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MUX

McEwen Mining Inc.

MUX

McEwen Mining Inc. • NYSE
$18.61 ▲ 4.20% (+0.75)
Market Cap $1.01 B
52w High $24.88
52w Low $6.38
Dividend Yield 0%
P/E -80.91
Volume 967.85K
Outstanding Shares 54.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.534M ▲ $-1.645M ▼ $-462K ▼ -0.914% ▼ $-0.009 ▼ $8.318M ▲
Q2-2025 $46.7M ▲ $15.656M ▼ $3.04M ▲ 6.51% ▲ $0.056 ▲ $6.86M ▲
Q1-2025 $35.696M ▲ $17.71M ▲ $-6.27M ▲ -17.565% ▲ $-0.12 ▲ $6.599M ▲
Q4-2024 $33.523M ▼ $14.909M ▲ $-8.232M ▼ -24.556% ▼ $-0.16 ▼ $-1.665M ▼
Q3-2024 $52.25M $13.9M $-2.081M -3.983% $-0.04 $11.904M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $71.898M ▲ $747.644M ▲ $259.08M ▲ $488.564M ▲
Q2-2025 $67.441M ▼ $735.622M ▲ $251.143M ▲ $484.479M ▲
Q1-2025 $78.208M ▲ $730.597M ▲ $250.76M ▲ $479.837M ▼
Q4-2024 $14.898M ▼ $664.623M ▼ $169.648M ▲ $494.975M ▼
Q3-2024 $30.227M $667.792M $165.688M $502.104M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-462K ▼ $5.215M ▲ $-10.957M ▲ $3.451M ▲ $-2.299M ▲ $-5.614M ▲
Q2-2025 $3.04M ▲ $478K ▲ $-15.229M ▼ $-263K ▼ $-14.906M ▼ $-9.171M ▲
Q1-2025 $-6.27M ▲ $-1.932M ▼ $-13.593M ▼ $70.513M ▲ $54.992M ▲ $-16.466M ▼
Q4-2024 $-8.232M ▼ $-1.212M ▼ $-12.903M ▲ $-334K ▲ $-14.824M ▼ $-13.961M ▼
Q3-2024 $-2.081M $23.179M $-34.019M $-502K $-10.921M $4.039M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Canada Reportable Segment
Canada Reportable Segment
 $50.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Mexico Reportable Segment
Mexico Reportable Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
United States Reportable Segment
United States Reportable Segment
 $70.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement McEwen Mining’s income statement shows a small, volatile business that has not yet reached steady, reliable profitability. Revenue has inched up over time, but not enough to fully cover operating costs, so operating losses remain the norm. Profitability has swung sharply from year to year, with occasional brief appearances of net profit quickly followed by renewed losses. The latest period hints at better operating performance than the worst years, but the pattern is still choppy and heavily influenced by metal prices, mine performance, and one‑off items. Overall, this looks like a transition phase rather than a mature, stable earnings profile.

Balance Sheet

Balance Sheet The balance sheet shows a company with a meaningful base of assets and a solid equity cushion relative to its size, but with only a modest cash buffer. Debt levels appear manageable and have not ballooned, suggesting the company has leaned more on equity and asset partnerships than on heavy borrowing. That said, cash on hand is relatively thin, so the business likely depends on continued access to financing, joint ventures, or asset sales to fund large projects. The structure is not overly leveraged, but it does not leave a lot of room for prolonged setbacks without fresh capital.

Cash Flow

Cash Flow Cash flow tells a story of a miner that has been investing ahead of its cash generation. Historically, day‑to‑day operations consumed cash, although more recent results show early signs that the core business can generate positive operating cash in a better year. Even so, free cash flow remains negative because the company is consistently spending on exploration and project development, especially for growth assets like Los Azules. In practical terms, the business is still self‑funding only part of its needs and must bridge the gap with external financing or asset‑level deals while it builds toward larger, future production.

Competitive Edge

Competitive Edge McEwen Mining’s competitive position today is modest, but its potential rests heavily on the Los Azules copper project. Current gold and silver operations are relatively small and face many of the same cost and grade pressures as other mid‑tier miners, with limited scale advantages. The real differentiator is the combination of a large, long‑life copper resource and a design focused on low‑carbon, low‑water, “green” copper production. Partnerships and investments from large industry players add credibility and strategic support. However, until Los Azules is financed, built, and operating, the company’s competitive strength remains more about future promise than current market power, and it must still contend with political, technical, and execution risks, especially in Argentina.

Innovation and R&D

Innovation and R&D Innovation at McEwen is concentrated in how it plans to develop Los Azules and in select technology upgrades across its existing mines. The copper project is being engineered around modern leaching methods, on‑site copper production, full use of renewable power, and sharply reduced water use, aiming to set a high bar for environmentally responsible copper supply. Collaboration with Rio Tinto’s Nuton technology could materially improve metal recovery and mine life, while investments in faster, cleaner assay techniques and advanced exploration tools show a willingness to adopt new methods. At the current gold and silver operations, innovation is more incremental—better geological modeling, mine design, and cost optimization. Overall, the company appears forward‑thinking, but many of the most ambitious ideas are still on the drawing board and must be proven in the field.

Summary

McEwen Mining today is a small, still‑evolving precious metals producer whose financials reflect ongoing losses, heavy investment, and a reliance on external capital rather than a mature, self‑funding business. The central story is not the current gold and silver mines, but the potential transformation into a significant, low‑carbon copper producer through the Los Azules project. Strategic partners, ESG‑focused engineering, and aligned leadership are clear positives. On the other hand, the company faces the typical challenges of a development‑stage miner: large up‑front capital needs, project and country risk, and earnings that are not yet stable. For now, the profile is that of a high‑uncertainty, future‑oriented story rather than a steady, cash‑rich operator.

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