{"id":1019205,"date":"2026-11-09T22:06:42","date_gmt":"2026-11-10T03:06:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mcewen-q3-financial-results-quarter-of-transition\/"},"modified":"2026-11-09T22:06:42","modified_gmt":"2026-11-10T03:06:42","slug":"mcewen-q3-financial-results-quarter-of-transition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mcewen-q3-financial-results-quarter-of-transition\/","title":{"rendered":"McEwen Q3 Financial Results\u00a0\u2013 Quarter of Transition"},"content":{"rendered":"
\n

\n (See Glossary for Defined Terms on Page 9)<\/em>\n <\/p>\n

TORONTO, Nov. 09, 2026 (GLOBE NEWSWIRE) — McEwen Inc. (NYSE\/TSX: MUX)<\/strong> (\u201cMcEwen\u201d or the \u201cCompany\u201d) today announced its third quarter financial results for the period ended September 30, 2026 (Q3). During the quarter, the Company experienced lower production and higher costs.<\/p>\n

In the case of the Gold Bar Complex, this was due to poor management oversight and was the reason the Company decided to make changes to its leadership team in late August. New operating procedures have resulted in production rising and costs dropping in October, which the team believes can be sustained.<\/p>\n

At the Fox Complex, a combination of completing all future Froome mine development and processing a low-grade stockpile saw costs temporarily rise. In October, costs are back to within guidance.<\/p>\n

At San Jos\u00e9, significant snowfall caused excess moisture, forcing the mine to focus on more sulphide and less clay-rich ore to avoid blockages in the process plant. This switch in Q3 caused the plant to process material with lower than average gold and silver grades that also resulted in lower metal recoveries.<\/p>\n

These problems are temporary and the Company is anticipating much better operating results during Q4 and meaningful progress has been made in October. Other positive developments during Q3 included the new Stock Mine nearing completion at the Fox Complex in Timmins and construction beginning at El Gallo in Mexico. Development projects continue to progress in order to meet our objective of producing 250,000-300,000 Gold Equivalent Ounces (GEOs) per year by 2030. The Company ended Q3 in good financial position with $49.1M in cash, $10.4M in marketable securities and an additional $50M in Discovery Mining common shares, plus $5M cash post Q3.\u00a0<\/p>\n

\n Q3 2026 Financial and Operating Summary<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Revenue<\/strong>\n <\/td>\nQ3 2026 revenue decreased by 14% <\/strong>to $43.6M <\/strong>from the sale of 10,689 GEOs<\/strong>, vs revenue of $50.5M from the sale of 14,968 GEOs in Q3 2025. The average realized sale price per GEO was $4,151 <\/strong>in Q3, 19% higher than $3,477 in Q3 2025. \u00a0Results from our 49% interest in the San Jos\u00e9 Mine are excluded from revenue, due to our ownership being under 50%.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Profitability<\/strong>\n <\/td>\nQ3 2026 gross profit was $4.0M<\/strong>, compared with $7.8M in Q3 2025. Gross margins were negatively impacted by lower gold production. Q3 2026 net loss was $36.7M <\/strong>or $0.60 per share<\/strong>, compared with loss of $0.5M or $0.01 per share in Q3 2025. The major items impacting net income in Q3 2026 compared to Q3 2025 include higher investments in our advanced projects and exploration ($8.1M increase), lower unrealized gains on marketable securities ($7.3M), and primarily noncash income and mining tax expense difference of $14.3M.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liquidity & Capital Resources at September 30, 2026<\/strong>
\n \n <\/td>\n		Cash and equivalents were $49.1M<\/strong>, compared with $51.0M at December 31, 2025.<\/p>\n

The value of marketable securities was $10.4<\/strong>M<\/strong>, compared with $21.1M at December 31, 2025. One reason for the decrease is due to McEwen acquiring 100% of Canadian Gold Corp., which previously accounted for $5.6M in marketable securities at December 31, 2025. The remaining decrease is due to lower values of the marketable securities owned by the Company.<\/p>\n

San Jos\u00e9 ended Q3 with $134 million in cash and $181.4 million in working capital (100% basis).<\/p>\n

On December 9, 2025, the Company acquired an interest in Paragon Advanced Labs, at a cost basis of $13.7M. Its ownership interest was 26.7% <\/strong>as of September 30, 2026, and the market value of the investment was $17.5M<\/strong>.<\/p>\n

