2023 Q1 Form 10-K Financial Statement

#000155837023003621 Filed on March 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $34.75M $28.24M $110.4M
YoY Change 36.06% -19.24% -19.13%
Cost Of Revenue $30.31M $28.53M $111.0M
YoY Change -3.89% -30.19% -22.42%
Gross Profit $4.443M -$288.0K -$544.0K
YoY Change -174.12% -95.12% -91.6%
Gross Profit Margin 12.78% -1.02% -0.49%
Selling, General & Admin $37.00M $34.96M $78.62M
YoY Change 182.11% 294.75% 229.3%
% of Gross Profit 832.79%
Research & Development $5.900M $3.541M $14.97M
YoY Change 240.06% -21.08% -33.76%
% of Gross Profit 132.79%
Depreciation & Amortization $7.263M $7.366M $19.53M
YoY Change 101.41% -27.41% -23.55%
% of Gross Profit 163.47%
Operating Expenses $43.81M $39.52M $97.67M
YoY Change 2425.24% 179.06% 94.3%
Operating Profit -$42.83M -$39.81M -$95.44M
YoY Change 77.66% 98.46% 48.47%
Interest Expense $2.651M $5.790M $18.28M
YoY Change 295.08% -230.23% -238.55%
% of Operating Profit
Other Income/Expense, Net $5.885M -$918.0K $15.15M
YoY Change 163.78% 1600.0% 18602.47%
Pretax Income -$36.95M -$34.94M -$80.29M
YoY Change 68.87% 42.8% 25.06%
Income Tax -$536.0K $7.145M $5.806M
% Of Pretax Income
Net Earnings -$43.08M -$37.36M -$81.08M
YoY Change 122.88% 77.69% 42.96%
Net Earnings / Revenue -123.95% -132.31% -73.43%
Basic Earnings Per Share -$0.91 -$0.79 -$1.71
Diluted Earnings Per Share -$0.91 -$0.79 -$1.71
COMMON SHARES
Basic Shares Outstanding 47.43M 47.43M 47.43M
Diluted Shares Outstanding 47.43M 47.43M 47.43M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.4M $41.08M $41.08M
YoY Change 190.55% -26.77% -26.77%
Cash & Equivalents $190.8M $39.78M $39.78M
Short-Term Investments $1.591M $1.295M $1.295M
Other Short-Term Assets $5.076M $5.972M $5.972M
YoY Change -48.55% -36.69% -36.69%
Inventory $23.56M $31.74M $31.74M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $223.5M $81.65M $81.65M
YoY Change 134.5% -3.97% -3.97%
LONG-TERM ASSETS
Property, Plant & Equipment $342.5M $346.3M $346.3M
YoY Change -0.15% 1.16% 1.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.99M $93.45M $93.45M
YoY Change 0.17% 2.74% 2.74%
Other Assets $703.0K $1.106M $7.335M
YoY Change 13.39% 55.56% 4.04%
Total Long-Term Assets $454.2M $447.1M $447.1M
YoY Change 3.12% 1.53% 1.53%
TOTAL ASSETS
Total Short-Term Assets $223.5M $81.65M $81.65M
Total Long-Term Assets $454.2M $447.1M $447.1M
Total Assets $677.7M $528.7M $528.7M
YoY Change 26.49% 0.64% 0.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.16M $42.52M $42.52M
YoY Change 8.77% 7.34% 7.34%
Accrued Expenses $1.167M $1.215M $1.215M
YoY Change -53.02% -58.12% -58.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.00M $10.00M $10.00M
YoY Change
Total Short-Term Liabilities $89.39M $84.19M $84.19M
YoY Change 51.24% 60.66% 60.66%
LONG-TERM LIABILITIES
Long-Term Debt $48.12M $53.98M $53.98M
YoY Change -24.28% 10.46% 10.46%
Other Long-Term Liabilities $4.507M $3.819M $34.28M
YoY Change 54.93% 30.39% 0.42%
Total Long-Term Liabilities $4.507M $3.819M $88.26M
YoY Change -93.22% -92.63% 6.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.39M $84.19M $84.19M
Total Long-Term Liabilities $4.507M $3.819M $88.26M
Total Liabilities $172.4M $172.4M $205.9M
YoY Change 10.23% 27.36% 37.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.364B -$1.321B
YoY Change 8.31% 6.52%
Common Stock $1.754B $1.644B
YoY Change 7.87% 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $389.7M $322.8M $322.8M
YoY Change
Total Liabilities & Shareholders Equity $677.7M $528.7M $528.7M
YoY Change 26.49% 0.64% 0.64%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$43.08M -$37.36M -$81.08M
YoY Change 122.88% 77.69% 42.96%
Depreciation, Depletion And Amortization $7.263M $7.366M $19.53M
YoY Change 101.41% -27.41% -23.55%
Cash From Operating Activities -$28.61M -$8.057M -$58.61M
YoY Change 83.15% 602.44% 189.81%
INVESTING ACTIVITIES
Capital Expenditures $4.950M $7.047M $24.19M
YoY Change -222.37% -210.02% -169.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $286.0K
YoY Change -100.0% -97.23%
Cash From Investing Activities -$4.950M -$7.047M -$23.90M
YoY Change 22.37% 70.46% -2.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $41.26M
YoY Change 38.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 185.0M 4.000K 65.46M
YoY Change 527.89% -100.12% -19.17%
NET CHANGE
Cash From Operating Activities -28.61M -8.057M -58.61M
Cash From Investing Activities -4.950M -7.047M -23.90M
Cash From Financing Activities 185.0M 4.000K 65.46M
Net Change In Cash 151.4M -15.10M -17.06M
YoY Change 1445.77% 73.86% -147.12%
FREE CASH FLOW
Cash From Operating Activities -$28.61M -$8.057M -$58.61M
Capital Expenditures $4.950M $7.047M $24.19M
Free Cash Flow -$33.56M -$15.10M -$82.80M
YoY Change 189.92% -387.26% -664.58%

