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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 10Moz. of gold and 150Moz. of silver in the reserves and resources category of which 5Moz. of gold and 75Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$480.48M which is a fall of roughly 23% over the last six months. As of 11/24/2018 they have ~$50M debt and ~$54M cash. They have 359M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/24/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $622.44M $480.48M 04/19/2019 $-141.96M
Total Assets: $620.00M $620.00M 11/24/2018 $0.00M
Total Liabilities: $125.00M $125.00M 11/24/2018 $0.00M
Current Assets: $77.00M $77.00M 11/24/2018 $0.00M
Current Liabilities: $40.00M $40.00M 11/24/2018 $0.00M
Total Debt: $50.00M $50.00M 11/24/2018 $0.00M
Cash: $54.00M $54.00M 11/24/2018 $0.00M
Enterprise Value: $618.44M $476.48M 02/05/1985 $-141.96M
Cash Flow: $2.16M $7.14M never $4.98M
Cash Flow Multiple: 287.95 67.30 never -220.65
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 11/24/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 11/24/2018 0.00%
Misc 11/24/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 337,000,000 359,000,000 04/19/2019 22,000,000
Shares (FD): 342,000,000 364,000,000 04/19/2019 22,000,000
Insider Ownership: n/a 27% 04/19/2019 27%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 11/24/2018 n/a
Production (Gold Eq Oz.): (guess) 
138,500
(guess) 
137,329
11/24/2018 -1,171
Production (Silver Eq Oz.): (guess) 
11,871,529
(guess) 
12,140,330
11/24/2018 268,802
Initial CapEx (Outstanding): n/a n/a 11/24/2018 n/a
Funding Option: n/a n/a 11/24/2018 n/a
Documentation: none PRODUCER 04/19/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 11/24/2018
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 11/24/2018 0.00M
Measured & Indicated: 5.00M 5.00M 11/24/2018 0.00M
Inferred: 5.00M 5.00M 11/24/2018 0.00M
Reserves & Resources: 10.00M 10.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.60M 0.60M 11/24/2018 0.00M
Measured & Indicated: 3.32M 3.32M 11/24/2018 0.00M
Inferred: 2.00M 2.00M 11/24/2018 0.00M
Reserves & Resources: 5.32M 5.32M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
100,000oz.
(guess) 
100,000oz.
11/24/2018 0oz.
Cash Cost: $800 $800 11/24/2018 $0.00
Extra Operating Cost: $400 $400 11/24/2018 $0.00
Average Grade: 1.00 g/t 1.00 g/t 11/24/2018 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 04/19/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 5.00M 5.00M 11/24/2018 0.00M
Annual Production: 250,000oz. 250,000oz. 11/24/2018 0oz.
Cash Cost: $800 $800 11/24/2018 $0
Extra Operating Cost: $400 $400 11/24/2018 $0
SILVER 11/24/2018
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 11/24/2018 0.00M
Measured & Indicated: 75.00M 75.00M 11/24/2018 0.00M
Inferred: 75.00M 75.00M 11/24/2018 0.00M
Reserves & Resources: 150.00M 150.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 10.40M 10.40M 11/24/2018 0.00M
Measured & Indicated: 50.08M 50.08M 11/24/2018 0.00M
Inferred: 30.00M 30.00M 11/24/2018 0.00M
Reserves & Resources: 80.08M 80.08M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
3,300,000oz.
(guess) 
3,300,000oz.
11/24/2018 0oz.
Cash Cost: $9 $9 11/24/2018 $0.00
Extra Operating Cost: $5 $5 11/24/2018 $0.00
Average Grade: 90.00 g/t 90.00 g/t 11/24/2018 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 04/19/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 75.00M 75.00M 11/24/2018 0.00M
Annual Production: 3,000,000oz. 3,000,000oz. 11/24/2018 0oz.
Cash Cost: $9 $9 11/24/2018 $0
Extra Operating Cost: $6 $6 11/24/2018 $0

