McEwen Mining Inc (MUX)
NYSE:MUX
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McEwen Mining
(NYSE:MUX)
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Rating:55Neutral
Price Target:
$18.00
▼(-30.53% Downside)
Action:Reiterated
Date:06/11/26
The score is driven primarily by mixed financial performance (revenue and balance sheet strength offset by weak cash conversion and negative free cash flow). Technical indicators are the main drag due to a clear downtrend despite oversold readings. Valuation is reasonable but lacks dividend support, while recent corporate events modestly improve the outlook via liquidity and asset consolidation.
Positive Factors
Project pipeline (Grey Fox)
The Grey Fox pre-feasibility study forecasts material, multi-year production that leverages existing mill and tailings capacity. Durable production growth from Grey Fox can scale the Fox Complex, lower incremental capex per ounce and improve medium-term self-funding of growth without reliance on constant equity raises.
Negative Factors
Persistent negative free cash flow
Consistent negative free cash flow indicates reported earnings are not converting to sustainable cash, forcing reliance on asset sales, dividends from affiliates, or external financing to fund capex and working capital. This constrains reinvestment, increases dilution or leverage risk and limits margin of safety over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Project pipeline (Grey Fox)
The Grey Fox pre-feasibility study forecasts material, multi-year production that leverages existing mill and tailings capacity. Durable production growth from Grey Fox can scale the Fox Complex, lower incremental capex per ounce and improve medium-term self-funding of growth without reliance on constant equity raises.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.13B
Dividend YieldN/A
Average Volume (3M)1.11M
Price to Earnings (P/E)15.2
Beta (1Y)1.58
Revenue Growth39.63%
EPS GrowthN/A
CountryUS
Employees1,864
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)1.31
Shares Outstanding59,740,086
10 Day Avg. Volume1,071,026
30 Day Avg. Volume1,108,097
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 Cap1.23
Enterprise Value/Revenue5.87
Enterprise Value/Gross Profit25.20
Enterprise Value/Ebitda17.52
Forecast
1Y Price Target
$31.83Price Target Upside22.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.33
Revenue Forecast (FY)$283.89M
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 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:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone driven by a meaningful financial turnaround in Q4 and FY 2025, a stronger cash position, clear near-term operational progress (Stock, Gold Bar, Grey Fox preparation) and a materially de‑risked, high-quality copper development (Los Azules) with very attractive economics at current copper prices. Key risks noted include the need to secure project financing (Los Azules), execution and staffing demands across multiple growth projects, reliance on elevated commodity prices and the timing uncertainty of pre-commercial to commercial transitions (Stock). Overall, highlights (profitability, cash, Los Azules derisking and strong project economics) materially outweigh the listed lowlights.Positive Updates
Quarterly and Full-Year Profitability Turnaround
Q4 2025 gross profit rose to $17.4M from $7.8M the prior quarter (more than doubled QoQ). Full-year gross profit increased to $47.6M from $30.9M in 2024 (+54%). Q4 reported net income of $38.1M ($0.70/share) vs. a net loss of $8.2M ($0.16/share) in Q4 2024. FY 2025 net income of $34.4M vs. a net loss of $43.7M in 2024 — a sharp turnaround.
Negative Updates
Financing and Execution Risk for Growth Plans
Ambitious plan to more than double precious metals production by 2030 depends on internal cash flow, project execution and external financing. Management acknowledges potential for dilution if metal prices do not remain elevated and Los Azules FID/construction are subject to securing project finance and successful IPO timing.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Full-Year Profitability Turnaround
Q4 2025 gross profit rose to $17.4M from $7.8M the prior quarter (more than doubled QoQ). Full-year gross profit increased to $47.6M from $30.9M in 2024 (+54%). Q4 reported net income of $38.1M ($0.70/share) vs. a net loss of $8.2M ($0.16/share) in Q4 2024. FY 2025 net income of $34.4M vs. a net loss of $43.7M in 2024 — a sharp turnaround.
