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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 2021
Guidance
2020 2021 2020 2021
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.