On August 26, 2026, McEwen sold its loan receivable from McEwen Copper, together with the associated warrants, to unrelated third parties for cash proceeds of $13.6M. At September 30, 2026, McEwen had a $4.0M current receivable from McEwen Copper for services provided.<\/p>\n

Subsequent to Q3, in October, McEwen sold its interests in the non-core Fuller and Paymaster properties in Timmins to a subsidiary of Discovery Mining for total consideration of $55.0M ($5.0M in cash and $50.0M in Discovery Mining common shares).<\/p>\n

Debt principal outstanding remained unchanged at $130.0M <\/strong>($110.0M) in convertible notes due 2030 and $20.0M under our term loan facility). The reported total debt of $126.8M reflects the debt principal of $130.0M, less debt issuance costs of $3.2M, which are amortized over the life of the debt, in accordance with U.S. GAAP.<\/p>\n

McEwen had 61.6M shares outstanding on September 30, 2026, compared with 55.5M shares on December 31, 2025. The increase is mainly due to the shares issued in connection with the acquisition of Canadian Gold Corp in Q1 and Golden Lake Exploration in Q2.<\/p>\n

The most recent equity financing of McEwen Copper at $30 per share on October 24, 2024 implies a full market value of\u00a0$987.5M<\/strong>. Based on this valuation, McEwen\u2019s 46.3% <\/strong>ownership of McEwen Copper has an implied market value of $457M <\/strong>or $7.42 <\/strong>per MUX share (based on McEwen\u2019s shares outstanding as of the date of this press release). Since that financing, the project has seen significant development and derisking with the RIGI approval, the completion of the feasibility study, and is advancing towards a Final Investment Decision by mid-2027.<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n San Jos\u00e9 Performance<\/strong>
\n \n <\/td>\n		\n 11,786 GEOs <\/strong>representing McEwen\u2019s 49% ownership were produced in Q3 2026. Production and costs were negatively impacted due to record high snowfalls that impacted all mines throughout the area. The excess moisture caused by the weather had the mine focus on more sulphide and less clay-rich ore to avoid blockages in the process plant. This switch in Q3 caused the plant to process material with lower than average gold and silver grades that also resulted in lower metal recoveries.<\/p>\n

Production costs per GEO sold in Q3 2026 were higher than expected due to the above-mentioned items, at\u00a0$2,916 <\/strong>for cash costs and $3,414 <\/strong>for AISC. Operating conditions are expected to improve in Q4; however, Argentine inflation and the relative strength of the peso are expected to continue affecting unit costs through the remainder of 2026.<\/p>\n

Full year production guidance for San Jos\u00e9 remains unchanged at 59,000-64,000 GEOs at costs per GEO $2,000 – $2,200 for cash cost and $2,300 –\u00a0 $2,500 for AISC.<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Fox Complex Performance<\/strong>\n <\/td>\n\n 4,427 GEOs <\/strong>were produced in Q3. Costs per GEO sold in Q3 were $2,911 <\/strong>for cash costs and $3,725 <\/strong>for AISC. Production remains on track to meet the revised higher guidance for the year between 20,000-23,000 GEOs<\/strong>. Production costs in Q3 were high for two reasons, as we completed all the remaining underground development and drilling at Froome until the end of its life (spring 2027) and we made the decision to process our low-grade stockpile. These added approximately $780 and $150 per GEO during Q3, making costs during the quarter artificially high. As an example, cash costs and AISC are expected to be $2,531 and $2,618 in October versus $2,911 and $3,725 in Q3.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gold Bar Performance<\/strong>\n <\/td>\n\n 6,215 GEOs <\/strong>were produced from the Gold Bar Complex in Q3. Starting mid-August McEwen implemented a new set of operating procedures focused on fixing the production issues experienced during Q2 that continued into Q3. These operating issues have now been corrected due to increased drilling within the pit, greater understanding of the orebody, enhanced gold recovery test work and new grade control procedures. Due to the nature of heap leaching technology used at Gold Bar, where mined ore takes 45-60 days to produce gold dor\u00e9, the positive impact of these changes began at the end of Q3 and continued into October.<\/p>\n

