McEwen Mining Inc. [MUX-TSX, NYSE] said Friday it has fallen below the New York Stock Exchange continued listing requirements related to the price of its common shares.
The NYSE requires that the average price of a listed company’s common shares be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The company said it was notified by the NYSE on January 5, 2022, that the average price of its common shares for the previous 30 trading days was below US$1.00 per share.
McEwen said it intends to take steps to regain compliance with the NYSE continued listing requirements. It said that under NYSE rules, the company has six months to bring its share price and 30-day average closing share price back above US$1.00.
During this period, the common shares will continue to trade on the NYSE, subject to all other continued listing requirements being met. At the end of the six-month remedy period, if the share price has not recovered, the shares will be subject to NYSE suspensions and delisting procedures.
The company said its listing on the Toronto Stock Exchange is unaffected by any actions of the NYSE.
On January 5, 2022, McEwen shares closed at $1.14 on the TSX and currently trade in a 52-week range of $2.07 and $1.03.
McEwen is a gold and silver producer with a focus on the Americas, including the U.S., Canada, Mexico and Argentina.
The company’s key assets are the San Jose mine in Santa Cruz, Argentina, the Black Fox mine in Timmins, Ontario, the El Gallo Fenix project in Mexico, the Gold Bar mine in Nevada.
The company has previously said it expected to produce between 141,000 and 160,400 ounces of gold equivalent ounces (GEOS) in 2021, an amount that would represent a 21% to 38% improvement over 2020.
That includes 37,000 and 45,000 GEOs from its Gold Bar mine in Nevada.
McEwen recently released an update on work completed at the company’s wholly-owned Los Azules project in Argentina.
Los Azules is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. It currently ranks as one of the world’s largest undeveloped high-grade open pit copper projects and features significant growth potential, McEwen has said.
Inferred resources at the site stand at 962 million tonnes, containing 10.2 billion pounds of copper, 55.7 million ounces of silver, and 1.7 million ounces of gold.
The company said its immediate objectives are to advance Los Azules from its current stage of development to the pre-feasibility stage and construct a new access road that will provide critical year-round access to Los Azules.
The current exploration road is generally only usable for five months of the year due to winter weather.