McEwen Mining (MUX) AI Stock Analysis

• Market Cap: $1.16B
• Dividend Yield: N/A
• Average Volume (3M): 1.05M
• Price to Earnings (P/E): 29.1
• Beta (1Y): 1.20
• Revenue Growth: -16.62%
• EPS Growth: -110.79%
• Country: US
• Employees: 1,864
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.70
• Shares Outstanding: 59,452,800
• 10 Day Avg. Volume: 1,085,316
• 30 Day Avg. Volume: 1,046,804
• PEG Ratio: -0.17
• Price to Book (P/B): 1.83
• Price to Sales (P/S): 5.06
• P/FCF Ratio: -26.48
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 6.24
• Enterprise Value/Gross Profit: 37.77
• Enterprise Value/Ebitda: 68.74
• 1Y Price Target: $31.38
• Price Target Upside: 60.43% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 1.4
• Revenue Forecast (FY): $281.99M

• Rating: 52 Neutral
• Price Target: $20.00 ▲(2.25% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

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.

Positive Factors

Low leverage balance sheet

Very low leverage materially lowers refinancing and solvency risk and gives McEwen flexibility to fund multi-year development and exploration programs. This balance-sheet strength supports project execution, strategic M&A and weathering metal-price cycles without immediate financing pressure.

Los Azules project economics & incentives

Los Azules has strong structural economics (feasibility NPV ~$2.9B, 19.8% after-tax IRR, ~3.9 year payback at assumed copper prices) plus 30-year investment incentives. That combination creates durable long-term copper exposure, high projected margins and predictability for multi-decade cash generation if built.

Exploration success & asset consolidation

Recent high-quality drill results at Gold Bar and Tartan, plus the Canadian Gold business combination, expand the resource base and high‑grade pipeline. These durable improvements can increase recoverable ounces, extend mine life and lower per‑unit costs over time as projects are advanced toward production.

Negative Factors

Consistent negative free cash flow

Persistent negative free cash flow signals ongoing funding needs to support sustaining and growth capex. Even with recent operating cash improvements, repeated FCF deficits increase reliance on treasury, asset sales or external financing and heighten execution risk for multi‑year development plans.

Volatile profitability and margins

Earnings and margins have swung significantly, with negative operating results across several years. That instability makes cash flow forecasting and internal funding less reliable, undermines return on equity, and complicates planning for capital-intensive projects that require multi-year funding visibility.

Operational and permitting execution risk

Geological reinterpretations at Gold Bar and ongoing permitting delays have already reduced near-term output and can push project timelines. These execution and regulatory risks can materially delay cash flows from El Gallo, Los Azules and restarts, raising capex and financing needs over multiple years.

McEwen Mining Business Overview & Revenue Model

Company Description

McEwen Mining Inc. engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina. The company also explores for copper deposits. It primarily owns a 100% interest in the Gold Bar mine in Eureka County, Nevada; the Black Fox gold mine in Ontario, Canada; the El Gallo Project and Fenix silver-gold project in Sinaloa, Mexico; the Los Azules copper deposit in San Juan, Argentina; and a portfolio of exploration properties in Nevada, Canada, Mexico, and Argentina. It also owns a 49% interest in the San José mine located in Argentina. The company was formerly known as US Gold Corporation and changed its name to McEwen Mining Inc. in January 2012. McEwen Mining Inc. was incorporated in 1979 and is headquartered in Toronto, Canada.

How the Company Makes Money

McEwen Mining primarily makes money by producing and selling refined gold and silver derived from ore mined at its operating sites. Revenue is recognized when metal is delivered to customers (typically refiners or bullion/metal traders) under sales arrangements that pay based on prevailing market prices, subject to any applicable treatment/refining charges and deductions for payable metal. Its top line is therefore driven mainly by (1) the volume of gold and silver produced and sold, (2) realized metal prices, and (3) operating performance factors such as ore grades, recoveries, throughput, and unit operating costs. In addition to operating mine sales, McEwen Mining can generate or influence future earnings through exploration and development activities that may lead to: (a) resource/reserve growth that supports longer mine life and higher future production, and/or (b) project monetization events such as property sales, option payments, or joint-venture/farm-in arrangements; if specific monetization agreements are not publicly specified here, null. The company’s results are also affected by common mining-industry economic factors including sustaining and growth capital spending, royalties and production taxes where applicable, currency and input-cost movements (fuel, power, labor, consumables), and any hedging or financing structures that may impact realized pricing or cash flows; if the presence or terms of hedging/streaming/royalty financing are not specified here, null.

