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McEwen Mining
(NYSE:MUX)
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Rating:57Neutral
Price Target:
$19.00
▼(-26.67% Downside)
Action:Reiterated
Date:07/01/26
The score is driven primarily by mixed fundamentals: improving revenue/EBIT and a conservative balance sheet are offset by weak cash conversion and consistently negative free cash flow. Technicals further weigh on the score with the stock trading below key moving averages. Valuation is moderate (P/E ~14), and corporate events are a net positive due to index inclusion and strengthened liquidity.
Positive Factors
Conservative balance sheet and low leverage
Low reported debt and a stronger equity base provide financial flexibility to fund development projects and absorb commodity cycles. Manageable leverage reduces near-term refinancing risk and supports strategic options (project finance, partnerships or modest convertibles) without forcing immediate equity dilution.
Negative Factors
Persistent negative free cash flow
Negative free cash flow despite positive reported earnings means recurring operations do not convert profit into surplus cash. This forces reliance on JV dividends, asset transactions or external financing to fund capex and growth, increasing dilution or debt risk and constraining sustainable self-funded expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and low leverage
Low reported debt and a stronger equity base provide financial flexibility to fund development projects and absorb commodity cycles. Manageable leverage reduces near-term refinancing risk and supports strategic options (project finance, partnerships or modest convertibles) without forcing immediate equity dilution.
Read all positive factors
McEwen Mining (MUX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.13B
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)14.4
Beta (1Y)1.62
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. Volume1,307,661
30 Day Avg. Volume1,151,639
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 Cap1.10
Enterprise Value/Revenue5.27
Enterprise Value/Gross Profit22.64
Enterprise Value/Ebitda15.74
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 makes money primarily by producing and selling mined metals—mainly gold and silver—from its operating assets. Revenue is recognized from the sale of metal (typically as refined doré or saleable concentrate/product, depending on the m...
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
Neutral
25.91
Price Trends
21.00
Negative
22.34
Negative
20.90
Negative
Market Momentum
-0.82
Negative
47.25
Neutral
50.30
Neutral
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 25.91 is above the 20-day moving average (MA) of 18.61, above the 50-day MA of 21.00, and above the 200-day MA of 20.90, indicating a neutral trend. The MACD of -0.82 indicates Negative momentum. The RSI at 47.25 is Neutral, neither overbought nor oversold. The STOCH value of 50.30 is Neutral, 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 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 | $8.71B | 7.69 | 25.24% | 1.45% | 68.80% | 102.79% | |
76 Outperform | $10.95B | 39.83 | 11.04% | 0.07% | 56.81% | 525.85% | |
69 Neutral | $1.73B | 8.26 | 20.95% | 1.14% | 16.41% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | $1.13B | 14.41 | 13.64% | ― | 39.63% | ― | |
56 Neutral | $1.09B | -57.44 | -2.02% | ― | -20.16% | 83.66% | |
46 Neutral | $2.67B | -17.79 | -20.71% | ― | ― | -311.17% |
* Basic Materials Sector Average
MUX
McEwen Mining
18.90
7.53
66.23%
BVN
Compania de Minas Buenaventura SAA
29.72
13.57
84.02%
GPRE
Green Plains
15.51
8.53
122.21%
HL
Hecla Mining Company
16.33
10.27
169.38%
PPTA
Perpetua Resources
21.33
8.87
71.26%
NEXA
Nexa Resources SA
13.04
8.10
163.97%
McEwen Mining Corporate Events
Business Operations and StrategyDelistings and Listing Changes
McEwen Mining Joins Russell 2000, Boosting Investor Visibility
Positive
Jun 30, 2026
On June 29, 2026, McEwen Inc. reported that its common stock had been added to the Russell 2000 Index as part of the June 2026 Russell Reconstitution, effective at the opening of U.S. equity markets that day. Management expects the small-cap bench...
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...
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.