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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
November 8, 2023 |
McEWEN MINING INC.
(Exact name of registrant as specified in
its charter)
Colorado |
|
001-33190 |
|
84-0796160 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer Identification No.) |
150 King Street West, Suite 2800
Toronto,
Ontario, Canada
|
M5H 1J9 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number including area code: |
(866) 441-0690 |
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock |
|
MUX |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 | Results of Operations and Financial Condition. |
On November 8, 2023, McEwen Mining Inc. (the
“Company”) issued a press release summarizing its third quarter and nine month results for the period ended September 30,
2023, and announcing the quarter-end conference call and webcast to discuss those results. A copy of that press release is furnished with
this report as Exhibit 99.1.
The information furnished under this Item 2.02,
including the referenced exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly
set forth by reference to such filing.
Item 9.01 | Financial
Statements and Exhibits. |
(d) Exhibits.
The following exhibits are furnished or filed with this report, as applicable:
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (contained
in Exhibit 101) |
Cautionary Statement
With the exception of historical matters, the matters
discussed in the press release include forward-looking statements within the meaning of applicable securities laws that involve risks
and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking
statements include, among others, statements regarding future production and cost estimates, exploration, development, construction and
production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others,
future drilling results, metal prices, economic and market conditions, operating costs, receipt of permits, and receipt of working capital,
as well as other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and
other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company’s ability
to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether
as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
McEWEN MINING INC. |
|
|
|
|
|
Date: November 13, 2023 |
By: |
/s/ Carmen Diges |
|
|
Carmen Diges, General Counsel |
Exhibit 99.1
MCEWEN MINING: Q3 2023 RESULTS
TORONTO, Nov
8th, 2023 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports its results for the third quarter (Q3) and nine months
ended September 30th, 2023.
Operational and Financial Highlights
| · | Consolidated GEO production in Q3 improved by 8% compared to both Q2/23 and Q3/22. We produced
38,500 GEOs(1) in Q3, and 104,400 GEOs for the nine months ended September 30th. We reiterate our
consolidated production guidance is at the lower end of our range of 150,000 to 170,000 GEOs for the year (see Table 1). |
| · | We continue to meet safety standards at our 100% owned operations. During Q3, we had no
lost-time incidents at our Fox Complex, Gold Bar Mine, and El Gallo operations. |
| · | In Q3, our Fox Mine Complex performed well, producing 11,200 ounces (oz) gold and remains on track
to meet guidance of 42,000 to 48,000 oz gold for the year. Cash costs(4) and AISC per GEO(4) sold for
the Fox Complex were $1,078 and $1,288, respectively. We expect annual cash costs(4) per GEO(4) sold
to be 10% above of our 2023 guidance. Figure 1 highlights the turnaround in production at Fox that has occurred since 2021. |
| · | In Q3, the Gold Bar Mine produced 9,500 oz of gold, an increase of 20% compared to Q2/23.
Production continues to increase quarterly, though delays from extreme weather and labor constraints during 2023 have impacted our annual
outlook. We now expect production from Gold Bar to be between 36,500 to 40,000 oz gold. Cash costs(4) and AISC per
GEO(4) sold for the Gold Bar mine were $1,529 and $2,160, respectively. AISC was affected by a $4.5 million sustaining
capital investment in a heap leach pad expansion, which was substantially completed during the quarter. Additional mining crews and the
completion of our heap leach expansion are expected to result in increased production in Q4/23 (see Figure 2), allowing Gold Bar
to quickly realize recoveries on material stockpiled during the last quarter. While this should reduce costs per ounce in the fourth quarter,
we still expect the average costs for the year to be 10% to 15% higher than our 2023 guidance. |
| · | In Q3, the San José Mine produced 17,800 GEOs, an increase
of 3% compared to Q2/23 due to a modest improvement in processed tonnes. Our joint venture partner and mine operator, Hochschild
Mining, reiterates production guidance of 66,000 to 74,000 GEOs for the year. Cash costs(4) and AISC per GEO(4) sold
for San José were $1,445 and $1,953, respectively. We expect costs to remain approximately 15% above
2023 guidance due to additional capital development costs associated with the operator’s revised mine plan. |
| · | We continue to advance our exploration program at Los Azules aiming to deliver all information required
for the feasibility study. During Q3, we completed planning and preparation work for the 2023-2024 drilling campaign, which has
a target of 157,000 feet (48,000 meters) and includes additional exploration, infill, geotech, hydrological and hydrogeological drilling.
