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Old 08-06-2020, 11:15 PM   #2213
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Join Date: Sep 2007
Location: Boston+Ocala
Posts: 21,012
MUX earnings comes in bad

Ouch! ~ "On To The Next Quarter".

A net loss of $19.8 million in Q2, or $0.05 per share, compared to a net loss of $13.0 million, or $0.04 per share, in Q2 2019.

Operations Update

Comments by Rob McEwen: Chairman and Chief Owner.

I very much wish I could say that all our difficulties that started last year are now behind, but they are not, yet. The second quarter was challenging from an operational and health and safety standpoint. Our significantly lower production not only reduced our revenue, but also dramatically increased our costs per ounce. In addition, a change in how we account for development expenditures added significantly to our cash cost per ounce at Black Fox. However, our path to future growth and improved operational performance has become clearer.

We are in a transition period setting up for future growth. We have a large resource base, four operating mines and can see an exciting organic growth pipeline of projects ahead that could potentially push our production to 300,000 ounces per year. I recently purchased 2 million shares, increasing my ownership to 82 million shares, and underlining my confidence in our future.

McEwen did say a few months ago that it would take 2 quarters to turn this company around. i don't know how much of this is already priced into the stock.

the company still has plenty an abundance of known metals in the ground. they keep shooting themselves in the foot though. if you believe the CEO, this stock will be more than a home run.

the good thing is that he is being honest and not hiding anything. the conference call tomorrow at 11 a.m. might tell more going forward.

i am still holding and probably buying more if the share price declines.
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