McEwen Mining Inc. (MUX) is a mining and minerals production and exploration company focused on precious and base metals, including gold, silver, and copper. The company operates across the Americas, engaging in the production, sale, exploration, and development of mineral properties. Its operations are geographically diverse, with key assets in the United States, Canada, Mexico, and Argentina, and it holds interests in both producing mines and advanced-stage development projects.
- USA - Operates the Gold Bar Mine in Nevada, a key gold-producing asset, and manages exploration projects such as Elder Creek.
- Canada - Manages the Fox Complex in Ontario, which includes the Froome mine and Stock mill, and oversees additional exploration properties.
- Mexico - Develops the Fenix Project in Sinaloa, an advanced-stage gold and silver project.
- Minera Santa Cruz (MSC) - Holds a 49% interest in the San José Mine in Argentina, a producing silver-gold mine operated by Hochschild Mining plc.
- McEwen Copper - Focuses on copper exploration and development, including a 46.4% interest in the Los Azules Copper Project in Argentina.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert R. McEwen ExecutiveBoard | Chairman & CEO | None | Over 30 years in mining, guided Goldcorp Inc. to senior gold producer status, pivotal in acquisitions of Lexam VG Gold Inc. and Minera Andes Inc.. | View Report → |
William M. Shaver ExecutiveBoard | Interim COO & Director | None | 50+ years in mining, founder of Dynatec Corporation, former COO of INV Metals, Ernst & Young Entrepreneur of the Year. | |
Carmen Diges Executive | General Counsel & Secretary | None | Legal practice in Toronto, CFA Charter, Master of Laws (Tax), Bachelor of Laws, Bachelor of Arts. | |
Jeffrey Chan Executive | VP, Finance | None | Former CFO at various companies, extensive finance and accounting experience, Chartered Accountant. | |
Perry Ing Executive | Interim CFO | Director and Chair of Audit Committee at Burin Gold Corp. | Extensive financial leadership in mining, previously CFO of MUX from 2008 to 2015, CPA and CFA. | |
Stefan Spears Executive | VP of Corporate Development | None | Former VP of Projects at MUX, founded and sold a manufacturing company, rejoined MUX in 2015. | |
Allen V. Ambrose Board | Director | None | Founder of Minera Andes Inc., extensive mining industry experience, co-discovered Brisas deposit. | |
Ian J. Ball Board | Director | None | Former President and CEO of Abitibi Royalties, Inc., significant mining industry experience. | |
Merri J. Sanchez Board | Director | Technical Fellow at The Aerospace Corporation | 40+ years in spaceflight engineering, former Chief Scientist of U.S. Air Force Space Command, senior executive at NASA. | |
Michelle Makori Board | Director | Editor-in-Chief and Lead Anchor at Kitco News | Extensive experience as a broadcast journalist, focusing on commodities and precious metals. | |
Nicolas Darveau-Garneau Board | Director | None | Expert in AI and digital transformation, former Chief Evangelist at Google, co-founded four Internet companies. | |
Richard W. Brissenden Board | Director | None | 30+ years in mining, CPA, served on numerous audit committees, former Chairman of Banro Corporation. | |
Robin Dunbar Board | Director | President and CEO of Grid Metals Corp. | Director at MUX since 2017, extensive experience in mining and finance, former CFO of Aquila Resources Inc.. |
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With the feasibility study for Los Azules still pending and no definitive capital-raising plans disclosed, how do you intend to finance the project's development without further straining the company's balance sheet?
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Despite higher production levels at Gold Bar over the past two quarters, you expect 2025 production to be similar due to increased stripping; what specific operational strategies are you implementing to convert this additional mining activity into higher gold output and profitability?
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All-in sustaining costs at Gold Bar and Fox significantly exceeded your target ranges in Q3 ($1,822 vs. $1,650–$1,750 at Gold Bar and $1,953 vs. $1,450–$1,550 at Fox); what concrete measures are you taking to reduce costs and align actual performance with your cost guidance?
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Given that you've been approached by a potential buyer for the San Jose mine amidst stronger silver prices, are you actively considering asset sales to bolster your financial position, and what are the key factors influencing your decision-making process in this regard?
