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McEwen Mining (MUX) : GEO 150,000/yr. Gold miner (est.)

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MUX Update : YTD: 3yr: 2yr: 6mo: Updated Oct.27th: $1.05

3yr : updated, 1.14.2022: $0.9127, +14.1% above Yr.L of $0.80






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  • 1 month later...

I'm am back in...  Bought some MUX shares again

McEwen Mining: Q3 2020 Production and Exploration Results

2020-10-16 06:00 ET - News Release

TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- McEwenMining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q3 2020 was 23,100 gold ounces and 575,000 silver ounces, or 30,400 gold equivalent ounces(1)(GEOs), at the average gold:silver price ratio for the quarter of 79:1. Production rebounded during Q3 after the successful restart of all four of our operations, which were temporary suspended during Q2, largely due to actions taken to prevent the spread of COVID-19 amongst our workers, business partners, and communities.

Consolidated Production Summary

  Q1 Q2 Q3
2019 2020 2019 2020 2019 2020
Gold (oz) 26,900 29,200 36,200 15,700 35,000 23,100
Silver (oz) 703,200 553,200 850,500 359,400 947,100 575,000
GEOs(1) 36,300 35,100 45,900 19,200 45,900 30,400
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$5,000 gold price 'is not that far out' - Rob McEwen (re: Debt defaults)

(Kitco News) - Gold's popularity amongst retail investors is set to rise, and this is going to propel prices to $5,000 an ounce, said Rob McEwen, chairman of McEwen Mining.

“I don’t think $5,000 is that far out. I look at the influence of the social media and how much it’s propelled some of the tech stocks and I’m going to suggest that when people start looking at gold and it becomes a more common topic on social media,” he said.

McEwen said that rising debt levels put the possibility of sovereign default as a real risk of investors.

“The debt loads right now are pretty frightening in the U.S. and many other countries around the world as a result of what’s happening, to do with COVID. There’s a threshold when the debt to GDP gets to a 130% of GDP, there’s a very real likelihood of a default,” he said.

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McEwen Mining has a feasibility study for Fenix, a precious metals project in Mexico, but investors appear unenthused.

MUX / update: $1.05 + 6.6%


St. James Gold is inching ahead with its deal to acquire Grub Line, an area-play property near New Found Gold's Queensway -- but perhaps not near enough.  more...

Date ET Symbol Type Headline
2021-01-04 06:00 U:MUX News Release McEwen Mining: 2020 Full Year and Q4 Production Results
2020-12-31 12:12 U:MUX News Release McEwen Mining Closes Flow-Through Financing
2020-12-31 06:55 U:MUX News Release McEwen Mining: Fenix Project Feasibility Study



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McEwen loses 16% of gold reserves at Gold Bar

Kitco News |

(Kitco News) - McEwen Mining (TSX, NYSE: MUX) announced today an updated indicated resource estimate of 499,000 contained gold ounces and probable reserve estimate of 302,000 recoverable gold ounces for the Gold Bar mine in Nevada.

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On 1/8/2021 at 12:21 PM, drbubb said:

McEwen loses 16% of gold reserves at Gold Bar

Kitco News | Jan 7

(Kitco News) - McEwen Mining (TSX, NYSE: MUX) announced today an updated indicated resource estimate of 499,000 contained gold ounces and probable reserve estimate of 302,000 recoverable gold ounces for the Gold Bar mine in Nevada.

Please forgive me if I am wrong, but as far as I remember, a continuous trading range below 1$ on NYSE, can result in a delisting of a stock when it goes to the OTC market. However, this becomes a very different story. Some companies might be willing to find as many positive news in those times. However, on this occasion it did not have much influence on the price despite bad news. I does not satisfy my buying criteria, but I can see that it is marked as a "Strong Buy" at present, so I will be watching it closely.

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  • 2 weeks later...

MUX! MUX! MUX!  McEwen mining, 

Wow! Look at the volume; 45M shares !
$1.20 +0.29, +31.9%!  

