McEwen Mining (MUX) AI Stock Analysis

• Market Cap: $765.06M
• Dividend Yield: N/A
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 3.6
• Beta (1Y): 0.99
• Revenue Growth: -9.48%
• EPS Growth: -114.76%
• Country: US
• Employees: 1,864
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.06
• Shares Outstanding: 54,106,415
• 10 Day Avg. Volume: 1,551,981
• 30 Day Avg. Volume: 1,414,239
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 4.75
• Enterprise Value/Gross Profit: 15.81
• Enterprise Value/Ebitda: 23.98
• 1Y Price Target: $15.87
• Price Target Upside: 17.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 64 Neutral
• Price Target: $15.00 ▲(11.11% Upside)

McEwen Mining's overall score is driven by strong technical momentum and positive corporate events, despite ongoing financial and valuation challenges. The company's strategic initiatives and exploration successes provide a promising outlook, but profitability issues and overbought technical indicators warrant caution.

Positive Factors

Strategic Acquisitions

The acquisition of Canadian Gold Corp adds a high-grade former producing mine, aligning with strategic goals for resource expansion and production growth.

Exploration Success

Significant exploration results at Froome West and Grey Fox indicate potential for resource growth, supporting long-term production and cost efficiency.

Improved Financial Health

Enhanced financial health with increased treasury and working capital improves liquidity and supports future strategic investments.

Negative Factors

Profitability Challenges

Ongoing net losses and negative profit margins indicate operational challenges, potentially hindering long-term financial performance.

Production Lag

Production delays due to manpower issues can affect output and revenue, impacting the company's ability to meet targets and manage costs.

High Capital Expenditures

High capital expenditures strain free cash flow, limiting financial flexibility and potentially delaying other strategic initiatives.

McEwen Mining Business Overview & Revenue Model

Company Description

McEwen Mining Inc. (MUX) is a mining company focused on the exploration, development, and production of precious metals, primarily gold and silver. Headquartered in Toronto, Canada, the company operates in North America, with significant assets in Argentina, Mexico, and the United States. McEwen Mining's core products include gold and silver bullion, which it extracts from its mining operations and processes at its own facilities. The company is committed to sustainable mining practices and aims to increase its production and reserves through strategic exploration and development of its properties.

How the Company Makes Money

McEwen Mining generates revenue primarily through the sale of gold and silver produced from its mining operations. The company has multiple revenue streams, including direct sales of precious metals, which are influenced by market prices. Additionally, McEwen Mining may engage in streaming agreements or partnerships that provide upfront capital in exchange for a percentage of future production. The company also focuses on cost management and operational efficiency to enhance profitability. Market factors such as the demand for gold and silver, production costs, and geopolitical stability in operating regions significantly impact its earnings.

McEwen Mining Financial Statement Overview

Summary

McEwen Mining shows solid asset management and low leverage, but struggles with profitability. Revenue fluctuations and consistent net losses are significant challenges. Positive cash flow from operations is offset by high capital expenditures, impacting free cash flow negatively.

Income Statement

McEwen Mining's TTM (Trailing-Twelve-Months) income statement shows fluctuating revenues, with a recent decline compared to the previous year. The gross profit margin is improving at 17.67%, but the company is still facing significant net losses, leading to a negative net profit margin of -18.14%. Despite a positive EBITDA margin of 10.34%, EBIT remains negative, suggesting ongoing operational challenges.

Balance Sheet

The balance sheet reveals a solid equity position, with an equity ratio of 65.66%, indicating financial stability. The debt-to-equity ratio is low at 0.002, reflecting minimal leverage, which reduces financial risk. However, the company has not generated a return on equity due to negative net income. Overall, the balance sheet remains relatively strong despite profitability issues.

