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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

Date of Report (Date of earliest event reported):  January 4, 2021

 

McEWEN MINING INC.

(Exact name of registrant as specified in its charter)

 

Colorado
(State or other jurisdiction of
incorporation or organization)		   001-33190
(Commission File
Number)		   84-0796160
(I.R.S. Employer
Identification No.)

 

150 King Street West, Suite 2800

Toronto, Ontario, Canada  M5H 1J9

(Address of principal executive offices)  (Zip Code)

 

Registrant’s telephone number including area code:  (866) 441-0690

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   MUX   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

 

On January 4, 2021, McEwen Mining Inc. (the “Company”) issued a press release reporting a summary of its production results for fiscal and Q4 2020. A copy of the press release is attached to this report as Exhibit 99.1.

 

The information furnished under this Item 2.02, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits. The following exhibit is furnished with this report:

 

99.1Press release dated January 4, 2021

 

104Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101)

 

Cautionary Statement Regarding Forward-Looking Information

 

With the exception of historical matters, the matters discussed in the press release include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding the effects of the COVID-19 virus on operations and future exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, spread of the COVID-19 virus and governmental reactions to such spread, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working capital, future drilling results and the effect of the recent coronavirus pandemic, as well as other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

 

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SIGNATURE

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  McEWEN MINING INC.
   
     
Date: January 4, 2021 By: /s/ Carmen Diges
    Carmen Diges, General Counsel

 

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Exhibit 99.1 

 

 

 

MCEWEN MINING: 2020 FULL YEAR AND Q4 PRODUCTION RESULTS

 

TORONTO, January 4, 2021 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for the full year of 2020 was 92,100 gold ounces and 2,020,000 silver ounces, or 115,600 gold equivalent ounces(1)(“GEOs”) at a gold:silver ratio of 86:1. Consolidated production for Q4 2020 was 24,100 gold ounces and 532,400 silver ounces, or 31,100 GEOs at the average gold:silver ratio for the quarter of 77:1.

 

Consolidated Production Summary

  

   Q4   Full Year 
   2019   2020   2019   2020 
Gold (oz)   36,100    24,100    134,300    92,100 
Silver (oz)   865,000    532,400    3,365,800    2,020,000 
GEOs(1)   46,300    31,100    174,400    115,600 

 

In Q4 2020, our attributable production from San José(2) was 531,500 silver ounces and 8,700 gold ounces, or 15,600 GEOs, which was in-line with our expectations; Black Fox production of 8,000 GEOs was above our expectations; Gold Bar production of 6,000 GEOs was below our expectations; and El Gallo produced 1,500 GEOs from residual leaching.

 

Fox Complex PEA

 

Work on the Fox Complex Preliminary Economic Assessment (PEA) is ongoing. The addition of several other key properties has expanded the scope of the PEA and as a result it is now expected to be completed in Q2 2021.

 

Gold Bar Feasibility Study

 

The updated Resource and Reserve estimates for the Gold Bar Mine are being finalized and will be published concurrent with the summary results of the updated Feasibility Study in the coming weeks.

 

Notes:

 

(1)'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 85:1 for Q4 2019, 77:1 for Q4 2020, 84:1 for 2019, and 86:1 for 2020.
(2)The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

 

Technical Information

 

The technical content of this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

 

Reliability of Information Regarding San José

 

Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

 

 

 

McEwen Mining Inc.Page 1 

 

 

 

 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

 

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

 

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

 

ABOUT MCEWEN MINING

 

CONTACT INFORMATION:

 

Investor Relations:

(866)-441-0690 Toll Free

(647)-258-0395

 

Mihaela Iancu ext. 320

 

[email protected]

 

Website: www.mcewenmining.com

 

Facebook: facebook.com/mcewenmining

Facebook: facebook.com/mcewenrob

 

Twitter: twitter.com/mcewenmining

Twitter: twitter.com/robmcewenmux

 

Instagram: instagram.com/mcewenmining

 

150 King Street West

Suite 2800, P.O. Box 24

Toronto, ON, Canada

M5H 1J9

 

 

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

 

 

 

McEwen Mining Inc.Page 2