Mcewen Mining Inc (MUX)
NYSE:MUX
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McEwen Mining
(NYSE:MUX)
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Rating:55Neutral
Price Target:
$19.50
▲(1.35% Upside)
Action:ReiteratedDate:03/25/26
MUX scores as middling primarily due to weak and inconsistent profitability/cash generation (persistent negative free cash flow) despite a de-risked, low-leverage balance sheet. Technicals are bearish with oversold signals, while valuation is supportive and recent guidance/corporate updates add upside optionality but do not eliminate execution risks (production and permitting).
Positive Factors
Low-leverage balance sheet
Very low leverage materially reduces refinancing and interest-rate risk and preserves financial flexibility. Over 2–6 months this stability supports funding for sustaining and growth capital, allows opportunistic project spending, and lowers probability of distress despite weak cash flow trends.
Negative Factors
Persistent negative free cash flow
Chronic negative free cash flow forces reliance on treasury, project financing or equity issuance to fund sustaining and growth capital. Over months this limits self-funded expansion, raises dilution or refinancing risk, and constrains the firm's ability to absorb project delays or cost overruns.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-leverage balance sheet
Very low leverage materially reduces refinancing and interest-rate risk and preserves financial flexibility. Over 2–6 months this stability supports funding for sustaining and growth capital, allows opportunistic project spending, and lowers probability of distress despite weak cash flow trends.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.14B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)29.1
Beta (1Y)1.27
Revenue Growth-16.62%
EPS Growth-110.79%
CountryUS
Employees1,864
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.70
Shares Outstanding59,452,800
10 Day Avg. Volume1,355,729
30 Day Avg. Volume1,136,824
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 Cap1.07
Enterprise Value/Revenue6.19
Enterprise Value/Gross Profit38.47
Enterprise Value/Ebitda68.21
Forecast
1Y Price Target
$31.38Price Target Upside63.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.19
Revenue Forecast (FY)$281.99M
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:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The company has shown resilience with strong metal prices and strategic advancements in the Los Azules project, but faced challenges with production issues at Gold Bar and permitting delays. The sentiment is balanced, with both positive outlooks and areas needing improvement.Positive Updates
Strong Metal Prices
Gold prices increased by 45%, silver by 47%, and copper is up 13%.
Negative Updates
Gold Bar Production Issues
Q3 production was lower than expected due to geological reinterpretations and mining areas not yielding expected ore.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Metal Prices
Gold prices increased by 45%, silver by 47%, and copper is up 13%.
Read all positive updates
Company Guidance
During the McEwen Mining Q3 2025 earnings call, the company provided optimistic guidance in light of improved metal prices, with gold nearing $4,000 per ounce, up 45%, silver up 47%, and copper prices at $5, up 13%. The company aims to achieve an annual production of 250,000 to 300,000 gold equivalent ounces by 2030 and anticipates the Los Azules project to produce over 450 million pounds of copper annually, with an estimated gross margin of 64%. The recent feasibility study for Los Azules projects an after-tax NPV of $2.9 billion at an 8% discount rate, a 19.8% after-tax IRR, and a payback period of 3.9 years, assuming a copper price of $4.35 per pound. Additionally, McEwen Mining plans to close the acquisition of Canadian Gold Corp in January 2026, with an updated resource estimate expected by February. The company also reported a net loss of $0.5 million, or $0.01 per share, and an adjusted EBITDA of $11.8 million, with plans to use its existing treasury and cash flows for upcoming capital projects.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
Neutral
19.24
Price Trends
24.47
Negative
21.55
Negative
17.44
Positive
Market Momentum
-1.73
Positive
35.35
Neutral
16.54
Positive
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 19.24 is below the 20-day moving average (MA) of 22.51, below the 50-day MA of 24.47, and above the 200-day MA of 17.44, indicating a neutral trend. The MACD of -1.73 indicates Positive momentum. The RSI at 35.35 is Neutral, neither overbought nor oversold. The STOCH value of 16.54 is Positive, 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 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $9.65B | 8.98 | 21.24% | 1.45% | 27.42% | 20.63% | |
69 Neutral | $12.02B | 38.89 | 13.65% | 0.07% | 45.61% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | $1.18B | -5.45 | -15.81% | ― | -12.07% | -821.68% | |
58 Neutral | $1.33B | 8.84 | 14.19% | 1.14% | 7.92% | 91.83% | |
56 Neutral | $3.22B | -15.02 | -14.14% | ― | ― | -128.69% | |
55 Neutral | $1.14B | 29.05 | 6.89% | ― | -16.62% | -110.79% |
* Basic Materials Sector Average
MUX
McEwen Mining
19.24
11.69
154.83%
BVN
Compania de Minas Buenaventura SAA
33.53
18.29
119.96%
GPRE
Green Plains
16.89
12.04
248.25%
HL
Hecla Mining Company
17.93
12.38
223.06%
PPTA
Perpetua Resources
26.46
15.77
147.52%
NEXA
Nexa Resources SA
10.04
3.97
65.35%
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...
Business Operations and StrategyM&A Transactions
McEwen Mining highlights promising drill results at Tartan
Positive
Jan 20, 2026
On January 13, 2026, McEwen Inc. reported final drill results for its newly acquired Tartan Mine Project near Flin Flon, Manitoba, highlighting a standout intercept of 7.5 grams per tonne (g/t) gold over 18.9 metres along the Western Flank of the ...
Delistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
McEwen Mining completes business combination with Canadian Gold
Positive
Jan 8, 2026
On January 6, 2026, McEwen Inc. announced the completion of its previously agreed business combination with Canadian Gold Corp., following Canadian Gold shareholders’ approval on December 5, 2025 and a final order from the British Columbia S...
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.