MUX
Basic MaterialsMcEwen Mining Inc. · Other Precious Metals · $1B
What is McEwen Mining Inc.?
McEwen Mining Inc. is a small-cap precious metals company focused on gold, silver, and copper across North and South America. Headquartered in Toronto, Canada, it operates producing mines alongside a significant copper development project.
McEwen Mining explores, develops, and produces gold and silver from mines in Nevada, Ontario, and Mexico, while also holding a 49% stake in the San José mine in Argentina. Its most distinctive long-term asset is the Los Azules copper deposit in Argentina, a large-scale development project. Revenue comes primarily from selling gold and silver produced at its operating mines, with copper representing a future growth avenue.
Incorporated in 1979 and headquartered in Toronto, Canada, the company rebranded as McEwen Mining Inc. in January 2012.
- Gold Bar mine operations in Eureka County, Nevada
- Black Fox gold mine in Ontario, Canada
- Fenix silver-gold project in Sinaloa, Mexico
- Los Azules copper development project in Argentina
- 49% interest in the San José silver-gold mine, Argentina
Is MUX a Good Stock to Buy?
UQS Score rates MUX as Below Average overall, reflecting meaningful structural challenges alongside a standout growth profile.
The Growth pillar is the clearest bright spot for McEwen Mining, driven by the scale of the Los Azules copper project and ongoing mine development activity. Valuation also registers as Good relative to peers, suggesting the market has not yet priced in the company's longer-term project pipeline.
Both the Quality and Moat pillars score Weak, pointing to limited earnings consistency and a lack of durable competitive advantages typical of junior miners operating in commodity markets.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does MUX pay dividends?
No — McEwen Mining Inc. does not currently pay a dividend.
McEwen Mining does not currently pay a dividend. For a junior miner with active development projects, this is common — available capital is directed toward advancing assets like Los Azules and sustaining mine operations rather than returning cash to shareholders. Income-focused investors should factor this into their assessment.
When does MUX report earnings?
McEwen Mining reports earnings on a quarterly cadence, consistent with standard practice for TSX- and NYSE-listed mining companies.
Results tend to reflect fluctuations in gold and silver prices, mine throughput, and project spending. Development-stage costs at Los Azules can weigh on near-term profitability even as operational mines contribute revenue.
For the most recent quarter's results, visit McEwen Mining's investor relations page directly.
MUX Price History
+62.0% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in McEwen Mining Inc.?
Based on McEwen Mining Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
MUX Long-term Outlook
The UQS Growth pillar registers as Strong, reflecting the potential scale of the Los Azules copper project and ongoing mine development. However, the Weak Quality and Moat scores temper the outlook — execution risk and commodity price sensitivity remain central concerns. The Neutral Risk pillar suggests the balance sheet and operational profile are neither particularly stressed nor especially resilient. Progress at Los Azules toward a construction decision would be the most significant fundamental catalyst.
Growth drivers
- Advancement of the Los Azules copper deposit toward development
- Increased gold and silver output from existing operating mines
- Rising copper demand tied to energy transition infrastructure
Key risks
- Commodity price volatility directly impacts revenue and project economics
- Execution and permitting risk across multiple jurisdictions
- Capital intensity of mine development may pressure the balance sheet
MUX vs Peers
McEwen Mining operates in a peer group of junior precious and base metals developers, each with distinct geographic and commodity focuses.
Solaris is a copper-focused developer concentrated in Ecuador, making it a more pure-play copper exploration story compared to McEwen's diversified gold, silver, and copper mix.
New Pacific focuses on large silver deposits in Bolivia, giving it a different commodity and country risk profile than McEwen's multi-asset, multi-country approach.
Avino is a producing silver and gold miner in Mexico, overlapping with McEwen's Mexican operations but operating at a smaller scale with a tighter asset focus.
Frequently Asked Questions
What does McEwen Mining do?
McEwen Mining explores, develops, and produces gold and silver from mines in Nevada, Ontario, and Mexico. It also holds a 49% stake in the San José mine in Argentina and is advancing the Los Azules copper deposit — one of the larger undeveloped copper projects in South America.
Does MUX pay dividends?
