McEwen Mining (MUX) AI Stock Analysis

• Market Cap: $1.07B
• Dividend Yield: N/A
• Average Volume (3M): 1.10M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.10
• 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): -0.01
• Shares Outstanding: 54,480,457
• 10 Day Avg. Volume: 1,445,261
• 30 Day Avg. Volume: 1,102,436
• PEG Ratio: 0.05
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 2.28
• P/FCF Ratio: -29.10
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 5.88
• Enterprise Value/Gross Profit: 42.89
• Enterprise Value/Ebitda: 48.66
• 1Y Price Target: $22.67
• Price Target Upside: 13.24% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.12
• Revenue Forecast (FY): $201.23M

• Rating: 54 Neutral
• Price Target: $18.50 ▼(-7.59% Downside)

McEwen Mining's overall stock score reflects significant financial challenges, with negative profitability and cash flow issues being the most impactful factors. However, the company shows potential through strategic advancements in projects like Los Azules and recent corporate acquisitions, which contribute positively to the outlook.

Positive Factors

Strategic Project Advancements

The inclusion of Los Azules in Argentina's incentive program provides long-term legal and fiscal stability, enhancing project viability and attracting international investment.

Corporate Acquisitions

The acquisition of Canadian Gold Corp. expands McEwen's asset base, offering potential synergies and diversification, strengthening its market position in the mining sector.

Innovative Technology Investment

Investing in Paragon Geochemical enhances McEwen's technological capabilities, improving assay accuracy and operational efficiency, which can drive long-term growth.

Negative Factors

Negative Revenue Growth

Declining revenue growth indicates challenges in sales and market expansion, potentially impacting long-term profitability and competitive positioning.

Cash Flow Challenges

Negative cash flow limits McEwen's ability to fund operations and invest in growth opportunities, posing risks to financial stability and strategic execution.

Production Issues

Production shortfalls at key sites like Gold Bar can disrupt revenue streams and operational plans, necessitating strategic adjustments to maintain output levels.

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 generates revenue primarily through the sale of gold and silver produced from its mining operations. The company operates several mines and is involved in both the extraction and processing of these metals. Key revenue streams include direct sales of gold and silver bullion, as well as potential revenue from by-products such as copper. Additionally, McEwen Mining has strategic partnerships and joint ventures that may enhance its operational efficiency and expand its resource base. The company's financial performance is also influenced by the market prices of gold and silver, which can fluctuate based on global economic conditions, currency values, and investor demand.

McEwen Mining Financial Statement Overview

Summary

McEwen Mining faces significant financial challenges with negative profitability and cash flow issues. Despite improvements in gross profit margins and a low debt-to-equity ratio, the company struggles with negative revenue growth and return on equity, highlighting the need for strategic improvements.

Income Statement

McEwen Mining's income statement shows a mixed performance. The TTM data indicates a negative revenue growth rate of -1.02%, suggesting a decline in sales. The gross profit margin improved to 21.71% from previous periods, indicating better cost management. However, the net profit margin remains negative at -8.05%, reflecting ongoing profitability challenges. The EBIT and EBITDA margins are also negative, highlighting operational inefficiencies.

Balance Sheet

The balance sheet reveals a relatively low debt-to-equity ratio of 0.26, indicating conservative leverage. However, the return on equity is negative at -2.76%, suggesting that the company is not generating sufficient returns on shareholder investments. The equity ratio stands at a healthy level, showing a strong equity base relative to total assets.

Cash Flow

Cash flow analysis shows a challenging situation with a negative free cash flow of -$45.21 million in the TTM period. The operating cash flow to net income ratio is 0.45, indicating some cash generation from operations, but the free cash flow to net income ratio is negative, reflecting cash flow issues. Despite a positive free cash flow growth rate of 27.15%, the overall cash flow position remains weak.

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

• Technical Analysis Sentiment: Positive
• Last Price: 20.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 20.02 is above the 20-day moving average (MA) of 18.83, above the 50-day MA of 18.62, and above the 200-day MA of 12.41, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 62.13 is Neutral, neither overbought nor oversold. The STOCH value of 59.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MUX.

McEwen Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HL	74 Outperform	$13.77B	66.86	8.88%	0.07%	45.61%	―
BVN	72 Outperform	$6.79B	17.40	12.35%	1.45%	27.42%	20.63%
NEXA	65 Neutral	$1.17B	-72.65	-1.64%	1.14%	7.92%	91.83%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GPRE	56 Neutral	$669.72M	-3.38	-22.21%	―	-12.07%	-821.68%
MUX	54 Neutral	$1.07B	-88.94	-2.41%	―	-16.62%	-110.79%
PPTA	53 Neutral	$3.38B	―	-14.54%	―	―	-128.69%

McEwen Mining Corporate Events

McEwen Mining Acquires Stake in Paragon Geochemical

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.

McEwen Mining to Acquire Canadian Gold Corp.

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.

McEwen Mining Unveils Feasibility Study for Los Azules

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.

McEwen Mining’s Los Azules Project Joins Argentina’s RIGI

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.

McEwen Mining Partners with IFC for Los Azules Project

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.

McEwen Mining Appoints Ian Ball as Vice-Chairman

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.