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Lower-than-expected grades at San Jose impacted your quarterly results; what steps are you taking to improve grade control and resource model reconciliation to prevent future discrepancies that affect production and financial outcomes?
Research analysts who have asked questions during McEwen earnings calls.
Chris White
Ventures
3 questions for MUX
Jacob Sekelsky
Alliance Global Partners
3 questions for MUX
Heiko Ihle
H.C. Wainwright & Co.
2 questions for MUX
Joseph Reagor
ROTH Capital Partners
2 questions for MUX
Michael Kozak
Cantor Fitzgerald
2 questions for MUX
Mike Kozak
Cantor Fitzgerald
2 questions for MUX
Craig Huber
Huber Research Partners
1 question for MUX
Dan Kurnos
The Benchmark Company
1 question for MUX
John Tumazos
John Tumazos Very Independent Research
1 question for MUX
Pat Scholl
Barrington Research
1 question for MUX
Steven Cahall
Wells Fargo & Company
1 question for MUX
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Asahi Refining Inc. | Doré purchase agreement | 100%-owned mines and San José mine | $112.3 million in 2024 (about 64% of 100%-owned mines’ sales , ; 21% of San José mine ). |
Auramet International LLC | Doré purchase agreement | 100%-owned mines | $56.9 million in 2024 (about 33% of 100%-owned mines’ sales , ). |
LS Mining | Smelter/offtake arrangement | San José mine | 18% of the San José mine’s sales in 2024. |
Ocean Partners | Smelter/offtake arrangement | San José mine | 18% of the San José mine’s sales in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Timberline Resources Corporation | 2024 |
Recent press releases and 8-K filings for MUX.
- McEwen Inc. announced encouraging results from its 2025 drilling program at the Windfall Project in Nevada, highlighted by the discovery of a new high-grade zone.
- A key drill hole, WF033, intersected 8.1 g/t gold over 8.7 meters, including a high-grade section with 50.3 g/t gold, 782 g/t silver, 15% lead, and 2.5% zinc over 1.3 meters (62.5 g/t gold equivalent).
- The company aims to publish a resource estimate for the Windfall Project by year-end 2025, noting that the project's location on private land could facilitate faster permitting.
- Initial metallurgical testing indicated strong cyanide recovery for oxidized gold mineralization, with CN ratios exceeding 60%, which is favorable for heap leach processing.
- Inventus Mining Corp. has received a CAD$1,466,249 pre-payment from McEwen Inc. for a portion of the estimated recoverable gold from its 4,816-tonne 007 North bulk sample at the Pardo Gold Project.
- The Trench 1 bulk sample is 90% extracted, with 3,812 tonnes (38% complete) delivered to McEwen Inc.'s Stock Mill for processing.
- Results from the Trench 1 bulk sample are anticipated in November.
- Grade-control drilling at Trench 1 identified approximately 10,000 tonnes with a weighted average of 4.10 gpt gold over 1.78 metres.
- Goliath Resources announced that drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, at its Surebet Discovery on the Golddigger Property.
- All drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization, and 95% of the 2025 drill holes contain visible gold.
- The Surebet Discovery has widespread drill holes over an area of 1.8 km2 and remains wide open, with 61 holes delivering greater than 50 grams*meters since drilling began in 2021.
- As of August 26, 2025, 65 drill holes totaling 45,000 meters have been completed in 2025, with the company on target to complete its planned up to 60,000 meter drill program using 9 rigs.
- McEwen Inc. reported a net income of $3.0 million or $0.06 per share in Q2 2025, a significant improvement from a net loss of $13.0 million or $0.26 per share in Q2 2024, with Adjusted EBITDA increasing to $17.3 million. This was positively impacted by higher gold prices.
- The company's liquidity improved substantially, with cash and equivalents rising to $53.6 million at June 30, 2025, from $13.7 million at June 30, 2024, and working capital reaching $61.8 million.
- McEwen reaffirmed its full-year 2025 production guidance of 120,000–140,000 Gold Equivalent Ounces (GEOs).
- Strategic developments include the proposed acquisition of Canadian Gold Corp. by early 2026 and the expected publication of the Los Azules Feasibility Study in late Q3 2025.