As a result of the new operating procedures, in October our cash cost and AISC are expected to be $2,768 <\/strong>and $2,873<\/strong>, respectively, versus $3,248 <\/strong>and $3,520 <\/strong>in Q3.<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Exploration<\/strong>
\n &<\/strong>
\n
\n Development<\/strong>\n <\/td>\n		\n $11.2M <\/strong>was invested during Q3 in exploration, compared with $6.8M in Q3 2025. For the nine months ended September 30, 2026, the Company has invested $28.0M <\/strong>in exploration across its portfolio.<\/p>\n

$9.8M\u00a0<\/strong>was invested by McEwen Copper in the Los Azules copper project in Q3 to advance detailed engineering in preparation of a Final Investment Decision, compared with $9.2M in Q3 2025. As a Mineral Reserve statement with an effective date of September 3, 2025 was published, eligible development costs are now capitalized and will no longer be included in McEwen\u2019s income statement under U.S. GAAP.<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Health & Safety<\/strong>\n <\/td>\nZero lost-time incidents across our 100%-owned operations.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2026 Production & Unit Costs Outlook<\/strong>\n <\/td>\nFull-year 2026 production guidance is between109,000 –<\/strong>120,000 GEOs<\/strong>, including our attributable production from our 49%-owned San Jos\u00e9 mine and assuming a 77:1 silver-to-gold ratio for the year.<\/p>\n

Consolidated costs per ounce guidance ranges remain as updated in Q2, at\u00a0$2,200 – $2,450 <\/strong>for cash costs, and $2,500 – $2,750 <\/strong>for AISC.<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n 1)<\/em>
\n <\/strong>
\n Gold Bar Complex<\/strong> (Nevada) operational issues experienced in Q2 and into Q3 have now been corrected, with the mine experiencing one of its best production months in October, producing 3,353 <\/strong>GEOs, with cash cost and AISC per GEO lowered to approximately $2,768<\/strong> and $2,873<\/strong> from $3,248 and $3,520 in Q3. The team is confident that Gold Bar can continue at this production rate, while keeping costs down.<\/p>\n

Exploration drilling below the proposed Windfall and Lookout Mountain open pits has intersected highly encouraging gold mineralization, that has exceeded expectations, returning 4.4 gpt gold <\/strong>over 15.2 meters, 8.4\u00a0gpt gold<\/strong> over 24.7 meters and 4.0 gpt gold<\/strong> over 47.2 meters<\/strong>. This has the potential to increase the open pit resources at both deposits. \u00a0Our goal is to build a lower cost, long-life mine at Gold Bar.<\/p>\n

Overall, we are pleased that the corrections at Gold Bar are working. However, there are still a lot of areas we can improve, which should result in the mine continuously achieving better operating performance over the coming quarters and years.<\/p>\n

\n
\n 2)<\/em>
\n <\/strong>
\n Fox Complex<\/strong> (Timmins) construction at the new Stock Mine is nearing completion, with mining scheduled to start in December and commercial production beginning H1 2027. Stock is expected to help lift production to 35,000 GEOs in 2027 and 50,000 GEOs in 2028. Grey Fox is expected to further increase production to 75,000-85,000 GEOs annually starting in 2029 and until 2041. Production costs in Q3 were high for two very specific reasons: one, we completed all the underground development and drilling at Froome required until the end of its life (spring 2027) and two, we made the decision to process our low-grade stockpile. These added approximately $780 and $150 per GEO during Q3, making costs during the quarter artificially high. As an example, cash costs and AISC are expected to be $2,531 and $2,618 in October versus $2,911 and $3,725 in Q3.\u00a0<\/p>\n

Exploration drilling during Q3 focused on three areas at Grey Fox: 1) Whiskey Jack<\/strong> at depth; 2)<\/strong>Gibson<\/strong>; and 3)<\/strong>Raven Zone<\/strong>, newly discovered. Highlights during the quarter included 11.3<\/strong>gpt<\/strong>gold<\/strong> over 12.2<\/strong>meters,<\/strong> a wide zone of higher-grade gold mineralization. Drilling at the new Raven Zone intersected 20.8<\/strong>\u00a0gpt<\/strong>gold<\/strong> over 2.6<\/strong>meters.<\/strong> McEwen will be incorporating these results into an updated Grey Fox Mineral Resource Estimate that will be released with our Q4 financial results.<\/p>\n

