Intrinsic value of McEwen Mining - MUX

Previous Close

$1.70

  Intrinsic Value

$0.39

stock screener

  Rating & Target

str. sell

-77%

Previous close

$1.70

 
Intrinsic value

$0.39

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of MUX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  108
  167
  250
  363
  513
  705
  946
  1,242
  1,598
  2,018
  2,506
  3,064
  3,693
  4,395
  5,167
  6,011
  6,924
  7,905
  8,953
  10,066
  11,242
  12,481
  13,781
  15,142
  16,563
  18,045
  19,588
  21,194
  22,864
  24,600
Variable operating expenses, $m
  104
  160
  239
  347
  490
  674
  904
  1,187
  1,528
  1,930
  2,396
  2,929
  3,531
  4,201
  4,940
  5,746
  6,619
  7,557
  8,559
  9,623
  10,747
  11,932
  13,174
  14,475
  15,834
  17,251
  18,727
  20,262
  21,858
  23,517
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  104
  160
  239
  347
  490
  674
  904
  1,187
  1,528
  1,930
  2,396
  2,929
  3,531
  4,201
  4,940
  5,746
  6,619
  7,557
  8,559
  9,623
  10,747
  11,932
  13,174
  14,475
  15,834
  17,251
  18,727
  20,262
  21,858
  23,517
Operating income, $m
  5
  7
  11
  16
  23
  31
  42
  55
  70
  89
  110
  135
  163
  193
  227
  264
  305
  348
  394
  443
  495
  549
  606
  666
  729
  794
  862
  933
  1,006
  1,082
EBITDA, $m
  21
  32
  48
  70
  98
  135
  181
  238
  306
  386
  480
  587
  707
  841
  989
  1,150
  1,325
  1,513
  1,714
  1,927
  2,152
  2,389
  2,638
  2,898
  3,170
  3,454
  3,749
  4,057
  4,376
  4,708
Interest expense (income), $m
  0
  0
  2
  6
  10
  17
  25
  36
  49
  66
  85
  109
  136
  167
  203
  242
  285
  332
  383
  438
  496
  559
  624
  693
  766
  842
  921
  1,004
  1,090
  1,180
  1,273
Earnings before tax, $m
  5
  5
  5
  6
  6
  6
  6
  6
  5
  3
  1
  -1
  -5
  -9
  -14
  -20
  -27
  -35
  -44
  -53
  -64
  -75
  -87
  -100
  -113
  -127
  -142
  -158
  -174
  -191
Tax expense, $m
  1
  1
  1
  2
  2
  2
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  3
  4
  4
  4
  4
  4
  4
  4
  3
  2
  1
  -1
  -5
  -9
  -14
  -20
  -27
  -35
  -44
  -53
  -64
  -75
  -87
  -100
  -113
  -127
  -142
  -158
  -174
  -191

