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McEwen Mining
(NYSE:MUX)
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Rating:58Neutral
Price Target:
$19.00
▲(10.66% Upside)
Action:Reiterated
Date:08/07/26
MUX scores in the mid-range primarily due to improved profitability and a conservatively levered balance sheet, offset by weak and inconsistent free-cash-flow generation and a recent revenue decline. Technicals are mixed with the stock still below key longer-term moving averages, while valuation (P/E ~13.3) is reasonable. Earnings call takeaways were balanced: meaningful long-term project progress, but notable near-term operational and cost headwinds.
Positive Factors
Low leverage / strong balance sheet
A low debt-to-equity ratio (~0.20) and rising equity provide durable financial flexibility. This reduces refinancing risk across commodity cycles, supports project development funding without excessive leverage, and preserves capacity to pursue Los Azules or opportunistic M&A without forcing distress financing.
Negative Factors
Weak, inconsistent free cash flow
Although operating cash flow can be strong in absolute terms, FCF has been marginal and volatile, constraining self-funded growth. Persistent capex and working-capital swings limit the company's ability to reliably fund development or returns, raising dependence on asset-level dividends or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A low debt-to-equity ratio (~0.20) and rising equity provide durable financial flexibility. This reduces refinancing risk across commodity cycles, supports project development funding without excessive leverage, and preserves capacity to pursue Los Azules or opportunistic M&A without forcing distress financing.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)13.3
Beta (1Y)1.57
Revenue Growth39.63%
EPS GrowthN/A
CountryUS
Employees1,981
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)1.41
Shares Outstanding59,740,086
10 Day Avg. Volume821,503
30 Day Avg. Volume1,233,589
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$31.33Price Target Upside82.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.24
Revenue Forecast (FY)$281.69M
McEwen Mining Business Overview & Revenue Model
Company Description
McEwen Mining Inc. (MUX) is primarily engaged in the discovery, development, extraction, and sale of gold and silver deposits across the United States, Canada, Mexico, and Argentina. The company also conducts exploration for copper reserves. Its p...
How the Company Makes Money
McEwen Mining makes money primarily by producing and selling mined metals—mainly gold and silver—from its operating assets. Revenue is recognized from the sale of metal (typically as refined doré or saleable concentrate/product, depending on the m...
McEwen Mining Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call balanced acknowledgment of a disappointing operational quarter (Gold Bar production shortfall, higher AISC, metallurgical challenges and diesel-driven cost pressure) with substantive progress on longer‑term value drivers: Los Azules engineering and financing advancement, promising exploration results and concrete remedial actions for operational issues. Management framed setbacks as addressable and emphasized disciplined capital allocation and exploration upside.Positive Updates
Los Azules progressing toward FID and advanced engineering
FID work program ~27% complete as of June with target completion in Q4; major process packages (SX-EW, sulfuric acid plant, crushing) awarded to Metso and vendor engineering advancing, reducing technical risk and strengthening permitting and financing momentum.
Negative Updates
Operational shortfall at Gold Bar impacting production
Quarterly production was lower than planned due primarily to encountering more carbonaceous (preg-robbing) material than expected in portions of the ore body, leading to reduced recoveries and missed internal production targets; multi-year Gold Bar target remains 90,000–100,000 ounces/year but near-term performance fell short.
Read all updates
Q2-2026 Updates
Positive
Negative
Los Azules progressing toward FID and advanced engineering
FID work program ~27% complete as of June with target completion in Q4; major process packages (SX-EW, sulfuric acid plant, crushing) awarded to Metso and vendor engineering advancing, reducing technical risk and strengthening permitting and financing momentum.
