McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to provide production and cost guidance for 2022. We are estimating production of 153,000 to 172,000 gold equivalent ounces (GEOs) in 2022. Cash costs and all-in sustaining costs (AISC) per GEO sold for 2022 from our 100%-owned mines (Gold Bar and Fox) are expected to be in the range $1,310-1,410 and $1,570-1,690, respectively. At San José, production is estimated to be 69,500 to 77,500 GEOs at an AISC per GEO sold of $1,330-1,370.
| 2022 Production Guidance | |
| Total Production | |
| Gold (oz) | 118,000-133,000 |
| Silver (oz) | 2,520,000-2,800,000 |
| GEOs(1)(4) | 153,000-172,000 |
| San José Mine, Argentina (49%)(2) | |
| Gold (oz) | 34,500-38,500 |
| Silver (oz) | 2,520,000-2,800,000 |
| GEOs(1) | 69,500-77,500 |
| Gold Bar Mine, Nevada | |
| GEOs(1) | 38,000-44,000 |
| Black Fox Mine, Canada | |
| GEOs(1) | 44,000-49,000 |
| 2022 Cost Guidance | ||
| Cash Costsper GEO(3) | AISC per GEO(3) | |
| 100%-Owned Mines | ||
| Quarterly Estimates: | ||
| Q1 | $1,940-2,100 | $2,340-2,560 |
| Q2 | $1,330-1,430 | $1,670-1,810 |
| Q3 | $1,190-1,280 | $1,420-1,530 |
| Q4 | $1,060-1,140 | $1,170-1,260 |
| Full Year Average | $1,310-1,410 | $1,570-1,690 |
| San José Mine (49%) | ||
| Full Year Average | $1,330-1,370 | |
Notes:
- Gold Equivalent Ounces (GEOs) are calculated based on a gold to silver price ratio of 72:1.
- Represents the portion attributable to us from our 49% interest in the San José Mine.
- Cash costs per GEO and all-in sustaining costs (AISC) per GEO are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definition of the non-GAAP measures see the Management Discussion and Analysis (Form 10-K) for the year ended December 31, 2021, filed on EDGAR and SEDAR.
- Residual heap leaching at the El Gallo Project in Mexico is expected to produce 1,500 GEOs in 2022.
