13 Mar 2019material agreement termination● Neutral
McEwen voluntarily cancelled its $90 million at-the-market equity program with no penalty, days before announcing a cheaper, targeted private placement instead.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2018capital raising announcement● Neutral
Closed that flow-through offering for approximately $15 million gross.
6 Dec 2018capital raising announcement● Neutral
Announced another flow-through financing to keep funding exploration in the Timmins region.
3 Dec 2018material agreement● Neutral
McEwen's Mexican subsidiary extended its Bancomext line of credit's borrowing window to December 2019 and agreed to added environmental reporting covenants.
9 Nov 2018material agreement● Neutral
McEwen set up an at-the-market equity program with six banks (UBS, BMO, Cantor Fitzgerald, H.C. Wainwright, Roth and A.G.P.) letting it sell up to $90 million of common stock as needed.
16 Aug 2018debt financing▲ GoodMajor
McEwen borrowed $50 million at 9.75% interest to fund Gold Bar construction and working capital, secured by a lien on company assets; half of the loan ($25 million) came from Evanachan Limited, a company owned by McEwen's own Chairman and CEO Robert McEwen.
25 July 2018resource reserve update▲ GoodMajor
McEwen reported more encouraging results from its $15 million Black Fox exploration program, with 129,000 ft drilled in Q2, including at Stock East, Froome and Gibson. A revised Black Fox Mine resource eliminated the Inferred category and increased Indicated ounces and grade.
9 July 2018resource reserve update▲ GoodMajor
McEwen filed the finalized El Gallo mine-life-extension study ('Project Fenix') and explicitly corrected the numbers it had previewed six weeks earlier: mine life is actually 12 years (not 10), with a 28% after-tax IRR, $60 million NPV, $41 million initial capital and 47,000 oz/year of gold-equivalent production.
25 May 2018resource reserve update▲ GoodMajor
Three updates in one week: the Tamarack deposit at Black Fox got its first resource estimate including base metals (127,000 Indicated gold-equivalent oz, up from 41,000 Inferred oz), McEwen flagged a possible promissory-note financing for Gold Bar construction, and it previewed a new economic study extending El Gallo's mine life by about 10 years.
16 Feb 2018resource reserve update▲ GoodMajor
With construction already underway, McEwen updated the Gold Bar feasibility study: capital costs rose about 30% to $81 million after adding a crushing/agglomeration plant, but that lifts expected gold output 20% to an average 62,800 oz/year at a $770/oz cash cost, with production targeted for 2019.
20 Dec 2017capital raising announcement● Neutral
Closed the Timmins flow-through offering for $10 million gross, a Canadian tax-advantaged financing structure it would use repeatedly over the following years to fund exploration.
4 Dec 2017material agreement● Neutral
McEwen's Mexican subsidiary took out a second, larger Bancomext line of credit (up to 120 million pesos, about $6.4 million) to keep financing VAT refunds and working capital at El Gallo 1, secured by a lien on VAT collections.
1 Dec 2017capital raising announcement● Neutral
Announced a planned flow-through financing to accelerate exploration at its newly acquired Timmins-area properties.
17 Oct 2017resource reserve update● Neutral
McEwen filed the full technical report backing September's much-improved Los Azules economic study - a procedural SEDAR filing with no new figures.
6 Oct 2017asset acquisition disposition▲ GoodMajor
McEwen closed the Black Fox purchase from Primero for a final $27.5 million cash (down from the initial $35 million after adjustments), funded by a recent equity raise; the deal lifts McEwen's forecast 2018 production 20% to 185,000 gold-equivalent ounces.
22 Sept 2017material agreement▲ GoodMajor
McEwen raised roughly $46.6 million in an underwritten public offering of 18 million shares (plus warrants) at $2.25/share through Cantor Fitzgerald, with underwriters fully exercising their over-allotment option.
