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Category: Mid-tier Producer
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Mcewen Mining Inc
www: www.mcewenmining.com     email: info@mcewenmining.com

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Symbol Data

Symbol Currency
NYSE:MUX USD
TSE:MUX CAD

Description

Mcewen Mining Inc are a gold and silver focused mid-tier producer with two producing mines in Argentina and Mexico, one mine in development in USA and exploration properties. Currently they produce roughly 100koz. of gold and 3.3Moz. of silver per year. They have approximately 11.9Moz. of gold and 200Moz. of silver in the reserves and resources category of which 6.5Moz. of gold and 100Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$622.92M which is a fall of roughly 8% over the last twelve months. As of 11/11/2017 they have no debt and ~$51M cash. They have 333M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/11/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $675.12M $622.92M 11/11/2017 $-52.20M
Total Assets: $531.27M $531.27M 11/11/2017 $0.00M
Total Liabilities: $52.73M $52.73M 11/11/2017 $0.00M
Current Assets: $66.07M $66.07M 11/11/2017 $0.00M
Current Liabilities: $19.08M $19.08M 11/11/2017 $0.00M
Total Debt: $0.00M $0.00M 11/11/2017 $0.00M
Cash: $51.00M $51.00M 11/11/2017 $0.00M
Enterprise Value: $624.12M $571.92M 02/15/1988 $-52.20M
Cash Flow: $19.92M $9.83M never $-10.09M
Cash Flow Multiple: 33.89 63.36 never 29.48
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 11/11/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 11/11/2017 0.00%
Misc 11/11/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 333,000,000 333,000,000 11/11/2017 0
Shares (FD): 348,000,000 348,000,000 11/11/2017 0
Insider Ownership: n/a 27% 11/11/2017 27%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 11/11/2017 n/a
Production (Gold Eq Oz.): (guess) 
143,589
(guess) 
138,779
11/11/2017 -4,810
Production (Silver Eq Oz.): (guess) 
10,870,665
(guess) 
11,809,804
11/11/2017 939,139
Initial CapEx (Outstanding): n/a n/a 11/11/2017 n/a
Funding Option: n/a n/a 11/11/2017 n/a
Documentation: none PRODUCER 11/11/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 11/11/2017
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 11/11/2017 0.00M
Measured & Indicated: 6.50M 6.50M 11/11/2017 0.00M
Inferred: 5.40M 5.40M 11/11/2017 0.00M
Reserves & Resources: 11.90M 11.90M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.52M 0.52M 11/11/2017 0.00M
Measured & Indicated: 4.26M 4.26M 11/11/2017 0.00M
Inferred: 2.16M 2.16M 11/11/2017 0.00M
Reserves & Resources: 6.42M 6.42M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
100,000oz.
(guess) 
100,000oz.
11/11/2017 0oz.
Cash Cost: $800 $800 11/11/2017 $0.00
Extra Operating Cost: $350 $350 11/11/2017 $0.00
Average Grade: 1.00 g/t 1.00 g/t 11/11/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 11/11/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 11/11/2017 0.00M
Annual Production: 200,000oz. 200,000oz. 11/11/2017 0oz.
Cash Cost: $800 $800 11/11/2017 $0
Extra Operating Cost: $400 $400 11/11/2017 $0
SILVER 11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 13.00M 13.00M 11/11/2017 0.00M
Measured & Indicated: 100.00M 100.00M 11/11/2017 0.00M
Inferred: 100.00M 100.00M 11/11/2017 0.00M
Reserves & Resources: 200.00M 200.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 10.40M 10.40M 11/11/2017 0.00M
Measured & Indicated: 66.08M 66.08M 11/11/2017 0.00M
Inferred: 40.00M 40.00M 11/11/2017 0.00M
Reserves & Resources: 106.08M 106.08M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
3,300,000oz.
(guess) 
3,300,000oz.
11/11/2017 0oz.
Cash Cost: $8 $8 11/11/2017 $0.00
Extra Operating Cost: $4 $4 11/11/2017 $0.00
Average Grade: 90.00 g/t 90.00 g/t 11/11/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 11/11/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 100.00M 100.00M 11/11/2017 0.00M
Annual Production: 4,000,000oz. 4,000,000oz. 11/11/2017 0oz.
Cash Cost: $9 $9 11/11/2017 $0
Extra Operating Cost: $6 $6 11/11/2017 $0

