Mcewen Mining Inc (MUX)
NYSE:MUX
Want to see MUX full AI Analyst Report?
Top Page
McEwen Mining
(NYSE:MUX)
Select Model
Select Model
Rating:57Neutral
Price Target:
$25.00
▼(-3.51% Downside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by below-average financial quality driven by volatile profitability and consistently negative free cash flow, despite a de-risked balance sheet. Earnings-call updates and recent corporate developments improve the outlook via stronger liquidity and credible growth projects, while technical indicators point to weak near-term momentum. Valuation is supportive with a low P/E, but does not fully offset execution and funding risks.
Positive Factors
De‑risked balance sheet with very low leverage
Very low leverage and a sizable equity base materially reduce refinancing and solvency risk, giving management flexibility to fund sustaining capex and staged growth. Over 2–6 months this supports project financing optionality, lowers liquidity stress and strengthens ability to withstand commodity cycles.
Negative Factors
Persistent negative free cash flow
Consistently negative free cash flow indicates the company has structural cash conversion issues and ongoing funding needs. Over a multi‑month horizon this constrains the ability to self‑fund growth, raises reliance on external capital, and increases sensitivity to cost overruns or weaker metal prices.
Read all positive and negative factors
Positive Factors
Negative Factors
De‑risked balance sheet with very low leverage
Very low leverage and a sizable equity base materially reduce refinancing and solvency risk, giving management flexibility to fund sustaining capex and staged growth. Over 2–6 months this supports project financing optionality, lowers liquidity stress and strengthens ability to withstand commodity cycles.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)29.1
Beta (1Y)1.41
Revenue Growth13.23%
EPS GrowthN/A
CountryUS
Employees1,864
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.70
Shares Outstanding59,452,800
10 Day Avg. Volume1,030,939
30 Day Avg. Volume1,081,877
Financial Highlights & Ratios
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 Cap1.06
Enterprise Value/Revenue6.73
Enterprise Value/Gross Profit41.77
Enterprise Value/Ebitda74.06
Forecast
1Y Price Target
$31.38Price Target Upside21.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.05
Revenue Forecast (FY)$286.75M
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 t...
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 sale...
McEwen Mining Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone driven by a meaningful financial turnaround in Q4 and FY 2025, a stronger cash position, clear near-term operational progress (Stock, Gold Bar, Grey Fox preparation) and a materially de‑risked, high-quality copper development (Los Azules) with very attractive economics at current copper prices. Key risks noted include the need to secure project financing (Los Azules), execution and staffing demands across multiple growth projects, reliance on elevated commodity prices and the timing uncertainty of pre-commercial to commercial transitions (Stock). Overall, highlights (profitability, cash, Los Azules derisking and strong project economics) materially outweigh the listed lowlights.Positive Updates
Quarterly and Full-Year Profitability Turnaround
Q4 2025 gross profit rose to $17.4M from $7.8M the prior quarter (more than doubled QoQ). Full-year gross profit increased to $47.6M from $30.9M in 2024 (+54%). Q4 reported net income of $38.1M ($0.70/share) vs. a net loss of $8.2M ($0.16/share) in Q4 2024. FY 2025 net income of $34.4M vs. a net loss of $43.7M in 2024 — a sharp turnaround.
Negative Updates
Financing and Execution Risk for Growth Plans
Ambitious plan to more than double precious metals production by 2030 depends on internal cash flow, project execution and external financing. Management acknowledges potential for dilution if metal prices do not remain elevated and Los Azules FID/construction are subject to securing project finance and successful IPO timing.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Full-Year Profitability Turnaround
Q4 2025 gross profit rose to $17.4M from $7.8M the prior quarter (more than doubled QoQ). Full-year gross profit increased to $47.6M from $30.9M in 2024 (+54%). Q4 reported net income of $38.1M ($0.70/share) vs. a net loss of $8.2M ($0.16/share) in Q4 2024. FY 2025 net income of $34.4M vs. a net loss of $43.7M in 2024 — a sharp turnaround.
