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Mcewen Mining Inc

www: www.mcewenmining.com   email: info@mcewenmining.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NYSE:MUX USD
TSE:MUX CAD

Description

Mcewen Mining Inc are a gold focused mid-tier producer with three producing mines in Argentina, Canada and Mexico, one mine in development in USA and exploration properties. Currently they produce roughly 165koz. of gold per year. They have approximately 7.5Moz. of gold in the reserves and resources category of which 6Moz. are in the measured and indicated category. They have a market capitalisation of ~$164.57M which is a fall of roughly 57% over the last six months. As of 03/01/2022 they have ~$48M debt and ~$54M cash. They have 47M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 03/01/2022
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $382.02M $164.57M 07/28/2022 $-217.46M
Total Assets: $500.00M $500.00M 03/01/2022 $0.00M
Total Liabilities: $125.00M $125.00M 03/01/2022 $0.00M
Current Assets: $57.00M $57.00M 03/01/2022 $0.00M
Current Liabilities: $36.00M $36.00M 03/01/2022 $0.00M
Total Debt: $48.00M $48.00M 03/01/2022 $0.00M
Cash: $54.00M $54.00M 03/01/2022 $0.00M
Enterprise Value: $376.02M $158.57M 01/10/1975 $-217.46M
Cash Flow: $14.57M $10.16M never $-4.41M
Cash Flow Multiple: 26.21 16.19 never -10.02
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 03/01/2022 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/01/2022 0.00%
Misc 03/01/2022
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 459,187,000 47,400,000 07/28/2022 -411,787,000
Shares (FD): 495,684,000 49,568,400 07/28/2022 -446,115,600
Insider Ownership: n/a 20% 07/28/2022 20%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 03/01/2022 n/a
Production (Gold Eq Oz.): (guess) 
150,000		 (guess) 
165,000		 03/11/2022 15,000
Production (Silver Eq Oz.): (guess) 
11,535,898		 (guess) 
14,066,327		 03/11/2022 2,530,428
Initial CapEx (Outstanding): n/a n/a 03/01/2022 n/a
Funding Option: n/a n/a 03/01/2022 n/a
Documentation: none PRODUCER 07/28/2022 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/01/2022
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.20M 1.20M 03/01/2022 0.00M
Measured & Indicated: 6.00M 6.00M 03/01/2022 0.00M
Inferred: 1.50M 1.50M 03/01/2022 0.00M
Reserves & Resources: 7.50M 7.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.96M 0.96M 03/01/2022 0.00M
Measured & Indicated: 4.03M 4.03M 03/01/2022 0.00M
Inferred: 0.60M 0.60M 03/01/2022 0.00M
Reserves & Resources: 4.63M 4.63M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
150,000oz.		 (guess) 
165,000oz.		 03/11/2022 15,000oz.
Cash Cost: $1,300 $1,250 03/11/2022 $-50.00
Extra Operating Cost: $500 $500 03/11/2022 $0.00
Average Grade: 1.00 g/t 1.00 g/t 03/01/2022 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 07/28/2022 0.00%
F
U
T
U
R
E		 Proven & Probable: 6.00M 6.00M 03/01/2022 0.00M
Annual Production: 250,000oz. 250,000oz. 03/01/2022 0oz.
Cash Cost: $1,100 $1,200 03/11/2022 $100
Extra Operating Cost: $500 $450 03/11/2022 $-50
SILVER 03/01/2022
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 03/01/2022 0.00M
Measured & Indicated: n/a n/a 03/01/2022 0.00M
Inferred: n/a n/a 03/01/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/01/2022 0.00M
Measured & Indicated: n/a n/a 03/01/2022 0.00M
Inferred: n/a n/a 03/01/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 03/01/2022 $0.00
Extra Operating Cost: n/a n/a 03/01/2022 $0.00
Average Grade: n/a n/a 03/01/2022 n/a
Recovery Rate: n/a n/a 03/01/2022 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/01/2022 0.00M
Annual Production: n/a n/a 03/01/2022 n/a
Cash Cost: n/a n/a 03/01/2022 n/a
Extra Operating Cost: n/a n/a 03/01/2022 n/a

Property

Last Analysis Data  (03/01/2022)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina San Jose 49% n/a n/a n/a
Production Ontario, Canada Black Fox / Grey Fox 100% (guess) n/a Underground show
2.3 million oz.

Acquired from Primero.
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.
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.
Exploration Sinaloa State, Mexico El Gallo 2 - Silver 100% n/a n/a show
Developing.

6 million oz of silver annually.

$150 million capex.
Development Nevada, USA Gold Bar 100% n/a n/a show
Currently permitting.

Planning to produce 50,000 oz per year.
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 Ontario, Canada Black Fox / Grey Fox 100% (guess) n/a Underground show
2.3 million oz.

Acquired from Primero.
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.
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.
Exploration Sinaloa State, Mexico El Gallo 2 - Silver 100% n/a n/a show
Developing.

6 million oz of silver annually.

$150 million capex.
Development Nevada, USA Gold Bar 100% n/a n/a show
Currently permitting.

Planning to produce 50,000 oz per year.
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		 03/01/2022
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.): 1.20M 1.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 10.01M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.96M 0.96M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 8.01M
Maximum Profit (Gold): $93.27M $59.14M n/a $-34.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $93.27M $59.14M n/a $-34.14M
Max Profit / Current MCap: 0.244 0.359 n/a 0.115
Max Profit Per Share (Gold): $0.19 $1.19 n/a $1.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.19 $1.19 n/a $1.00
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $397.94 $171.42 n/a $-226.52
FD Mkt. Cap / Silver Eq.: $5.17 $2.01 n/a $-3.16
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.53% 9.33% n/a -11.20%
Measured &
Indicated		 03/01/2022
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 50.07M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.03M 4.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 33.64M
Maximum Profit (Gold): $391.75M $248.37M n/a $-143.38M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $391.75M $248.37M n/a $-143.38M
Max Profit / Current MCap: 1.025 1.509 n/a 0.484
Max Profit Per Share (Gold): $0.79 $5.01 n/a $4.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.79 $5.01 n/a $4.22
Total Free Profit Per Share: $0.02 $1.69 n/a $1.67
FD Mkt. Cap / Gold Eq.: $94.75 $40.82 n/a $-53.93
FD Mkt. Cap / Silver Eq.: $1.23 $0.48 n/a $-0.75
FD Mkt. Cap / Per Metal
as % Spot Price:		 4.89% 2.22% n/a -2.67%

Reserves &
Resources		 03/01/2022
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.): 7.50M 7.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 62.58M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.63M 4.63M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 38.65M
Maximum Profit (Gold): $450.05M $285.33M n/a $-164.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $450.05M $285.33M n/a $-164.71M
Max Profit / Current MCap: 1.178 1.734 n/a 0.556
Max Profit Per Share (Gold): $0.91 $5.76 n/a $4.85
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.91 $5.76 n/a $4.85
Total Free Profit Per Share: $0.14 $2.44 n/a $2.30
FD Mkt. Cap / Gold Eq.: $82.47 $35.53 n/a $-46.95
FD Mkt. Cap / Silver Eq.: $1.07 $0.42 n/a $-0.66
FD Mkt. Cap / Per Metal
as % Spot Price:		 4.25% 1.93% n/a -2.32%

Future Valuation (Cash Flow & Totals)

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