14 out of a total of 18 to 20 planned drill rigs are currently operating and we have drilled 19,600 feet (6,000 meters) to date. We
invested $18.5 million in our Los Azules copper project during Q3 primarily to build a winter camp, further improve our road access,
and to construct a logistics facility in San Juan. |
| · | Subsequent to the quarter end, McEwen Copper closed financings with
Stellantis and Nuton, a Rio Tinto Venture, raising ARS$42 billion (Argentine Pesos) and $10.0 million, respectively, at a price of $26 per
share, which implies a market value of $800.0 million for McEwen Copper. As part of these private placements, McEwen Mining
received $6.0 million from the sale of 232,000 McEwen Copper common shares. McEwen Copper’s share ownership structure is now:
McEwen Mining 47.7%, Stellantis 19.4%, Nuton 14.5%, Rob McEwen 12.9% and 5.5% other shareholders. The implied market value represents
a value accretion of $207 million for McEwen Mining (from $175 million to $382 million of implied ownership value), representing a value
of $7.48 per fully diluted McEwen Mining share. |
| · | Consolidated cash and cash equivalents were $49.1 million (of which $47.5 million is to be used
towards advancing the Los Azules copper project) and consolidated working capital $72.3 million as of September 30, 2023.
We also reported investments of $40.8 million, which consist of liquid securities held in Argentina to mitigate inflation and devaluation
risks. |
| · | In Q3, we reported a gross profit of $3.8 million and cash gross profit(4) of $11.9
million from our 100% owned precious metal operations, compared to a gross profit of $1.5 million and cash gross profit(4) of
$5.8 million in Q3/22. Higher revenues driven by a 34% increase in GEOs sold and a 10% increase in realized gold prices led to improvements
in gross profit and cash gross profit(4). Including our 49% ownership of the San José Mine, we reported a total cash
gross profit(4) of $22.3 million compared with a total cash gross profit(4) of $13.8 million in Q3/22. |
| · | In Q3, we reported a net loss of $18.5 million, or $0.39 per share,
compared to a net loss of $10.5 million, or $0.21 per share in Q3/22. Compared to our gross profit, our net loss
was the result of higher year-over-year exploration and advanced project expenditures, including an $18.5 million investment in exploration
activities at our Los Azules copper project. |
| · | In Q3, we reported an adjusted net loss(4) of $4.2
million compared to an adjusted net income(4) of $6.4 million in Q3/22. Adjusted net loss(4) excludes
the expenses of McEwen Copper and our interest in the San José mine, a metric that we believe best represents the results
of our 100% owned precious metal operations. Compared to our cash gross profit(4) of $11.9 million, the adjusted net loss(4) includes
$6.6 million in exploration and advanced project expenditures at our Fox Complex, Gold Bar mine and Fenix Project operations, $8.5 million
in non-cash depreciation, and $3.7 million in general and administrative expenses. |
| · | Revenues of $38.4 million were reported from the sale of 20,620 GEOs from our 100% owned operations
at an average realized price(4) of $1,920 per GEO. Including our 49% ownership of San José Mine,
Q3 revenue would have increased by $31.6 million. This compares to Q3/22 revenues of $26.0 million from the sale of 15,400 GEOs
from our 100% owned operations at a realized price of $1,742 per GEO. Including our 49% ownership of San José Mine, Q3/22 revenue
would have increased by $32.0 million. |
| · | It is important to note that because of the recent McEwen Copper financing, MUX’s ownership
in McEwen Copper is below 50%, and we expect to no longer consolidate the financials of McEwen Copper. From Q4/23 onward we expect to
begin to account for McEwen Copper as an equity investment. The Company expects to conclude soon on the accounting impacts of
our recent financing. The resulting impact on our financials on a go-forward basis, should McEwen Copper be deconsolidated, will be noticeable.
