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's $15 million 2018 Black Fox exploration program hit a record pace (129,000 ft drilled in Q2 alone) with encouraging results at the Stock East, Froome and Gibson targets, and the Black Fox Mine's own resource was upgraded, eliminating the Inferred category entirely in favor of Indicated ounces.
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 declared its first-ever dividend - $0.01/share annually, paid semi-annually starting in August 2015 - a milestone the company credited to improving operating cash flow, though a token amount (about 1% yield) relative to its share count.
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.