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McEwen Mining ( (MUX) ) has shared an update.
On March 23, 2026, McEwen Inc. reported a new mineral resource estimate for its Tartan Mine Project in Manitoba, effective as of Dec. 31, 2025, totaling 308,900 ounces of indicated gold and 302,700 ounces of inferred gold. The estimate, prepared using a US$3,000 per ounce gold price and underground cut-off grade of 1.35 g/t, suggests substantial additional resource potential around the Main Zone flanks, at depth and on the adjoining Tartan West property.
McEwen has earmarked a US$6 million exploration budget for 2026 to expand the resource and test near-mine and regional drill targets, supported by strong drill intercepts on the limits of the current model. The Tartan Mine forms a key plank in the company’s plan to double annual production to 250,000-300,000 gold ounces by 2030, with restart studies targeting roughly 30,000 ounces per year at 500 tpd and potential expansion to 45,000-55,000 ounces annually if mill capacity is increased to 1,000 tpd.
Development work under way includes metallurgical test programs to optimize plant design and evaluate cyanide-free recovery technologies, as well as underground mine planning and a review of existing environmental licences. The updated resource, combined with visible growth potential and a focus on lower-impact processing, positions Tartan as an increasingly strategic asset in McEwen’s portfolio and could enhance its standing among mid-tier gold producers if the restart proceeds as envisioned.
The most recent analyst rating on (MUX) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
Spark’s Take on MUX Stock
According to Spark, TipRanks’ AI Analyst, MUX is a Neutral.
The score is held back primarily by weak and inconsistent profitability and persistently negative free cash flow, despite a low-leverage balance sheet. Technicals are neutral with a longer-term uptrend but softer near-term positioning, while valuation is a notable headwind due to the very high P/E. Offsetting these risks, management commentary and recent corporate updates point to meaningful project-driven upside, though execution and permitting remain key constraints.
To see Spark’s full report on MUX stock, click here.
More about McEwen Mining
McEwen Inc., listed on the NYSE and TSX under the symbol MUX, is a gold mining company focused on exploration, development and production. The company is working to expand its gold output, targeting total annual production of 250,000 to 300,000 ounces by 2030, and is advancing projects such as the Tartan Mine in Manitoba as part of this growth strategy.
The Tartan Mine, located in the Flin Flon Greenstone Belt near Flin Flon, Manitoba, has a history dating back to the 1920s, with commercial mining in the late 1980s. It previously operated a mill expanded from 250 to 500 tonnes per day and produced about 47,000 ounces of gold before shutting in 1989 due to weak gold prices and mechanical issues.
Average Trading Volume: 1,314,668
Technical Sentiment Signal: Buy
Current Market Cap: $1.13B
Learn more about MUX stock on TipRanks’ Stock Analysis page.