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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">NOTE 1 NATURE OF OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">McEwen Mining Inc. (the “Company”) was organized under the laws of the State of Colorado on July 24, 1979. The Company is engaged in the exploration, development, production and sale of gold and silver and exploration and development of copper. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company operates in the United States, Canada, Mexico and Argentina. The Company owns a 100% interest in the Gold Bar gold mine in Nevada, the Fox Complex in Ontario, Canada, the Fenix Project in Mexico and a portfolio of exploration properties in Nevada, Canada, Mexico and Argentina. As of December 31, 2022, the Company also owns a 68.1% interest in the Los Azules copper project in San Juan, Argentina through its subsidiary, McEwen Copper Inc. (“McEwen Copper”). It also owns a 49% interest in Minera Santa Cruz S.A. (“MSC”), owner of the producing San José silver-gold mine in Santa Cruz, Argentina, which is operated by the joint venture majority owner Hochschild Mining plc. The Company reports its investment in McEwen Copper as a controlling interest and its investment in MSC as an equity investment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Basis of Presentation and Use of Estimates:</b>  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in United States of America (“US GAAP”). The preparation of the Company’s consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to environmental reclamation and closure obligations; asset useful lives utilized for depletion, depreciation, amortization and accretion calculations; fair value of equity investment and the impairment test; recoverable gold in leach pad inventory; current and long-term inventory; mine development capitalization costs; the collectability of value added taxes receivable; the amount of mineral reserves; valuation allowances for deferred tax assets; income and mining tax provisions; and reserves for contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ significantly from these estimates. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">References to “C$” refer to Canadian dollar.</p>
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CY2022 us-gaap Interest Expense Long Term Debt
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5488000
CY2021 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
5581000
CY2022 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
4875000
CY2021 us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
4875000
CY2022 mux Debt Amendment Fees
DebtAmendmentFees
500000
CY2022Q4 mux Debt And Debt To Related Party Noncurrent
DebtAndDebtToRelatedPartyNoncurrent
63979000
CY2021Q4 mux Debt And Debt To Related Party Noncurrent
DebtAndDebtToRelatedPartyNoncurrent
48866000
CY2022Q4 mux Debt And Debt To Related Party Current
DebtAndDebtToRelatedPartyCurrent
10000000
CY2022Q4 mux Long Term Debt And Debt To Related Party
LongTermDebtAndDebtToRelatedParty
53979000
CY2021Q4 mux Long Term Debt And Debt To Related Party
LongTermDebtAndDebtToRelatedParty
48866000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
35452000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
34000000
CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
774000
CY2021 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
2225000
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2354000
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2405000
CY2022 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
5664000
CY2021 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
1257000
CY2022 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
-850000
CY2021 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
AssetRetirementObligationForeignCurrencyTranslationGainLoss
15000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
41846000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
35452000
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
12576000
CY2021Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
5761000
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
29270000
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
29691000
CY2022 mux Reclamation Adjustments
ReclamationAdjustments
991000
CY2021 mux Reclamation Adjustments
ReclamationAdjustments
1045000
CY2020 mux Reclamation Adjustments
ReclamationAdjustments
-113000
CY2022 us-gaap Accretion Expense
AccretionExpense
2354000
CY2021 us-gaap Accretion Expense
AccretionExpense
2405000
CY2020 us-gaap Accretion Expense
AccretionExpense
1901000
CY2022 mux Reclamation And Remediation Expense
ReclamationAndRemediationExpense
3345000
CY2021 mux Reclamation And Remediation Expense
ReclamationAndRemediationExpense
3450000
CY2020 mux Reclamation And Remediation Expense
ReclamationAndRemediationExpense
1788000
CY2022Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1
CY2022Q3 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
10
CY2022Q3 us-gaap Stockholders Equity Note Changes In Capital Structure Subsequent Changes To Number Of Common Shares
StockholdersEquityNoteChangesInCapitalStructureSubsequentChangesToNumberOfCommonShares
1
CY2022Q3 us-gaap Share Price
SharePrice
1
CY2022Q3 mux Common And Preferred Stock Shares Authorized
CommonAndPreferredStockSharesAuthorized
675000002
CY2022Q3 mux Common And Preferred Stock Shares Authorized
CommonAndPreferredStockSharesAuthorized
200000002
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
447787
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
616958
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
527000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.02
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
364000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
510000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.24
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.20
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
197000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
21.79
CY2020 mux Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodIntrinsicValue
2000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
125000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
11.85
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
701000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.51
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y2M12D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
53000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
95000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.21
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
159000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.56
CY2021 mux Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodIntrinsicValue
2000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
20000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
71.00
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
617000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.43
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y2M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
53000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
159000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.27
CY2022 mux Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodIntrinsicValue
2000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
10000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
27.80
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
448000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.43
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y7M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
321000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.81
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y7M6D
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.00519
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.00873
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.00157
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.00322
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.63
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.63
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.59
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.22
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.22
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
800000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
800000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
100000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
600000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1400000
CY2022 mux Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options Number
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptionsNumber
400000
CY2021 mux Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options Number
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptionsNumber
400000
CY2020 mux Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options Number
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptionsNumber
600000
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M24D
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y4M24D
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-81075000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-56712000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-152325000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47427000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45490000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40346000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47427000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45490000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40346000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.71
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.25
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.78
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due In Next Twelve Months
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDueInNextTwelveMonths
1555000
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDueInTwoYears
1401000
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDueInThreeYears
607000
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDueInFourYears
600000
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDueThereafter
52000
CY2022Q4 mux Operating Leases Future Minimum Payments Due Mining And Surface Rights Due
OperatingLeasesFutureMinimumPaymentsDueMiningAndSurfaceRightsDue
4215000
CY2022Q4 mux Reclamation Costs Due In Next Twelve Months
ReclamationCostsDueInNextTwelveMonths
12815000
CY2022Q4 mux Reclamation Costs Due In Second Year
ReclamationCostsDueInSecondYear
1400000
CY2022Q4 mux Reclamation Costs Due In Third Year
ReclamationCostsDueInThirdYear
1744000
CY2022Q4 mux Reclamation Costs Due In Fourth Year
ReclamationCostsDueInFourthYear
3068000
CY2022Q4 mux Reclamation Costs Due Thereafter
