McEwen Inc Dossier
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SectorMaterials IndustryOther Precious Metals & Mining Beta (adjusted)1.16 Intrinsic Value $13.66median of 5 methods · middle span $7-$60based on filings through 30 Jun 2026 Market Price $17.66Price as of 1 Oct 2026 OvervaluedIntrinsic value is 23% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $1.1B Enterprise Value $1.1B Shares Outstanding 67M diluted Moat Rating None Next Earnings Date4 Nov 2026 Last ex-dividend7 Mar 2019 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary McEwen Inc. (formerly McEwen Mining Inc.) is transitioning from a high-cost junior producer into a diversified mid-tier precious and base metals company. The investment thesis is anchored by three core pillars: robust near-term cash flows from its 49% owned San José mine in Argentina (which delivered $58.2 million in dividends in 2026), a clear organic growth path to double gold production to 250,000–300,000 GEOs by 2030, and massive copper optionality through its 46.3% stake in McEwen Copper's world-class Los Azules project. The recent Grey Fox PFS extending the Fox Complex mine life to 2041 with an NPV of up to $841M further solidifies the domestic asset base. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$28.00 Mean target$31.00 High · most bullish analyst$37.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case involves operational delays at the Stock Ramp or Fenix Project, inflationary pressures pushing AISC above $2,000/oz, and a sharp correction in gold/silver prices. Additionally, political or currency repatriation hurdles in Argentina could restrict cash flows from the San José mine, forcing dilutive equity raises to fund capital expenditures. Base CaseCentral scenario The base case assumes gold prices remain supportive above $2,300/oz, allowing McEwen to fund its $100M annual capital expenditure program internally. The Stock Ramp at the Fox Complex successfully achieves commercial production in H2 2026, and the Fenix Project in Mexico begins construction on schedule. McEwen Copper successfully executes its planned IPO in late 2026, unlocking substantial sum-of-the-parts value for MUX shareholders. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |