McEwen Inc 8-K, filed Jan 20, 2022
McEwen Inc. (MUX)
About this 8-K
McEwen Inc filed this 8-K on January 20, 2022, reporting on events of January 19, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure |
On January 19, 2022, McEwen Mining Inc. (the “Company”) issued a press release reporting a summary of its production results for the fourth quarter and full year 2021. A copy of the press release is attached to this report as Exhibit 99.1.
The information furnished under this Item 7.01, 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 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is furnished with this report:
| 99.1 | Press release dated January 19, 2022 |
| 104 | Cover 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, 2020, 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 20, 2022 | By: | /s/ Carmen Diges |
| Carmen Diges, General Counsel | ||
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Exhibit 99.1
MCEWEN MINING: Higher Production – 2021 & Q4
TORONTO, January 19, 2022 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report consolidated production for the full year of 2021 was 34% higher than in 2020 and Q4 2021 was 29% higher than in Q4 2020. Production guidance for 2021 was achieved. Full year production was 154,410 gold equivalent ounces(1)(“GEOs”) consisting of 118,500 gold ounces and 2,572,000 silver ounces. In Q4, production was 40,150 GEOs consisting of 31,300 gold ounces and 682,700 silver ounces.
Consolidated Production Summary
| Q4 | Full Year | |||||||||||||||||||
| 2020 | 2021 | 2020 | 2021 | 2021 Guidance | ||||||||||||||||
| Gold (oz) | 24,100 | 31,300 | 92,100 | 118,500 | 110,500-127,900 | |||||||||||||||
| Silver (oz) | 532,400 | 682,700 | 2,020,000 | 2,572,000 | 2,300,000-2,450,000 | |||||||||||||||
| GEOs(1) | 31,100 | 40,150 | 115,600 | 154,410 | 141,000-160,400 | |||||||||||||||
In Q4 2021, our attributable production from San José(2) was 682,700 silver ounces and 11,300 gold ounces, or 20,200 GEOs, which was in-line with our expectations; Black Fox production of 9,460 GEOs was also in-line with our expectations; Gold Bar production of 9,950 GEOs was above our expectations; and El Gallo produced 540 GEOs from residual leaching.
Notes:
| (1) | 'Gold Equivalent Ounces' are calculated based on a gold to silver price ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 79:1 for Q3 2020, 77:1 for Q4 2020, 68:1 for Q1 2021, 68:1 for Q2 2021, 73:1 for Q3 2021 and 77:1 for Q4 2021. |
| (2) | The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc. |
Technical Information
Technical information pertaining to mining operations contained in 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.
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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, 2020, 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 the management of McEwen Mining Inc.
ABOUT MCEWEN MINING
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 has a large exposure to copper through its subsidiary McEwen Copper, owner of the giant Los Azules copper deposit in Argentina.
| CONTACT INFORMATION: | ||
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Investor Relations: (866)-441-0690 Toll-Free (647)-258-0395
Mihaela Iancu ext. 320
info@mcewenmining.com |
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
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