Cash Flow

Cash flow management showcases mixed results. The operating cash flow remains positive, yet free cash flow is negative, indicating high capital expenditures. The operating cash flow to net income ratio suggests better cash generation relative to reported earnings, but the free cash flow to net income ratio is negative, highlighting cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	121.47M	174.48M	166.23M	110.42M	136.54M	104.79M
Gross Profit	36.52M	30.93M	17.78M	-544.00K	-6.48M	-26.95M
EBITDA	24.07M	18.25M	-73.94M	-78.68M	-32.66M	-123.19M
Net Income	-14.65M	-43.69M	55.30M	-81.08M	-56.71M	-152.32M
Balance Sheet
Total Assets	735.62M	664.62M	657.24M	528.72M	525.34M	499.94M
Cash, Cash Equivalents and Short-Term Investments	69.52M	14.90M	24.76M	40.91M	56.09M	20.84M
Total Debt	727.00K	42.11M	41.47M	66.39M	53.28M	53.66M
Total Liabilities	251.14M	169.65M	154.82M	172.44M	135.40M	134.61M
Stockholders Equity	484.48M	494.98M	502.42M	322.81M	375.16M	365.33M
Cash Flow
Free Cash Flow	-35.56M	-13.64M	-65.74M	-80.77M	-55.11M	-41.25M
Operating Cash Flow	20.51M	29.45M	-39.64M	-56.58M	-20.22M	-27.87M
Investing Cash Flow	-75.74M	-58.05M	-99.64M	-23.90M	-24.56M	-11.77M
Financing Cash Flow	69.41M	19.20M	172.18M	65.45M	80.98M	17.58M

McEwen Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.50
• 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 13.5 is above the 20-day moving average (MA) of 12.62, above the 50-day MA of 11.49, and above the 200-day MA of 8.97, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 63.10 is Neutral, neither overbought nor oversold. The STOCH value of 47.91 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
CDE	79 Outperform	10.28B	41.03	6.74%	―	68.88%	0.00%
BVN	78 Outperform	4.96B	10.16	14.17%	1.47%	32.64%	432.97%
HL	70 Outperform	7.39B	72.52	6.73%	0.23%	36.30%	0.00%
MUX	64 Neutral	$765.06M	3.61	-2.79%	―	-9.48%	-114.76%
PPTA	53 Neutral	1.83B	-54.32	0.00%	―	0.00%	-52.29%
USGO	33 Underperform	118.46M	-14.10	0.00%	―	0.00%	4.73%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

McEwen Mining Corporate Events

McEwen Mining Unveils New High-Grade Gold Zone

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.

McEwen Mining Issues Stock Options to Participants

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.

McEwen Mining to Acquire Canadian Gold Corp

On June 27, 2025, McEwen Inc. entered into a binding letter of intent to acquire all outstanding shares of Canadian Gold Corp. through a court-approved plan of arrangement. This acquisition, if completed, will make Canadian Gold a wholly-owned subsidiary of McEwen, enhancing McEwen’s asset base with Canadian Gold’s Tartan Mine and exploration properties. The transaction offers Canadian Gold shareholders a 26% premium on their shares and access to McEwen’s resources. For McEwen, the acquisition adds a high-grade former producing mine with potential for re-commencing production and substantial exploration opportunities, aligning with McEwen’s strategic goals.

McEwen Mining Rebrands to McEwen Inc.

On July 7, 2025, McEwen Mining Inc. officially changed its name to McEwen Inc. by filing the necessary documentation with the Secretary of State of Colorado. This name change marks a significant milestone in the company’s evolution, potentially impacting its brand identity and market perception.

McEwen Mining Issues Restricted Stock Units to Executives

On June 27, 2025, McEwen Copper Inc., in which McEwen Mining Inc. holds a 46.4% equity interest, secured a $25 million non-revolving term loan through a Loan Agreement with Evanachan Limited and other lenders. This loan, which bears a 12% annual interest rate, is intended for general working capital and funding feasibility study costs, with a maturity date set for June 27, 2026. Additionally, on June 29, 2025, McEwen Mining issued restricted stock units and shares of restricted common stock to its executive officers under its 2024 Equity and Incentive Plan, with vesting periods subject to time-based restrictions and potential acceleration in certain circumstances.

McEwen Mining Shareholders Approve Name Change and Governance

On June 19, 2025, McEwen Mining Inc. held its annual meeting where shareholders approved a name change to McEwen Inc., effective July 7, 2025. The meeting also saw the election of eleven directors, approval of executive compensation, and ratification of Ernst & Young LLP as the independent auditor for the year 2025. These decisions reflect strategic moves to streamline the company’s identity and governance, potentially impacting its market positioning and operational focus.