Specifically, the carrying value of our investment in McEwen Copper ownership may increase significantly in line with the recent financings,
and we expect that our cash and liquid assets and expenses will decline markedly. |
Webcast
A webcast will be
held on Thursday, November 9th, 2023 at 11:00 AM EST, where management
will discuss our financial results and project developments and follow with a question-and-answer session. Questions for the call can
be emailed in advance to info@mcewenmining.com, or can be asked directly by participants over the phone during the webcast.
Q3 Results Conference Call - Thursday, November 9th, 2023, at 11:00 AM EST |
Calling in: |
Participant Toll-Free Dial-In Number: (888) 210-3454
Participant Toll Dial-In Number: (646) 960-0130
Conference ID: 3232920 |
Webcast Registration Link:
|
https://events.q4inc.com/attendee/253960288
|
An archived replay
of the webcast will be available approximately 2 hours following the conclusion of the live event. Access the replay on the Company’s
media page at https://www.mcewenmining.com/media.
Table 1
below provides production and cost results for Q3 & 9M 2023 with comparative results for Q3 & 9M 2022 and our Forecast
and Guidance for 2023. Our Forecast for 2023 reflects production to September 30th
and management's current estimates for Q4 2023.
|
Q3 |
9M |
2023
Forecast(3) |
2023
Guidance |
2022 |
2023 |
2022 |
2023 |
Consolidated Production |
|
|
|
|
|
Gold (oz) |
26,200 |
31,500 |
74,650 |
86,000 |
124,300-127,800 |
123,000-139,000 |
Silver (oz) |
853,000 |
580,200 |
1,894,100 |
1,531,200 |
2,300,000 |
2.3M-2.6M |
GEOs(1)(4) |
35,700 |
38,500 |
97,000 |
104,400 |
152,300-155,800 |
150,000-170,000 |
Gold Bar Mine, Nevada |
|
|
|
|
|
GEOs(1)(4) |
7,200 |
9,500 |
18,600 |
23,800 |
36,500-40,000 |
42,000-48,000 |
Cash Costs per GEO Sold(4) |
1,712 |
1,529 |
1,859 |
1,743 |
1,600 |
1,400 |
AISC per GEO Sold(4) |
2,049 |
2,160 |
2,251 |
2,203 |
1,900 |
1,680 |
Fox Complex, Canada |
|
|
|
|
|
GEOs(1)(4) |
9,000 |
11,200 |
27,900 |
34,200 |
45,500 |
42,000-48,000 |
Cash Costs per GEO Sold(4) |
774 |
1,078 |
978 |
1,129 |
1,100 |
1,000 |
AISC per GEO Sold(4) |
1.308 |
1,288 |
1,415 |
1,321 |
1,330 |
1,320 |
San José Mine, Argentina (49%)(2) |
|
|
|
|
|
Gold Production |
9,900 |
10,800 |
27,400 |
28,000 |
40,000 |
39,000-43,000 |
Silver Production
|
852,200 |
580,200 |
1,892,400 |
1,531,200 |
2,300,000 |
2.3M-2.6M |
GEOs(1)(4)
|
19,300 |
17,800 |
49,700 |
46,400 |
68,000 |
66,000-74,000 |
Cash Costs per GEO Sold(4) |
1,223 |
1,445 |
1,300 |
1,505 |
1,450 |
1,250 |
AISC per GEO Sold(4) |
1,562 |
1,953 |
1,718 |
1,971 |
1,800 |
1,550 |
Notes:
| (1) | Gold Equivalent Ounces (GEOs) are calculated based on a gold-to-silver price ratio of 90:1 for Q3 2022,
83:1 for 9M 2023, 82:1 for Q3 2022, and 83:1 for 9M 2022. 2023 production guidance is calculated
based on an 85:1 gold-to-silver price ratio. |
| (2) | The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining
plc. Production is shown on a 49% basis. |
| (3) | El Gallo Mine (on care and maintenance) is expected to recover 2,300 oz gold in 2023 from plant and pond
cleanout. |
| (4) | See disclosure below about Non-GAAP Financial Performance Measures used in this release. |
| (5) | Production figures may not add due to rounding. |
Figure 1 below shows the
Fox Mine Complex actual annual production 2018-2022 and the 2023 forecast.
