by resource)

Proven &
Probable
01/07/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.65M 0.65M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.58M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.52M 0.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.06M
Maximum Profit (Gold): $62.72M $100.43M n/a $37.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $62.72M $100.43M n/a $37.71M
Max Profit / Current MCap: 0.059 0.159 n/a 0.101
Max Profit Per Share (Gold): $0.21 $0.32 n/a $0.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.21 $0.32 n/a $0.12
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $2,058.75 $1,213.09 n/a $-845.66
FD Mkt. Cap / Silver Eq.: $28.85 $16.11 n/a $-12.75
FD Mkt. Cap / Per Metal
as % Spot Price:
175.62% 95.08% n/a -80.54%
Measured &
Indicated
01/07/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 74.05% 75.08% n/a 1.03%
Percentage Silver: 25.95% 24.92% n/a -1.03%
Total (Gold Eq. Oz.): 5.40M 5.33M n/a -0.07M
Total (Silver Eq. Oz.): 385.40M 401.28M n/a 15.87M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.56M 3.51M n/a -0.05M
Silver Eq. Oz.: 254.08M 264.65M n/a 10.57M
Maximum Profit (Gold): $321.31M $514.50M n/a $193.19M
Maximum Profit (Silver): $198.46M $221.31M n/a $22.85M
Total Maximum Profit: $519.77M $735.81M n/a $216.04M
Max Profit / Current MCap: 0.486 1.166 n/a 0.681
Max Profit Per Share (Gold): $1.05 $1.65 n/a $0.59
Max Profit Per Share (Silver): $0.65 $0.71 n/a $0.06
Total Max Profit Per Share: $1.70 $2.36 n/a $0.65
Total Free Profit Per Share: $0.00 $0.34 n/a $0.34
FD Mkt. Cap / Gold Eq.: $300.63 $179.53 n/a $-121.11
FD Mkt. Cap / Silver Eq.: $4.21 $2.38 n/a $-1.83
FD Mkt. Cap / Per Metal
as % Spot Price:
25.64% 14.07% n/a -11.57%

Reserves &
Resources
01/07/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 71.41% 72.50% n/a 1.09%
Percentage Silver: 28.59% 27.50% n/a -1.09%
Total (Gold Eq. Oz.): 9.80M 9.66M n/a -0.15M
Total (Silver Eq. Oz.): 699.46M 727.23M n/a 27.77M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.32M 5.24M n/a -0.08M
Silver Eq. Oz.: 379.70M 395.03M n/a 15.33M
Maximum Profit (Gold): $466.04M $746.25M n/a $280.22M
Maximum Profit (Silver): $322.50M $359.63M n/a $37.13M
Total Maximum Profit: $788.54M $1,105.89M n/a $317.35M
Max Profit / Current MCap: 0.737 1.753 n/a 1.017
Max Profit Per Share (Gold): $1.53 $2.39 n/a $0.86
Max Profit Per Share (Silver): $1.06 $1.15 n/a $0.09
Total Max Profit Per Share: $2.59 $3.54 n/a $0.96
Total Free Profit Per Share: $0.00 $1.52 n/a $1.52
FD Mkt. Cap / Gold Eq.: $201.17 $120.27 n/a $-80.90
FD Mkt. Cap / Silver Eq.: $2.82 $1.60 n/a $-1.22
FD Mkt. Cap / Per Metal
as % Spot Price:
17.16% 9.43% n/a -7.73%

Future Valuation (Cash Flow & Totals)

Totals 01/07/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $935.77M $1,003.78M n/a $68.00M
Mkt. Cap: $1,070.55M $630.81M n/a $-439.74M
Annual Gold Production: (guess) 
100,000oz.
(guess) 
100,000oz.
01/07/2017 0oz.
Annual Silver Production: (guess) 
3,300,000oz.
(guess) 
3,300,000oz.
01/07/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $4,125.00M $4,125M n/a $0M
FD Mkt. Cap Growth: 285% 554% n/a 269%
Annual
Production
Gold: 200,000 oz. 200,000 oz. n/a 0 oz.
Silver: 7,000,000 oz. 7,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 97.32 57.35 n/a -39.98
Silver Eq. Reserves: 3.89 2.29 n/a -1.60
Gold Eq. Production: 2,230.31 1,314.18 n/a -916.13
Silver Eq. Production: 89.21 52.57 n/a -36.65
P&P
Reserves
(oz.)
Gold: 5.00M 5.00M 01/07/2017 n/a
Silver: 150.00M 150.00M 01/07/2017 n/a
Gold Eq.: 11.00M 11.00M 01/07/2017 n/a
Silver Eq.: 275.00M 275.00M 01/07/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.016 0.016 n/a 0.000
Silver: 0.492 0.480 n/a -0.011
Gold Eq.: 0.036 0.035 n/a -0.001
Silver Eq.: 0.902 0.881 n/a -0.021
Cash Flow 01/07/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $22.29M $30.72M n/a $8.43M
Current Multiple: 48.02 20.53 n/a -27.49
F
U
T
U
R
E
@ current prices: $2.68M $17.26M n/a $14.57M
Multiple @ current prices: 399.16 36.56 n/a -362.61
Growth @ current prices: -87.97% -43.84% n/a 0.44
@ future prices: $513.00M $513.00M n/a $0.00M
Multiple @ future prices: 2.09 1.23 n/a -0.86
Growth @ future prices: 1,569.68% 1,569.68% n/a -6.31

Defaults

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