McEwen Mining (MUX) AI Stock Analysis

• Market Cap: $1.33B
• Dividend Yield: N/A
• Average Volume (3M): 1.14M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• 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: 59,433,445
• 10 Day Avg. Volume: 1,149,714
• 30 Day Avg. Volume: 1,144,227
• 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: 0.74
• Enterprise Value/Revenue: 5.88
• Enterprise Value/Gross Profit: 42.89
• Enterprise Value/Ebitda: 48.66
• 1Y Price Target: $22.00
• Price Target Upside: -1.74% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 1.47
• Revenue Forecast (FY): $334.27M

• Rating: 55 Neutral
• Price Target: $20.50 ▼(-8.44% Downside)

The score is held back primarily by weak financial performance (ongoing losses and negative free cash flow) and a negative P/E. These are partly offset by constructive technical momentum and a moderately positive outlook from guidance and recent strategic/project-related corporate developments.

Positive Factors

Conservative leverage

A low debt-to-equity ratio (0.26) provides durable financial flexibility for a capital-intensive miner. It reduces refinancing and liquidity risk, allowing McEwen to fund project development and absorb commodity volatility without forcing immediate external financing or distress-driven asset sales.

Los Azules project scale & stability

A positive feasibility study and acceptance into Argentina’s long-term investment incentive give Los Azules structural advantages: a large, long-life copper asset with fiscal stability supports multi-year cash generation potential aligned with the energy transition, strengthening McEwen’s long-term production profile.

Strategic assay technology stake

Owning a meaningful stake in Paragon and PhotonAssay access can materially shorten assay turnaround, improve exploration confidence, and lower discovery-to-development timelines. This strategic capability can sustainably enhance resource conversion and reduce project cycle costs across McEwen’s portfolio.

Negative Factors

Negative free cash flow

Meaningful negative free cash flow (-$45.2M TTM) is a structural constraint for funding development and sustaining operations. Over the coming months this increases reliance on treasury, equity or debt financing, potentially diluting shareholders or raising leverage as projects like Los Azules and El Gallo advance.

Ongoing unprofitable operations

Persistent negative margins and losses indicate the core business is not yet generating sustainable returns. Even with improved gross margin, negative operating profitability limits internal funding for growth and raises execution risk on converting resource value into positive, recurring free cash flow.

Execution & permitting risks

Geological setbacks at Gold Bar and permitting delays create a durable operational risk that can push out production and cash flow timing. For a developer with multiple projects, consistent execution and permitting bottlenecks materially hamper the pace of value realization and increase project cost uncertainty.

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: 22.39
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 22.39 is above the 20-day moving average (MA) of 19.91, above the 50-day MA of 18.62, and above the 200-day MA of 13.28, indicating a bullish trend. The MACD of 0.81 indicates Negative momentum. The RSI at 69.89 is Neutral, neither overbought nor oversold. The STOCH value of 83.93 is Negative, 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
BVN	71 Outperform	$6.80B	19.92	12.35%	1.45%	27.42%	20.63%
HL	70 Outperform	$15.95B	78.39	8.88%	0.07%	45.61%	―
NEXA	64 Neutral	$1.57B	-96.49	-1.64%	1.14%	7.92%	91.83%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MUX	55 Neutral	$1.33B	-99.47	-2.41%	―	-16.62%	-110.79%
GPRE	55 Neutral	$780.76M	―	-22.21%	―	-12.07%	-821.68%
PPTA	55 Neutral	$3.88B	-63.75	-14.54%	―	―	-128.69%

McEwen Mining Corporate Events

McEwen Mining completes business combination with Canadian Gold

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 Supreme Court on December 10, 2025. The deal, effective January 5, 2026, exchanges each Canadian Gold share for 0.0225 McEwen shares, and will result in Canadian Gold being delisted from the TSX Venture Exchange as of market close on January 7, 2026 and seeking to cease reporting issuer status, while former Canadian Gold shareholders must follow set procedures to exchange their certificates for McEwen shares. To comply with New York Stock Exchange requirements, McEwen and Canadian Gold amended their arrangement so that all Canadian Gold shares held by Chairman and Chief Owner Rob McEwen are exchanged for subscription receipts that convert into McEwen shares only upon future shareholder approval, or are settled in cash if such approval is not obtained, a change that applies solely to him and leaves other shareholders’ consideration unchanged, tightening corporate governance around insider participation in the transaction.

The most recent analyst rating on (MUX) stock is a Hold with a $20.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

McEwen Mining advances El Gallo project with permit extension

On December 16, 2025, McEwen announced that the Mexican government had granted an extension of the Environmental Impact Assessment for its El Gallo Mine, a key permit that enables the company to advance Phase 1 mill construction, targeted to start in mid-2026, with a first gold pour anticipated in mid-2027. Phase 1 is expected to produce about 20,000 gold-equivalent ounces annually by reprocessing material from the historical leach pad, with remaining capital costs estimated at $25 million and limited additional development or exploration spending, while early work on Phase 2 aims to exploit in-situ silver deposits that could significantly extend El Gallo’s operating life beyond the initial 10-year plan and unlock value from substantial historical silver resources once updated in 2026.

The most recent analyst rating on (MUX) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

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.

The most recent analyst rating on (MUX) stock is a Buy with a $21.50 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.

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.

The most recent analyst rating on (MUX) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on McEwen Mining stock, see the MUX Stock Forecast page.