Figure 2 below shows Gold
Bar Mine’s daily ounces processed through the process plant from Jan 1, 2023 to Oct 31, 2023.
For the SEC Form 10-Q Financial
Statements and MD&A refer to: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000314203
Technical Information
The technical
content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill)
Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National
Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Reliability of Information Regarding San José
Minera Santa Cruz
S.A. (“MSC”), the owner of the San José Mine, is responsible for and has supplied to the Company all reported results
from the San José Mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates
other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
NON-GAAP FINANCIAL PERFORMANCE MEASURES
We have included in this report certain non-GAAP
financial performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any
standardized meaning and are considered non-GAAP measures. We use these measures in evaluating our business and believe that, in addition
to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and
ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such
non-GAAP measures. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the non-GAAP measures supplementally.
We do not provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures
on a forward-looking basis because we are unable to predict items contained in the GAAP financial measures without unreasonable efforts.
The non-GAAP measures are presented for our wholly-owned
mines and the San José mine. The GAAP information used for the reconciliation to the non-GAAP measures for the San José
mine may be found in Note 9, Investment in Minera Santa Cruz S.A. (“MSC”) – San José Mine. The amounts
in the tables labeled “49% basis” were derived by applying to each financial statement line item the ownership percentage
interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not
control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent
our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement
and varies depending on factors including the profitability of the operations.
The presentation of these measures, including
those for MSC, has limitations as an analytical tool. Some of these limitations include:
| · | The amounts shown on MSC’s individual line items do not represent our legal claim to its assets
and liabilities, or the revenues and expenses; and |
| · | Other companies in our industry may calculate their cash gross profit, cash costs, cash cost per ounce,
all-in sustaining costs, all-in sustaining cost per ounce, average realized price per ounce, and liquid assets differently than we do,
limiting the usefulness as a comparative measure. |
Adjusted Net Income or Loss and Adjusted
Net Income or Loss Per Share
Adjusted net income or loss is a non-GAAP financial
measure and does not have any standardized meaning. We use adjusted net income to evaluate our operating performance and ability to generate
cash flow from our wholly-owned operations in production; we disclose this metric as we believe this measure provides valuable assistance
to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our
copper operations. The most directly comparable measure prepared in accordance with GAAP is net income or loss. Adjusted net income is
calculated by adding back McEwen Copper and MSC’s income or loss impacts to our consolidated net income or loss.
The following tables present a reconciliation
of adjusted net income to the most directly comparable GAAP measure, net income:
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Adjusted net income or loss | |
| | | |
| | | |
| | | |
| | |
Net loss after income and mining taxes | |
$ | (29,661 | ) | |
$ | (10,542 | ) | |
$ | (109,332 | ) | |
$ | (44,012 | ) |
Adjusted for: | |
| | | |
| | | |
| | | |
| | |
Advanced Projects – McEwen Copper (Note 2) | |
| 18,478 | | |
| 7,623 | | |
| 78,883 | | |
| 31,460 | |
Exploration – McEwen Copper (Note 2) | |
| — | | |
| 141 | | |
| 386 | | |
| 629 | |
General and administrative – McEwen Copper | |
| 1,456 | | |
| 3,185 | | |
| 3,026 | | |
| 6,708 | |
Interest and other finance (income) loss – McEwen Copper | |
| (24,554 | ) | |
| 590 | | |
| (57,937 | ) | |
| 476 | |
Foreign currency loss (gain) – McEwen Copper | |
| 25,120 | | |
| 6,118 | | |
| 35,639 | | |
| (1,577 | ) |
Income tax (recovery) expense – McEwen Copper | |
| 989 | | |
| 24 | | |
| (132 | ) | |
| 24 | |
Loss (income) from investment in Minera Santa Cruz S.A. (Note 9) | |
| 2,672 | | |
| (758 | ) | |
| 7,047 | | |
| (2,149 | ) |
Adjusted net (loss) income | |
$ | (5,500 | ) | |
$ | 6,380 | | |
$ | (42,419 | ) | |
$ | (8,441 | ) |
Weighted average shares outstanding (thousands) | |
| 47,429 | | |
| 50,778 | | |
| 47,428 | | |
| 48,218 | |
Adjusted net loss per share | |
$ | (0.12 | ) | |
$ | 0.13 | | |
$ | (0.89 | ) | |
$ | (0.18 | ) |
Cash Gross Profit or Loss
Cash gross profit or loss is a non-GAAP financial
measure and does not have any standardized meaning. We use cash gross profit to evaluate our operating performance and ability to generate
cash flow; we disclose cash gross profit as we believe this measure provides valuable assistance to investors and analysts in evaluating
our ability to finance our ongoing business and capital activities. The most directly comparable measure prepared in accordance with GAAP
is gross profit or loss. Cash gross profit is calculated by adding back the depreciation and depletion expense to gross profit or loss.