\n
\n 3)<\/em>
\n <\/strong>
\n El Gallo Mine<\/strong> (Mexico) mill construction is underway, with gold production scheduled for Q4 2027. With no significant mine development or exploration costs planned at El Gallo, the mine is expected to become a meaningful source of free cash flow for the Company for the next decade and potentially beyond. A newly updated Mineral Resource Estimate contained in this news release shows Measured and Indicated Gold of 417,400 ounces<\/strong> and Inferred Gold of 39,200 ounces<\/strong>. Measured and Indicated Silver totals 57.3 million ounces <\/strong>and Inferred Silver of 3.1\u00a0million ounces<\/strong>. \u00a0<\/p>\n

\n
\n 4)<\/em>
\n <\/strong> Development projects remain on track to increase annual<\/strong>production<\/strong>to<\/strong>250<\/strong>,000<\/strong>\u00a0\u2013<\/strong>300,000<\/strong>GEOs<\/strong>by<\/strong>2030<\/strong>. Exploration drilling during Q3 continued to be successful, demonstrating the Company\u2019s ability to grow organically, further extending mine life across its assets. Drilling at the Tartan Mine Project<\/strong> had exploration success in a number of areas 1) Laterally close to surface, near the existing underground mine 8.5\u00a0gpt gold <\/strong>over 10.2 meters<\/strong>, 2) Infill drilling 15.5 gpt gold <\/strong>over 12.2 meters<\/strong>, 14.4 gpt gold <\/strong>over 9.2\u00a0meters<\/strong>, 18.8 gpt gold <\/strong>over 6.6\u00a0meters, 24.3 gpt gold <\/strong>over 5.8 meters<\/strong>, 3) Along the Eastern Flank 5.4 gpt gold <\/strong>over 6.7 meters <\/strong>and Western Flank 4.6 gpt gold <\/strong>over 9.0 meters.<\/strong><\/p>\n

Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited share dilution, based on average prices of $4,000 per ounce of gold and $50 per ounce of silver.\u00a0<\/p>\n

\n Key<\/strong>
\n Project Updates \u2013 Path to 250,000 \u2013 300,000 Annual GEOs<\/strong>\n <\/p>\n

\n Canada <\/strong>\n <\/p>\n

In Canada, McEwen is maintaining its increased production guidance at the Fox Complex for the full year at 20,000\u00a0\u2013\u00a023,000\u00a0GEOs<\/strong>, with AISC guidance remaining unchanged at $2,650 \u2013 $2,850 per GEO. Our new Stock Mine is set to begin production in December and attain commercial production in \u00a0H1 2027. Grey Fox is scheduled to begin production in 2029. We are developing these projects in phases, using our existing milling facility with incremental upgrades and relatively low capital based on the engineering work currently in progress.<\/p>\n

\n Stock Mine (Fox Complex, Timmins, Ontario) <\/strong>\u2013 Stock is expected to result in lower-cost gold production at the Fox\u00a0Complex compared to current operations, due to a lower royalty burden, a shorter haulage distance to the mill, and the benefits of processing softer material. Development during Q3 continued on time and within budget, with $12.2\u00a0million invested on underground development during the quarter, bringing the total investment to date to $73.7\u00a0million. Based on the current Mineral Resource Estimate, the team at Stock believes the mine will operate for 8.5 years. Underground definition drilling has recently resumed to further define the upcoming mining zones and increase confidence of the production forecasts.<\/p>\n

\n Grey Fox (Fox Complex, Timmins, Ontario) <\/strong>\u2013 With mining at Grey Fox starting in 2029, gold production at the Fox Complex is projected to average 75,000-85,000 GEOs<\/strong>. Next steps include: 1) completing detailed engineering; 2)\u00a0submitting the water permit and closure plan; 3) beginning ramp and underground development; and 4) reaching commercial production in 2029. Grey Fox is expected to extend the life of the Fox Complex to 2041.<\/p>\n

\n Tartan Mine Project (Flin Flon, Manitoba)<\/strong>\u00a0\u2013 The Company is advancing development planning for the Tartan Mine Project, which has the potential to produce between\u00a040,000 and 65,000 GEOs annually<\/strong> over an estimated mine life of 7\u201310 years, based on the current Mineral Resource Estimate. During Q3, the Company invested $1.2 million to upgrade the mine access road to accommodate heavier construction equipment and removed legacy buildings and infrastructure from mining operations in the 1980s, completing preparatory work ahead of the next phase of development.<\/p>\n

The Company now intends to advance several key initiatives to move the project closer to production, including: 1) Complete detailed engineering on the mill and process plant, 2) Rehabilitation of the underground mine and tailings facility and 3) Upgrade the site\u2019s electrical power infrastructure.<\/p>\n

