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Mcewen Mining Inc

www: www.mcewenmining.com   email: info@mcewenmining.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NYSE:MUX USD
TSE:MUX CAD

Description

Mcewen Mining Inc are a gold focused mid-tier producer with two producing mines in Argentina and Canada, one mine in development in USA and four exploration properties. Currently they produce roughly 120koz. of gold per year. They have approximately 3Moz. of gold in the reserves and resources category of which 2Moz. are in the measured and indicated category. They have a market capitalisation of ~$775.85M which is a rise of roughly 91% over the last six months. As of 08/07/2025 they have ~$130M debt and ~$53M cash. They have 53M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 02/26/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $405.65M $775.85M 02/26/2025
MCap (OS): $381.59M $729.83M 02/26/2025
Total Assets: $500.00M $500.00M 02/26/2025
Total Liabilities: $125.00M $225.00M 08/07/2025
Current Assets: $22.00M $62.00M 03/18/2025
Current Liabilities: $36.00M $36.00M 02/26/2025
Total Debt: $40.00M $130.00M 08/07/2025
Cash: $22.00M $53.00M 08/07/2025
Debt (Net): $18.00M $77.00M
Enterprise Value: $423.65M $852.85M 01/09/1997
Cash Flow: $65.73M $87.50M never
Cash Flow Multiple: 6.17 8.87 never
Net Debt to
Cash Flow Ratio:		 0.27 0.88 never
Finance within 1 year: 02/26/2025
Misc 02/26/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 52,924,821 52,924,821 02/26/2025
Shares (FD): 56,261,740 56,261,740 02/26/2025
Insider Ownership: n/a 20% 08/07/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 02/26/2025
Production (Gold Eq Oz.): (guess) 
130,000		 (guess) 
120,000		 08/07/2025
Production (Silver Eq Oz.): (guess) 
11,926,997		 (guess) 
10,397,810		 08/07/2025
Development Phase: none Producer (Multiple Mines) 08/07/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 04/24/2023
Cash Flow Multiple: 10 12 08/07/2025

Resource Data

GOLD 02/26/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.50M 0.50M 02/26/2025
Measured & Indicated: 2.00M 2.00M 02/26/2025
Inferred: 1.00M 1.00M 02/26/2025
Reserves & Resources: 3.00M 3.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.40M 0.40M 02/26/2025
Measured & Indicated: 1.36M 1.36M 02/26/2025
Inferred: 0.40M 0.40M 02/26/2025
Reserves & Resources: 1.76M 1.76M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
130,000oz.		 (guess) 
120,000oz.		 08/07/2025
Cash Cost: $1,600 $2,000 08/07/2025
Extra Operating Cost: $800 $800 02/26/2025
Total: $2,400 $2,800 08/07/2025
Margin (Free Cash Flow): $506 (17%) $729 (21%)
MCap / Production (AuEq): $3,120.36 $6,465.41
EV / Production (AuEq): $3,258.82 $7,107.08
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 02/26/2025
Open Pit (Avg): n/a 1.00 g/t 03/23/2024
Recovery Rate: (CG)  80.00% (CG)  80.00% 08/07/2025
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 02/26/2025
Annual Production: 150,000oz. 150,000oz. 02/26/2025
Cash Cost: $1,500 $1,800 08/07/2025
Extra Operating Cost: $800 $800 02/26/2025
SILVER 02/26/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/26/2025
Measured & Indicated: n/a n/a 02/26/2025
Inferred: n/a n/a 02/26/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/26/2025
Measured & Indicated: n/a n/a 02/26/2025
Inferred: n/a n/a 02/26/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/26/2025
Extra Operating Cost: n/a n/a 02/26/2025
Total: n/a n/a 02/26/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $34.01 $74.62
EV / Production (AgEq): $35.52 $82.02
G
R
A
D
E		 Underground (Avg): n/a n/a 02/26/2025
Open Pit (Avg): n/a n/a 03/04/2024
Recovery Rate: n/a n/a 08/07/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 02/26/2025
Annual Production: n/a n/a 02/26/2025
Cash Cost: n/a n/a 02/26/2025
Extra Operating Cost: n/a n/a 02/26/2025

Property

Last Analysis Data  (02/26/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod San Jose
49 n/a
Prod Black Fox / Grey Fox
100 show
2.3 million oz.