The following tables present a reconciliation
of cash gross profit or loss to the most directly comparable GAAP measure, gross profit or loss:
| |
Three months ended September 30, 2023 | | |
Nine months ended September 30, 2023 | |
| |
Gold Bar | | |
Fox Complex | | |
El Gallo | | |
Total(100%
owned) | | |
Gold Bar | | |
Fox Complex | | |
El Gallo | | |
Total(100%
owned) | |
| |
(in thousands) | | |
(in thousands) | |
Revenue from gold and silver sales | |
$ | 17,967 | | |
$ | 20,259 | | |
$ | 178 | | |
$ | 38,404 | | |
$ | 45,526 | | |
$ | 61,847 | | |
$ | 178 | | |
$ | 107,551 | |
Less: Production costs applicable to sales | |
| (14,406 | ) | |
| (12,069 | ) | |
| — | | |
| (26,475 | ) | |
| (41,453 | ) | |
| (38,597 | ) | |
| — | | |
| (80,050 | ) |
Less: Depreciation and depletion | |
| (2,647 | ) | |
| (5,534 | ) | |
| — | | |
| (8,181 | ) | |
| (7,170 | ) | |
| (16,200 | ) | |
| — | | |
| (23,370 | ) |
Gross profit | |
$ | 914 | | |
$ | 2,656 | | |
$ | 178 | | |
$ | 3,748 | | |
$ | (3,097 | ) | |
$ | 7,050 | | |
$ | 178 | | |
$ | 4,131 | |
Add: Depreciation and depletion | |
| 2,647 | | |
| 5,534 | | |
| — | | |
| 8,181 | | |
| 7,170 | | |
| 16,200 | | |
| — | | |
| 23,370 | |
Cash gross profit | |
$ | 3,561 | | |
$ | 8,190 | | |
$ | 178 | | |
$ | 11,929 | | |
$ | 4,073 | | |
$ | 23,250 | | |
$ | 178 | | |
$ | 27,501 | |
| |
Three months ended September 30, 2022 | | |
Nine months ended September 30, 2022 | |
| |
Gold Bar | | |
Fox
Complex | | |
El Gallo | | |
Total(100%
owned) | | |
Gold Bar | | |
Fox Complex | | |
El Gallo | | |
Total (100%
owned) | |
| |
(in thousands) | | |
(in thousands) | |
Revenue from gold and silver sales | |
$ | 12,596 | | |
$ | 13,058 | | |
$ | 334 | | |
$ | 25,988 | | |
$ | 34,334 | | |
$ | 46,200 | | |
$ | 1,643 | | |
$ | 82,177 | |
Less: Production costs applicable to sales | |
| (12,357 | ) | |
| (6,196 | ) | |
| (1,619 | ) | |
| (20,172 | ) | |
| (34,834 | ) | |
| (26,103 | ) | |
| (10,002 | ) | |
| (70,939 | ) |
Less: Depreciation and depletion | |
| (1,514 | ) | |
| (2,799 | ) | |
| — | | |
| (4,313 | ) | |
| (3,275 | ) | |
| (8,219 | ) | |
| — | | |
| (11,494 | ) |
Gross profit (loss) | |
$ | (1,275 | ) | |
$ | 4,063 | | |
$ | (1,285 | ) | |
$ | 1,503 | | |
$ | (3,775 | ) | |
$ | 11,878 | | |
$ | (8,359 | ) | |
$ | (256 | ) |
Add: Depreciation and depletion | |
| 1,514 | | |
| 2,799 | | |
| — | | |
| 4,313 | | |
| 3,275 | | |
| 8,219 | | |
| — | | |
| 11,494 | |
Cash gross profit (loss) | |
$ | 239 | | |
$ | 6,862 | | |
$ | (1,285 | ) | |
$ | 5,816 | | |
$ | (500 | ) | |
$ | 20,097 | | |
$ | (8,359 | ) | |
$ | 11,238 | |
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | |
San José mine cash gross profit (100% basis) | |
| | | |
| | | |
| | | |
| | |
Revenue from gold and silver sales | |
$ | 64,495 | | |
$ | 65,278 | | |
$ | 177,947 | | |
$ | 176,808 | |
Less: Production costs applicable to sales | |
| (43,380 | ) | |
| (48,930 | ) | |
| (131,434 | ) | |
| (130,231 | ) |
