McEwen Mining Inc (MUX)

[geocam]

$MUX 2019 production was 174,420 gold equivalent ounces.

With the highest AISC of 1,282; the proceeds of Gold Bar will add to the bottom line. There were only 30,712 GEOs produced at Gold Bar out of a total of 174,420 gold equivalent ounces(1) (GEOs).

At 1282 there should be 300-400 dollars per ounce added to the bottom line:

174,420 X {300-400} = {52,326,000-69,768,000}

The Gold Bar GEO is only 17.6% (30,712/174,420 = 0.176) of overall production. Most GEO's are produced lower and would provide a better profit margin, even with flat production. With Gold heading back up, after the paper gold is absorbed by the market and real demand for the physical metal is accounted for, the price per ounce should be above 1700 and would mean 500-600 per ounce.

174,420 X {500-600} = 87,210,000-104,652,000

What if Gold goes higher than anyone expects?

This guy Rob would have to be an idiot to mess this up.

MCEWEN MINING REPORTS 2019 FULL YEAR AND Q4 RESULTS
March 16, 2020
https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2020/MCEWEN-MINING-REPORTS-2019-FULL-YEAR-AND-Q4-RESULTS/default.aspx

...
For the full year 2019, production was 174,420 gold equivalent ounces(1) (GEOs)
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Gold Bar Mine, USA (100% Interest)

Gold Bar produced 30,712 GEOs in 2019. The ramp-up to commercial production saw delays that adversely impacted our gold production in the first half of 2019. Gold Bar production increased during Q3, while production in Q4 was impacted by lower throughput at the crushing plant and lower grades as mining transitioned to the Gold Pick West open pit. In 2019, cash costs and AISC were $1,101 and $1,282 per GEO, respectively.

https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2020/MCEWEN-MINING-REPORTS-2019-FULL-YEAR-AND-Q4-RESULTS/default.aspx