McEwen has been approved for a CDN$300,000 grant from the Manitoba Mineral Development Fund (\u201cMMDF\u201d). The proceeds from the grant will be used for environmental and community building programs.<\/p>\n

Showing continued support of the government, the Tartan project has been funded to date a total of CDN$1.2 million. The Company wants to acknowledge the impact that the MMDF has on mineral exploration and development in Manitoba. The support provided through the MMDF and the Manitoba Mineral Exploration Tax Credit (\u201cMMETC\u201d) makes Manitoba an attractive destination for mining.<\/p>\n

\n USA\u00a0 <\/strong>\n <\/p>\n

In Nevada, McEwen focused on addressing operational issues at the Gold Bar Complex, where production has been below planned levels in 2026. Beginning in mid-August, McEwen implemented a new set of operating procedures, including increased definition drilling within the open pit to improve understanding of the orebody, additional gold recovery test work, and new grade control procedures. These corrective measures are now showing positive results.<\/strong> Due to the nature of heap leaching at Gold Bar, where mined ore takes 45\u201360 days to produce gold dor\u00e9, the positive impact of these changes did not become apparent until late Q3 and into Q4.<\/p>\n

To give our shareholders greater insight into our progress, we are releasing production figures for the Gold Bar Complex during October, which show greater GEOs produced and reduced AISC due to changes made at the mine.<\/p>\n\n\n\n\n\n\n\n
\n Time Period<\/strong>\n <\/td>\n\n Average Daily Gold
Ounces Produced<\/strong>\n <\/td>\n		\n AISC \/ Ounce<\/strong>\n <\/td>\n<\/tr>\n
Q1 2026<\/td>\n88<\/td>\n$2,705<\/td>\n<\/tr>\n
Q2 2026<\/td>\n64<\/td>\n$3,197<\/td>\n<\/tr>\n
Q3 2026<\/td>\n68<\/td>\n$3,520<\/td>\n<\/tr>\n
October 2026 (Estimated)<\/td>\n108<\/td>\n$2,873<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

The Company is reaffirming its guidance from Q2, where the Gold Bar Complex is expected to produce 30,000 \u2013 33,000 GEOs<\/strong> at an AISC of $2,900 \u2013<\/strong> $3,200 per GEO for 2026.<\/p>\n

The Gold Bar Complex is expected to increase annual production to 90,000 \u2013 110,000 GEOs<\/strong> by 2030, driven by the development of Windfall, Lookout Mountain and Trinity Ridge. The Company plans to leverage existing infrastructure at site to reduce capital expenditures and is currently completing the engineering and environmental studies required to advance production permitting.<\/p>\n

The next deposit for which a Mineral Resource Estimate is set to be published within the Gold\u00a0Bar Mine Complex is Trinity Ridge, where we are looking at merging the smaller existing open pits into one enlarged pit that captures the gold mineralization that was excluded from the current Mineral Resource Estimate. The new Mineral Resource Estimate for Trinity Ridge is expected with the Q4 financial results. The global Resources for the Gold\u00a0Bar Mine Complex now total Indicated Resources <\/strong>of 792,000 gold ounces<\/strong> at 0.64 gpt Au and Inferred Resources<\/strong> of 281,000 gold ounces<\/strong> at 0.78 gpt Au, in addition to Probable Reserves<\/strong> of 168,000\u00a0gold ounces<\/strong> at 0.61\u00a0gpt\u00a0Au.<\/p>\n

\n Argentina\u00a0 <\/strong>\n <\/p>\n

\n San Jos\u00e9 Mine<\/strong>
\n (49% Ownership) <\/strong>\u2013 Year to date, the Company has received $58.3 million<\/strong> in cash dividends from the San\u00a0Jos\u00e9 Mine, exceeding our estimate of $40 \u2013 $50 million. At current gold and silver prices, San Jos\u00e9 is expected to be an important source of capital that the Company will use to expand production at its other sites. Long term production attributable to McEwen\u2019s 49% interest is targeted at 60,000 <\/strong>\u2013 70,000 GEOs<\/strong> per year (based on a 77:1 silver-to-gold ratio). San Jos\u00e9 ended Q3 with $134 million in cash and $181.4 million in working capital (100% basis).<\/p>\n