Read all positive updates
Company Guidance
Guidance from the call emphasizes funding growth largely from internal cash flow while selectively using markets, with 2026 capital spending centered on the Fox/Stock complex and totaling roughly $100M (remaining Stock completion mid-$50–60M, Gold Bar heap‑leach expansion ~$12M, Mexico plant refurbishment ~$25M); Stock is expected to begin pre‑commercial production in H2 2026 (not included in 2026 guidance) and reach commercial production in 2027. Management pointed to stronger liquidity and earnings to support that plan (Q4 gross profit $17.4M vs $7.8M prior quarter; FY gross profit $47.6M vs $30.9M in 2024; Q4 net income $38.1M or $0.70/share; FY net income $34.4M vs a $43.7M loss in 2024; realized gold >$4,400/oz in Q4; cash $51M vs $14M YE2024; $8.8M San José dividend; $27.5M deferred tax recovery) and reiterated the objective to more than double precious‑metal production by 2030. For McEwen Copper/Los Azules they are targeting an IPO later this year, a final investment decision by year‑end 2026 and construction in early 2027; the FS base case at $4.35/lb Cu yields after‑tax NPV8 $2.9B, IRR 19.8%, 3.9‑yr payback, 22‑yr life, ~205,000 tpa Cu cathode (first 5 yrs) / 148,000 tpa LOM, C1 $1.71/lb, AISC $2.11/lb — at ~$5.80/lb Cu NPV rises to $6.3B, IRR 30%, 2.7‑yr payback, NPV/CapEx ≈2, ~+$2.3B NPV (≈+$18 per MUX share) per $1 change in copper; RIGI provides 30 years of stability, corporate tax 35%→25%, 50% cut to dividend withholding and export‑duty exemption.McEwen Mining Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 235.91M | 197.55M | 174.48M | 166.23M | 110.42M | 136.54M |
| Gross Profit | 54.93M | 21.73M | 30.93M | 17.78M | -544.00K | -6.48M |
| EBITDA | 79.00M | 45.03M | 18.25M | -73.94M | -78.68M | -32.66M |
| Net Income | 74.08M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
Balance Sheet | ||||||
| Total Assets | 972.60M | 820.22M | 664.62M | 659.55M | 528.72M | 534.68M |
| Cash, Cash Equivalents and Short-Term Investments | 70.08M | 72.13M | 14.90M | 24.76M | 40.91M | 58.64M |
| Total Debt | 128.12M | 128.18M | 42.11M | 42.25M | 66.39M | 55.99M |
| Total Liabilities | 320.64M | 273.98M | 169.65M | 157.13M | 172.44M | 144.74M |
| Stockholders Equity | 651.96M | 546.24M | 494.98M | 502.42M | 322.81M | 375.16M |
Cash Flow | ||||||
| Free Cash Flow | -23.76M | -37.77M | -13.64M | -65.74M | -80.77M | -55.11M |
| Operating Cash Flow | 20.90M | 6.87M | 29.45M | -39.64M | -56.58M | -20.22M |
| Investing Cash Flow | -55.47M | -48.03M | -58.05M | -99.64M | -23.90M | -24.56M |
| Financing Cash Flow | 22.75M | 78.73M | 19.20M | 172.18M | 65.45M | 80.98M |
McEwen Mining Technical Analysis
Negative
25.91
Price Trends
22.26
Negative
23.27
Negative
20.54
Negative
Market Momentum
-1.20
Positive
40.83
Neutral
20.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MUX, the sentiment is Negative. The current price of 25.91 is above the 20-day moving average (MA) of 20.58, above the 50-day MA of 22.26, and above the 200-day MA of 20.54, indicating a bearish trend. The MACD of -1.20 indicates Positive momentum. The RSI at 40.83 is Neutral, neither overbought nor oversold. The STOCH value of 20.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $8.73B | 8.69 | 25.24% | 1.45% | 68.80% | 102.79% | |
76 Outperform | $10.26B | 37.44 | 11.04% | 0.07% | 56.81% | 525.85% | |
69 Neutral | $1.82B | 8.66 | 20.95% | 1.14% | 16.41% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | $1.05B | ― | -2.02% | ― | -20.16% | 83.66% | |
55 Neutral | $1.13B | 15.18 | 13.64% | ― | 39.63% | ― | |
46 Neutral | $3.01B | -21.33 | -20.71% | ― | ― | -311.17% |
* Basic Materials Sector Average
MUX
McEwen Mining
18.91
9.30
96.77%
BVN
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33.42
17.41
108.69%
GPRE
Green Plains
15.00
9.19
158.18%
HL
Hecla Mining Company
15.29
9.36
157.71%
PPTA
Perpetua Resources
24.09
11.09
85.31%
NEXA
Nexa Resources SA
13.73
8.77
176.81%
McEwen Mining Corporate Events
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...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
McEwen Mining Completes Golden Lake Acquisition, Expands Nevada Footprint
Positive
May 5, 2026
On April 30, 2026, McEwen Inc. completed its previously announced business combination with Golden Lake Exploration Inc. via a statutory plan of arrangement, consolidating Golden Lake’s Jewel Ridge and Jewel Ridge West exploration projects i...
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...
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.