McEwen Inc
Company Overview
McEwen Inc. (NYSE/TSX: MUX) is a gold producer with operations in Canada, the United States and Argentina, and a significant equity interest in the large-scale Los Azules copper project in Argentina through McEwen Copper. Core producing assets include the Fox Complex in Timmins, Ontario (Froome mine plus the advancing Stock Mine), the Gold Bar Complex in Nevada, and a 49% interest in the San José mine in Argentina. Consolidated 2026 production guidance is in the approximate range of 109,000–126,000 gold-equivalent ounces (GEOs), with recent adjustments raising Fox Complex guidance and lowering Gold Bar guidance. The company targets 250,000–300,000 GEOs of annual production by 2030 through Fox growth (Stock and Grey Fox), San José, the planned restart of El Gallo in Mexico, and other projects. McEwen owns 46.3% of McEwen Copper, whose Los Azules project has a 2025 feasibility study outlining initial average production of 205 ktpa copper cathodes at a C1 cash cost of US$1.71/lb over a 22-year mine life; the implied value of McEwen’s equity stake based on the last financing is approximately US$457 million. Final Investment Decision for Los Azules is targeted for year-end 2026.
Investment Thesis
MUX offers leveraged exposure to gold production growth from existing operations and near-term projects (Stock, Grey Fox, El Gallo) plus a large copper development option through Los Azules. The dual gold-and-copper profile differentiates the company. Key risks include operational performance and cost control at Gold Bar and Fox, successful delivery of Stock and Grey Fox, financing and execution risk at Los Azules, and gold and copper price volatility. Relative to pure explorers, MUX ranks lower risk due to current production and cash flow; residual multi-asset development and jurisdictional risks remain material