McEwen Mining Financial Statement Overview

Summary

Financial quality is below average: operating profitability has been volatile with weak/negative operating earnings in recent years, and free cash flow has been consistently negative. The main offset is a strengthened balance sheet with very low leverage, which reduces financial risk.

Income Statement

Revenue improved in 2023 and grew modestly in 2024, but profitability has been highly volatile. Operating performance has been weak with negative operating earnings in most years (notably 2022–2024), and margins have swung sharply from deeply negative (2020–2022) to positive net income in 2023 and 2025. The 2025 annual revenue figure is reported as zero, which makes that year’s margin signals hard to rely on and increases uncertainty around the recent trajectory.

Balance Sheet

The balance sheet is a relative strength: leverage is very low in the latest year (debt-to-equity ~0.00 in 2025) and equity is sizable versus assets. Debt has come down dramatically from 2022–2024 levels, improving financial flexibility and reducing refinancing risk. The key weakness is inconsistent returns on equity, reflecting unstable profitability rather than balance sheet strain.

Cash Flow

Cash generation is pressured and uneven. Operating cash flow turned positive in 2024 and remained positive in 2025, but free cash flow has been negative every year shown, including a large outflow in 2025. The relationship between cash flow and earnings is also inconsistent (e.g., positive earnings years still showing negative free cash flow), suggesting ongoing funding needs for sustaining/capital spending and weaker cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	197.55M	174.48M	166.23M	110.42M	136.54M
Gross Profit	21.73M	30.93M	17.78M	-544.00K	-6.48M
EBITDA	17.94M	18.25M	-73.94M	-78.68M	-32.66M
Net Income	34.43M	-43.69M	55.30M	-81.08M	-56.71M
Balance Sheet
Total Assets	820.22M	664.62M	659.55M	528.72M	534.68M
Cash, Cash Equivalents and Short-Term Investments	72.13M	14.90M	24.76M	40.91M	58.64M
Total Debt	926.00K	42.11M	42.25M	66.39M	55.99M
Total Liabilities	273.98M	169.65M	157.13M	172.44M	144.74M
Stockholders Equity	546.24M	494.98M	502.42M	322.81M	375.16M
Cash Flow
Free Cash Flow	-37.77M	-13.64M	-65.74M	-80.77M	-55.11M
Operating Cash Flow	7.58M	29.45M	-39.64M	-56.58M	-20.22M
Investing Cash Flow	-48.74M	-58.05M	-99.64M	-23.90M	-24.56M
Financing Cash Flow	78.73M	19.20M	172.18M	65.45M	80.98M

McEwen Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MUX, the sentiment is Negative. The current price of 19.56 is below the 20-day moving average (MA) of 24.99, below the 50-day MA of 24.74, and above the 200-day MA of 17.15, indicating a neutral trend. The MACD of -1.01 indicates Positive momentum. The RSI at 30.43 is Neutral, neither overbought nor oversold. The STOCH value of 11.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MUX.

McEwen Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BVN	73 Outperform	$9.80B	8.98	21.24%	1.45%	27.42%	20.63%
HL	66 Neutral	$11.80B	38.89	13.65%	0.07%	45.61%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GPRE	58 Neutral	$1.15B	-5.45	-15.81%	―	-12.07%	-821.68%
NEXA	58 Neutral	$1.27B	8.84	14.19%	1.14%	7.92%	91.83%
PPTA	56 Neutral	$3.24B	-15.02	-14.14%	―	―	-128.69%
MUX	52 Neutral	$1.16B	29.05	6.89%	―	-16.62%	-110.79%

