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McEwen Mining
(NYSE:MUX)
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
McEwen Mining Business Overview & Revenue Model
McEwen Mining Earnings Call Summary
McEwen Mining Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 166.45M | 174.48M | 166.23M | 110.42M | 136.54M | 104.79M |
| Gross Profit | 22.82M | 30.93M | 17.78M | -544.00K | -6.48M | -26.95M |
| EBITDA | 20.11M | 18.25M | -73.94M | -78.68M | -32.66M | -123.19M |
| Net Income | -11.92M | -43.69M | 55.30M | -81.08M | -56.71M | -152.32M |
Balance Sheet | ||||||
| Total Assets | 747.64M | 664.62M | 659.55M | 528.72M | 534.68M | 508.76M |
| Cash, Cash Equivalents and Short-Term Investments | 71.90M | 14.90M | 24.76M | 40.91M | 58.64M | 20.84M |
| Total Debt | 127.72M | 42.11M | 42.25M | 66.39M | 55.99M | 53.66M |
| Total Liabilities | 259.08M | 169.65M | 157.13M | 172.44M | 144.74M | 143.43M |
| Stockholders Equity | 488.56M | 494.98M | 502.42M | 322.81M | 375.16M | 365.33M |
Cash Flow | ||||||
| Free Cash Flow | -45.21M | -13.64M | -65.74M | -80.77M | -55.11M | -41.25M |
| Operating Cash Flow | 2.55M | 29.45M | -39.64M | -56.58M | -20.22M | -27.87M |
| Investing Cash Flow | -52.68M | -58.05M | -99.64M | -23.90M | -24.56M | -11.77M |
| Financing Cash Flow | 73.37M | 19.20M | 172.18M | 65.45M | 80.98M | 17.58M |
McEwen Mining Technical Analysis
McEwen Mining Risk Analysis
McEwen Mining Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $11.27B | 55.40 | 8.88% | 0.09% | 45.61% | ― | |
72 Outperform | $5.79B | 14.52 | 12.35% | 1.74% | 27.42% | 20.63% | |
65 Neutral | $927.07M | ― | -1.64% | 1.45% | 7.92% | 91.83% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | $3.14B | ― | -14.54% | ― | ― | -128.69% | |
53 Neutral | $721.40M | ― | -22.21% | ― | -12.07% | -821.68% | |
50 Neutral | $1.01B | ― | -2.41% | ― | -16.62% | -110.79% |
McEwen Mining Corporate Events
On November 3, 2025, McEwen Inc. announced its acquisition of a 31% equity interest in Britannia Mining Solutions Inc., operating as Paragon Geochemical Laboratories Inc., for CDN$15.3 million. Paragon is a leader in PhotonAssay™ technology, which offers rapid and accurate assaying of precious and base metals, and is expanding its operations globally. This strategic investment positions McEwen as Paragon’s largest shareholder, with plans to enhance its board presence, reflecting McEwen’s commitment to innovation and growth in the mining sector.
The most recent analyst rating on (MUX) stock is a Buy with a $21.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
McEwen Inc. is a mining company engaged in the production and sale of gold and silver, with operations across North and South America. The company also explores and develops copper, gold, and silver mineral properties. In its latest earnings report for the quarter ending September 30, 2025, McEwen Inc. reported a net loss of $462,000, a significant improvement from the $2.081 million loss in the same quarter last year. Despite a slight decrease in revenue from gold and silver sales compared to the previous year, the company managed to reduce its operating loss significantly. Key financial metrics indicate that McEwen Inc. achieved a gross profit of $7.816 million, although it faced challenges such as increased general and administrative expenses and losses from its investment in McEwen Copper Inc. The company’s balance sheet shows a strong cash position, with cash and cash equivalents increasing to $51.249 million from $13.692 million at the end of 2024. Looking ahead, McEwen Inc. remains focused on optimizing its operations and exploring growth opportunities in its copper and gold segments, as indicated by its management’s strategic outlook.
In the latest earnings call, McEwen Mining Inc. presented a balanced sentiment, reflecting both positive strides and challenges. The company highlighted its resilience amidst strong metal prices and strategic progress in the Los Azules project, while also acknowledging production issues at Gold Bar and permitting delays that have impacted their operations.
McEwen Inc. has refiled its Technical Report for the Fox Complex following a review by the Ontario Securities Commission. The amendments address compliance with National Instrument 43-101 standards, including the inclusion of previously omitted information and the replacement of a co-author to meet Qualified Person requirements. The mineral resources statements for the Fox Complex remain unchanged, ensuring no impact on the company’s resource estimates.