- McEwen Inc. (MUX) and Canadian Gold Corp. (CGC) entered into a binding letter of intent on July 27, 2025, for McEwen to acquire all of Canadian Gold's issued and outstanding securities.
- Each Canadian Gold common share holder will receive 0.0225 of a McEwen common share, representing an offer price of CDN $0.35 per Canadian Gold Share, which is a 26% premium to its 30-day volume weighted average price as of July 25, 2025.
- The acquisition includes Canadian Gold's 100% interest in the Tartan Mine in Manitoba, Canada, a high-grade former producing mine with existing infrastructure and exploration potential. McEwen anticipates re-commencing production at the Tartan Mine within 24 to 36 months.
- The Proposed Transaction is subject to various conditions, including approval from 66 2/3% of Canadian Gold shareholders and a simple majority of minority shareholders, with a special meeting expected by the end of 2025.
- McEwen Inc. announced the discovery of high-grade gold mineralization at Froome West, located approximately 200 meters west of its current producing Froome Mine.
- Key drill intercepts include 36.0 g/t gold over 10.0 m (including 160.0 g/t gold over 2.2 m) from hole 25PR-G424.
- This discovery is expected to extend mining at Froome and provides more optionality for the Fox Complex mine plan.
- The mineralization style at Froome West is similar to the historic Black Fox Mine, which produced nearly 1 million gold ounces, suggesting potential for a deposit of similar scale and significance.
- McEwen Mining’s market value is underpinned by three core assets—McEwen Copper (46.4% stake), a portfolio of six royalties, and gold/silver operations—with a conservative per-share valuation of US $8.47 (up to US $29 at peer-based upside).
- As of Q1 2025, the company holds US $51 million in cash and US $45 million in working capital (versus US $14 million and –US $7 million in Dec 2024), after closing US $110 million of convertible debt in February to fund growth; Q1 adjusted EBITDA rose to US $0.16/share from US $0.13/share on a 31% increase in realized gold prices.
- Full-year 2025 guidance targets roughly 75,000 oz gold production, with a self-funded path to 180,000 oz by 2030—free cash flow is forecast to grow from ~US $50 million in 2025 to over US $250 million by 2030, covering all growth capex.
- The Los Azules copper project in Argentina achieved its EIA permit in Dec 2024, secured a renewable-energy MOU with YPF, and closed a US $56 million private placement (including US $35 million from Rio Tinto at US $30/share); feasibility study completion is expected in Q3 2025.
- Operational Update: McEwen Mining detailed the transition of its Fox Complex to an underground operation to eliminate its legacy gold stream and improve cost efficiency and production.
- Strategic Growth & Financing: Management emphasized the significant potential of the Los Azules copper project in Argentina, outlining plans for over $3B in financing and potential strategic partnerships with major investors.
- Market Performance: The company’s share price has surged by 221% since the September 2022 financing, highlighting strong investor confidence.
- McEwen Mining reported its Q4 and full year 2024 results with revenue rising to $174.5 million despite a decline in production to 135,884 GEOs (down from 154,587 GEOs in 2023).
- The company achieved an Adjusted EBITDA of $29.2 million (up from $7.7 million), although it incurred a net loss of $43.7 million mainly due to $47.0 million in McEwen Copper-related expenses and $16.5 million in exploration investments.
- Convertible Notes of $110.0 million were issued to support key growth initiatives, including advancing projects at Los Azules and expanding operations at Fox Complex, with production guidance targeting 60,000 ounces by 2027.
- Production declined by 12% year-over-year to 135,884 gold equivalent ounces while a 24% higher selling price boosted adjusted EBITDA to $29.2 million; however, a net loss of $43.7 million was recorded due to significant investments in the Los Azules project.
- The company is advancing its Los Azules project, with a feasibility study scheduled for completion by June and plans for an IPO post-approval under RIGI, targeting a substantial upgrade in asset valuation.
- Exploration efforts at the Fox Complex and Gold Bar have expanded resource estimates to over 2 million ounces and set the stage for potential production doubling by 2027, with further growth possible through the Grey Fox deposit.
- A conversion of debt is underway, having increased from $40 million to $130 million via a capped call convertible debenture, supporting ongoing capital requirements for operational and developmental activities.