Less: Depreciation and depletion | |
| (15,190 | ) | |
| (9,376 | ) | |
| (37,783 | ) | |
| (21,629 | ) |
Gross profit (loss) | |
$ | 5,925 | | |
$ | 6,972 | | |
$ | 8,730 | | |
$ | 24,948 | |
Add: Depreciation and depletion | |
| 15,190 | | |
| 9,376 | | |
| 37,783 | | |
| 21,629 | |
Cash gross profit | |
$ | 21,115 | | |
$ | 16,348 | | |
$ | 46,513 | | |
$ | 46,577 | |
Cash gross profit (49% basis) | |
$ | 10,346 | | |
$ | 8,011 | | |
$ | 22,791 | | |
$ | 22,823 | |
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | |
Total cash gross profit | |
| | | |
| | | |
| | | |
| | |
Cash gross profit from 100% owned operations | |
$ | 11,936 | | |
$ | 5,816 | | |
$ | 27,508 | | |
$ | 11,238 | |
Cash gross profit from San José mine (49% basis) | |
| 10,346 | | |
| 8,011 | | |
| 22,791 | | |
| 22,823 | |
Total cash gross profit | |
$ | 22,282 | | |
$ | 13,827 | | |
$ | 50,299 | | |
$ | 34,061 | |
Cash Costs and All-In Sustaining Costs (AISC)
The terms cash costs, cash cost per ounce, all-in
sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report
these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures
used by the mining industry provide investors and analysts with useful information about our underlying costs of operations.
Cash costs consist of mining, processing, on-site
general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment
charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation
and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine
a per ounce amount.
All-in sustaining costs consist of cash costs
(as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites,
environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures
and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following
is additional information regarding our all-in sustaining costs:
| · | Sustaining operating costs represent expenditures incurred at current operations that are considered necessary
to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and
other capital facilities. Sustaining capital costs do not include the costs of expanding the project that would result in improved productivity
of the existing asset, increased existing capacity or extended useful life. |
| · | Sustaining exploration and development costs include expenditures incurred to sustain current operations
and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activity performed near-mine (brownfield)
or new exploration projects (greenfield) are classified as non-sustaining. |
The sum of all-in sustaining costs is divided
by the corresponding gold equivalent ounces sold to determine a per ounce amount.
Costs excluded from cash costs and all-in sustaining
costs, in addition to depreciation and depletion, are income and mining tax expense, all corporate financing charges, costs related to
business combinations, asset acquisitions and asset disposals, impairment charges and any items that are deducted for the purpose of normalizing
items.