The most recent analyst rating on (MUX) stock is a Buy with a $28.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
McEwen Inc. announced promising results from its 2025 drilling program at the Windfall area of the Gold Bar Mine Complex in Nevada. The drilling has revealed significant gold mineralization, including high-grade zones, which are expected to positively impact the company’s resource estimates and extend the mine’s life. This discovery is beyond the previous resource estimate limits and could be processed using existing heap leach recovery methods, potentially leading to faster production permitting due to its location on private land. The company plans to continue resource-definition and expansion drilling, test extensions of higher-grade zones, and publish an updated resource estimate.
The most recent analyst rating on (MUX) stock is a Buy with a $28.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On October 10, 2025, McEwen Inc. entered into an agreement to acquire all shares of Canadian Gold Corp. through a statutory plan of arrangement. This transaction, which is expected to close in early January 2026, will make Canadian Gold a wholly-owned subsidiary of McEwen. The deal offers significant benefits to both companies’ shareholders, including exposure to McEwen’s diversified portfolio and the addition of the Tartan Lake Gold Mine Project to McEwen’s assets. The transaction requires shareholder and regulatory approvals and includes provisions for deal protection and non-solicitation.
The most recent analyst rating on (MUX) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On October 7, 2025, McEwen Inc. announced the results of an independent feasibility study for the Los Azules copper project in Argentina, confirming it as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. The study positions Los Azules as a key player in the global energy transition, with plans for construction readiness and reduced environmental impact. The project benefits from strategic collaborations for financing and has received regulatory approvals, enhancing its potential to become a model for responsible mining.
The most recent analyst rating on (MUX) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On September 26, 2025, McEwen Copper Inc.’s Los Azules project was approved to join Argentina’s Large Investment Incentive Regime (RIGI), marking a significant milestone for the project. This inclusion supports a $2.7 billion investment in developing the copper mine, which is expected to produce high-purity copper cathodes and generate substantial export revenues for Argentina. The project is designed to operate sustainably, utilizing renewable energy and minimizing environmental impacts. The RIGI provides legal and fiscal stability, enhancing operational predictability and encouraging international investment, which is crucial for the project’s development and economic contributions to the region.
The most recent analyst rating on (MUX) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On September 24, 2025, McEwen Inc. announced a collaboration between the International Finance Corporation (IFC) and McEwen Copper to align the Los Azules copper project with IFC’s ESG standards for future financing. This agreement marks a significant step in McEwen Copper’s financing strategy, aiming to de-risk the project and enhance its appeal to international investors. The Los Azules project, located in Argentina’s San Juan province, is one of the largest undeveloped copper deposits globally and has already secured Environmental Impact Declaration approval. The collaboration is expected to support Argentina’s mining sector by promoting sustainability, transparency, and community benefits.
The most recent analyst rating on (MUX) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On September 3, 2025, McEwen Inc. appointed Ian Ball as Vice-Chairman, responsible for overseeing revenue-generating activities and shareholder engagement. This strategic move is expected to enhance the company’s operational focus and stakeholder relations. Mr. Ball’s compensation includes a salary of CAD$435,000, participation in benefit plans, and an option to purchase 50,000 shares. His appointment led to changes in the Audit Committee, with Nicolas Darveau-Garneau replacing him.
The most recent analyst rating on (MUX) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On September 2, 2025, McEwen Inc. announced promising gold intercepts from its Grey Fox Project, indicating potential resource growth ahead of an updated estimate expected in October 2025. The following day, the company revealed the discovery of a new high-grade gold zone at its Windfall Project in Nevada. These developments underscore McEwen’s strategic focus on expanding its gold resources, with the Grey Fox Project showing significant potential due to geological similarities with other large regional deposits. The company aims to increase gold production and reduce costs by 2026, positioning itself to benefit from favorable gold market conditions.
The most recent analyst rating on (MUX) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.
On August 11, 2025, McEwen Inc. issued stock options under its 2024 Equity and Incentive Plan to eligible participants. These stock options are subject to time-based vesting restrictions, with portions vesting annually over three years. The options are exercisable until the fifth anniversary of the grant date at a price of $10.43, with specific provisions for cessation of employment or termination for cause.
The most recent analyst rating on (MUX) stock is a Buy with a $12.75 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.