Property

Last Analysis Data  (11/11/2017)
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 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  
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
11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 79.10% 80.97% n/a 1.87%
Percentage Silver: 20.90% 19.03% n/a -1.87%
Total (Gold Eq. Oz.): 0.82M 0.80M n/a -0.02M
Total (Silver Eq. Oz.): 62.21M 68.31M n/a 6.10M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.66M 0.64M n/a -0.02M
Silver Eq. Oz.: 49.77M 54.65M n/a 4.88M
Maximum Profit (Gold): $45.46M $23.73M n/a $-21.73M
Maximum Profit (Silver): $35.24M $16.60M n/a $-18.64M
Total Maximum Profit: $80.70M $40.33M n/a $-40.37M
Max Profit / Current MCap: 0.120 0.065 n/a -0.055
Max Profit Per Share (Gold): $0.13 $0.07 n/a $-0.06
Max Profit Per Share (Silver): $0.10 $0.05 n/a $-0.05
Total Max Profit Per Share: $0.23 $0.12 n/a $-0.12
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,027.00 $969.96 n/a $-57.04
FD Mkt. Cap / Silver Eq.: $13.57 $11.40 n/a $-2.17
FD Mkt. Cap / Per Metal
as % Spot Price:
80.56% 79.82% n/a -0.74%
Measured &
Indicated
11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 83.11% 84.69% n/a 1.58%
Percentage Silver: 16.89% 15.31% n/a -1.58%
Total (Gold Eq. Oz.): 7.82M 7.68M n/a -0.15M
Total (Silver Eq. Oz.): 592.09M 653.14M n/a 61.04M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.14M 5.04M n/a -0.10M
Silver Eq. Oz.: 388.89M 428.94M n/a 40.04M
Maximum Profit (Gold): $372.80M $194.61M n/a $-178.19M
Maximum Profit (Silver): $223.88M $105.46M n/a $-118.42M
Total Maximum Profit: $596.68M $300.07M n/a $-296.61M
Max Profit / Current MCap: 0.884 0.482 n/a -0.402
Max Profit Per Share (Gold): $1.07 $0.56 n/a $-0.51
Max Profit Per Share (Silver): $0.64 $0.30 n/a $-0.34
Total Max Profit Per Share: $1.71 $0.86 n/a $-0.85
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $131.43 $123.58 n/a $-7.84
FD Mkt. Cap / Silver Eq.: $1.74 $1.45 n/a $-0.28
FD Mkt. Cap / Per Metal
as % Spot Price:
10.31% 10.17% n/a -0.14%

Reserves &
Resources
11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 81.83% 83.51% n/a 1.68%
Percentage Silver: 18.17% 16.49% n/a -1.68%
Total (Gold Eq. Oz.): 14.54M 14.25M n/a -0.29M
Total (Silver Eq. Oz.): 1,100.91M 1,212.67M n/a 111.76M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.83M 7.67M n/a -0.15M
Silver Eq. Oz.: 592.42M 652.75M n/a 60.33M
Maximum Profit (Gold): $561.65M $293.19M n/a $-268.46M
Maximum Profit (Silver): $359.40M $169.30M n/a $-190.10M
Total Maximum Profit: $921.05M $462.50M n/a $-458.55M
Max Profit / Current MCap: 1.364 0.742 n/a -0.622
Max Profit Per Share (Gold): $1.61 $0.84 n/a $-0.77
Max Profit Per Share (Silver): $1.03 $0.49 n/a $-0.55
Total Max Profit Per Share: $2.65 $1.33 n/a $-1.32
Total Free Profit Per Share: $0.71 $0.00 n/a $-0.71
FD Mkt. Cap / Gold Eq.: $86.28 $81.21 n/a $-5.07
FD Mkt. Cap / Silver Eq.: $1.14 $0.95 n/a $-0.19
FD Mkt. Cap / Per Metal
as % Spot Price:
6.77% 6.68% n/a -0.08%

Future Valuation (Cash Flow & Totals)

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