$MUX
McEwen Mining Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022008161 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $25.54M $23.74M
YoY Change 7.59% -24.39%
Cost Of Revenue $31.54M $28.73M
YoY Change 9.77% -18.12%
Gross Profit -$5.994M -$4.986M
YoY Change 20.22% 35.31%
Gross Profit Margin -23.47% -21.0%
Selling, General & Admin $13.12M $3.880M
YoY Change 238.04% -15.84%
% of Gross Profit
Research & Development $1.735M $2.236M
YoY Change -22.41% -41.0%
% of Gross Profit
Depreciation & Amortization $3.606M $4.660M
YoY Change -22.62% -31.07%
% of Gross Profit
Operating Expenses $1.735M $2.236M
YoY Change -22.41% -75.64%
Operating Profit -$24.11M -$15.38M
YoY Change 56.71% -84.51%
Interest Expense $671.0K -$220.0K
YoY Change -405.0% -77.32%
% of Operating Profit
Other Income/Expense, Net $2.231M $903.0K
YoY Change 147.07% -196.06%
Pretax Income -$21.88M -$14.48M
YoY Change 51.08% -85.56%
Income Tax -$814.0K -$2.015M
% Of Pretax Income
Net Earnings -$19.33M -$12.47M
YoY Change 55.04% -87.43%
Net Earnings / Revenue -75.67% -52.51%
Basic Earnings Per Share -$0.04 -$0.03
Diluted Earnings Per Share -$0.04 -$0.03
COMMON SHARES
Basic Shares Outstanding 464.0M 441.8M
Diluted Shares Outstanding 464.0M 441.8M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.21M $47.40M
YoY Change 39.68% 60.14%
Cash & Equivalents $63.78M $47.40M
Short-Term Investments $2.424M
Other Short-Term Assets $9.865M $4.200M
YoY Change 134.88% 14.44%
Inventory $16.29M $27.91M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $95.30M $81.01M
YoY Change 17.63% 10.8%
LONG-TERM ASSETS
Property, Plant & Equipment $343.0M $334.9M
YoY Change 2.43% 0.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.84M $102.8M
YoY Change -12.61% -4.37%
Other Assets $620.0K $910.0K
YoY Change -31.87% 36.02%
Total Long-Term Assets $440.5M $447.2M
YoY Change -1.5% -0.74%
TOTAL ASSETS
Total Short-Term Assets $95.30M $81.01M
Total Long-Term Assets $440.5M $447.2M
Total Assets $535.8M $528.2M
YoY Change 1.44% 0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.44M $35.50M
YoY Change 19.54% 27.7%
Accrued Expenses $2.484M $2.600M
YoY Change -4.46% 23.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.11M $45.73M
YoY Change 29.24% -4.38%
LONG-TERM LIABILITIES
Long-Term Debt $63.55M $48.30M
YoY Change 31.58% 43.75%
Other Long-Term Liabilities $2.909M $3.114M
YoY Change -6.58% -13.6%
Total Long-Term Liabilities $66.46M $3.114M
YoY Change 2034.3% -13.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.11M $45.73M
Total Long-Term Liabilities $66.46M $3.114M
Total Liabilities $156.4M $134.4M
YoY Change 16.34% 9.13%
SHAREHOLDERS EQUITY
Retained Earnings -$1.260B -$1.196B
YoY Change 5.33% 5.8%
Common Stock $1.626B $1.590B
YoY Change 2.29% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $366.3M $393.7M
YoY Change
Total Liabilities & Shareholders Equity $535.8M $528.2M
YoY Change 1.44% 0.87%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$19.33M -$12.47M
YoY Change 55.04% -87.43%
Depreciation, Depletion And Amortization $3.606M $4.660M
YoY Change -22.62% -31.07%
Cash From Operating Activities -$15.62M -$10.14M
YoY Change 54.0% -14.82%
INVESTING ACTIVITIES
Capital Expenditures -$4.045M -$10.09M
YoY Change -59.91% 83.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.980M
YoY Change -100.0% 4427.27%
Cash From Investing Activities -$4.045M -$5.101M
YoY Change -20.7% -5.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.88M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.46M 41.83M
YoY Change -29.57% -8585.4%
NET CHANGE
Cash From Operating Activities -15.62M -10.14M
Cash From Investing Activities -4.045M -5.101M
Cash From Financing Activities 29.46M 41.83M
Net Change In Cash 9.796M 26.59M
YoY Change -63.16% -250.41%
FREE CASH FLOW
Cash From Operating Activities -$15.62M -$10.14M
Capital Expenditures -$4.045M -$10.09M
Free Cash Flow -$11.58M -$53.00K
YoY Change 21739.62% -99.17%

