Sankamap Metals CEO appointed to McEwen Mining board

EDMONTON - Sankamap Metals Inc. (CSE:SCU) announced Tuesday that its Chief Executive Officer, John Florek, has been appointed to the Board of Directors of McEwen Mining Inc. (NYSE:MUX) (TSX:MUX), whose stock has shown strong momentum with a 29% gain over the past six months.

Florek, who has more than 30 years of experience as a geologist in exploration and resource development, will maintain his position as CEO of Sankamap while serving on McEwen’s board.

McEwen Mining, a producer of gold, copper, and silver, operates across the Americas. Rob McEwen, Chief Executive Officer of McEwen Mining, cited Florek’s technical expertise and strategic perspective as valuable additions to the company’s board.

"John is a highly respected geologist with a deep understanding of exploration and project development," McEwen said in the press release.

Sankamap Metals is focused on copper and gold exploration through its Oceania Project in the Solomon Islands. The company’s properties are located along a geological trend that includes other significant mineral deposits in the region.

The announcement comes as Sankamap continues exploration work at its Kuma and Fauro properties in the Solomon Islands, where historical sampling has indicated potential for copper and gold deposits.

According to the company statement, Florek’s new role at McEwen is expected to complement his ongoing leadership responsibilities at Sankamap Metals.

In other recent news, McEwen Mining reported its first-quarter financial results, revealing $35.7 million in revenue and a net loss of $6.3 million, or ($0.12) per share. This marks a decrease from the previous year’s first quarter, which saw $41.2 million in revenue and a net loss of $20.4 million, or ($0.41) per share. The decline in revenue was primarily due to lower production, with the company producing 24,131 Gold Equivalent Ounces (GEOs), down from 33,037 GEOs in the same period last year. H.C. Wainwright adjusted its outlook for McEwen Mining, lowering the price target from $18.00 to $15.50 while maintaining a Buy rating. The firm noted that production at the Gold Bar and San José mines was consistent with their mine plans, which included waste removal and a scheduled maintenance shutdown in Argentina. Challenges at the Fox mine, such as limited labor availability and harsh weather, were also highlighted. The upcoming Stock mine, set to begin operations in 2026, has secured its final Closure Plan Permit, allowing development to proceed. This new project is expected to offset the natural production decline as the Froome mine nears the end of its life. H.C. Wainwright believes McEwen Mining will continue advancing key projects to drive production growth and long-term shareholder value.

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