Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on MUX

McEwen Mining's recent performance was driven by strong financial improvements, with Q2 2025 net income of $3.0 million, reversing a $13.0 million loss in Q2 2024. Gross profit climbed to $12.3 million on a 26% margin, and adjusted EBITDA increased. The company's ambitious production goals, including doubling gold and silver production by 2030, and strategic growth initiatives, such as the proposed acquisition of Canadian Gold Corp., have contributed to its positive momentum. Additionally, encouraging drilling results at the Windfall Project and Grey Fox Project support near-term resource growth.

1.c. Company Highlights

2. McEwen Mining's Q3 2025 Earnings: A Strong Performance Amidst Rising Metal Prices

McEwen Mining reported a net loss of $0.5 million for Q3 2025, with an EPS of -$0.01393, missing analyst estimates of $0.2. Despite the loss, the company generated positive EBITDA of $11.8 million. Revenue growth is expected to be robust, with analysts estimating a 39.7% increase for next year. The company's financial performance is closely tied to metal prices, with gold at $4,000 an ounce, up 45%, and copper at $5, up 13%, providing a favorable backdrop.

Publication Date: Nov -12

📋 Highlights
  • Strong Metal Price Growth: Gold prices surged to $4,000/oz (+45%), while copper reached $5 (+13%), enhancing revenue potential.
  • Los Azules Project Economics: Feasibility study shows $2.9B after-tax NPV and 19.8% after-tax IRR with 30-year regulatory stability in Argentina.
  • Q3 Financial Performance: Net loss of $0.5M vs. positive EBITDA of $11.8M, with $25M allocated for El Gallo Phase 1 capital expansion.
  • Exploration & Operational Progress: Discovery of Froome West deposit, exploration success at Gold Bar, and on-schedule development at Stock mine.
  • Los Azules IPO Plans: Projected to raise funds by Q1 2026, aiming for higher valuation than last financing ($30/share) based on strong feasibility.

Operational Highlights

The company's operations are progressing well, with Froome mining until Q3 of 2026, and development work at Stock advancing on schedule. Exploration success at Gold Bar and the acquired Timberline properties is also a positive development. As William Shaver, Chief Operating Officer, noted, the company is making good progress on its projects, which should drive future growth.

Los Azules Project Update

The Los Azules copper project in Argentina has made significant progress, with the acceptance into the country's large-scale investment incentive program providing 30 years of legal, fiscal, and custom stability. The feasibility study confirms robust project economics, with a $2.9 billion after-tax NPV and a 19.8% after-tax IRR, making it an attractive asset for the company.

Valuation and Growth Prospects

McEwen Mining's valuation metrics provide insight into what's priced in. The company's P/S Ratio is 5.51, and EV/EBITDA is 42.25, indicating a premium valuation. However, with expected revenue growth of 39.7% next year, the company's growth prospects are promising. As Rob McEwen noted, the company is well-positioned to benefit from rising metal prices and has a growing gold production pipeline and a large exposure to copper.

Future Plans and Risks

The company is planning to take Los Azules public in the first quarter of next year, with the goal of raising money to fund the project. While this presents opportunities, it also carries risks, including the potential for delays or unfavorable market conditions. Additionally, the company's exploration success is subject to geological risks, and the reinterpretation of geological data at Gold Bar highlights the challenges involved in mining operations.

3. NewsRoom

Card image cap

Assessing McEwen (NYSE:MUX) Valuation Following Recent Double-Digit Share Price Surge

Oct -14

Source:

Card image cap

McEwen Inc. and Canadian Gold Corp. Announce Arrangement Agreement

Oct -14

Source:

Card image cap

McEwen Agrees To Acquire Canadian Gold In All-Stock Deal

Oct -14

Source:

Card image cap

What Makes McEwen (MUX) a New Buy Stock

Oct -10

Source:

Card image cap

TNR Gold NSR Royalty Update - Los Azules Feasibility Study Confirms Economically Robust Copper Project With Leading ESG Performance

Oct -10

Source:

Card image cap

Nexa Resources (NEXA) Soars 5.1%: Is Further Upside Left in the Stock?

Oct -09

Source:

Card image cap

Can McEwen’s (MUX) Nordic Presentation Shed Light on Its Long-Term European Strategy?

Oct -08

Source:

Card image cap

Los Azules Feasibility Study Confirms Economically Robust Copper Project With Leading ESG Performance

Oct -07

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

United States

Expected Growth: 4.83%

McEwen Mining Inc.'s 4.83% growth in the United States is driven by increasing gold prices, rising production at its Nevada-based Gold Bar Mine, and growing demand for precious metals. Additionally, the company's cost-cutting initiatives and exploration efforts in the region have contributed to its growth.

Canada

Expected Growth: 4.83%

McEwen Mining Inc.'s 4.83% growth in Canada is driven by increasing gold prices, favorable government policies, and strategic acquisitions. The company's focus on exploration and development of high-potential projects, such as the Gold Bar Mine in Nevada, also contributes to its growth. Additionally, McEwen's strong balance sheet and operational efficiency enable it to capitalize on opportunities in the Canadian mining sector.

Mexico

Expected Growth: 4.83%

Mexico operations at McEwen Mining Inc. drove 4.83% growth, fueled by increased gold and silver production at the El Gallo Mine, coupled with higher realized prices. Additionally, cost savings initiatives and improved operational efficiencies contributed to the growth.

7. Detailed Products

Gold

McEwen Mining Inc. is a significant producer of gold, with operations in the United States, Canada, and Argentina. The company's gold production comes from its Black Fox, San José, and Gold Bar mines.

Silver

McEwen Mining Inc. also produces silver as a by-product of its gold mining operations. The company's silver production comes from its San José mine in Argentina.

8. McEwen Mining Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for McEwen Mining Inc. is medium due to the availability of alternative metals and mining companies.

Bargaining Power Of Customers

The bargaining power of customers for McEwen Mining Inc. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for McEwen Mining Inc. is medium due to the company's dependence on a few key suppliers for equipment and services.

Threat Of New Entrants

The threat of new entrants for McEwen Mining Inc. is low due to the high barriers to entry in the mining industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for McEwen Mining Inc. is high due to the competitive nature of the mining industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.62%
Debt Cost 3.95%
Equity Weight 92.38%
Equity Cost 11.34%
WACC 10.77%
Leverage 8.25%

11. Quality Control: McEwen Mining Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SilverCrest Metals

A-Score: 5.0/10

Value: 2.4

Growth: 9.8

Quality: 7.8

Yield: 0.0

Momentum: 6.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Gold Royalty

A-Score: 4.9/10

Value: 5.4

Growth: 7.2

Quality: 3.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Aris Mining

A-Score: 4.3/10

Value: 3.6

Growth: 2.9

Quality: 4.9

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
McEwen Mining

A-Score: 4.3/10

Value: 5.0

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 9.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
GoGold Resources

A-Score: 4.1/10

Value: 1.3

Growth: 3.7

Quality: 7.2

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Endeavour Silver

A-Score: 4.1/10

Value: 6.6

Growth: 3.2

Quality: 3.3

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.45$

Current Price

26.45$

Potential

-0.00%

Expected Cash-Flows