Want to see MUX full AI Analyst Report?
Top Page
McEwen Mining
(NYSE:MUX)
Select Model
Select Model
Rating:57Neutral
Price Target:
$15.00
▼(-30.75% Downside)
Action:Reiterated
Date:10/13/26
The score is driven primarily by mixed financial performance: improved profitability and a manageable balance sheet are offset by inconsistent/free-cash-flow weakness and a recent revenue decline. Technical signals are notably bearish (below key moving averages with negative MACD), weighing on near-term outlook. Valuation is reasonable on P/E, while the earnings call and recent corporate actions add support through clearer long-term project progress and improved liquidity, despite near-term operational and cost headwinds.
Positive Factors
Manageable leverage
Modest leverage and a growing equity base provide financial resilience relative to more highly levered miners. This supports continued investment in operating assets and projects while reducing balance-sheet strain during periods of weaker commodity prices or uneven earnings.
Negative Factors
Weak free-cash-flow conversion
Only slightly positive TTM free cash flow, following negative results in prior years, indicates that accounting profits are not consistently converting into discretionary cash. Persistent capital intensity or working-capital swings could constrain internally funded growth and increase reliance on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage
Modest leverage and a growing equity base provide financial resilience relative to more highly levered miners. This supports continued investment in operating assets and projects while reducing balance-sheet strain during periods of weaker commodity prices or uneven earnings.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$895.22M
Dividend Yield0.61%
Average Volume (3M)1.19M
Price to Earnings (P/E)10.4
Beta (1Y)1.50
Revenue Growth47.73%
EPS GrowthN/A
CountryUS
Employees1,981
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)1.41
Shares Outstanding61,358,566
10 Day Avg. Volume825,119
30 Day Avg. Volume1,188,670
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 Cap1.55
Enterprise Value/Revenue5.59
Enterprise Value/Gross Profit22.15
Enterprise Value/Ebitda15.03
Forecast
1Y Price Target
$29.00Price Target Upside33.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.93
Revenue Forecast (FY)$251.59M
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 makes money primarily by selling metals produced from its mining operations. Its key revenue stream is the sale of gold and silver (and any other payable by-products, if produced) into commodity markets, with revenue generally determ...
McEwen Mining Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call balanced acknowledgment of a disappointing operational quarter (Gold Bar production shortfall, higher AISC, metallurgical challenges and diesel-driven cost pressure) with substantive progress on longer‑term value drivers: Los Azules engineering and financing advancement, promising exploration results and concrete remedial actions for operational issues. Management framed setbacks as addressable and emphasized disciplined capital allocation and exploration upside.Positive Updates
Los Azules progressing toward FID and advanced engineering
FID work program ~27% complete as of June with target completion in Q4; major process packages (SX-EW, sulfuric acid plant, crushing) awarded to Metso and vendor engineering advancing, reducing technical risk and strengthening permitting and financing momentum.
Negative Updates
Operational shortfall at Gold Bar impacting production
Quarterly production was lower than planned due primarily to encountering more carbonaceous (preg-robbing) material than expected in portions of the ore body, leading to reduced recoveries and missed internal production targets; multi-year Gold Bar target remains 90,000–100,000 ounces/year but near-term performance fell short.
Read all updates
Q2-2026 Updates
Positive
Negative
Los Azules progressing toward FID and advanced engineering
FID work program ~27% complete as of June with target completion in Q4; major process packages (SX-EW, sulfuric acid plant, crushing) awarded to Metso and vendor engineering advancing, reducing technical risk and strengthening permitting and financing momentum.