Property

Last Analysis Data  (11/24/2018)
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
11/24/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 83.18% 83.61% n/a 0.43%
Percentage Silver: 16.82% 16.39% n/a -0.43%
Total (Gold Eq. Oz.): 0.90M 0.90M n/a 0.00M
Total (Silver Eq. Oz.): 77.29M 79.30M n/a 2.02M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.72M 0.72M n/a 0.00M
Silver Eq. Oz.: 61.83M 63.44M n/a 1.61M
Maximum Profit (Gold): $9.37M $35.49M n/a $26.12M
Maximum Profit (Silver): $1.89M $3.86M n/a $1.97M
Total Maximum Profit: $11.26M $39.35M n/a $28.09M
Max Profit / Current MCap: 0.018 0.082 n/a 0.064
Max Profit Per Share (Gold): $0.03 $0.10 n/a $0.07
Max Profit Per Share (Silver): $0.01 $0.01 n/a $0.01
Total Max Profit Per Share: $0.03 $0.11 n/a $0.08
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $862.90 $669.53 n/a $-193.38
FD Mkt. Cap / Silver Eq.: $10.07 $7.57 n/a $-2.49
FD Mkt. Cap / Per Metal
as % Spot Price:
70.60% 52.12% n/a -18.47%
Measured &
Indicated
11/24/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 85.11% 85.49% n/a 0.38%
Percentage Silver: 14.89% 14.51% n/a -0.38%
Total (Gold Eq. Oz.): 5.87M 5.85M n/a -0.03M
Total (Silver Eq. Oz.): 503.58M 517.02M n/a 13.44M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.90M 3.89M n/a -0.02M
Silver Eq. Oz.: 334.65M 343.58M n/a 8.92M
Maximum Profit (Gold): $51.83M $196.38M n/a $144.55M
Maximum Profit (Silver): $9.11M $18.58M n/a $9.47M
Total Maximum Profit: $60.94M $214.96M n/a $154.02M
Max Profit / Current MCap: 0.098 0.447 n/a 0.349
Max Profit Per Share (Gold): $0.15 $0.54 n/a $0.39
Max Profit Per Share (Silver): $0.03 $0.05 n/a $0.02
Total Max Profit Per Share: $0.18 $0.59 n/a $0.41
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $159.43 $123.63 n/a $-35.80
FD Mkt. Cap / Silver Eq.: $1.86 $1.40 n/a $-0.46
FD Mkt. Cap / Per Metal
as % Spot Price:
13.04% 9.62% n/a -3.42%

Reserves &
Resources
11/24/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 85.11% 85.49% n/a 0.38%
Percentage Silver: 14.89% 14.51% n/a -0.38%
Total (Gold Eq. Oz.): 11.75M 11.70M n/a -0.05M
Total (Silver Eq. Oz.): 1,007.15M 1,034.03M n/a 26.88M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.25M 6.23M n/a -0.03M
Silver Eq. Oz.: 536.09M 550.39M n/a 14.30M
Maximum Profit (Gold): $83.05M $314.68M n/a $231.63M
Maximum Profit (Silver): $14.57M $29.71M n/a $15.14M
Total Maximum Profit: $97.62M $344.39M n/a $246.77M
Max Profit / Current MCap: 0.157 0.717 n/a 0.560
Max Profit Per Share (Gold): $0.24 $0.86 n/a $0.62
Max Profit Per Share (Silver): $0.04 $0.08 n/a $0.04
Total Max Profit Per Share: $0.29 $0.95 n/a $0.66
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $99.52 $77.18 n/a $-22.35
FD Mkt. Cap / Silver Eq.: $1.16 $0.87 n/a $-0.29
FD Mkt. Cap / Per Metal
as % Spot Price:
8.14% 6.01% n/a -2.13%

Future Valuation (Cash Flow & Totals)

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