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  934
  1,443
  2,158
  3,132
  4,418
  6,074
  8,153
  10,706
  13,776
  17,400
  21,607
  26,416
  31,840
  37,884
  44,545
  51,816
  59,688
  68,147
  77,180
  86,773
  96,914
  107,592
  118,799
  130,530
  142,783
  155,560
  168,866
  182,710
  197,105
  212,066
Adjusted assets (=assets-cash), $m
  934
  1,443
  2,158
  3,132
  4,418
  6,074
  8,153
  10,706
  13,776
  17,400
  21,607
  26,416
  31,840
  37,884
  44,545
  51,816
  59,688
  68,147
  77,180
  86,773
  96,914
  107,592
  118,799
  130,530
  142,783
  155,560
  168,866
  182,710
  197,105
  212,066
Revenue / Adjusted assets
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
Average production assets, $m
  479
  740
  1,107
  1,606
  2,266
  3,116
  4,182
  5,492
  7,066
  8,925
  11,083
  13,550
  16,333
  19,433
  22,849
  26,579
  30,617
  34,956
  39,590
  44,510
  49,712
  55,190
  60,938
  66,956
  73,241
  79,795
  86,620
  93,722
  101,105
  108,780
Working capital, $m
  7
  11
  17
  24
  34
  47
  63
  83
  107
  135
  168
  205
  247
  294
  346
  403
  464
  530
  600
  674
  753
  836
  923
  1,014
  1,110
  1,209
  1,312
  1,420
  1,532
  1,648
Total debt, $m
  42
  103
  189
  306
  460
  659
  909
  1,215
  1,583
  2,018
  2,523
  3,100
  3,751
  4,476
  5,276
  6,148
  7,093
  8,108
  9,192
  10,343
  11,560
  12,841
  14,186
  15,594
  17,064
  18,597
  20,194
  21,855
  23,583
  25,378
Total liabilities, $m
  112
  173
  259
  376
  530
  729
  978
  1,285
  1,653
  2,088
  2,593
  3,170
  3,821
  4,546
  5,345
  6,218
  7,163
  8,178
  9,262
  10,413
  11,630
  12,911
  14,256
  15,664
  17,134
  18,667
  20,264
  21,925
  23,653
  25,448
Total equity, $m
  822
  1,270
  1,899
  2,756
  3,888
  5,345
  7,175
  9,421
  12,123
  15,312
  19,014
  23,246
  28,020
  33,338
  39,199
  45,598
  52,525
  59,969
  67,918
  76,360
  85,284
  94,681
  104,543
  114,867
  125,649
  136,893
  148,602
  160,785
  173,452
  186,618
Total liabilities and equity, $m
  934
  1,443
  2,158
  3,132
  4,418
  6,074
  8,153
  10,706
  13,776
  17,400
  21,607
  26,416
  31,841
  37,884
  44,544
  51,816
  59,688
  68,147
  77,180
  86,773
  96,914
  107,592
  118,799
  130,531
  142,783
  155,560
  168,866
  182,710
  197,105
  212,066
Debt-to-equity ratio
  0.050
  0.080
  0.100
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Adjusted equity ratio
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  4
  4
  4
  4
  4
  4
  4
  3
  2
  1
  -1
  -5
  -9
  -14
  -20
  -27
  -35
  -44
  -53
  -64
  -75
  -87
  -100
  -113
  -127
  -142
  -158
  -174
  -191
Depreciation, amort., depletion, $m
  16
  25
  37
  54
  76
  104
  139
  183
  236
  298
  369
  452
  544
  648
  762
  886
  1,021
  1,165
  1,320
  1,484
  1,657
  1,840
  2,031
  2,232
  2,441
  2,660
  2,887
  3,124
  3,370
  3,626
Funds from operations, $m
  19
  28
  41
  58
  80
  108
  144
  187
  239
  300
  370
  450
  540
  639
  747
  866
  993
  1,130
  1,276
  1,430
  1,593
  1,765
  1,944
  2,132
  2,328
  2,532
  2,745
  2,966
  3,196
  3,435
Change in working capital, $m
  3
  4
  6
  8
  10
  13
  16
  20
  24
  28
  33
  37
  42
  47
  52
  57
  61
  66
  70
  75
  79
  83
  87
  91
  95
  99
  103
  108
  112
  116
Cash from operations, $m
  17
  24
  35
  50
  70
  95
  128
  167
  215
  272
  338
  413
  497
  592
  696
  809
  932
  1,064
  1,206
  1,356
  1,514
  1,682
  1,857
  2,041
  2,233
  2,433
  2,642
  2,859
  3,084
  3,319
Maintenance CAPEX, $m
  -10
  -16
  -25
  -37
  -54
  -76
  -104
  -139
  -183
  -236
  -298
  -369
  -452
  -544
  -648
  -762
  -886
  -1,021
  -1,165
  -1,320
  -1,484
  -1,657
  -1,840
  -2,031
  -2,232
  -2,441
  -2,660
  -2,887
  -3,124
  -3,370
New CAPEX, $m
  -178
  -261
  -367
  -499
  -660
  -849
  -1,066
  -1,309
  -1,575
  -1,859
  -2,158
  -2,467
  -2,782
  -3,100
  -3,417
  -3,730
  -4,038
  -4,339
  -4,634
  -4,921
  -5,202
  -5,477
  -5,749
  -6,017
  -6,285
  -6,554
  -6,825
  -7,101
  -7,384
  -7,674
Cash from investing activities, $m
  -188
  -277
  -392
  -536
  -714
  -925
  -1,170
  -1,448
  -1,758
  -2,095
  -2,456
  -2,836
  -3,234
  -3,644
  -4,065
  -4,492
  -4,924
  -5,360
  -5,799
  -6,241
  -6,686
  -7,134
  -7,589
  -8,048
  -8,517
  -8,995
  -9,485
  -9,988
  -10,508
  -11,044
Free cash flow, $m
  -172
  -253
  -356
  -486
  -644
  -829
  -1,043
  -1,281
  -1,543
  -1,823
  -2,118
  -2,424
  -2,737
  -3,053
  -3,369
  -3,683
  -3,992
  -4,295
  -4,593
  -4,885
  -5,171
  -5,453
  -5,731
  -6,008
  -6,284
  -6,562
  -6,844
  -7,130
  -7,424
  -7,726
Issuance/(repayment) of debt, $m
  42
  61
  86
  117
  154
  199
  249
  306
  368
  435
  505
  577
  651
  725
  799
  873
  945
  1,015
  1,084
  1,151
  1,217
  1,281
  1,345
  1,408
  1,470
  1,533
  1,597
  1,661
  1,727
  1,795
Issuance/(repurchase) of shares, $m
  305
  444
  625
  852
  1,128
  1,453
  1,825
  2,242
  2,698
  3,187
  3,701
  4,234
  4,778
  5,327
  5,876
  6,419
  6,954
  7,479
  7,993
  8,496
  8,988
  9,472
  9,949
  10,423
  10,896
  11,371
  11,852
  12,341
  12,841
  13,357
Cash from financing (excl. dividends), $m  
  347
  505
  711
  969
  1,282
  1,652
  2,074
  2,548
  3,066
  3,622
  4,206
  4,811
  5,429
  6,052
  6,675
  7,292
  7,899
  8,494
  9,077
  9,647
  10,205
  10,753
  11,294
  11,831
  12,366
  12,904
  13,449
  14,002
  14,568
  15,152
Total cash flow (excl. dividends), $m
  175
  253
  355
  483
  639
  822
  1,032
  1,267
  1,524
  1,799
  2,088
  2,387
  2,692
  3,000
  3,306
  3,609
  3,907
  4,199
  4,484
  4,762
  5,034
  5,300
  5,563
  5,823
  6,082
  6,342
  6,605
  6,872
  7,145
  7,426
Retained Cash Flow (-), $m
  -308
  -448
  -629
  -857
  -1,132
  -1,457
  -1,830
  -2,246
  -2,702
  -3,189
  -3,702
  -4,234
  -4,778
  -5,327
  -5,876
  -6,419
  -6,954
  -7,479
  -7,993
  -8,496
  -8,988
  -9,472
  -9,949
  -10,423
  -10,896
  -11,371
  -11,852
  -12,341
  -12,841
  -13,357
Prev. year cash balance distribution, $m
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -126
  -195
  -274
  -373
  -494
  -635
  -798
  -979
  -1,178
  -1,390
  -1,614
  -1,846
  -2,086
  -2,328
  -2,570
  -2,810
  -3,047
  -3,280
  -3,509
  -3,734
  -3,954
  -4,171
  -4,386
  -4,600
  -4,814
  -5,029
  -5,247
  -5,469
  -5,696
  -5,931
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -121
  -179
  -239
  -307
  -383
  -461
  -539
  -612
  -677
  -729
  -766
  -788
  -793
  -781
  -754
  -714
  -663
  -604
  -540
  -474
  -409
  -346
  -287
  -234
  -187
  -147
  -113
  -85
  -62
  -45
Current shareholders' claim on cash, %
  65.0
  43.6
  30.1
  21.4
  15.6
  11.6
  8.9
  6.9
  5.5
  4.4
  3.6
  3.0
  2.5
  2.2
  1.9
  1.6
  1.4
  1.3
  1.1
  1.0
  0.9
  0.8
  0.8
  0.7
  0.6
  0.6
  0.5
  0.5
  0.5
  0.4

