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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 175koz. of gold per year. They have approximately 5.5Moz. of gold in the reserves and resources category of which 4Moz. are in the measured and indicated category. They have a market capitalisation of ~$460.67M which is a rise of roughly 51% over the last three months. As of 04/04/2020 they have ~$50M debt and ~$46M cash. They have 400M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 04/04/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $305.83M $460.67M 04/04/2020 $154.85M
Total Assets: $631.00M $631.00M 04/04/2020 $0.00M
Total Liabilities: $131.00M $131.00M 04/04/2020 $0.00M
Current Assets: $91.00M $91.00M 04/04/2020 $0.00M
Current Liabilities: $48.00M $48.00M 04/04/2020 $0.00M
Total Debt: $50.00M $50.00M 04/04/2020 $0.00M
Cash: $46.00M $46.00M 04/04/2020 $0.00M
Enterprise Value: $309.83M $464.67M 09/22/1984 $154.85M
Cash Flow: $33.28M $55.49M never $22.21M
Cash Flow Multiple: 9.19 8.30 never -0.89
Net Debt to
Cash Flow Ratio:		 0.12 0.07 never -0.05
Finance within 1 year: 04/04/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 04/04/2020 0.00%
Misc 04/04/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 400,398,000 400,398,000 04/04/2020 0
Shares (FD): 434,599,000 434,599,000 04/04/2020 0
Insider Ownership: n/a 25% 05/19/2020 25%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 04/04/2020 n/a
Production (Gold Eq Oz.): (guess) 
175,000		 (guess) 
175,000		 04/04/2020 0
Production (Silver Eq Oz.): (guess) 
19,776,829		 (guess) 
17,064,630		 04/04/2020 -2,712,200
Initial CapEx (Outstanding): n/a n/a 04/04/2020 n/a
Funding Option: n/a n/a 04/04/2020 n/a
Documentation: none PRODUCER 05/19/2020 n/a
Value Adjustment: 25% 25% never 0%

Resource Data

GOLD 04/04/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.75M 0.75M 04/04/2020 0.00M
Measured & Indicated: 4.00M 4.00M 04/04/2020 0.00M
Inferred: 1.50M 1.50M 04/04/2020 0.00M
Reserves & Resources: 5.50M 5.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.60M 0.60M 04/04/2020 0.00M
Measured & Indicated: 2.68M 2.68M 04/04/2020 0.00M
Inferred: 0.60M 0.60M 04/04/2020 0.00M
Reserves & Resources: 3.28M 3.28M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
175,000oz.		 (guess) 
175,000oz.		 04/04/2020 0oz.
Cash Cost: $950 $950 04/04/2020 $0.00
Extra Operating Cost: $400 $400 04/04/2020 $0.00
Average Grade: 1.00 g/t 1.00 g/t 04/04/2020 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/19/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 04/04/2020 0.00M
Annual Production: 250,000oz. 250,000oz. 04/04/2020 0oz.
Cash Cost: $900 $900 04/04/2020 $0
Extra Operating Cost: $400 $400 04/04/2020 $0
SILVER 04/04/2020
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 04/04/2020 0.00M
Measured & Indicated: n/a n/a 04/04/2020 0.00M
Inferred: n/a n/a 04/04/2020 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 04/04/2020 0.00M
Measured & Indicated: n/a n/a 04/04/2020 0.00M
Inferred: n/a n/a 04/04/2020 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 04/04/2020 $0.00
Extra Operating Cost: n/a n/a 04/04/2020 $0.00
Average Grade: n/a n/a 04/04/2020 n/a
Recovery Rate: n/a n/a 04/04/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/04/2020 0.00M
Annual Production: n/a n/a 04/04/2020 n/a
Cash Cost: n/a n/a 04/04/2020 n/a
Extra Operating Cost: n/a n/a 04/04/2020 n/a

Property

Last Analysis Data  (04/04/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production 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.
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 San Jose 49% n/a n/a n/a
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.
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		 04/04/2020
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.): 0.75M 0.75M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -11.62M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.60M 0.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -9.30M
Maximum Profit (Gold): $142.64M $237.83M n/a $95.18M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $142.64M $237.83M n/a $95.18M
Max Profit / Current MCap: 0.466 0.516 n/a 0.050
Max Profit Per Share (Gold): $0.33 $0.55 n/a $0.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.33 $0.55 n/a $0.22
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $509.71 $767.79 n/a $258.08
FD Mkt. Cap / Silver Eq.: $4.51 $7.87 n/a $3.36
FD Mkt. Cap / Per Metal
as % Spot Price:		 31.43% 42.58% n/a 11.15%
Measured &
Indicated		 04/04/2020
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.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -61.99M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.68M 2.68M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -41.54M
Maximum Profit (Gold): $637.14M $1,062.29M n/a $425.15M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $637.14M $1,062.29M n/a $425.15M
Max Profit / Current MCap: 2.083 2.306 n/a 0.223
Max Profit Per Share (Gold): $1.47 $2.44 n/a $0.98
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.47 $2.44 n/a $0.98
Total Free Profit Per Share: $0.76 $1.38 n/a $0.62
FD Mkt. Cap / Gold Eq.: $114.11 $171.89 n/a $57.78
FD Mkt. Cap / Silver Eq.: $1.01 $1.76 n/a $0.75
FD Mkt. Cap / Per Metal
as % Spot Price:		 7.04% 9.53% n/a 2.50%

Reserves &
Resources		 04/04/2020
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.): 5.50M 5.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -85.24M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.28M 3.28M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -50.83M
Maximum Profit (Gold): $779.78M $1,300.11M n/a $520.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $779.78M $1,300.11M n/a $520.33M
Max Profit / Current MCap: 2.550 2.822 n/a 0.272
Max Profit Per Share (Gold): $1.79 $2.99 n/a $1.20
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.79 $2.99 n/a $1.20
Total Free Profit Per Share: $1.09 $1.93 n/a $0.84
FD Mkt. Cap / Gold Eq.: $93.24 $140.45 n/a $47.21
FD Mkt. Cap / Silver Eq.: $0.83 $1.44 n/a $0.62
FD Mkt. Cap / Per Metal
as % Spot Price:		 5.75% 7.79% n/a 2.04%

Future Valuation (Cash Flow & Totals)

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