Read all positive updates
Company Guidance
Guidance from the call emphasizes funding growth largely from internal cash flow while selectively using markets, with 2026 capital spending centered on the Fox/Stock complex and totaling roughly $100M (remaining Stock completion mid-$50–60M, Gold Bar heap‑leach expansion ~$12M, Mexico plant refurbishment ~$25M); Stock is expected to begin pre‑commercial production in H2 2026 (not included in 2026 guidance) and reach commercial production in 2027. Management pointed to stronger liquidity and earnings to support that plan (Q4 gross profit $17.4M vs $7.8M prior quarter; FY gross profit $47.6M vs $30.9M in 2024; Q4 net income $38.1M or $0.70/share; FY net income $34.4M vs a $43.7M loss in 2024; realized gold >$4,400/oz in Q4; cash $51M vs $14M YE2024; $8.8M San José dividend; $27.5M deferred tax recovery) and reiterated the objective to more than double precious‑metal production by 2030. For McEwen Copper/Los Azules they are targeting an IPO later this year, a final investment decision by year‑end 2026 and construction in early 2027; the FS base case at $4.35/lb Cu yields after‑tax NPV8 $2.9B, IRR 19.8%, 3.9‑yr payback, 22‑yr life, ~205,000 tpa Cu cathode (first 5 yrs) / 148,000 tpa LOM, C1 $1.71/lb, AISC $2.11/lb — at ~$5.80/lb Cu NPV rises to $6.3B, IRR 30%, 2.7‑yr payback, NPV/CapEx ≈2, ~+$2.3B NPV (≈+$18 per MUX share) per $1 change in copper; RIGI provides 30 years of stability, corporate tax 35%→25%, 50% cut to dividend withholding and export‑duty exemption.McEwen Mining Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
74
Positive
Cash Flow
28
Negative
| 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
Positive
25.91
Price Trends
23.65
Positive
22.31
Positive
18.36
Positive
Market Momentum
0.58
Negative
68.04
Neutral
93.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MUX, the sentiment is Positive. The current price of 25.91 is above the 20-day moving average (MA) of 21.48, above the 50-day MA of 23.65, and above the 200-day MA of 18.36, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 68.04 is Neutral, neither overbought nor oversold. The STOCH value of 93.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MUX.
McEwen Mining Risk Analysis
McEwen Mining disclosed 48 risk factors in its most recent earnings report. McEwen Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
McEwen Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $9.00B | 8.98 | 21.24% | 1.45% | 50.77% | 94.65% | |
69 Neutral | $11.71B | 38.89 | 13.65% | 0.07% | 53.03% | 756.69% | |
63 Neutral | $1.88B | 8.84 | 14.19% | 1.14% | 9.46% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $1.20B | -5.45 | -15.81% | ― | -14.44% | -45.01% | |
57 Neutral | $1.25B | 29.05 | 6.89% | ― | 13.23% | ― | |
55 Neutral | $3.28B | -22.48 | -20.02% | ― | ― | -317.90% |
* Basic Materials Sector Average
MUX
McEwen Mining
21.68
14.16
188.30%
BVN
Compania de Minas Buenaventura SAA
32.59
19.13
142.11%
GPRE
Green Plains
17.38
13.69
371.00%
HL
Hecla Mining Company
18.02
12.56
230.04%
PPTA
Perpetua Resources
27.61
12.64
84.44%
NEXA
Nexa Resources SA
15.11
9.48
168.34%
McEwen Mining Corporate Events
Business Operations and Strategy
McEwen Mining Updates Tartan Mine Resource and Plans
Positive
Mar 24, 2026
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 u...
Business Operations and StrategyM&A Transactions
McEwen Mining reports strong Gold Bar drilling, acquisition
Positive
Feb 2, 2026
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 mine...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.