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McEwen Mining: Q2 2021 Results - McEwen commits $40M to $80M PP

Aug 5, 2021

McEwen Mining Inc. has reported its second quarter (Q2) and first half (H1) results for the period ended June 30th, 2021.

  • Our operations delivered strong production results in line with our expectations, and we are on track to meet our 2021 production guidance of 141,000 to 160,400 GEOs
  • We continue to execute on our turnaround strategy and have made significant progress both from an operational and a financial perspective (see Tables 1-3 below). We expect this trend to continue to the remainder of 2021, as the Froome mine at the Fox Complex reaches commercial production in Q4. 
  • On July 6, 2021, we announced that a subsidiary that holds 100% of the Los Azules copper project will be raising financing for the continued development of that project, as well as to fund a modest exploration program for its Elder Creek copper exploration property in Nevada. McEwen Copper is seeking to raise up to $80 million in a private offering and Rob McEwen has committed the first $40 million dollars.

Fox Complex, Canada (100% Interest)
Black Fox produced 7,100 GEOs in Q2 at total cash costs and AISC of $917 and $1,088 per GEO sold, respectively. This compares to 2,200 GEOs in Q2 2020 at total cash costs and AISC of $3,121 and $3,332 per GEO, respectively. Mining has transitioned to the Froome deposit and is performing to plan, commercial production expected in Q4 2021.

We remain focused on our principal exploration goal of cost-effectively discovering and extending gold deposits adjacent to our existing operations to contribute to near-term gold production. During the quarter we incurred exploration expenses of $3.5 million of a total $9.0 million budget for 2021.
A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex is expected to be released in the second half of the year, following additional drilling and resource estimate updates at the Stock and Grey Fox properties.

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