MUX:CC - McEwen Mining raises additional $15M from Rob McEwen

McEwen Mining (NYSE:MUX) said after Tuesday's close that reduced Q1 cash flow from operations has placed it in a "challenging position," prompting majority owner and Chairman Rob McEwen to invest another $15M into the company. McEwen said the deviation from its Q1 financial forecast was caused by lower production at the Fox Complex and at San José, with loss of manpower due to COVID-19 a significant factor at both mines. Results from operations will improve starting with the current quarter, the chairman said, noting Gold Bar achieved production targets in Q1 and Los Azules "has made some important advances." The company also extended the maturity of its $50M senior secured term loan facility. McEwen Mining's FY 2021 consolidated production topped 154K gold equiv. oz., up 34% Y/Y; shares should be bought at or below $0.73, Fun Trading writes in an analysis posted recently on Seeking Alpha.

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McEwen Mining raises additional $15M from Rob McEwen