Past year: ▼ 7%(17.08 – 28.35 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2023material agreement▲ GoodMajor
Nuton (a Rio Tinto subsidiary and existing McEwen Copper shareholder) agreed to buy $6.6 million of newly issued McEwen Copper shares directly plus another $23.4 million of shares secondhand from McEwen Mining itself, while also amending their existing technology-collaboration agreement - deepening a major strategic partner's stake in the Los Azules vehicle.
1 Mar 2023capital raising announcement▲ GoodMajor
Global automaker Stellantis, through its Argentine subsidiary FCA Argentina, invested roughly $155 million in McEwen Copper - $108 million in newly issued shares and $47.4 million buying existing shares from McEwen Mining itself - a major strategic validation of Los Azules as a future EV-supply-chain copper source.
26 Jan 2023drilling result▲ GoodMajor
More Los Azules assay results showed thick, high-grade copper intercepts (up to 237 meters at 1.05% copper), including one deep hole that intersected mineralization as far as 1,100 meters down - underscoring the deposit's scale as drilling continued.
22 Dec 2022production update▲ GoodMajor
After a rough start to 2022, McEwen reported a turnaround underway - rising production and falling per-ounce costs in October-November - and guided to 150,000-170,000 gold-equivalent ounces for 2023, up from a full-year 2022 forecast of about 135,700-141,800 ounces (still below 2021's 154,400).
7 Sept 2022farm in farm out agreement▲ GoodMajor
McEwen Copper signed a deal letting Rio Tinto subsidiary Kennecott Exploration earn a 60% interest in the Elder Creek copper project in Nevada by spending $18 million over up to seven years and operating it, after which the two would form a 60:40 joint venture - a non-dilutive way to fund exploration on a secondary asset while McEwen retains a 1.25% royalty.
6 Sept 2022capital raising announcement▲ GoodMajor
Nuton, Rio Tinto's copper leaching venture, invested $25 million for about 9.73% of McEwen Copper in the third and final $26.85 million closing of the private placement. The two sides also signed a collaboration agreement to test Nuton's leach technology on Los Azules samples.
4 Aug 2022drilling result▲ GoodMajor
New Los Azules drilling returned long, high-grade copper intercepts (including 222 meters at 0.95% copper), part of a program aimed at upgrading resources and testing depth extensions ahead of an updated economic study due in early 2023; independent analysts ranked Los Azules among the world's five largest undeveloped copper deposits not already owned by a major miner.
23 June 2022asset acquisition disposition▲ GoodMajor
McEwen Copper closed a further $15 million private placement (1.5 million shares) with outside investors, on top of the $40 million Evanachan sale from a year earlier; parent McEwen Mining's stake in the Los Azules vehicle is now down to 76% as outside capital keeps coming in.
6 Apr 2022capital raising announcement▼ BadMajor
After a weak first quarter (COVID-related staffing losses, cold weather and equipment failures hit Fox Complex and San Jose output), Chairman Rob McEwen personally lent the company a further $15 million via an unsecured promissory note, while its existing $50 million term loan was amended to push out $50 million of principal repayments (to 2025) and drop its security interest over McEwen Copper and Los Azules - freeing that subsidiary to raise its own outside capital.
27 Jan 2022resource reserve update▲ GoodMajor
A new economic study for the Fox Complex in Timmins showed a 12-plus-year mine life averaging nearly 72,000 oz/year of gold at under $800/oz cash cost, building on the Froome mine's successful 2021 startup; McEwen hired Wood Canada to help decide how to unlock further value from the wider Fox property package.
7 Jan 2022listing compliance notice▼ BadMajor
For the third time (2015, 2020, now 2022), McEwen fell below the NYSE's $1.00 minimum average share price, triggering another six-month cure period and ".BC" ticker designation; its TSX listing is unaffected.
25 Aug 2021asset acquisition disposition▲ GoodMajor
McEwen Copper - the private subsidiary McEwen spun out to hold the Los Azules copper project - sold a $40 million stake (4 million shares at $10 each) to Evanachan, the company owned by Chairman Rob McEwen, as part of an up-to-8-million-share private placement; Evanachan now owns 18.6% of McEwen Copper alongside the parent's majority stake.
23 Aug 2021capital raising announcement▲ GoodMajor
Publicized the closing of the $40 million first tranche of McEwen Copper's Series B placement, all of it bought by Chairman Rob McEwen's Evanachan Limited - the same transaction detailed two days later in the company's formal contract-disclosure filing.
