McEwen Mining: Q1 2021 Results
- Production was 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces(1) (GEOs)(see Table 1), at the average gold:silver price ratio for the quarter of 68:1.
- Cash and liquid assets(2) and positive working capital at March 31st, 2021, were $52.5 million and $35.3 million, respectively.
- Two financings were completed for aggregate net proceeds of $42 million.
- We invested $6.8 million on exploration and advanced projects, and reported a net loss of $12.5 million, or ($0.03) per share, compared to a net loss of $99.2 million, or ($0.25) per share, in Q1 2020.
- We invested $5.0 million on exploration drilling and other exploration work, with the primary focus on growing the Fox Complex resource base.
- All operations delivered production results in line with our expectations. Production is expected to increase throughout 2021 and end 20 to 40% higher than 2020.
- We successfully reached the first development horizon at the new Froome deposit, part of the Fox Complex.
- A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex is expected to be released at the end of Q2 2021.
- Stephen McGibbon has joined as the Executive Vice President of Exploration, and Ruben Wallin has joined as the Vice President of Environment, Health, Safety and Sustainability.
- Our quarterly webcast will take place on Monday, May 10 th at 11 am EDT . Please see the details below.
- 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 68:1 for Q1 2021, 94:1 for Q1 2020, 86:1 for the FY 2020, and 75:1 for 2021 Production Guidance.
- Cash gross profit, cash costs per ounce, all-in sustaining costs (AISC) per ounce, and liquid assets are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For a description of the non-GAAP measures see "Non-GAAP Financial Measures" section in this press release; for the reconciliation of the non-GAAP measures to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the year ended December 31st, 2020 filed on Edgar and SEDAR.
- Represents the portion attributable to us from our 49% interest in the San José Mine.
- Both cash costs and AISC per GEO no longer represent key metrics used by management to evaluate residual leaching at the El Gallo Project. For this reason, the Company has ceased relying on, and disclosing, cash costs and all-in-sustaining costs per ounce as a key metric.
Source: https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2021/McEwen-Mining-Q1-2021-Results/default.aspx
El Socio Comercial de Recursos Humanos supervisará todos procesos de reclutamiento y todas las actividades de recursos humanos para las operaciones existentes y los nuevos proyectos en Argentina.
The Global Procurement Lead will oversee all procurement and supply chain activities for existing operations and new projects, to develop and execute strategic sourcing aligned with McEwen’s overall spend.
The Security Guard, reporting directly to the Security Supervisor, is responsible for operating the mine security gate house and monitoring all activity coming on or leaving the mine site.
The Mill Manager’s main responsibility is to ensure the safe and economical operation of the milling and metallurgical department.
Primary responsibility of a Sample Preparation Technician is to perform sample preparation of underground drill core, chips and muck samples as well as other duties given by the Shift Crew Leader during the course of a shift.
Reporting to the Chief Metallurgist, the Refiner/Metallurgical Technician will ensure the safe, secure, efficient, and cost-effective operation and maintenance of the refinery to meet or exceed safety, production and cost targets, while ensuring environmental compliance.
As an integral part of the McEwen Mining Mill Operations team, the Mill Operators will efficiently perform all required duties while maintaining a safe and collaborative work environment.
Reporting to the Manager of Technical Services, the Senior Project is responsible to assist in leading the Engineering department in the design and scheduling of the underground mine development.