Mcewen Mining Inc. (MUX) 10-Q Quarterly Report May 2022

Our operations delivered production in line with our guidance. For the full year 2021, production was 154,410 gold equivalent ounces (GEOs)⁽¹⁾, above the midpoint of guidance for the year and 34% higher than 2020 production.

Production costs/oz for 2021 decreased compared to 2020 and additional reductions remain a focus. Cash costs⁽²⁾ per GEO sold from our 100%-owned mines in 2021 were $1,453 representing a decrease of 18% compared to 2020. All-in sustaining costs (“AISC”)⁽²⁾ per GEO sold from our 100%-owned mines in 2021 were $1,635, representing a decrease of 21% compared to 2020.

For 2022, our gold equivalent production guidance is 153,000 to 172,000 GEOs (see Table 5).

We continued to invest aggressively in exploration, completing 254,800 feet (77,700 meters) of drilling at the Fox Complex, and 17,500 feet (5,300 meters) of drilling at Gold Bar.

Our 100%-owned mines generated a cash gross profit of $17.3 million⁽²⁾ in 2021 and a gross loss of $6.5 million. Cash gross profit (loss) is calculated by adding back depletion and depreciation to gross profit (loss).

Our consolidated net loss in 2021 of $56.7 million, or $0.12 per share, relates primarily to investment of $35.0 million in advanced projects and exploration, general and administrative costs of $11.4 million, and a gross loss of $6.5 million from our operations.

Fox Complex PEA outlined potential to extend the mine life by 9 years, generating average annual production of 80,800 gold ounces at average cash costs and AISC per ounce of $769 and $1,246, respectively.

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Table 1. Production for Q4 & 12 months (“12M”) ended December 31, 2021, compared to Q4 & 12M ended December 31, 2020.

	Increased Production in Q4 2021							Increased Production in 2021
	Q4 2021		Q4 2020		Q4 2021			2021		2020		2021
2021 vs 2020	(GEOs)		(GEOs)		vs			(GEOs)		(GEOs)		vs
					Q4 2020							2020
Gold Bar Mine, Nevada		9,950		6,000		+66	%		43,850		28,000		+57	%
Fox Complex, Canada		9,500		8,000		+18	%		30,060		24,400		+23	%
San José Mine, Argentina		20,200		14,600		+38	%		76,800		54,500		+41	%

The following information was filed by Mcewen Mining Inc. (MUX) on Tuesday, March 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mcewen Mining Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
Multiple strategic alternatives continue to be evaluated for the project including lower capital costs, potential base metal evaluation and the possible divestiture of our Mexican business unit.
Financial - Expense Highlight
We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.
Financial - Expense Highlight
36 The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales; the El Gallo project results are excluded from this reconciliation as the economics of residual leaching operations are measured by incremental revenue exceeding incremental costs.
Other - Other Highlight
The change is largely attributed to the increase in cash and cash equivalents driven by the financing activities during the quarter, offset by cash used in operating and investing activities, as discussed above.
Financial - Earnings
Cash gross loss (a non-GAAP...Read more
Other - Other
The increase in cash and...Read more
Financial - Earnings
The following tables present a...Read more
Financial - Shares
Cash from financing activities, during...Read more
Other - Other
However, production from the Fox...Read more
Financial - Expense
Incremental residual leaching costs included...Read more
Other - Other
2022 compared to 2021 Gold...Read more
Other - Other
Our cash and cash equivalents...Read more
Financial - Earnings
Very good delineation results were...Read more
Financial - Income
Other income of $3.9 million...Read more
Other - Other
Measures undertaken to remedy these...Read more
Revenue - Product
During Q1/21, revenues on concentrate...Read more
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The long-term impact of the...Read more
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Revenue from gold sales of...Read more
Financial - Cash Flow
We use these measures in...Read more
Financial - Cash Flow
These non-GAAP measures are used...Read more
Other - Other
Loss from investment in MSC...Read more
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Revenue from gold and silver...Read more
Revenue - Product
The higher revenue in Q1/22...Read more
Financial - Expense
Unit costs are skewed by...Read more
Other - Other
Generally mixed results were returned...Read more
Financial - Expense
Costs during Q1/21 included continued...Read more
Financial - Expense
Cash Costs equals Production Costs...Read more
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Cash costs for the Company's...Read more
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Cash costs for the Company's...Read more
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Cash costs for the Company's...Read more
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The following is additional information...Read more
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The decrease in residual leaching...Read more
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Overall, estimated economics predict an...Read more
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Overall, estimated economics predict an...Read more
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Some of these limitations include:...Read more
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McEwen Copper will use proceeds...Read more
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Since then, improved camp protocols...Read more
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The change is largely attributed...Read more
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? McEwen Copper Inc has...Read more
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For a reconciliation of these...Read more
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Indications are that actual recovery...Read more
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The GAAP information used for...Read more
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Cash costs in Q1/22 decreased...Read more
Other - Other
? The Fox Complex Preliminary...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Mcewen Mining Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 95: Ex-95

Ticker: MUX
CIK: 314203
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-008161
Submitted to the SEC: Tue May 10 2022 5:01:44 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Gold And Silver Ores