17 Mar 2021production update▼ BadMajor
McEwen's El Gallo mine in Mexico was temporarily shut down after local community members illegally blockaded the site's main access, demanding larger community payments; the site is only minimally staffed while McEwen negotiates a resolution, though El Gallo represents just 3-4% of 2021 production guidance.
23 Feb 2021resource reserve update● NeutralMajor
McEwen filed the formal, bankable feasibility study confirming Gold Bar's reduced reserve base: a 6-year mine life producing 302,000 oz of gold, with an after-tax NPV of $55.2 million at $1,500/oz.
17 Feb 2021resource reserve update▲ GoodMajor
McEwen filed the full feasibility study for Project Fenix at El Gallo: a 9.5-year mine life in two phases (gold, then silver) with a 28% after-tax IRR at $1,500 gold, permits for Phase 1 already in hand, and next steps focused on engineering and financing.
9 Feb 2021material agreement▲ GoodMajor
McEwen raised $31.5 million selling 30 million shares at $1.05 apiece to institutional investors off its existing shelf registration, netting about $29.9 million for its mining projects and working capital.
2 Feb 2021capital raising announcement▲ GoodMajor
McEwen closed a flow-through private placement of 12,600,600 shares at US$1.01, raising gross proceeds of US$12.7 million (Cdn$16.3 million) through a syndicate led by Cantor Fitzgerald Canada. The money is reserved for developing the Froome deposit in Timmins.
What it means for a shareholder
12.6m new shares at US$1.01 to raise about US$12.7m. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held US$1,000 of shares (990 at the issue price), your slice goes from 0.000238% to 0.000231% of the company. To keep it you'd need 30 more shares - about US$30 at the issue price.
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7 Jan 2021resource reserve update▼ BadMajor
McEwen confirmed the Gold Bar reserve cut it had flagged in Q1 2020: Probable Reserves are now 302,000 oz, a net 16% reduction from the 430,000 oz estimated when mining started in 2019, after allowing for 58,600 oz mined. After-tax NPV is $62-76 million at $1,500/oz gold.
31 Dec 2020capital raising announcement● Neutral
Closed the upsized flow-through offering for about $9.8 million.
18 Dec 2020capital raising announcement▲ Good
Upsized the same offering to CAD$11.5 million just a day later, citing strong investor demand.
18 Dec 2020capital raising announcement▲ Good
Announced a CAD$10 million flow-through financing priced at a 22% premium to the stock's recent closing price - an unusually strong sign of investor demand for the Timmins exploration story.
11 Sept 2020capital raising announcement● Neutral
Raised $10.4 million in a Cantor Fitzgerald Canada-led "bought deal" flow-through offering, again for exploration and development spending.
29 June 2020debt financing▲ GoodMajor
McEwen refinanced its $50 million secured term loan, bringing in Sprott Private Resource Lending as the new administrative agent and lender alongside insider lender Evanachan (owned by Chairman Rob McEwen); the same 9.75% rate applies, but principal repayment was pushed back to start in August 2022 with the balance due August 2023, giving the company more runway.
18 June 2020resource reserve update● NeutralMajor
McEwen's Black Fox mine, which had been suspended for three weeks in the spring due to COVID-19, was back operating under health guidelines with no new local cases reported since May, while underground exploration drilling turned up promising high-grade gold results extending the mine to the west.
30 Mar 2020listing compliance notice▼ BadMajor
For the second time (after 2015), McEwen fell below the NYSE's $1.00 minimum share price requirement as the stock slid amid COVID-19 market turmoil, triggering a six-month cure period and the ".BC" ticker designation.
22 Nov 2019material agreement▲ GoodMajor
McEwen raised about $50 million in an underwritten public offering of stock-and-warrant units at $1.325/unit, with underwriters fully exercising their option for extra warrants - a straightforward, non-insider capital raise.
10 Sept 2019production update▼ BadMajor
Alongside more promising 147NE exploration results, McEwen disclosed it was cutting production guidance at both Gold Bar and Black Fox - Gold Bar's startup delays pushed output from 2019 into 2020, and Black Fox slowed on underground development - even as its Argentina and Mexico operations (60% of guidance) stayed on track.
25 July 2019resource reserve update▲ GoodMajor
McEwen's Grey Fox deposit near Black Fox grew again - Indicated gold resources up 22% to 567,000 oz at 7.10 g/t and Inferred up 35% - driven by a new discovery zone (147NE) that a study is now evaluating for underground mining.
29 Mar 2019material agreement▲ GoodMajor
McEwen raised about $25 million in a private placement of stock-and-warrant units at $1.55/unit to an institutional investor and several of its own directors and officers, netting roughly $23.5 million for its mining projects and working capital.
