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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 200koz. of gold per year. They have approximately 8Moz. of gold in the reserves and resources category of which 5Moz. are in the measured and indicated category. They have a market capitalisation of ~$622.44M which is a rise of roughly 27% over the last four months. As of 05/31/2019 they have ~$50M debt and ~$36M 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 05/31/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $491.40M $622.44M 05/31/2019 $131.04M
Total Assets: $620.00M $620.00M 05/31/2019 $0.00M
Total Liabilities: $125.00M $125.00M 05/31/2019 $0.00M
Current Assets: $77.00M $77.00M 05/31/2019 $0.00M
Current Liabilities: $40.00M $40.00M 05/31/2019 $0.00M
Total Debt: $50.00M $50.00M 05/31/2019 $0.00M
Cash: $36.00M $36.00M 05/31/2019 $0.00M
Enterprise Value: $505.40M $636.44M 03/02/1990 $131.04M
Cash Flow: $0.69M $27.37M never $26.68M
Cash Flow Multiple: 716.33 22.74 never -693.58
Net Debt to
Cash Flow Ratio:		 20.41 0.51 never -19.90
Finance within 1 year: 05/31/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/31/2019 0.00%
Misc 05/31/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 359,000,000 359,000,000 05/31/2019 0
Shares (FD): 364,000,000 364,000,000 05/31/2019 0
Insider Ownership: n/a 27% 05/31/2019 27%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 05/31/2019 n/a
Production (Gold Eq Oz.): (guess) 
200,000		 (guess) 
200,000		 05/31/2019 0
Production (Silver Eq Oz.): (guess) 
17,924,451		 (guess) 
16,812,816		 05/31/2019 -1,111,634
Initial CapEx (Outstanding): n/a n/a 05/31/2019 n/a
Funding Option: n/a n/a 05/31/2019 n/a
Documentation: none PRODUCER 05/31/2019 n/a
Value Adjustment: 25% 25% never 0%

Resource Data

GOLD 05/31/2019
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 05/31/2019 0.00M
Measured & Indicated: 5.00M 5.00M 05/31/2019 0.00M
Inferred: 3.00M 3.00M 05/31/2019 0.00M
Reserves & Resources: 8.00M 8.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.60M 0.60M 05/31/2019 0.00M
Measured & Indicated: 3.32M 3.32M 05/31/2019 0.00M
Inferred: 1.20M 1.20M 05/31/2019 0.00M
Reserves & Resources: 4.52M 4.52M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
200,000oz.		 (guess) 
200,000oz.		 05/31/2019 0oz.
Cash Cost: $900 $900 05/31/2019 $0.00
Extra Operating Cost: $400 $400 05/31/2019 $0.00
Average Grade: 1.00 g/t 1.00 g/t 05/31/2019 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/31/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 05/31/2019 0.00M
Annual Production: 250,000oz. 250,000oz. 05/31/2019 0oz.
Cash Cost: $850 $850 05/31/2019 $0
Extra Operating Cost: $400 $400 05/31/2019 $0
SILVER 05/31/2019
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 05/31/2019 0.00M
Measured & Indicated: n/a n/a 05/31/2019 0.00M
Inferred: n/a n/a 05/31/2019 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 05/31/2019 0.00M
Measured & Indicated: n/a n/a 05/31/2019 0.00M
Inferred: n/a n/a 05/31/2019 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 05/31/2019 $0.00
Extra Operating Cost: n/a n/a 05/31/2019 $0.00
Average Grade: n/a n/a 05/31/2019 n/a
Recovery Rate: n/a n/a 05/31/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/31/2019 0.00M
Annual Production: n/a n/a 05/31/2019 n/a
Cash Cost: n/a n/a 05/31/2019 n/a
Extra Operating Cost: n/a n/a 05/31/2019 n/a

Property

Last Analysis Data  (05/31/2019)
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.
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 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  

Profitability (by resource)

Proven &
Probable		 05/31/2019
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 -4.17M
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 -3.33M
Maximum Profit (Gold): $2.57M $102.64M n/a $100.07M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2.57M $102.64M n/a $100.07M
Max Profit / Current MCap: 0.005 0.165 n/a 0.160
Max Profit Per Share (Gold): $0.01 $0.28 n/a $0.27
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.01 $0.28 n/a $0.27
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $819.00 $1,037.40 n/a $218.40
FD Mkt. Cap / Silver Eq.: $9.14 $12.34 n/a $3.20
FD Mkt. Cap / Per Metal
as % Spot Price:		 62.76% 69.37% n/a 6.60%
Measured &
Indicated		 05/31/2019
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.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -27.79M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.32M 3.32M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -18.45M
Maximum Profit (Gold): $14.23M $567.93M n/a $553.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $14.23M $567.93M n/a $553.69M
Max Profit / Current MCap: 0.029 0.912 n/a 0.883
Max Profit Per Share (Gold): $0.04 $1.56 n/a $1.52
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.04 $1.56 n/a $1.52
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $148.01 $187.48 n/a $39.47
FD Mkt. Cap / Silver Eq.: $1.65 $2.23 n/a $0.58
FD Mkt. Cap / Per Metal
as % Spot Price:		 11.34% 12.54% n/a 1.19%

Reserves &
Resources		 05/31/2019
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.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -44.47M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.52M 4.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -25.12M
Maximum Profit (Gold): $19.38M $773.20M n/a $753.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $19.38M $773.20M n/a $753.82M
Max Profit / Current MCap: 0.039 1.242 n/a 1.203
Max Profit Per Share (Gold): $0.05 $2.12 n/a $2.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.05 $2.12 n/a $2.07
Total Free Profit Per Share: $0.00 $0.41 n/a $0.41
FD Mkt. Cap / Gold Eq.: $108.72 $137.71 n/a $28.99
FD Mkt. Cap / Silver Eq.: $1.21 $1.64 n/a $0.43
FD Mkt. Cap / Per Metal
as % Spot Price:		 8.33% 9.21% n/a 0.88%

Future Valuation (Cash Flow & Totals)

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