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Mcewen Mining Inc. (MUX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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Mcewen Mining Inc.

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CIK: 1321779 Ticker: MUX

 

Exhibit 99.1

 

 

 

MCEWEN MINING: 2019 FULL YEAR AND Q4 PRODUCTION RESULTS

 

TORONTO, January 15, 2020 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for the full year of 2019 was 134,316 gold ounces and 3,365,846 silver ounces, or 174,420 gold equivalent ounces(1)(“GEOs”), within our revised 2019 guidance range of 169,000 to 176,000 GEOs (see Table 1).

 

Table 1 - Consolidated 2019 Production Summary

 

   Q4   Full Year  

Full Year 2019

 
  2018   2019   2018   2019   Guidance 
Gold (oz)   29,291    36,087    135,124    134,316    131,000-138,000 
Silver (oz)   819,473    864,949    3,032,727    3,365,846    3,225,000 
GEOs(1)   40,217    46,263    175,561    174,420    169,000-176,000 

 

Rob McEwen, Chairman and Chief Owner commented: “2019 was a year of exploration highs overshadowed by production lows. After issuing two disappointing reductions in production guidance we finally achieved our guidance. The problems that plagued us in 2019 were largely unique events that will not be reoccurring. Exploration will continue to be a key focus at Stock West, Grey Fox, Black Fox and Gold Bar, where we see the potential to create the greatest near-term value.”

 

San José Mine, Santa Cruz, Argentina (49%(2))

 

San José exceeded the full year guidance for 2019 of 49,000 gold ounces and 3,225,000 silver ounces. Our attributable production from San José in 2019 was 51,684 gold ounces and 3,354,487 silver ounces, for a total of 91,654 GEOs.

 

El Gallo Project, Sinaloa, Mexico (100%)

 

El Gallo delivered on guidance by producing 16,333 GEOs in 2019 from residual leaching of the heap leach pad.

 

Gold Bar Mine, Nevada (100%)

 

Gold Bar produced 30,712 GEOs in 2019, within our revised full year production guidance of 30,000 to 33,000 GEOs. In Q4, production was 9,713 GEOs. Throughput at the crushing plant slowed in Q4 with the onset of winter, and we expect that to persist through Q1 2020.

 

Black Fox Mine, Timmins, Canada (100%)

 

Black Fox produced 35,721 GEOs in 2019, close to our revised full year production guidance of 36,000 to 40,000 GEOs. In Q4, production was 9,887 GEOs.

 

Financial Results

 

Operating costs for the quarter ended December 31, 2019 will be released with our 10-K Annual Financial Statements in late February 2020.

 

Notes:

(1)'Gold Equivalent Ounces' are calculated based on a 75:1 gold to silver price ratio for Q1 2019, 88:1 for Q2 2019, 87:1 for Q3 2019, and 85:1 for Q4 2019. 2019 GEO Guidance assumed a 85:1 ratio.
(2)The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

 

 

McEwen Mining Inc. Page 1  

 

The following information was filed by Mcewen Mining Inc. (MUX) on Wednesday, January 15, 2020 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Operations And Comprehensive (Loss) Income
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Assets Acquired And Liabilities (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Retirement Obligation Rollforward (Details)
Cash And Cash Equivalents And Restricted Cash
Cash And Cash Equivalents And Restricted Cash (Details)
Cash And Cash Equivalents And Restricted Cash (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Lease Obligations And Purchase Commitments (Details)
Commitments And Contingencies - Reclamation Bonds, Surety Bonds (Details)
Commitments And Contingencies - Streaming Agreement (Details)
Comparative Figures
Fair Value Accounting
Fair Value Accounting (Details)
Fair Value Accounting (Tables)
Income And Mining Taxes
Income And Mining Taxes (Tables)
Income And Mining Taxes - Changes To Valuation Allowance (Details)
Income And Mining Taxes - Deferred Income Tax Recovery (Expense) And Net Income (Loss) (Details)
Income And Mining Taxes - Non Operating Losses (Details)
Income And Mining Taxes - Reconciliation Of Tax Provision (Details)
Income And Mining Taxes - Tax Cuts And Jobs Act (The "Act") And Tax Reform (Details)
Income And Mining Taxes - Tax Effects Of Temporary Differences (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine (Tables)
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine - Argentinian Tax Reform (Details)
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine - Assets And Liabilities Associated With Msc (Details)
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine - Changes In Company's Investment In Msc (Details)
Investment In Minera Santa Cruz S.A. ("Msc") - San Jose Mine - Summary Of Operating Results From Msc (Details)
Investments
Investments (Details)
Investments (Tables)
Lease Liabilities
Lease Liabilities (Details)
Lease Liabilities (Tables)
Lease Liabilities - Lease Cost (Details)
Lease Liabilities - Maturity (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt- Rollforward (Details)
Mineral Property Interests And Plant And Equipment
Mineral Property Interests And Plant And Equipment (Details)
Mineral Property Interests And Plant And Equipment (Tables)
Mineral Property Interests And Plant And Equipment - Construction In Progress (Details)
Mineral Property Interests And Plant And Equipment- Mineral Properties (Details)
Nature Of Operations
Nature Of Operations (Details)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (Tables)
Operating Segment Reporting
Operating Segment Reporting (Details)
Operating Segment Reporting (Tables)
Operating Segment Reporting - Geographic Information (Details)
Other Income
Other Income (Details)
Other Income (Tables)
Receivables And Other Current Assets
Receivables And Other Current Assets (Details)
Receivables And Other Current Assets (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Shareholders' Equity - Black-Scholes Pricing Model (Details)
Shareholders' Equity - Non-Vested Options Outstanding And Exercisable (Details)
Shareholders' Equity - Stock Options (Details)
Shareholders' Equity - Summary Of Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Investments, Stockpiles, Proven And Probable Reserves (Details)
Summary Of Significant Accounting Policies - Products, Properties And Production Of Minerals (Details)
Unaudited Supplementary Quarterly Information
Unaudited Supplementary Quarterly Information (Details)
Unaudited Supplementary Quarterly Information (Tables)
Ticker: MUX
CIK: 314203
Form Type: 10-K Annual Report
Accession Number: 0001558370-20-002800
Submitted to the SEC: Mon Mar 16 2020 5:20:21 PM EST
Accepted by the SEC: Mon Mar 16 2020
Period: Tuesday, December 31, 2019
Industry: Gold And Silver Ores

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