Acquired from Primero.
Exp Eureka - Lookout Mountain
100 show
Drilling

Size: 6,000 ha
Exp El Gallo - Fenix
100 show
Developing.

6 million oz of silver annually.

$150 million capex.
Dev Gold Bar
100 show
Currently permitting.

Planning to produce 50,000 oz per year.
Exp Paiute - Battle Moutian
80 show
Early exploration

Size: 450 ha
Exp Seven Troughs
100 show
Early exploration

Size: 1,500 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod San Jose
49 n/a
Prod Black Fox / Grey Fox
100 show
2.3 million oz.

Acquired from Primero.
Exp Eureka - Lookout Mountain
100 show
Drilling

Size: 6,000 ha
Exp El Gallo - Fenix
100 show
Developing.

6 million oz of silver annually.

$150 million capex.
Dev Gold Bar
100 show
Currently permitting.

Planning to produce 50,000 oz per year.
Exp Paiute - Battle Moutian
80 show
Early exploration

Size: 450 ha
Exp Seven Troughs
100 show
Early exploration

Size: 1,500 ha

Profitability (by resource)

Proven &
Probable		 02/26/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.50M 0.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.40M 0.40M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $202.24M $291.68M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $202.24M $291.68M n/a
Max Profit / Current MCap: 0.499 0.376 n/a
Max Profit Per Share (Gold): $3.59 $5.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.59 $5.18 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $1,014.12 $1,939.62 n/a
FD MCap / Silver Eq.: $11.05 $22.38 n/a
FD MCap / Per Metal
as % Spot Price:		 34.90% 54.96% n/a
EV / Gold Eq.: $1,059.12 $2,132.12 n/a
EV / Silver Eq.: $11.54 $24.61 n/a
EV / Per Metal
as % Spot Price:		 36.45% 60.41% n/a
Measured &
Indicated		 02/26/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.36M 1.36M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $687.62M $991.70M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $687.62M $991.70M n/a
Max Profit / Current MCap: 1.695 1.278 n/a
Max Profit Per Share (Gold): $12.22 $17.63 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $12.22 $17.63 n/a
Total Free Profit Per Share: $5.01 $3.84 n/a
FD MCap / Gold Eq.: $298.27 $570.48 n/a
FD MCap / Silver Eq.: $3.25 $6.58 n/a
FD MCap / Per Metal
as % Spot Price:		 10.27% 16.16% n/a
EV / Gold Eq.: $311.51 $627.10 n/a
EV / Silver Eq.: $3.40 $7.24 n/a
EV / Per Metal
as % Spot Price:		 10.72% 17.77% n/a

Reserves &
Resources		 02/26/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.00M 3.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.76M 1.76M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $889.86M $1,283.37M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $889.86M $1,283.37M n/a
Max Profit / Current MCap: 2.194 1.654 n/a
Max Profit Per Share (Gold): $15.82 $22.81 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $15.82 $22.81 n/a
Total Free Profit Per Share: $8.61 $9.02 n/a
FD MCap / Gold Eq.: $230.48 $440.82 n/a
FD MCap / Silver Eq.: $2.51 $5.09 n/a
FD MCap / Per Metal
as % Spot Price:		 7.93% 12.49% n/a
EV / Gold Eq.: $240.71 $484.57 n/a
EV / Silver Eq.: $2.62 $5.59 n/a
EV / Per Metal
as % Spot Price:		 8.28% 13.73% n/a

Future Valuation (Cash Flow & Totals)

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