McEwen Mining Inc. is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company's segments include Mexico, Minera Santa Cruz S.A. (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project. The MSC segment includes properties, such as the San Jose mine and other concessions located around the mine. The Company's properties in Nevada segment include Gold Bar project and exploration properties. The Gold Bar project is a proposed mine project. The Los Azules segment includes various properties, such as Los Azules project, Chonchones project, Laganoso project, La Cerrada project and Other Argentina properties. The Los Azules copper project is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile.

FINANCIAL RATIOS  of  McEwen Mining (MUX)

Valuation Ratios
P/E Ratio 24.3
Price to Sales 8.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 28.3
Growth Rates
Sales Growth Rate -17.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 600%
Cap. Spend. - 3 Yr. Gr. Rate 11.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. -14.3%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -17.4%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -17.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 38.8%
EBITDA Margin 28.3%
EBITDA Margin - 3 Yr. Avg. -321.5%
Operating Margin 23.3%
Oper. Margin - 3 Yr. Avg. -318.3%
Pre-Tax Margin 28.3%
Pre-Tax Margin - 3 Yr. Avg. -321.5%
Net Profit Margin 35%
Net Profit Margin - 3 Yr. Avg. -228.6%
Effective Tax Rate -23.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 14.3%

MUX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MUX stock intrinsic value calculation we used $67.724 million for the last fiscal year's total revenue generated by McEwen Mining. The default revenue input number comes from 0001 income statement of McEwen Mining. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MUX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MUX is calculated based on our internal credit rating of McEwen Mining, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of McEwen Mining.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MUX stock the variable cost ratio is equal to 95.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MUX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for McEwen Mining.