Read all positive updates
Company Guidance
Management guidance and milestones from the call included a Gold Bar multi‑year production target of 90,000–100,000 oz/year with permitting for surrounding “spokes” about two years away; operational fixes underway (expanded metallurgical testing, improved geological modelling, modified sequencing/blending) and higher production to move more waste after a Q2 recovery shortfall. San José JV cash was roughly $130M US at Q2 with no further dividend expected this year and dividends likely resuming next year. Los Azules FID work was ~27% complete at June with target completion in Q4; total project financing need ~ $4.0B (feasibility CapEx ≈ $3.2B), targeting ~60% debt / 40% equity, with ECAs expected to cover ~80–85% of debt (typical ECA packages $200M–$500M+ each and 10–15 year tenors); equity need ~ $1.6B (examples: ~$600M from one partner, ~$600M from another, plus an IPO later this year and specialist funds). Vendor packages (SX‑EW, sulfuric acid, crushing) are with Metso, final mine design consolidation reduced pit sectors from eight to four and shrank flatter‑angle zone by ~22%, and an 8,800 m exploration drill program targeting Franca, Lonita and Austral is planned to start in Sept 2026. Finally, AISC rose mainly due to lower ounces at Gold Bar and higher diesel (US diesel ≈ $3.75/gal in 2025 to ~$4.75/gal YTD; roughly $1/gal ≈ $100/oz impact on AISC).McEwen Mining Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 248.44M | 197.55M | 174.48M | 166.23M | 110.42M | 136.54M |
| Gross Profit | 62.73M | 21.73M | 30.93M | 17.78M | -544.00K | -6.48M |
| EBITDA | 92.42M | 42.02M | 18.25M | -73.94M | -78.68M | -32.45M |
| Net Income | 80.65M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
Balance Sheet | ||||||
| Total Assets | 992.11M | 820.22M | 664.62M | 659.55M | 528.72M | 534.68M |
| Cash, Cash Equivalents and Short-Term Investments | 91.71M | 72.13M | 14.90M | 24.76M | 40.91M | 58.64M |
| Total Debt | 128.40M | 128.18M | 42.11M | 42.25M | 66.39M | 55.99M |
| Total Liabilities | 285.47M | 273.98M | 169.65M | 157.13M | 172.44M | 144.74M |
| Stockholders Equity | 706.64M | 546.24M | 494.98M | 502.42M | 322.81M | 375.16M |
Cash Flow | ||||||
| Free Cash Flow | 3.89M | -37.77M | -13.64M | -65.74M | -80.77M | -55.11M |
| Operating Cash Flow | 78.75M | 6.87M | 29.45M | -39.64M | -56.58M | -20.22M |
| Investing Cash Flow | -85.90M | -48.03M | -58.05M | -99.64M | -23.90M | -24.56M |
| Financing Cash Flow | 37.52M | 78.73M | 19.20M | 172.18M | 65.45M | 80.98M |
McEwen Mining Technical Analysis
Negative
21.66
Price Trends
18.48
Negative
18.34
Negative
20.94
Negative
Market Momentum
-1.00
Positive
28.46
Positive
13.19
Positive
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 21.66 is above the 20-day moving average (MA) of 16.69, above the 50-day MA of 18.48, and above the 200-day MA of 20.94, indicating a bearish trend. The MACD of -1.00 indicates Positive momentum. The RSI at 28.46 is Positive, neither overbought nor oversold. The STOCH value of 13.19 is Positive, 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 | $9.39B | 27.96 | 12.98% | 0.13% | 51.13% | 399.24% | |
74 Outperform | $7.28B | 6.42 | 27.66% | 3.99% | 67.75% | 122.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | $895.22M | 10.43 | 13.47% | 0.61% | 47.73% | ― | |
47 Neutral | $2.08B | -8.74 | -31.72% | ― | ― | -506.49% | |
46 Neutral | $128.43M | -1.61 | -46.95% | ― | -69.07% | 56.69% |
* Basic Materials Sector Average
MUX
McEwen Mining
14.59
-4.52
-23.65%
BVN
Compania de Minas Buenaventura SAA
28.44
7.06
33.01%
LODE
Comstock Mining
1.69
-1.35
-44.41%
HL
Hecla Mining Company
13.98
1.24
9.74%
PPTA
Perpetua Resources
16.60
-8.78
-34.59%
SSMR
Sunshine Silver Mining & Refining Co.
13.09
-4.06
-23.67%
McEwen Mining Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
McEwen Mining boosts liquidity with October asset divestiture
Positive
Oct 13, 2026
On October 9, 2026, McEwen Inc. agreed to sell its Fuller property, its 60% interest in the Paymaster joint venture and a Timmins surface rights parcel to Dome Mine Ltd., a subsidiary of Discovery Mining, for US$55 million in cash and shares. The ...
Business Operations and StrategyPrivate Placements and Financing
McEwen Mining Secures $240 Million Loan for Los Azules
Positive
Sep 1, 2026
On August 27, 2026, McEwen Inc. reported that its 46.3%-owned McEwen Copper closed a US$240 million four‑year senior secured term loan, led by Sprott Natural Resource Investment Partners and Chairman Rob McEwen, to fund engineering, early wo...
Business Operations and StrategyExecutive/Board Changes
McEwen Mining Announces Leadership Changes and Executive Retirement
Positive
Aug 26, 2026
On August 24, 2026, McEwen Inc. announced the immediate retirement of long‑serving Chief Operating Officer and director William Shaver after more than 55 years in the mining sector and four years at the company, noting his departure was not ...
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.