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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 11/11/2017)
Risk: Moderate
Mcewen Mining Inc
www: www.mcewenmining.com     email: info@mcewenmining.com

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Notes
Forum
Your Data

Price Data

Symbol Date Price
NYSE:MUX 02/16/2018 USD 2.28
TSE:MUX 02/16/2018 CAD 2.8500
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Don's Summary (from last analysis - 11/11/2017)

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 2020, they should be producing somewhere around 220,000 oz gold equivalent (including silver). That's very solid growth. It is currently profitable with an excellent balance sheet (no debt and $51 million in cash). And they have solid resources with 11 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. If their share price drops any lower, it will be very attractive. They have Rob McEwen as CEO. He is one of brightest in the business, and takes a salary of $1 per year. He is one of the most shareholder focused CEOs.

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. They recently bought the Black Fox property (1.3 million oz at 5 gpt) from Primero Gold at a fire sale price. 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 $2.4 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 11/11/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $675.12M $793.44M 11/11/2017 $118.32M
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 $742.44M 07/11/1993 $118.32M
Cash Flow: $19.92M $24.54M never $4.62M
Cash Flow Multiple: 33.89 32.33 never -1.56
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
Share Price: $1.940 $2.280 16:02 on 02/16/2018 $0.34
Shares Outstanding: 333,000,000 333,000,000 11/11/2017 0
Shares Fully Diluted: 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) 
140,855
11/11/2017 -2,734
Production (Silver Eq Oz.): (guess) 
10,870,665
(guess) 
11,377,385
11/11/2017 506,719
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% 80.15% n/a 1.05%
Percentage Silver: 20.90% 19.85% n/a -1.05%
Total (Gold Eq. Oz.): 0.82M 0.81M n/a -0.01M
Total (Silver Eq. Oz.): 62.21M 65.50M n/a 3.29M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.66M 0.65M n/a -0.01M
Silver Eq. Oz.: 49.77M 52.40M n/a 2.63M
Maximum Profit (Gold): $45.46M $71.53M n/a $26.06M
Maximum Profit (Silver): $35.24M $34.00M n/a $-1.24M
Total Maximum Profit: $80.70M $105.52M n/a $24.82M
Max Profit / Current MCap: 0.120 0.133 n/a 0.013
Max Profit Per Share (Gold): $0.13 $0.21 n/a $0.07
Max Profit Per Share (Silver): $0.10 $0.10 n/a $0.00
Total Max Profit Per Share: $0.23 $0.30 n/a $0.07
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,027.00 $1,223.02 n/a $196.02
FD Mkt. Cap / Silver Eq.: $13.57 $15.14 n/a $1.58
FD Mkt. Cap / Per Metal
as % Spot Price:
80.56% 90.83% n/a 10.27%
Measured &
Indicated
11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 83.11% 84.00% n/a 0.89%
Percentage Silver: 16.89% 16.00% n/a -0.89%
Total (Gold Eq. Oz.): 7.82M 7.74M n/a -0.08M
Total (Silver Eq. Oz.): 592.09M 625.03M n/a 32.94M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.14M 5.08M n/a -0.05M
Silver Eq. Oz.: 388.89M 410.50M n/a 21.61M
Maximum Profit (Gold): $372.80M $586.51M n/a $213.71M
Maximum Profit (Silver): $223.88M $216.02M n/a $-7.86M
Total Maximum Profit: $596.68M $802.53M n/a $205.85M
Max Profit / Current MCap: 0.884 1.011 n/a 0.128
Max Profit Per Share (Gold): $1.07 $1.69 n/a $0.61
Max Profit Per Share (Silver): $0.64 $0.62 n/a $-0.02
Total Max Profit Per Share: $1.71 $2.31 n/a $0.59
Total Free Profit Per Share: $0.00 $0.03 n/a $0.03
FD Mkt. Cap / Gold Eq.: $131.43 $156.12 n/a $24.70
FD Mkt. Cap / Silver Eq.: $1.74 $1.93 n/a $0.20
FD Mkt. Cap / Per Metal
as % Spot Price:
10.31% 11.59% n/a 1.29%

Reserves &
Resources
11/11/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 81.83% 82.78% n/a 0.95%
Percentage Silver: 18.17% 17.22% n/a -0.95%
Total (Gold Eq. Oz.): 14.54M 14.38M n/a -0.17M
Total (Silver Eq. Oz.): 1,100.91M 1,161.21M n/a 60.30M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.83M 7.74M n/a -0.09M
Silver Eq. Oz.: 592.42M 624.97M n/a 32.55M
Maximum Profit (Gold): $561.65M $883.62M n/a $321.97M
Maximum Profit (Silver): $359.40M $346.78M n/a $-12.62M
Total Maximum Profit: $921.05M $1,230.40M n/a $309.35M
Max Profit / Current MCap: 1.364 1.551 n/a 0.186
Max Profit Per Share (Gold): $1.61 $2.54 n/a $0.93
Max Profit Per Share (Silver): $1.03 $1.00 n/a $-0.04
Total Max Profit Per Share: $2.65 $3.54 n/a $0.89
Total Free Profit Per Share: $0.71 $1.26 n/a $0.55
FD Mkt. Cap / Gold Eq.: $86.28 $102.55 n/a $16.27
FD Mkt. Cap / Silver Eq.: $1.14 $1.27 n/a $0.13
FD Mkt. Cap / Per Metal
as % Spot Price:
6.77% 7.62% n/a 0.85%

Future Valuation (Cash Flow & Totals)

Totals 11/11/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,496.45M $1,562.74M n/a $66.29M
Mkt. Cap: $675.12M $793.44M n/a $118.32M
Annual Gold Production: (guess) 
100,000oz.
(guess) 
100,000oz.
11/11/2017 0oz.
Annual Silver Production: (guess) 
3,300,000oz.
(guess) 
3,300,000oz.
11/11/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $3,750.00M $3,750M n/a $0M
FD Mkt. Cap Growth: 455% 373% n/a -83%
Annual
Production
Gold: 200,000 oz. 200,000 oz. n/a 0 oz.
Silver: 4,000,000 oz. 4,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 67.51 79.34 n/a 11.83
Silver Eq. Reserves: 2.70 3.17 n/a 0.47
Gold Eq. Production: 1,875.33 2,204.00 n/a 328.67
Silver Eq. Production: 75.01 88.16 n/a 13.15
P&P
Reserves
(oz.)
Gold: 6.00M 6.00M 11/11/2017 n/a
Silver: 100.00M 100.00M 11/11/2017 n/a
Gold Eq.: 10.00M 10.00M 11/11/2017 n/a
Silver Eq.: 250.00M 250.00M 11/11/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.017 0.017 n/a n/a
Silver: 0.287 0.287 n/a n/a
Gold Eq.: 0.029 0.029 n/a n/a
Silver Eq.: 0.718 0.718 n/a n/a
Cash Flow 11/11/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $19.92M $24.54M n/a $4.62M
Current Multiple: 33.89 32.33 n/a -1.56
F
U
T
U
R
E
@ current prices: $13.40M $21.59M n/a $8.18M
Multiple @ current prices: 50.37 36.75 n/a -13.61
Growth @ current prices: -32.72% -12.04% n/a 0.21
@ future prices: $360.00M $360.00M n/a $0.00M
Multiple @ future prices: 1.88 2.20 n/a 0.33
Growth @ future prices: 1,366.83% 1,366.83% n/a -3.40

Defaults

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