McEwen Mining Inc MUX

Q3 2021 Results

[Betteryear2]

TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported its third quarter (Q3) results for the period ended September 30th, 2021.

• We continue to execute 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 with the ongoing production ramp-up from the Froome deposit at the Fox Complex.

• Our operations delivered 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.

• Cash and liquid assets(1) and working capital at September 30th, 2021 were $72.7 million(2) and positive $45.8 million, respectively, including $40 million of cash raised by our McEwen Copper subsidiary to advance the Los Azules project.

• Continued to aggressively invest $6.2 million in exploration and $4 million in advanced projects, primarily focused on the Fox Complex.

• These investments in our future growth and profitability accounted for a large part of our reported net loss of $17.4 million, or ($0.04) per share, compared to a net loss of $9.8 million, or ($0.02) per share in Q3 2020.

• Commercial production at the Froome deposit was reached on September 19th. Froome is the newest production area at the Fox Complex and has several advantages compared to Black Fox mine, such as a straighter, shorter, and more efficient underground haulage route, and wider more consistent mineralization that is amenable to lower-cost bulk mining methods.

• Results of the Fox Complex Expansion PEA are expected by the end of Q4 2021. The study will incorporate the 2021 exploration and resource definition drilling results and will highlight the exciting development plans for the Grey Fox and Stock deposits.

https://www.globenewswire.com/news-release/2021/11/03/2326892/37420/en/McEwen-Mining-Q3-2021-Results.html