# McEwen Inc. (MUX)

> Source: Nexqual · https://nexqual.com/MUX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, McEwen Inc. (MUX), nexqual.com/MUX" · informational, not investment advice.

**Price:** USD 14.63 (-1.81% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 14.63 · day 14.08–14.8 · 52w 14.08–29.7 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $248M, net income $80.6M (32.5% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $59K; 1 not under a Rule 10b5-1 plan ($59K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $18K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 31.2 (range 28–37).
- Total return with dividends: 1Y -25.4% vs S&P 500 +13.4%; 5Y +33.0% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.09, revenue estimate $53.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $137M | $110M | $166M | $174M | $198M | $248M |
| Gross profit | -$6.5M | -$544K | $17.8M | $30.9M | $47.6M | — |
| Operating income | -$64.3M | -$95.4M | -$162M | -$50.6M | $2.7M | $62.6M |
| Net income | -$56.7M | -$81.1M | $55.3M | -$43.7M | $34.4M | $80.6M |
| EPS (diluted) | -$1.25 | -$1.71 | $1.16 | -$0.86 | $0.59 | — |
| Gross margin | -4.7% | -0.5% | 10.7% | 17.7% | 24.1% | — |
| Operating margin | -47.1% | -86.4% | -97.5% | -29.0% | 1.3% | 25.2% |
| Net margin | -41.5% | -73.4% | 33.3% | -25.0% | 17.4% | 32.5% |
| Revenue growth | +30.3% | -19.1% | +50.5% | +5.0% | +13.2% | — |
| Cash + short-term investments | $54.3M | $39.8M | $24.8M | $15.3M | $72.1M | — |
| Total debt | $48.9M | $74.0M | $40.0M | $52.0M | $126M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 35.2x, Dec 2023 6.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-29 | Brissenden Richard W. | Director | 3,275 | $59K | 15.4% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $18K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-05 | Kaszas Stephen Douglas | Director | 1,000 | $18K | 18.36 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 31.2 (low 28, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Roth Capital | Target lowered | Buy | $35 → $31 |
| 2026-08-07 | HC Wainwright & Co. | Target lowered | Buy | $29.5 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -25.4% | +33.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -25.4% | +5.9% |
| Volatility (annualized) | 64.5% | 60.9% |
| Max drawdown | -49.6% (Jan 2026→Oct 2026) | -75.4% (Nov 2021→Aug 2022) |

## Peers (Other Precious Metals & Mining)
VMET (Versamet Royalties Corporation) USD 8.23 +1.11% · ASM (Avino Silver & Gold Mines Ltd.) USD 4.64 -2.73% · SLSR (Solaris Resources Inc.) USD 6.65 +1.06% · MTA (Metalla Royalty & Streaming Ltd) USD 7.29 -2.41% · SIND (Sinda Ltd.) USD 11.77 +2.71% · ITRG (Integra Resources Corp.) USD 2.21 -2.21%

## More
Full page: https://nexqual.com/MUX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MUX's own 10-K filed 2026-03-17 (https://www.sec.gov/Archives/edgar/data/314203/000110465926028705/mux-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Auramet International | "During the year ended December 31, 2025, in respect of our 100% owned mines, 32% of our sales were made to Asahi and 66% of our sales were made to Auramet, with the remaining 2% made to other customers." |
| Customer | Minera Santa Cruz | "If our customer relationships or MSC's customer relationships were interrupted for any reason, we believe that we or MSC could locate other purchasers for our products." |
| Partner | Hochschild Mining PLC (HCHDF) | "Our joint venture partner, a subsidiary of Hochschild Mining plc ("Hochschild"), and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this information." |
| Partner | NV Gold Corp (NVGLF) | "Under the terms of the agreement with Auramet, we have an option to sell up to 100% of the gold and silver contained in doré bars produced at the Gold Bar Mine Complex and Fox Complex prior to the completion of refining." |
| Partner | McEwen Copper | "Further, our participation in the joint venture with Hochschild for the 49.0% interest held at MSC, and 46.3% ownership in McEwen Copper as of December 31, 2025, each creates additional risks because, among other things,…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fox Complex In Ontario Canada | $28.9M | 48.7% | +50.5% |
| Gold Bar Mine Complex In Nevada United States | $26.0M | 43.9% | -5.5% |
| El Gallo Project In Sinaloa Mexico | $4.4M | 7.3% | — |
| Total revenue | $59.2M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Canada | $28.9M | 48.7% | +50.5% |
| United States | $26.0M | 43.9% | -5.5% |
| Mexico | $4.4M | 7.3% | — |
| Total revenue | $59.2M | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "Full-year 2026 production guidance was updated to 109,000 - 120,000 GEOs , including our attributable production from our 49%-owned San José mine and assuming a 77:1 silver-to-gold ratio."
- "Our production guidance does not include early pre-commercial production from the Stock mine."
- "Consolidated costs per ounce guidance ranges have been updated, at $2,200 to $2,450 for cash costs, and $2,500 to $2,750 for AISC."
- "Q2 2026 Production and Costs 1 , Comparatives from Q2 2025 and 2026 Annual Guidance Q2 H1 Full Year 2026 2026 2025 2026 2025 Revised Guidance Consolidated Production GEOs (2) (3) 13,852 13,835 29,741 27,042 109,000 – 120,000 Gold Bar Mine Complex, Nevada GEOs 5,842 8,406 13,726 16,094 30,000 – 33,000 Cash Costs/GEO $ 2,705 $ 1,679"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.00 | — | $53.1M | 1 |
| Next quarter (ends 2026-12-31) | $0.10 | $0.22 | -52.3% | $48.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.44 | $2.21 | -34.8% | $251.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $3.25 | $3.40 | -4.4% | $354.2M | 2 |