Read all positive updates
Company Guidance
Management guidance and milestones from the call included a Gold Bar multi‑year production target of 90,000–100,000 oz/year with permitting for surrounding “spokes” about two years away; operational fixes underway (expanded metallurgical testing, improved geological modelling, modified sequencing/blending) and higher production to move more waste after a Q2 recovery shortfall. San José JV cash was roughly $130M US at Q2 with no further dividend expected this year and dividends likely resuming next year. Los Azules FID work was ~27% complete at June with target completion in Q4; total project financing need ~ $4.0B (feasibility CapEx ≈ $3.2B), targeting ~60% debt / 40% equity, with ECAs expected to cover ~80–85% of debt (typical ECA packages $200M–$500M+ each and 10–15 year tenors); equity need ~ $1.6B (examples: ~$600M from one partner, ~$600M from another, plus an IPO later this year and specialist funds). Vendor packages (SX‑EW, sulfuric acid, crushing) are with Metso, final mine design consolidation reduced pit sectors from eight to four and shrank flatter‑angle zone by ~22%, and an 8,800 m exploration drill program targeting Franca, Lonita and Austral is planned to start in Sept 2026. Finally, AISC rose mainly due to lower ounces at Gold Bar and higher diesel (US diesel ≈ $3.75/gal in 2025 to ~$4.75/gal YTD; roughly $1/gal ≈ $100/oz impact on AISC).McEwen Mining Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 248.44M | 197.55M | 174.48M | 166.23M | 110.42M | 136.54M |
| Gross Profit | 62.73M | 21.73M | 30.93M | 17.78M | -544.00K | -6.48M |
| EBITDA | 103.45M | 45.03M | 18.25M | -73.94M | -78.68M | -32.66M |
| Net Income | 80.65M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
Balance Sheet | ||||||
| Total Assets | 992.11M | 820.22M | 664.62M | 659.55M | 528.72M | 534.68M |
| Cash, Cash Equivalents and Short-Term Investments | 91.71M | 72.13M | 14.90M | 24.76M | 40.91M | 58.64M |
| Total Debt | 128.40M | 128.18M | 42.11M | 42.25M | 66.39M | 55.99M |
| Total Liabilities | 285.47M | 273.98M | 169.65M | 157.13M | 172.44M | 144.74M |
| Stockholders Equity | 706.64M | 546.24M | 494.98M | 502.42M | 322.81M | 375.16M |
Cash Flow | ||||||
| Free Cash Flow | 3.89M | -37.77M | -13.64M | -65.74M | -80.77M | -55.11M |
| Operating Cash Flow | 78.75M | 6.87M | 29.45M | -39.64M | -56.58M | -20.22M |
| Investing Cash Flow | -85.90M | -48.03M | -58.05M | -99.64M | -23.90M | -24.56M |
| Financing Cash Flow | 37.52M | 78.73M | 19.20M | 172.18M | 65.45M | 80.98M |
McEwen Mining Technical Analysis
Neutral
17.17
Price Trends
18.51
Negative
20.39
Negative
20.95
Negative
Market Momentum
-0.02
Negative
51.39
Neutral
76.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MUX, the sentiment is Neutral. The current price of 17.17 is below the 20-day moving average (MA) of 17.57, below the 50-day MA of 18.51, and below the 200-day MA of 20.95, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.39 is Neutral, neither overbought nor oversold. The STOCH value of 76.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MUX.
McEwen Mining Risk Analysis
McEwen Mining disclosed 49 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.47B | 34.44 | 12.98% | 0.09% | 56.81% | 525.85% | |
74 Outperform | $8.04B | 7.84 | 25.24% | 3.67% | 68.80% | 102.79% | |
69 Neutral | $1.70B | 8.14 | 20.95% | 0.79% | 16.41% | ― | |
62 Neutral | $1.18B | -62.41 | -2.02% | ― | -20.16% | 83.66% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $1.03B | 13.30 | 13.64% | ― | 39.63% | ― | |
46 Neutral | $2.30B | -15.36 | -20.71% | ― | ― | -311.17% |
* Basic Materials Sector Average
MUX
McEwen Mining
18.26
7.52
70.02%
BVN
Compania de Minas Buenaventura SAA
32.56
14.67
82.00%
GPRE
Green Plains
15.20
7.89
107.93%
HL
Hecla Mining Company
15.86
8.65
119.94%
PPTA
Perpetua Resources
22.83
5.53
31.97%
NEXA
Nexa Resources SA
14.30
9.44
194.30%
McEwen Mining Corporate Events
Business Operations and StrategyDelistings and Listing Changes
McEwen Mining Joins Russell 2000, Boosting Investor Visibility
Positive
Jun 30, 2026
On June 29, 2026, McEwen Inc. reported that its common stock had been added to the Russell 2000 Index as part of the June 2026 Russell Reconstitution, effective at the opening of U.S. equity markets that day. Management expects the small-cap bench...
Business Operations and StrategyShareholder Meetings
McEwen Mining Shareholders Back Board, Auditor and Stock Issuance
Positive
Jun 10, 2026
On June 4, 2026, McEwen Inc. shareholders convened for the annual meeting, where a quorum was achieved with 57.3% of outstanding shares represented. Investors elected all eleven nominated directors, reaffirming the existing board composition and g...
Business Operations and StrategyShareholder Meetings
McEwen Mining Schedules 2026 Shareholder Meeting and Q&A
Positive
Jun 2, 2026
On June 1, 2026, McEwen Inc. announced plans for its 2026 Annual Meeting of Shareholders to be held on June 4, 2026, in Toronto and via webcast, followed by a live Bullpen QA session moderated by Northern Miner Group president Anthony Vaccaro. The...
Business Operations and StrategyDividendsFinancial Disclosures
McEwen Mining Boosts Liquidity With Major San José Dividend
Positive
May 22, 2026
On May 21, 2026, McEwen Inc. reported that it received a US$49.4 million dividend related to its ownership stake in McEwen Copper, funded by the San José silver-gold mine in Argentina, bringing total 2026 dividends from this operation to US$5...
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.