Corporate tax rate of 27% is the nominal tax rate for McEwen Mining. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MUX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MUX are equal to 442.2%.

Life of production assets of 45.7 years is the average useful life of capital assets used in McEwen Mining operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MUX is equal to 6.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $521.273 million for McEwen Mining - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 337.268 million for McEwen Mining is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of McEwen Mining at the current share price and the inputted number of shares is $0.6 billion.

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GOLD Randgold Resou 77.92 50.29  sell

COMPANY NEWS

▶ McEwen Mining Tumbles on 3rd-Quarter Net Profit   [Nov-01-18 12:21PM  GuruFocus.com]
▶ McEwen Mining Reports Q3 2018 Results   [Oct-30-18 04:57PM  GlobeNewswire]
▶ Unload McEwen Mining Inc.   [Oct-14-18 10:05PM  GuruFocus.com]
▶ McEwen Mining Reports Q3 2018 Production Results   [Oct-11-18 05:14PM  GlobeNewswire]
▶ Weekly Top Insider Buys Highlight for the Week of Oct. 5   [Oct-07-18 11:34AM  GuruFocus.com]
▶ McEwen Mining Is Expected to Rise   [Sep-28-18 03:34PM  GuruFocus.com]
▶ McEwen Mining Declares Dividend   [Aug-13-18 02:19PM  GlobeNewswire]
▶ McEwen: 2Q Earnings Snapshot   [Jul-31-18 08:39AM  Associated Press]
▶ McEwen Mining Reports Q2 2018 Results   [06:00AM  GlobeNewswire]
▶ McEwen Mining Black Fox Exploration News   [Jul-25-18 06:30AM  GlobeNewswire]
▶ McEwen Mining Reports Q2 2018 Production Results   [Jul-16-18 06:30AM  GlobeNewswire]
▶ McEwen Mining Annouces Results of the Annual Meeting   [Jun-14-18 11:40AM  GlobeNewswire]
▶ McEwen Mining Proposed Issue of Notes   [06:18AM  GlobeNewswire]
▶ McEwen Mining Reports Q1 2018 Results   [May-01-18 04:01PM  GlobeNewswire]
▶ McEwen Mining Black Fox Exploration News   [Apr-30-18 04:01PM  GlobeNewswire]
▶ McEwen Mining Reports Q1 2018 Production Results   [Apr-16-18 10:41AM  GlobeNewswire]
▶ Debt-Free McEwen Mining Rises Again   [11:27AM  GuruFocus.com]
▶ McEwen Mining Reports 2017 Full Year and Q4 Results   [Feb-22-18 06:00AM  GlobeNewswire]
▶ McEwen Mining Conference Call Reminder   [Feb-21-18 04:07PM  GlobeNewswire]
▶ McEwen Mining Black Fox 2018 Exploration Outlook   [Jan-17-18 06:00AM  GlobeNewswire]
▶ McEwen Mining up 2.6% on production   [Jan-16-18 12:29PM  GuruFocus.com]
▶ McEwen Mining Announces Closing of Financing   [Dec-19-17 04:00PM  GlobeNewswire]
▶ McEwen Mining Reports Q3 2017 Production Results   [Oct-18-17 04:43PM  GlobeNewswire]
▶ McEwen Mining CEO Sees Gold Becoming Cheap Versus Stocks   [Oct-11-17 04:13PM  Bloomberg Video]
▶ McEwen Mining Conference Call Reminder   [Oct-10-17 06:00AM  GlobeNewswire]
▶ McEwen Mining Completes Purchase of Black Fox Complex   [Oct-06-17 04:45PM  GuruFocus.com]
▶ 3 Value Stocks for Bold Investors   [Sep-28-17 02:30PM  Motley Fool]
▶ Primero Provides an Operations and Corporate Update   [Sep-21-17 06:50AM  Marketwired]
▶ McEwen Mining Announces Bought Deal of $40.5 Million   [Sep-18-17 05:03PM  GlobeNewswire]
▶ McEwen Mining Buys Primero's Black Fox Complex   [Aug-30-17 04:34PM  GuruFocus.com]
▶ TNR Gold Provides Update of Activities   [Aug-28-17 10:48AM  Newsfile]

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