The following tables reconcile these non-GAAP
measures to the most directly comparable GAAP measure, production costs applicable to sales:
| |
Three months ended September 30, 2023 | | |
Nine months ended September 30, 2023 | |
| |
Gold Bar | | |
Fox Complex | | |
Total | | |
Gold Bar | | |
Fox Complex | | |
Total | |
| |
(in thousands, except per ounce) | | |
(in thousands, except per ounce) | |
Production costs applicable to sales - Cash costs (100% owned) | |
$ | 14,406 | | |
$ | 12,069 | | |
$ | 26,475 | | |
$ | 41,453 | | |
$ | 38,597 | | |
$ | 80,050 | |
In-mine exploration | |
| 1,457 | | |
| — | | |
| 1,457 | | |
| 3,054 | | |
| — | | |
| 3,054 | |
Capitalized underground mine development (sustaining) | |
| — | | |
| 2,227 | | |
| 2,227 | | |
| — | | |
| 6,058 | | |
| 6,058 | |
Capital expenditures on plant and equipment (sustaining) | |
| 4,478 | | |
| — | | |
| 4,478 | | |
| 7,655 | | |
| — | | |
| 7,655 | |
Sustaining leases | |
| 8 | | |
| 124 | | |
| 132 | | |
| 237 | | |
| 523 | | |
| 760 | |
All-in sustaining costs | |
$ | 20,349 | | |
$ | 14,420 | | |
$ | 34,770 | | |
$ | 52,399 | | |
$ | 45,178 | | |
$ | 97,577 | |
Ounces sold, including stream (GEO)(1) | |
| 9.4 | | |
| 11.2 | | |
| 20.6 | | |
| 23.8 | | |
| 34.2 | | |
| 58.0 | |
Cash cost per ounce sold ($/GEO) | |
$ | 1,529 | | |
$ | 1,078 | | |
$ | 1,284 | | |
$ | 1,743 | | |
$ | 1,129 | | |
$ | 1,381 | |
AISC per ounce sold ($/GEO) | |
$ | 2,160 | | |
$ | 1,288 | | |
$ | 1,686 | | |
$ | 2,203 | | |
$ | 1,321 | | |
$ | 1,683 | |
| |
Three months ended September 30, 2022 | | |
Nine months ended September 30, 2022 | |
| |
Gold Bar | | |
Fox Complex | | |
Total | | |
Gold Bar | | |
Fox Complex | | |
Total | |
| |
(in thousands, except per ounce) | | |
(in thousands, except per ounce) | |
Production costs applicable to sales - Cash costs (100% owned) | |
$ | 12,357 | | |
$ | 6,196 | | |
$ | 18,553 | | |
$ | 34,834 | | |
$ | 26,103 | | |
$ | 60,937 | |
Mine site reclamation, accretion and amortization | |
| 202 | | |
| — | | |
| 202 | | |
| 1,435 | | |
| — | | |
| 1,435 | |
In-mine exploration | |
| 767 | | |
| — | | |
| 767 | | |
| 2,830 | | |
| — | | |
| 2,830 | |
Capitalized underground mine development (sustaining) | |
| — | | |
| 4,080 | | |
| 4,080 | | |
| — | | |
| 11,130 | | |
| 11,130 | |
Capital expenditures on plant and equipment (sustaining) | |
| 1,012 | | |
| — | | |
| 1,012 | | |
| 1,508 | | |
| — | | |
| 1,508 | |
Sustaining leases | |
| 448 | | |
| 198 | | |
| 646 | | |
| 1,563 | | |
| 509 | | |
| 2,072 | |
All-in sustaining costs | |
$ | 14,786 | | |
$ | 10,474 | | |
$ | 25,260 | | |
$ | 42,170 | | |
$ | 37,742 | | |
$ | 79,912 | |
Ounces sold, including stream (GEO)(1) | |
| 7.2 | | |
| 8.0 | | |
| 15.2 | | |
| 18.7 | | |
| 26.7 | | |
| 45.4 | |
Cash cost per ounce sold ($/GEO) | |
$ | 1,712 | | |
$ | 774 | | |
$ | 1,219 | | |
$ | 1,859 | | |
$ | 978 | | |
$ | 1,342 | |
AISC per ounce sold ($/GEO) | |
$ | 2,049 | | |
$ | 1,308 | | |
$ | 1,659 | | |
$ | 2,251 | | |
$ | 1,460 | | |
$ | 1,760 | |
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands, except per ounce) | |
San José mine cash costs (100% basis) | |
| | | |
| | | |
| | | |
| | |
Production costs applicable to sales - Cash costs | |
$ | 43,380 | | |
$ | 48,930 | | |
$ | 131,434 | | |
$ | 130,231 | |
Mine site reclamation, accretion and amortization | |
| 0 | | |
| 25 | | |
| 386 | | |
| 213 | |
Site exploration expenses | |
| 2,538 | | |
| 1,961 | | |
| 7,336 | | |
| 6,788 | |
Capitalized underground mine development (sustaining) | |
| 11,890 | | |
| 10,051 | | |
| 27,939 | | |
| 27,758 | |
Less: Depreciation | |
| (909 | ) | |
| (476 | ) | |
| (2,162 | ) | |
| (1,491 | ) |
Capital expenditures (sustaining) | |
| 1,718 | | |
| 1,998 | | |
| 7,119 | | |
| 8,630 | |
All-in sustaining costs | |
$ | 58,617 | | |
$ | 62,489 | | |
$ | 172,052 | | |
$ | 172,130 | |
Ounces sold (GEO) | |
| 30.0 | | |
| 40.0 | | |
| 87.3 | | |
| 100.2 | |
Cash cost per ounce sold ($/GEO) | |
$ | 1,445 | | |
$ | 1,223 | | |
$ | 1,505 | | |
$ | 1,300 | |
AISC per ounce sold ($/GEO) | |
$ | 1,953 | | |
$ | 1,562 | | |
$ | 1,971 | | |
$ | 1,718 | |
Average Realized Price
The term average realized price per ounce used
in this report is also a non-GAAP financial measure. We prepare this measure to evaluate our performance against the market (London P.M. Fix).