ReclamationCostsDueThereafter
32821000
CY2022Q4 mux Reclamation Costs
ReclamationCosts
51849000
CY2022Q4 mux Long Term Debt Obligations In Next Twelve Months
LongTermDebtObligationsInNextTwelveMonths
14712000
CY2022Q4 mux Long Term Debt Obligations In Second Year
LongTermDebtObligationsInSecondYear
26833000
CY2022Q4 mux Long Term Debt Obligations In Third Year
LongTermDebtObligationsInThirdYear
16337000
CY2022Q4 mux Long Term Debt Obligations
LongTermDebtObligations
57882000
CY2022Q4 mux Lease Liability Payments Due Next Twelve Months
LeaseLiabilityPaymentsDueNextTwelveMonths
1572000
CY2022Q4 mux Lease Liability Payments Due Year Two
LeaseLiabilityPaymentsDueYearTwo
689000
CY2022Q4 mux Lease Liability Payments Due Year Three
LeaseLiabilityPaymentsDueYearThree
272000
CY2022Q4 mux Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
147000
CY2022Q4 mux Lease Liability Payments Due
LeaseLiabilityPaymentsDue
2680000
CY2022Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
73237000
CY2022Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
30324000
CY2022Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
18960000
CY2022Q4 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
3815000
CY2022Q4 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
32873000
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
159209000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39782000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54287000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
2550000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3797000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3797000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43579000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
60634000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43600000
CY2022Q4 us-gaap Cash
Cash
2500000
CY2022Q4 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
LineOfCreditFacilityCapacityAvailableForTradePurchases
35600000
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
7663000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
7663000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
387000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
817000
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
1856000
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
6928000
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
573000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1856000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7315000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1390000
CY2021 mux Total Income And Mining Tax Expense To Current Federal Tax Benefit
TotalIncomeAndMiningTaxExpenseToCurrentFederalTaxBenefit
-387000
CY2020 mux Total Income And Mining Tax Expense To Current Federal Tax Benefit
TotalIncomeAndMiningTaxExpenseToCurrentFederalTaxBenefit
-817000
CY2022 mux Total Income And Mining Current Foreign Tax Expense Benefit
TotalIncomeAndMiningCurrentForeignTaxExpenseBenefit
5806000
CY2021 mux Total Income And Mining Current Foreign Tax Expense Benefit
TotalIncomeAndMiningCurrentForeignTaxExpenseBenefit
-6928000
CY2020 mux Total Income And Mining Current Foreign Tax Expense Benefit
TotalIncomeAndMiningCurrentForeignTaxExpenseBenefit
-573000
CY2022 mux Total Income And Mining Tax Expense Recovery
TotalIncomeAndMiningTaxExpenseRecovery
5806000
CY2021 mux Total Income And Mining Tax Expense Recovery
TotalIncomeAndMiningTaxExpenseRecovery
-7315000
CY2020 mux Total Income And Mining Tax Expense Recovery
TotalIncomeAndMiningTaxExpenseRecovery
-1390000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-20618000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-24808000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-127524000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-59670000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-39391000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-26191000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-80288000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-64199000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-153715000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">NOTE 22 COMPARATIVE FIGURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain amounts in prior years have been reclassified to conform to the current year’s presentation. Reclassified amounts were not material to the financial statements and relate to the presentation of Other Operating Expenses. <i style="font-style:italic;">Advanced projects </i>in the <i style="font-style:italic;">Statement of Operations </i>includes mine development costs, property holding and general and administrative costs associated with advanced stage projects. <i style="font-style:italic;">Exploration </i>in the <i style="font-style:italic;">Statement of Operations </i>includes exploration expenses, property holding and general and administrative costs associated with exploration stage projects. <i style="font-style:italic;">General and</i> <i style="font-style:italic;">Administrative </i>in the <i style="font-style:italic;">Statement of Operations </i>include corporate (head office) general and administrative costs.</p>

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