TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is responding to the news release issued by the Apitipi Anicinapek Nation (“AAN”) dated February 12th, 2025, that alleges McEwen has breached the Impact Benefit Agreement (“IBA”) associated with the Fox Complex (“Fox”) originally signed in 2011 between Brigus Gold Corp (“Brigus”) and AAN. Since that time, the Fox property has changed ownership twice. First to Primero Mining Corp. (“Primero”) when it purchased Brigus in 2013 ...

Core Viewpoint - McEwen Copper Inc. has applied for the Los Azules copper project to be admitted to Argentina's Large Investment Incentive Regime (RIGI), which is expected to provide significant financial benefits and stability for the project [1][3]. Investment Details - The Los Azules Project involves an estimated total investment of USD 2.7 billion, with USD 227 million already committed under the RIGI for feasibility studies and preliminary work [2]. - An additional investment of USD 2.5 billion is projected for the construction of the mine and production facilities as part of the RIGI project [2]. Benefits of RIGI - Upon approval for RIGI admission, the Los Azules project will benefit from a reduced corporate income tax rate from 35% to 25%, relief from value-added tax during construction, exemption from export duties, and a 30-year stability guarantee [3]. Project Progress - The Los Azules project is recognized as one of the top 10 copper projects by resource size and has made significant progress, including the recent approval of an environmental permit for construction [4]. - The project is expected to begin construction in early 2026, following the upcoming feasibility study scheduled for the first half of 2025 [5]. Company Overview - McEwen Mining Inc. operates in multiple countries and holds a 46.4% interest in McEwen Copper, which is developing the Los Azules copper project [6][7]. - The Los Azules project aims to be Argentina's first regenerative copper mine, focusing on sustainability by consuming less water and aiming for carbon neutrality by 2038 [8]. Economic Impact - The introduction of RIGI is seen as a catalyst for large-scale infrastructure investments in Argentina's mining sector, which is expected to improve the standard of living for Argentinians and provide reasonable returns for investors [4].

TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce that its subsidiary Andes Corporación Minera S.A., has applied for admission of the Los Azules copper project to Argentina's Large Investment Incentive Regime (“RIGI”). The Los Azules Project involves an investment currently estimated at USD 2.7 billion, of which USD 227 million have been committed under the RIGI to complete the feasibility study, conduct additiona ...

Core Viewpoint - McEwen Mining Inc. has successfully closed an offering of $110 million in 5.25% convertible senior notes due 2030, aimed at funding growth initiatives while minimizing dilution for existing shareholders [1][3]. Group 1: Offering Details - The offering includes an upsized amount of $95 million and a full exercise of a $15 million option for initial purchasers [1]. - The initial conversion rate for the notes is set at 88.9284 shares per $1,000 principal amount, translating to a conversion price of approximately $11.25 per share, which is a 30% premium over the stock price on February 6, 2025 [2][6]. - The capped call strategy could increase the effective conversion price at maturity to $17.30 per share, representing a 100% premium to the closing price on February 6, 2025 [2][3]. Group 2: Financial Implications - The notes carry a coupon rate of 5.25%, which is significantly lower than the 9.75% on the existing senior secured debt of $40 million, which will be reduced to $20 million through partial repayment from the offering proceeds [3][6]. - Approximately $90.8 million of net proceeds will be available after accounting for costs related to the capped call and underwriting expenses [6]. Group 3: Use of Proceeds - The net proceeds will be allocated as follows: $15.1 million for capped call costs, $20 million for partial repayment of senior secured debt, and the remainder for general corporate purposes [6]. - The company aims to increase gold production at the Fox Complex from 30,000 ounces in 2024 to 150,000 ounces by 2030, leveraging the proceeds from the offering [3].

Core Viewpoint - McEwen Mining Inc. has successfully closed an offering of $110 million in 5.25% convertible senior notes due 2030, aimed at funding growth initiatives while minimizing dilution for existing shareholders [1][3]. Group 1: Offering Details - The offering consists of $110 million in convertible senior notes, including an upsized offering of $95 million and a $15 million option exercised by initial purchasers [1]. - The initial conversion rate is set at 88.9284 shares per $1,000 principal amount, translating to a conversion price of approximately $11.25 per share, which is a 30% premium over the stock price on February 6, 2025 [2][7]. - The capped call could increase the effective conversion price at maturity to $17.30 per share, representing a 100% premium to the closing price on February 6, 2025 [2][3]. Group 2: Financial Implications - The interest rate on the notes is 5.25% per year, payable semi-annually, starting August 15, 2025 [7]. - The company plans to use approximately $20 million of the proceeds to reduce existing senior secured debt from $40 million to $20 million [3][7]. - The remaining net proceeds, estimated at $90.8 million after costs, will be allocated for general corporate purposes [7]. Group 3: Growth Strategy - The company aims to increase gold production at the Fox Complex from 30,000 ounces in 2024 to 150,000 ounces by 2030, supported by exploration success [3].

Core Viewpoint - McEwen Mining Inc. has announced a private placement of $95 million in convertible senior notes due 2030, with an option for an additional $15 million, aimed at qualified institutional buyers [1][12] Group 1: Transaction Details - The notes will be senior, unsecured obligations with a semi-annual interest rate of 5.25%, maturing on August 15, 2030 [3] - The initial conversion rate is set at 88.9284 shares per $1,000 principal amount, equating to an initial conversion price of approximately $11.25 per share, representing a 30% premium over the last reported sale price of $8.65 on February 6, 2025 [4][7] - The company estimates net proceeds from the offering to be approximately $91.3 million, or $105.9 million if the additional notes option is fully exercised [6] Group 2: Use of Proceeds - The proceeds will be used to pay for the capped call overlay cost of approximately $13.1 million, repay a portion of existing credit agreement borrowings, and for general corporate purposes [8] Group 3: Strategic Benefits - The offering allows the company to refinance $20 million of higher-interest debt and benefits from an attractive coupon rate of 5.25% [7] - Capped call transactions are expected to reduce potential dilution upon conversion of the notes and may offset cash payments required beyond the principal amount [9] Group 4: Market Impact - The company anticipates that the initial hedging activities related to the capped call transactions may influence the market price of its common stock and the notes [10][11]

TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (the "Company") today announced its intention to offer, subject to market conditions and other factors, $85 million aggregate principal amount of convertible senior notes due 2030 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In connection with the offering, the Company expects ...

32% Increase in the Indicated Resource to 1,538,000 Ounces of Gold 95% Increase in the Inferred Resource to 458,000 Ounces of Gold TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is providing minor corrections to yesterday's press release. Please note that the resource statements remain unchanged. The corrections are related to Table 2 numbers, specifically the percentage differences between 2021 and December 2024. In addition, the price of gold used in 2021 was $1,725, n ...

32% Increase in the Indicated Resource to 1,538,000 Ounces of Gold 95% Increase in the Inferred Resource to 458,000 Ounces of Gold TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is providing minor corrections to yesterday’s press release. Please note that the resource statements remain unchanged. The corrections are related to Table 2 numbers, specifically the percentage differences between 2021 and December 2024. In addition, the price of gold used in 2021 was $1,725, ...

32% Increase in the Indicated Resource to 1,538,000 Ounces of Gold 95% Increase in the Inferred Resource to 458,000 Ounces of Gold TORONTO, Feb. 03, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to report a significant increase in the estimated gold (Au) resources at the Fox Complex's Grey Fox deposit to December 31st, 2024, compared to the last estimate in the 2021 Fox Complex PEA (refer to Table 1). The discovery cost of this increase was US $14.46 per ounce (oz). The deposit ...