And in afterhours trading: +0.14 > $1.34 on 2.18 M shares
There must be some big news!

(Here it is -- a transaction on one of their properties):

Silver Mountain Mines Enters Into Letter of Intent with Nevgold Corp. For a Proposed Reverse Takeover

2021-01-19 10:37 ET - News Release

CALGARY, Alberta, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Silver Mountain Mines Ltd. (TSXV: “SMM”) (“Silver Mountain” or the “Company”) announces that it has entered a non-binding Letter of Intent (the “LOI”) dated January 13, 2021 with Nevgold Corp. (“Nevgold”) with respect to a proposed transaction (the “Proposed Transaction”) whereby Silver Mountain will acquire all of the issued and outstanding common shares in the capital of Nevgold (the “Nevgold Shares”). Nevgold is a private British Columbia company which holds the right to acquire the Limousine Butte and Cedar Wash Projects in Nevada (the “Properties”) from McEwen Mining Inc. (NYSE: “MUX”, TSX: “MUX”) (“McEwen”).

. . . Asset Information – Limousine Butte

Limousine Butte is a past producing, Carlin-type gold district in Ely, Nevada consisting of 821 unpatented mining claims on federal Bureau of Land Management (“BLM”) land covering approximately 66.5 square kilometers. The property covers a large hydrothermal gold system that exhibits alteration features indicative of sediment and structurally hosted gold deposits found on the Carlin Trend and elsewhere in Nevada. Gold is predominately associated with hydrothermal alteration of carbonate host rocks including extensive jasperiod development. Gold mineralization is known to occur along a roughly 20-kilometer northeast-southwest trending fault structure with cross-cutting northwest trending fault intersections.

Historical production from 1987-1989 by Alta Gold Corp. was approximately 91,000 ounces of near-surface oxide gold at the Golden Butte mine. Historical work that would cost over US$45 million to replicate today includes over 900 drill holes and 120,000 meters of both reverse circulation (“RC”) and core drilled by previous operators and other geophysical and geochemical studies. The project has a mineral resource estimate stated by McEwen (“McEwen Estimate”) of Measured & Indicated of 241,000 ounces of gold at 0.78 grams per tonne gold (9.6Mt) [Measured of 168,000 ounces of gold at 0.89 grams per tonne gold (5.9Mt), Indicated of 73,000 ounces of gold at 0.61 grams per tonne gold (3.7Mt)], and Inferred of 51,000 ounces of gold at 0.70 grams per tonne gold (2.2Mt).

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That news on one asset does not seem sufficient to move the stock so much...

Did "the Hood" go after MUX?  & FR? 

The Robinhood traders who follow threads on Reddit may have targeted a handful of mining co's.

> here's a report from stockwatch > 

New York spot gold dipped $1 to $1,843.60 on Thursday. The TSX Venture Exchange rose 6.53 points to 923.93 while the TSX gold index rebounded 9.25 points to 305.88. Canadian gold miners rallied today in the wake of Wednesday's gloom and doom, but none so strongly as Rob McEwen's McEwen Mining Inc. (MUX.t)*, which soared 37 cents to C$1.53 on 6.51 million shares without assistance from material news.

Silver has been hot of late, and miners followed along again today. In fact, they took the lead: Pan American Silver Corp. (PAAS) was up smartly, adding $4.06 to $40.06 on 2.22 million shares without anything new to report. Also having a strong -- but silent -- day was Gatos Silver Inc. (GATO), which leapt $2.43 to $16.65 on 75,000 shares.

A third silver miner did even better: Keith Neumeyer's First Majestic Silver Corp. (FR), which had been dawdling along at about $14 through the fall and averaged $17 so far this year, soared to an intraday high of $24.43 before the regulators asked what was up -- other than the stock. The question posed by the regulators typically reads: Is there any material, undisclosed information related to the company that would account for the recent increase in the market price? -- and without fail, the answer is always: "No, there is no material undisclosed information related to the company that would account for the recent increase in the market price and level of trading volume."                                    *MUX, us quote settled at $1.20, and in afterhours: 1.34   +0.43

> xx

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This Bullboard poster has it right > source

January 28, 2021 - 10:49 AM. /. 156 Reads Post# 32409053

Reddit guys going after the silver shorters

The Reddit crew is chasing silver and silver miners with large shorts. After the GME game.

