September 2019
ASSET RICH
GROWING VALUE
LEVERAGE TO GOLD, SILVER & COPPER MARKET LIQUIDITY
Market Cap1
US$608 M
@$1.68
10 | $9.50 | HIGH BETA | |||||
$9.15 | |||||||
TO GOLD | |||||||
8 | |||||||
Share 6 | 2.9x | ||||||
Price | 22X | ||||||
US$ 26X | |||||||
4 | |||||||
2 | |||||||
0 | $0.36 | $0.42 | $0.65 | ||||
2006 | 2008 | 2010 | 2012 | 2014 | 2016 | 2018 | |
Trading Liquidity1 | Common Shares |
4.3 M | 362 M |
3 mo avg daily share | Shares outsanding |
377 M fully diluted | |
volume NYSE & TSX | |
Rob McEwen, Chief Owner | |
Invested $164 M | Salary $1 / year |
Owns 22% MUX | No Bonus, No Options |
$1.83
2020
PRODUCTION COSTS / OZ2
2019E - OPERATIONS | ||||
$1,200 | $1,120 | $1,080 | $975 | |
$1,000 | $915 | |||
$905 | $930 | |||
$800 | $875 | $860 | ||
$600 | ||||
$400 | ||||
$200 | ||||
$0 | El Gallo | San | Black | Gold |
José | Fox | Bar |
ANNUAL
$1,200 | $1,061 |
$1,000 | |
$800 | $887 | |||||||
$600 | ||||||||
$400 | ||||||||
$200 | ||||||||
$0 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019E |
Cash Cost All-in Sustaining Cost
ANNUAL PRODUCTION GOLD EQUIVALENT OZ2 | CORPORATE RESOURCE & RESERVE3 |
176 | 172 | Resources | Reserves | |||||||||
154 | 146 | 152 | koz | |||||||||
121 | 127 | koz | Gold Bar | |||||||||
koz | koz | koz | Measured & | Inferred | Proven & | |||||||
88 | koz | koz | Black Fox/Timmins | Indicated | Probable | |||||||
koz | El Gallo Mine | GOLD | ||||||||||
7.5 Moz | 5.8 Moz | 740 koz | ||||||||||
San José Mine | ||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019E | SILVER | 111 Moz | 151 Moz | 9 Moz | |
COPPER | 10.2 B lbs | 19.3 B lbs | ||||||||||
D | ||||||||||||
1As of September 6, 2019. 2Gold / silver ratio 75:1, 85:1 for 2019, 2019 based on internal estimates. | ||||||||||||
3For complete reserves and resources table, visit www.mcewenmining.com/Operations/Reserves-and-Resources/default.aspx |
CONTACT | 1.866.441.0690 x390 |
Christina McCarthy, | info@mcewenmining.com |
Director, Corporate Development | www.mcewenmining.com |
MULTIPLE PROJECTS, ONE PRODUCING MINE & ONE 2000 TPD MILL On Prime Segments of the Destor-PorcupineFault
Timmins, Ontario
Canada's Largest Gold Producer
BLACK FOX producing
- US $35M purchase price represents compelling value
- 49k oz Au 2018
- Boosts production & resources
- + $180M tax pools
- $18M exploration budget in 2019 to extend mineralization & test new targets
LEXAM ADVANCED EXPLORATION
- Four projects synergistic with Black Fox
- Near several producing mines
- Resources1: 1,469,000 oz Au M&I 954,000 oz Au Inferred
STOCK exploration
- 2018 initial resource 114 koz @ 2.54 gpt
- Historic production 137 koz @ 5.5 gpt
- Only 700 m from our mill
1NI 43-101 Resource, 2013
GOLD BAR | |||
producing | |||
On Battle Mountain-Eureka-Cortez Gold | |||
Trend, Near Barrick's Biggest Gold Mines | |||
2018 Feasibility Study Highlights | |||
Cortez Trend | • +60k oz Gold / year avg production | ||
• Cash costs $770/oz, AISC $843/oz | |||
Central Nevada, | |||
• 3.1 year payback period2 | |||
USA | |||
• After- tax IRR: 23% @ $1,250/oz Gold | |||
32% @ $1,350/oz Gold | |||
2$1,250 / oz gold. |
Open pit, heap leach 1.0 gpt Gold
In-pit resource: 819,000 oz M&I and 201,000 oz Inferred
Commercial production achieved in May Targeting 70k oz Gold for 2020
Potential to Extend Mine Life:
- Gold Bar South
- Historic dumps
- Sulphide ore
Los Azules | SAN JOSÉ MINE | producing | LOS AZULES | advanced exploration | |
Surrounds Goldcorp's | Giant Copper Project, 100% Owned, | ||||
San Juan, | |||||
Cerro Negro Mine | Potential JV | ||||
Argentina | |||||
49% interest, with Hochschild Mining | 2017 Preliminary Economic Assessment: | ||||||
• High grade underground mine | • Initial capex $2.4 B | ||||||
8.21 gpt Gold, 579 gpt Silver3 | • 3.6 years payback at $3.00/lb Copper | ||||||
• 5 year mine life | • 36 year mine life | ||||||
San José | 2019E Production (49%): | • 10.2 B lb Copper @ 0.48% Indicated | |||||
Santa Cruz, | • 3.2 M oz Silver and 49 k oz Gold | • 19.3 B lb Copper @ 0.33% Inferred | |||||
• Cash cost $1.14/lb 1st 13 years | |||||||
Argentina | (87k oz Gold Eq) | ||||||
• Permit application for exploitation | |||||||
3Reserve grades | |||||||
EL GALLO GOLD | FENIX | ||||||
residual heap leaching | DEVELOPMENT | ||||||
Residual heap leaching continuing for | 12 year mine life, PEA July 2018 | ||||||
several years | |||||||
• 47k oz Gold Eq avg annual production | |||||||
2019E Production: | • Feasibility study 2019 | ||||||
El Gallo Complex | • 16k oz Gold Eq | • Phase 1 permit expected Q3 2019 | |||||
• Cash cost $733, AISC $771 | • $41M initial capex, 4.1 year payback4 | ||||||
Sinaloa, Mexico | |||||||
4Base case ($1,250/oz Au, $16/oz Ag) | |||||||
CONTACT | 1.866.441.0690 x390 | ||||||
Christina McCarthy, | info@mcewenmining.com | ||||||
Director, Corporate Development | www.mcewenmining.com | ||||||
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Disclaimer
McEwen Mining Inc. published this content on 30 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2019 13:17:02 UTC