The average realized price for our 100% owned properties is calculated as gross sales of gold and silver, less streaming revenue, divided
by the number of net ounces sold in the period, less ounces sold under the streaming agreement.
The following table reconciles the average realized
prices to the most directly comparable U.S. GAAP measure, revenue from gold and silver sales.
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands, except per ounce) | |
Average realized price - 100% owned | |
| | | |
| | | |
| | | |
| | |
Revenue from gold and silver sales | |
$ | 38,404 | | |
$ | 25,988 | | |
$ | 107,551 | | |
$ | 82,177 | |
Less: revenue from gold sales, stream | |
| 527 | | |
| 426 | | |
| 1,567 | | |
| 1,237 | |
Revenue from gold and silver sales, excluding stream | |
$ | 37,877 | | |
$ | 25,562 | | |
$ | 105,984 | | |
$ | 80,940 | |
GEOs sold | |
| 20.6 | | |
| 15.4 | | |
| 58.0 | | |
| 46.3 | |
Less: gold ounces sold, stream | |
| 0.9 | | |
| 0.7 | | |
| 2.7 | | |
| 2.2 | |
GEOs sold, excluding stream | |
| 19.7 | | |
| 14.7 | | |
| 55.3 | | |
| 44.1 | |
Average realized price per GEO sold, excluding stream | |
$ | 1,920 | | |
$ | 1,742 | | |
$ | 1,916 | | |
$ | 1,833 | |
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news
release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this
news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events
and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies,
and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events
could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or
future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include,
but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks,
political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive
in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining
operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets,
environmental risks and hazards, uncertainty as to the calculation of mineral resources and reserves, and other risks. Readers should
not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company
undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after
the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31,
2022 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information
on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking
statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility
for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen
Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7%
of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s
goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob
McEwen, Chairman and Chief Owner has personally provided the Company with $220 million and takes an annual salary of $1.
WEB SITE |
SOCIAL MEDIA |
|
www.mcewenmining.com |
|
McEwen Mining |
|
Facebook: |
facebook.com/mcewenmining |
CONTACT INFORMATION |
LinkedIn: |
linkedin.com/company/mcewen-mining-inc- |
|
Twitter: |
twitter.com/mcewenmining |
150 King Street West |
Instagram: |
instagram.com/mcewenmining |
Suite 2800, PO Box
24 |
|
|
Toronto, ON, Canada |
|
McEwen Copper |
M5H 1J9 |
Facebook: |
facebook.com/ mcewencopper |
|
LinkedIn: |
linkedin.com/company/mcewencopper |
Relationship with Investors: |
Twitter: |
twitter.com/mcewencopper |
(866)-441-0690 Toll free |
Instagram: |
instagram.com/mcewencopper |
(647)-258-0395 |
|
|
|
|
Rob McEwen |
Mihaela Iancu ext. 320 |
Facebook: |
facebook.com/mcewenrob |
info@mcewenmining.com |
LinkedIn: |
linkedin.com/in/robert-mcewen-646ab24 |
|
Twitter: |
twitter.com/robmcewenmux |
McEwen Mining Inc. | Page 10 | |
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