MUX has a huge short position.

Run shorts run
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data from online search

McEwen Mining to announce Gold Bar Mine feasibility by end of month

Kitco News |

(Kitco News) - McEwen Mining (NYSE:MUX) said it will publish a feasibility study on its Gold Bar Mine by the end of the month.


SOLD out now.   My cost was $1.06, and I sold over 40 cents higher - 40% gain

My buyback, when the prices eases

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McEwen Mining: A Warm Welcome & 2021 Production Guidance

2021-02-02 15:41 ET - News Release

2021 Production Guidance

  2021 Guidance Range
Total Production  
Gold (oz) 110,500 – 127,900
Silver (oz) 2,300,000 – 2,450,000
GEOs(1) 141,000 – 160,400
San José Mine, Argentina (49%)(6)  
Gold (oz) 41,500 – 44,500
Silver (oz) 2,300,000 – 2,450,000
GEOs(1) 72,000 – 77,000
Gold Bar Mine, Nevada  
GEOs(1) 37,000 – 45,000
Black Fox Mine, Canada  
GEOs(1) 27,500 – 32,500
El Gallo Mine, Mexico  
GEOs(1) 4,500 – 5,900

(1)   'Gold Equivalent Ounces' are calculated based on an assumed gold to silver price ratio of 75:1.
(2)   Download the Los Azules PEA (2017) report here: https://s21.q4cdn.com/390685383/files/technical_reports/los_azules/LosAzulesPEA_Rev0_20171016.pdf
(3)   Refer to our news release dated December 31, 2020 for details.

TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to extend a warm welcome to all our new shareholders, provide production guidance for 2021 of an expected 141,000 to 160,400 gold equivalent ounces (GEOs)(1), and discuss one of our most valuable yet under-appreciated assets, the Los Azules copper project. Beyond the potential of our gold and silver assets, Los Azules provides MUX with large indirect exposure to the growth of the electric vehicle market, renewable energy and the continuing urbanization of Asia.

I wish to extend a warm welcome to all of our new shareholders. Some of you may not be familiar with our 100%-owned Los Azules project. According to a study (Preliminary Economic Assessment published in 2017(2)), it has the potential to generate strong returns at a $3.00/lb copper price. Here are some of the highlights: a 36-year mine life; Capex of $2.4 Billion, a payback in 3.6 years; and annual production in the first 13 years of 410 Million lbs of copper at a cost of $1.14/lb. You may be interested to learn that in terms of value, using today’s metal prices of gold at $1,834/oz, silver at $26.17/oz and copper at $3.51/lb, that approximately 522 lbs of copper are equal to 1 oz of gold or 70 oz of silver, and 7.5 lbs of copper are equal to 1 oz of silver.

Los Azules does not have reserves, but it has Indicated and Inferred resources of:

Average Grade Contained Metal
Cu % Au g/t Mo % Ag g/t Cu lbs 
Au oz 
Mo lbs 
Ag oz 
Indicated 962 0.48 0.06 0.003 1.8 10.2 1.7 57.3 55.7
Inferred 2,666 0.33 0.04 0.003 1.6 19.3 3.8 194.0 135.4

Cu = copper, Au = gold, Mo = molybdenum, Ag = silver

General Motors recently announced that it will be aggressively shifting to electric vehicles, producing 30 new electric models within 4 years, and producing only electric vehicles by 2035, which may be followed by the other auto manufacturers and create an increased demand for copper and other metals.

==> https://www.stockwatch.com/News/Item?bid=U-z8146095-U:MUX-20210202&symbol=MUX&region=U

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Rob McEwen 'deeply pained' for the company's 'awful' financial performance in 2019 and 2020

Rob McEwen, Chairman & Chief Owner of McEwen Mining (NYSE: MUX) (TSX: MUX), said that he is "deeply pained" by the company's "awful" financial performance in 2019 and 2020, but McEwen Mining is "shaping a better future."