Facts In Submission

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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-21878000
CY2022Q1 mux Payments To Acquire Property Plant And Equipment And Acquire Mining Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndAcquireMiningAssets
4057000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14481000
CY2021Q1 mux Payments To Acquire Property Plant And Equipment And Acquire Mining Assets
PaymentsToAcquirePropertyPlantAndEquipmentAndAcquireMiningAssets
10324000
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
440478000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
440315000
CY2022Q1 us-gaap Revenues
Revenues
25542000
CY2021Q1 us-gaap Revenues
Revenues
23740000
CY2022Q1 mux Operating Lease Right Of Use Asset Office Lease Asset
OperatingLeaseRightOfUseAssetOfficeLeaseAsset
400000
CY2021Q1 mux Unusual Or Infrequent Item Relief
UnusualOrInfrequentItemRelief
1111000
CY2022Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
445000
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2987000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
291000
CY2022Q1 mux Other Income Net
OtherIncomeNet
439000
CY2021Q1 mux Other Income Net
OtherIncomeNet
10000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3871000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1412000
CY2021Q1 mux Unusual Or Infrequent Item Relief
UnusualOrInfrequentItemRelief
1100000
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
2100000
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
2200000
CY2022Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-100000
CY2021Q1 mux Payments To Acquire Available For Sale And Trading Securities
PaymentsToAcquireAvailableForSaleAndTradingSecurities
0
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
70430000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
60634000
CY2021Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1806000
CY2022Q1 mux Available For Sale And Trading Securities Gross Unrealized Gain Loss
AvailableForSaleAndTradingSecuritiesGrossUnrealizedGainLoss
618000
CY2022Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
2424000
CY2021Q2 mux Disposal Group Including Discontinued Operation Consideration Shares Received
DisposalGroupIncludingDiscontinuedOperationConsiderationSharesReceived
4963455
CY2021Q2 mux Disposal Group Including Discontinued Operation Consideration Warrants Received
DisposalGroupIncludingDiscontinuedOperationConsiderationWarrantsReceived
2481727
CY2022Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
2930000
CY2021Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
3708000
CY2022Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7015000
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
6883000
CY2022Q1 mux Receivables Other Assets Net Current
ReceivablesOtherAssetsNetCurrent
9945000
CY2021Q4 mux Receivables Other Assets Net Current
ReceivablesOtherAssetsNetCurrent
10591000
CY2022Q1 mux Value Added Tax Collected
ValueAddedTaxCollected
300000
CY2021Q1 mux Value Added Tax Collected
ValueAddedTaxCollected
600000
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2022Q1 mux Subsidiary Percentage
SubsidiaryPercentage
1
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1735000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2236000
CY2022Q1 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.49
CY2022Q1 mux Subsidiary Percentage
SubsidiaryPercentage
1
CY2022Q1 mux Inventory Ore On Leach Pads Net Of Reserves
InventoryOreOnLeachPadsNetOfReserves
385000
CY2021Q4 mux Inventory Ore On Leach Pads Net Of Reserves
InventoryOreOnLeachPadsNetOfReserves
4660000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4602000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3049000
CY2022Q1 mux Inventory Ore Stockpiles Net Of Reserves
InventoryOreStockpilesNetOfReserves
6713000
CY2021Q4 mux Inventory Ore Stockpiles Net Of Reserves
InventoryOreStockpilesNetOfReserves
5105000
CY2022Q1 mux Inventory Precious Metals Net Of Reserves
InventoryPreciousMetalsNetOfReserves
1783000
CY2021Q4 mux Inventory Precious Metals Net Of Reserves
InventoryPreciousMetalsNetOfReserves
1819000
CY2022Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
5996000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
3702000
CY2022Q1 us-gaap Inventory Gross
InventoryGross
19479000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
18335000
CY2022Q1 us-gaap Inventory Adjustments
InventoryAdjustments
3186000
CY2021Q4 us-gaap Inventory Adjustments
InventoryAdjustments
2543000
CY2022Q1 us-gaap Inventory Net
InventoryNet
16293000
CY2021Q4 us-gaap Inventory Net
InventoryNet
15792000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
48866000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
48160000
CY2022Q1 us-gaap Proceeds From Issuance Of Subordinated Long Term Debt
ProceedsFromIssuanceOfSubordinatedLongTermDebt
15000000
CY2022Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
1389000
CY2021 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
5581000
CY2022Q1 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1202000
CY2021 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
4875000
CY2022Q1 mux Debt Amendment Equity
DebtAmendmentEquity
500000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
63553000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
48866000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
35452000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
34000000
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
83000
CY2021 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
2225000
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
527000
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2405000
CY2021 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
1257000
CY2022Q1 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
195000
CY2021 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
15000
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
36091000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
35452000
CY2022Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
6532000
CY2021Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
5761000
CY2022Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
29559000
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
29691000
CY2021Q1 mux Reclamation Adjustments
ReclamationAdjustments
425000
CY2022Q1 us-gaap Accretion Expense
AccretionExpense
527000
CY2021Q1 us-gaap Accretion Expense
AccretionExpense
486000
CY2022Q1 mux Reclamation And Remediation Expense
ReclamationAndRemediationExpense
527000
CY2021Q1 mux Reclamation And Remediation Expense
ReclamationAndRemediationExpense
911000
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14400000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
700000
CY2022Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
63500000
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
48900000
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
63783000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54287000
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
2850000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
2550000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3797000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3797000

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