No, McEwen Mining does not currently pay a dividend. The company directs available capital toward mine operations and the development of its project pipeline, particularly the Los Azules copper project. Investors seeking income should note this before investing.
When does MUX report earnings?
McEwen Mining reports on a quarterly basis, in line with standard practice for North American-listed mining companies. For exact dates and the most recent results, check the investor relations section of the company's official website.
Is MUX a good stock to buy?
UQS Score rates MUX as Below Average overall. The Growth pillar stands out as Strong, and Valuation is rated Good, but Weak scores in Quality and Moat highlight real structural concerns. Whether it fits a portfolio depends on individual risk tolerance and time horizon — the full pillar breakdown is available to Pro members.
Is MUX overvalued?
The UQS Valuation pillar for MUX is rated Good, suggesting the stock is not obviously expensive relative to its peers in the junior mining space. That said, commodity miners are inherently cyclical, and valuation can shift quickly with gold, silver, or copper prices.
How does MUX compare to its competitors?
Compared to peers like Solaris Resources, New Pacific Metals, and Avino Silver & Gold, McEwen Mining stands out for its diversified multi-asset, multi-commodity approach. The Los Azules copper project adds a dimension most silver-focused peers lack, though it also adds development complexity and capital requirements.
What is MUX's market cap bracket?
McEwen Mining is classified as a small-cap company. This places it in a segment of the market that can offer higher growth potential but also carries greater liquidity risk and volatility compared to large- or mega-cap miners.
Who founded McEwen Mining?
The company was originally incorporated in 1979 as US Gold Corporation. Rob McEwen, the well-known mining entrepreneur and former chairman of Goldcorp, is closely associated with the company's modern identity following its rebranding to McEwen Mining in 2012. Founding details are widely available through public records.
Is MUX a long-term quality investment?
From a long-term quality standpoint, MUX's UQS profile shows a mixed picture. The Strong Growth pillar reflects genuine long-term project potential, particularly at Los Azules. However, Weak Quality and Moat scores indicate the company has not yet demonstrated the earnings consistency or competitive durability associated with higher-quality long-term holdings.
What is the main competitive advantage of McEwen Mining?
McEwen Mining's most distinctive asset is the Los Azules copper deposit in Argentina, which represents significant long-term optionality in a metal with growing demand. Its diversified portfolio across gold, silver, and copper also provides some commodity exposure breadth, though the UQS Moat pillar rates this advantage as Weak relative to sector peers.
What sector does MUX belong to?
McEwen Mining operates in the Basic Materials sector, specifically within precious and base metals mining. It produces gold and silver from operating mines while developing a large copper project, giving it exposure to multiple commodity cycles within the same sector.
Is MUX a growth stock or value stock?
Based on UQS pillar labels, MUX leans toward growth — the Growth pillar is rated Strong, driven by project development activity. The Valuation pillar is rated Good, meaning it is not trading at a steep premium. This combination may appeal to investors looking for growth exposure without paying a high valuation premium.
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Pro Analysis
MUX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 12, 2026 | 41.4 | 26.4 | 4.0 | 79.2 | 46.6 | 73.3 | +4.0 |
| May 8, 2026 | 37.4 | 0.0 | 4.0 | 79.2 | 36.9 | 100.0 | -2.3 |
| Apr 22, 2026 | 39.7 | 20.5 | 4.0 | 79.2 | 44.8 | 73.3 | -3.7 |
| Apr 18, 2026 | 43.4 | 24.1 | 4.0 | 93.2 | 44.8 | 73.3 | -4.0 |
| Apr 2, 2026 | 47.4 | 24.1 | 4.0 | 93.2 | 44.8 | 100.0 | — |
MUX — Pillar Breakdown
Quality
— 26.4/100 (25%)McEwen Mining Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 79.2/100 (20%)McEwen Mining Inc. is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 46.6/100 (15%)McEwen Mining Inc. has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 73.3/100 (15%)McEwen Mining Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 4/100 (25%)McEwen Mining Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for MUX.
Score Composition
Financial Data
More Stock Analysis
How is the MUX UQS Score Calculated?
The UQS (Unified Quality Score) for McEwen Mining Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses McEwen Mining Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether McEwen Mining Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.