The company announced Thursday that for the full-year 2020, production was 114,800 gold equivalent ounces (GEOs), or 34% less compared to 174,400 GEOs in 2019.

McEwen Mining's consolidated net loss in 2020 of $152.3 million, or $0.38 per share relates primarily to the impairment for the Gold Bar mine of $83.8 million; investment of $27.5 million on advanced projects and exploration; a gross loss of $27 million from our operations; and general and administrative costs of $9 million.

The company's three 100%-owned mines generated a cash gross loss of $4.0 million in 2020, and a gross loss of $27 million.

McEwen Mining expects that its 2021 gold equivalent production to be in the range of 141,000 to 160,400 GEOs, a 23% to 40%increase over 2020.

Rob McEwen added, "2020 was a brutal year but we more than survived and have come out stronger from it."

"This year will not be stellar as we continue to fix operating issues and continue to invest in exploration and business systems - the foundations for a strong mining company. Looking beyond this year, myself and our entire senior management team, many of which are new hires, feel very optimistic about the company's growth," concluded McEwen.

> https://www.kitco.com/news/2021-03-11/Rob-McEwen-deeply-pained-for-the-company-s-awful-financial-performance-in-2019-and-2020.html

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Hmm “deeply pained” eh. Don’t you think the smart money cashed out short term on that spike again. 

Lost faith in Rob, his halo slipped for me. Says all the right things at times but has woefully under delivered over a longer period as the charts show of late,. Suppose he’s like a fallen star saying trust me again, I’ll get it right this time. Maybe, maybe not. Hard for me to believe right now.

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"Don’t you think the smart money cashed out short term on that spike again."

I did!  And blessed the mob for the move up.

Might put some of my profits into MUX Calls at some point

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On 3/12/2021 at 11:46 PM, drbubb said:

"Don’t you think the smart money cashed out short term on that spike again."

I did!  And blessed the mob for the move up.

Might put some of my profits into MUX Calls at some point

Fair play 😂

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  • 4 months later...

McEwen Mining reduces net debt in Q2 on strong production and higher gold price

Kitco News |

(Kitco News) - In Q2 2021, the company reported a net loss of $6.0 million (or $0.01 per share), a significant improvement compared to a loss of $19.8 million (or $0.05 per share) in the quarter ended June 30, 2020.

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Sulliden vs McEwen / MUX.to (C$1.34, US$1.06) / SMC.to ($0.15) = r-8.93... 5yr: 2yr: 1yr:  YTD: 10d /


Ratio: MUX.to (C$1.34, US$1.06) / SMC.to ($0.15) = 8.93



McEwen Mining. McEwen creates new company to advance Azules copper project ... Southwest US Snapshot: Precious metals, battery metals and uranium activity.

McEwen Copper Inc. Closes $40 million Private Placement with Rob McEwen

TORONTO, Aug. 23, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE and TSX: MUX) announces that its subsidiary, McEwen Copper Inc., has closed the first tranche of the Series B private placement offering announced on July 6th, 2021 (the “Offering”), issuing 4,000,000 common shares at a price of $10.00 per share for gross proceeds of $40,000,000.

Subscription for the remaining 4,000,000 common shares is available to qualified accredited investors, subject to a $1 million minimum investment and certain other conditions. The securities sold in the Offering are private and subject to transfer restrictions until after such time as shares of McEwen Copper become listed on a public exchange. The second tranche of the Offering is expected to close on or before September 30th, 2021.

About Lexam /. MUX sub. > Link: https://www.mcewenmining.com/operations/lexam/default.aspx

Located in Timmins

The Lexam properties are located in the heart of the Timmins Gold Camp in northern Ontario, Canada, adjacent to past and current mining operations. Timmins is a world class gold camp, having produced over 70 million ounces to date. Home to more than 50 operating mines since 1910, it hosts some of Canada’s most lucrative gold deposits. “The Big Three” stand out: Hollinger, Dome and McIntyre mines.