McEwen Mining Corporate Events

McEwen Mining reports strong Gold Bar drilling, acquisition

On January 27, 2026, McEwen Inc. reported strong drilling results from its Gold Bar Mine Complex in Nevada, highlighted by its best hole to date at the Windfall deposit, which intersected 5.55 grams per tonne of gold over 44.2 metres of oxide mineralization and supported by multiple additional long-width, near-surface intercepts that demonstrate excellent continuity along a 1.6-kilometre fault zone. The company said these results, along with an upcoming updated Mineral Resource Estimate for Lookout Mountain due at the end of February and planned 2026 exploration spending of about $10 million, are expected to significantly increase gold ounces at Gold Bar and underpin ongoing work to advance the Windfall, Lookout Mountain and Unity Ridge deposits toward a production decision using existing infrastructure, reinforcing Gold Bar’s role in McEwen’s strategy to transform the complex into a long-life asset and expand its overall production base. On January 28, 2026, McEwen also announced a definitive agreement to acquire all outstanding shares of Golden Lake Exploration Inc., a move that underscores its continued consolidation and growth strategy in the region.

The most recent analyst rating on (MUX) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

McEwen Mining highlights promising drill results at Tartan

On January 13, 2026, McEwen Inc. reported final drill results for its newly acquired Tartan Mine Project near Flin Flon, Manitoba, highlighting a standout intercept of 7.5 grams per tonne (g/t) gold over 18.9 metres along the Western Flank of the Main Zone, following its January 5, 2026 acquisition of Tartan via the purchase of Canadian Gold Corp. The company said these results, together with prior late‑2025 intercepts of up to 12.3 g/t gold over 14.0 metres, have extended gold mineralization about 30 metres west over an 80‑metre vertical range and expanded the Main Zone’s strike length at depth, supporting the view that Tartan is a rare high‑grade Canadian gold project with strong potential to increase ounces per vertical metre and support a potential mine restart at lower costs. McEwen is budgeting $3 million for 2026 exploration at Tartan, with additional high‑priority targets identified on the Eastern Flank, at depth in the Main Zone, in the South Zone and regionally along the Tartan Lake Shear Zone, underscoring Tartan’s role as a prospective key growth driver as the company works toward its long‑term production and value‑creation goals.

The most recent analyst rating on (MUX) stock is a Hold with a $24.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

McEwen Mining completes business combination with Canadian Gold

On January 6, 2026, McEwen Inc. announced the completion of its previously agreed business combination with Canadian Gold Corp., following Canadian Gold shareholders’ approval on December 5, 2025 and a final order from the British Columbia Supreme Court on December 10, 2025. The deal, effective January 5, 2026, exchanges each Canadian Gold share for 0.0225 McEwen shares, and will result in Canadian Gold being delisted from the TSX Venture Exchange as of market close on January 7, 2026 and seeking to cease reporting issuer status, while former Canadian Gold shareholders must follow set procedures to exchange their certificates for McEwen shares. To comply with New York Stock Exchange requirements, McEwen and Canadian Gold amended their arrangement so that all Canadian Gold shares held by Chairman and Chief Owner Rob McEwen are exchanged for subscription receipts that convert into McEwen shares only upon future shareholder approval, or are settled in cash if such approval is not obtained, a change that applies solely to him and leaves other shareholders’ consideration unchanged, tightening corporate governance around insider participation in the transaction.

The most recent analyst rating on (MUX) stock is a Hold with a $20.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

McEwen Mining advances El Gallo project with permit extension

On December 16, 2025, McEwen announced that the Mexican government had granted an extension of the Environmental Impact Assessment for its El Gallo Mine, a key permit that enables the company to advance Phase 1 mill construction, targeted to start in mid-2026, with a first gold pour anticipated in mid-2027. Phase 1 is expected to produce about 20,000 gold-equivalent ounces annually by reprocessing material from the historical leach pad, with remaining capital costs estimated at $25 million and limited additional development or exploration spending, while early work on Phase 2 aims to exploit in-situ silver deposits that could significantly extend El Gallo’s operating life beyond the initial 10-year plan and unlock value from substantial historical silver resources once updated in 2026.

The most recent analyst rating on (MUX) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.