\n Mexico<\/strong>\n <\/p>\n

McEwen commenced construction at the new mill at El Gallo during Q3, with completion and mine commissioning targeted for Q4 2027. El Gallo represents an important step in advancing the Company\u2019s development pipeline to production, with the potential to generate sustained free cash flow.<\/p>\n

\n Phase 1 is expected to deliver at least 10 years of mine life<\/strong>, producing approximately\u00a020,000 GEOs annually<\/strong> once commercial production is achieved. The Company believes there are opportunities to extend Phase 1\u2019s operating life through initiatives requiring minimal additional capital.<\/p>\n

\n Phase 2<\/strong>
\n offers a meaningful opportunity to increase production at low capital cost. <\/strong>Subject to permit approval, Phase 2 could increase annual production to approximately\u00a040,000\u201350,000 GEOs<\/strong>, based on a 77:1 silver-to-gold ratio, by processing higher-grade material and modifying the process plant. Phase 2 would materially extend the mine\u2019s operating life.<\/p>\n

With construction underway, a defined path toward initial production, and opportunities to expand output, El Gallo has the potential to become an important contributor to McEwen\u2019s future production profile and cash flow.<\/p>\n

A newly updated Mineral Resource Estimate contained in this news release shows\u00a0Measured and Indicated Gold of 417,400 ounces<\/strong> and Inferred Gold of 39,200 ounces<\/strong>. Measured and Indicated Silver totals 57.3 million ounces <\/strong>and Inferred Silver of 3.1\u00a0million ounces<\/strong>.\u00a0<\/p>\n\n\n\n\n\n\n\n\n
\n Mexico Mineral Resources \u2014 Measured & Indicated (M&I) and Inferred<\/strong>\n <\/td>\n<\/tr>\n
\n Deposit \/ Group<\/strong>\n <\/td>\n\n Tonnes
(kT)<\/strong>\n <\/td>\n		\n Au Grade (g\/t)<\/strong>\n <\/td>\n\n Ag Grade (g\/t)<\/strong>\n <\/td>\n\n M&I
Gold
(oz)<\/strong>\n <\/td>\n		\n M&I
<\/strong>
\n Silver
<\/strong>
\n (oz)<\/strong>\n <\/td>\n		\n Inferred
Gold
<\/strong>
\n (oz)<\/strong>\n <\/td>\n		\n Inferred
Silver
<\/strong>
\n (oz)<\/strong>\n <\/td>\n		\n COG<\/strong>\n <\/td>\n<\/tr>\n
\n Heap Leach Pad (Phase 1)<\/strong>\n <\/td>\n10,393<\/td>\n0.54<\/td>\n5<\/td>\n181,888<\/td>\n1,664,095<\/td>\n3,342<\/td>\n31,818<\/td>\n0 g\/t Au<\/td>\n<\/tr>\n
\n El Gallo Silver (Phase 2)<\/strong>\n <\/td>\n17,875<\/td>\n0.05<\/td>\n62<\/td>\n31,390<\/td>\n35,797,000<\/td>\n5,500<\/td>\n2,635,500<\/td>\nVarious
(Ox + Sulph)<\/td>\n<\/tr>\n
\n Palmarito (Phase 3)<\/strong>\n <\/td>\n4,276<\/td>\n0.22<\/td>\n94<\/td>\n29,700<\/td>\n12,864,000<\/td>\n44<\/td>\n10,500<\/td>\n30 gpt
Ag Eq<\/td>\n<\/tr>\n
\n Other (Mina Grande, Haciendita, San Dimas, Carrisalejo, El Encuentro, Chapotillo, San Jose del Alamo, Los Mautos, Palmarito Tailings, Twin Domes, Mina Grande Tailings)<\/strong>\n <\/td>\n7,729<\/td>\n0.70<\/td>\n28<\/td>\n174,410<\/td>\n6,967,300<\/td>\n30,276<\/td>\n420,700<\/td>\nVarious<\/td>\n<\/tr>\n
\n Total<\/strong>\n <\/td>\n\n 40,273<\/strong>\n <\/td>\n\n 0.32<\/strong>\n <\/td>\n\n 44<\/strong>\n <\/td>\n\n 417,388<\/strong>\n <\/td>\n\n 57,292,395<\/strong>\n <\/td>\n\n 39,162<\/strong>\n <\/td>\n\n 3,098,518<\/strong>\n <\/td>\n\n Various<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes:<\/em>
\n <\/strong>\n <\/p>\n