8 Sept 2017resource reserve update▲ GoodMajor
A major new economic study for Los Azules showed sharply improved economics - an after-tax NPV of $2.2 billion (20.1% IRR), 3.6-year payback and 36-year mine life - after McEwen redesigned the project around a conventional flotation concentrator and phased 80,000-to-120,000-tonne-per-day throughput, helped by Argentina's removal of export taxes on mineral concentrates.
1 Sept 2017material agreement▲ Good
An amended filing added the contract detail behind the Black Fox deal: McEwen would pay $35 million cash for the Black Fox Complex and the adjacent Grey Fox exploration property, assuming certain liabilities, with an October 2, 2017 scheduled close.
29 Aug 2017asset acquisition disposition▲ GoodMajor
McEwen and Primero signed the binding definitive agreement for the $35 million Black Fox purchase, targeting a late-September close and highlighting the deal's excess mill capacity and exploration upside along the Destor-Porcupine Fault.
10 Aug 2017asset acquisition disposition▲ GoodMajor
McEwen agreed to buy the producing Black Fox Complex in Timmins, Canada from Primero Mining for $35 million, immediately adding 50,000-60,000 oz/year of gold production and giving it a base to consolidate its recently acquired Timmins-area deposits around a single mill.
28 Apr 2017business combination▲ GoodMajor
The Lexam VG Gold acquisition closed, with McEwen issuing about 12.3 million shares (roughly 3.9% of its stock) to Lexam holders and delisting Lexam from the TSX - adding to McEwen's land position in the Timmins gold camp.
17 Feb 2017business combination▲ GoodMajor
McEwen agreed to acquire Lexam VG Gold, a Timmins-area gold explorer also chaired by Rob McEwen himself, for 0.056 McEwen shares per Lexam share; McEwen and a fellow director who sat on both boards abstained from the vote given their dual interest.
12 Apr 2016auditor change● Neutral
KPMG's dismissal as McEwen's auditor became effective April 6, 2016 once it completed the 2015 audit, confirming the switch to Ernst & Young announced the previous November; no disagreements were reported.
7 Dec 2015resource reserve update● Neutral
McEwen filed the full NI 43-101 technical report backing October's positive Gold Bar feasibility study on SEDAR - a procedural filing with no new figures.
3 Dec 2015auditor change● Neutral
McEwen's board approved switching auditors, engaging Ernst & Young for fiscal 2016 and planning to dismiss KPMG once KPMG finished the 2015 audit; KPMG's prior reports carried no adverse opinions or disagreements.
21 Oct 2015resource reserve update▲ GoodMajor
A feasibility study for the Gold Bar project in Nevada came back positive - $60 million of initial capital, a 20% after-tax IRR at $1,150/oz gold, and average annual production of 65,000 oz at a $728/oz cash cost - positioning it as McEwen's next mine to build.
6 July 2015listing compliance notice▼ BadMajor
Just weeks after starting its first dividend, McEwen fell out of NYSE compliance as its stock's 30-day average price dropped below $1.00 amid a broader slump in gold and silver prices, triggering a six-month cure period and a ".BC" ticker designation despite record production at El Gallo.
18 June 2015dividend declaration▲ GoodMajor
McEwen announced an annual dividend of $0.01 per share, about a 1% yield, paid semi-annually. The first $0.005 installment was payable August 17, 2015 to holders of record on July 31, 2015, and the company cited improving operational performance and growing cash reserves.
2 June 2015debt financing● Neutral
McEwen's Mexican subsidiary drew a 90 million peso (about $5.85 million) line of credit from Mexican development bank Bancomext, guaranteed by the parent company, to finance VAT refunds and working capital at the El Gallo 1 mine.
23 Sept 2013resource reserve update▲ GoodMajor
McEwen was added to the NYSE Arca Gold Miners Index, and days later released a much bigger milestone: an updated Los Azules economic study showing a pre-tax NPV of $3.0 billion (17.6% IRR) and after-tax NPV of $1.7 billion, with copper output averaging 255,000 tonnes/year in its first five years - output that would rank among the top 3% of copper mines worldwide.