About Diagram

The Hollinger Mine is still in operation and has produced 19.3 million ounces of gold from 1910 to 1968, more than any other single mining operation in Canada. With over 17.2 million ounces of gold produced from 1910 to 2017, Dome Mine is North America’s longest continuously operating gold mine. Adjacent to the east of Hollinger, the McIntyre Mine produced 10.8 million ounces of gold in 76 years of operation. The McIntyre and Hollinger mines averaged a recovered gold grade of 9.94 grams per tonne.

Lexam consists of four properties: the contiguous Buffalo Ankerite, Fuller and Paymaster properties, located 3 km southeast of Timmins (Lexam South), and the Davidson Tisdale Property, located approximately 4 km northeast of Lexam South. Buffalo Ankerite, Fuller and Davidson Tisdale are 100% owned by McEwen Mining. The Paymaster Property is a joint venture with Newmont Goldcorp (61% McEwen Mining - 39% Newmont Goldcorp).

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McEwen Mining reports 41% gold equivalent production increase in Q3 2021

Kitco News |

(Kitco News) - McEwen Mining today reported that its consolidated production for Q3 2021 was 32,100 gold ounces and 792,000 silver ounces, or 42,900 gold equivalent ounces (“GEOs”), an increase of 41% compared to 30,400 GEOs in Q3 2020.

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  • 2 months later...
Reasons to Buy MUX
1. Surfacing Copper Value
2. Turnaround in Progress
3. Unique Insider Ownership
Potential Value
@ Cu Price / lb Value of Los Azules Value of MUX's 69%
$0.03 $.  987 M     $681 M
$0.05 $1,645 M  $1,135 M
MUX Mkt Cap is:  459 M x $0.88= $404M
At $0.03 cu., Mux's hidden value in MUX Copper = 168% of MUX Mkt.Cap.
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https://imgur.com/Y3uxx0Shttps://imgur.com/Y3uxx0SY3uxx0S.png459M sh x $0.88= $xx M / 7.34M= $xx /oz
1As of October 11, 2021 2Shares fully diluted are still 495 M (as of Sep 30, 2021). 459M O/S
3 Reserves and Resources as of March 11 , 2020. For complete details, visit : http://www.mcewenmining.com/Operations/Reserves-and-Resources/default.aspx


Item. ——-       : Year1 : Year2 : Year3 : Year4 :  4 years
Cu Production : 415m : 415m :  415m : 415m :  1,660M
Rev. @$3.00    : 1,245 :  1,245 :  1,245 :  1,245 : $3,735M
Cost,   $1.10.   : $ 457 :  $ 456 : $ 457 :  $ 456 : $1,826M
===.  Net CF     : $ 788 :  $ 789 : $ 788 :  $ 789 : $1,909M = Capex $2.4B
Cu Prices : 4yr.Rev : 4yr.NCF : CAPex : NetNet :
 == $6.00 :
 == $5.00 :
 == $4.00 :
 == $3.00 : $3,735M: $1,909M:

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MUX Monthly - All: 10yr: 5yr: 2yr:  Last: $0.880,  2021 Range: $0.80 - $1.71, 9.6% up


MUX vs. GDX, update: UGL : $0.88 / $31.22-GDX = 2.82%, / $58.16-UGL = 1.51%,


Ratio: $0.88 / $58.16-UGL =  1.51%


Ratio: $0.88 / $31.22-GDX =  2.82%


Ratio: $0.88 /   $4.41-$CU = 19.95%



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"Turn around Story," Rob McEwen Interview, with RocksAndStocks

Investing in McEwen Mining gives you "A TURNAROUND at McEwen Gold and ability to participate in the value creation at McEwen Copper". RM said that McEwen Copper could add 2-3X to the value of MUX.  The value should gain immediately as a year 'round road to the project is completed in Q3-2022.


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