MUX

MKT CAP:$1B

McEwen Mining Inc.

Market Cap

$1B

Basic Materials·Other Precious Metals·🇨🇦 Canada·NYSE

Materials·Other·🇨🇦·NYSE

Stock Price

$25.52+$6.84 (+36.62%)

Apr 20, 2026

Company Details

McEwen Mining Inc. engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina. The company also explores for copper deposits. It primarily owns a 100% intere...

CEO

Robert Ross McEwen

IPO Date

May 7, 1980

Website

www.mcewenmining.com

Key Metrics TTM

Revenue

$166M

-16.6% YoY

Net Income

-$12M

EPS (Diluted)

-$0.23

Free Cash Flow

-$45M

Revenue / Share

$3.07

Gross Margin

13.7%

Operating Margin

-14.3%

Net Margin

-7.2%

FCF Margin

-27.2%

P/S

8.6x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 5, 2025

$51M-3.3%EPS -$0.01

Q2 2025

Aug 6, 2025

$47M-1.6%EPS $0.06

Q1 2025

Mar 31, 2025

$36M-13.4%EPS -$0.12

FY 2024

Mar 14, 2025

$174MEPS -$0.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$27M	-$701.0K	-$10M
Q4 20	$28M	-$14M	-$23M
Q1 21	$24M	-$5M	-$15M
Q2 21	$41M	$4M	-$9M
Q3 21	$37M	$344.0K	-$17M
Q2 22	$31M	$4M	-$17M
Q3 22	$26M	$2M	-$16M
Q4 22	$28M	-$288.0K	-$39M
Q4 23	$59M	$14M	-$47M
Q1 24	$41M	$6M	-$22M
Q2 24	$47M	$11M	-$14M
Q3 24	$52M	$14M	-$97.0K
Q4 24	$34M	$363.0K	-$15M
Q1 25	$36M	$10M	-$8M
Q2 25	$47M	$12M	-$3M
Q3 25	$51M	$102.0K	$2M

Valuation

Quarter	P/S	P/E
Q3 20	3.8x	—
Q4 20	4.1x	—
Q1 21	4.8x	—
Q2 21	5.3x	—
Q3 21	3.8x	—
Q2 22	1.8x	—
Q3 22	1.3x	—
Q4 22	2.7x	—
Q4 23	2.3x	4.3x
Q1 24	3.4x	7.5x
Q2 24	2.7x	6.9x
Q3 24	2.4x	4.7x
Q4 24	2.3x	—
Q1 25	2.4x	—
Q2 25	3.0x	—
Q3 25	5.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$5M	-$6M
Q4 20	-$3M	-$7M
Q1 21	-$10M	-$20M
Q2 21	$2M	-$8M
Q3 21	-$11M	-$19M
Q2 22	-$28M	-$33M
Q3 22	-$10M	-$19M
Q4 22	$6M	-$1M
Q4 23	$16M	$9M
Q1 24	$4M	-$641.0K
Q2 24	$4M	-$3M
Q3 24	$23M	$4M
Q4 24	-$1M	-$14M
Q1 25	-$2M	-$16M
Q2 25	$478.0K	-$9M
Q3 25	$5M	-$6M

Capital Expenditures

Quarter	CapEx
Q3 20	$801.0K
Q4 20	$4M
Q1 21	$10M
Q2 21	$10M
Q3 21	$8M
Q2 22	$4M
Q3 22	$9M
Q4 22	$7M
Q4 23	$8M
Q1 24	$5M
Q2 24	$7M
Q3 24	$19M
Q4 24	$13M
Q1 25	$15M
Q2 25	$10M
Q3 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-16.2%	-25.8%
Q4 20	-14.4%	-11.3%
Q1 21	-24.4%	-70.1%
Q2 21	+122.5%	+25.9%
Q3 21	+35.5%	+45.6%
Q2 22	+10.6%	-6.2%
Q3 22	+9.5%	+6.2%
Q4 22	-30.6%	+35.8%
Q4 23	+58.0%	+94.4%
Q1 24	+34.5%	+33.9%
Q2 24	+82.7%	+47.8%
Q3 24	+85.0%	-22.4%
Q4 24	-42.9%	-54.7%
Q1 25	-13.4%	-31.4%
Q2 25	-1.6%	-18.5%
Q3 25	-3.3%	-6.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$30.0K	0.1%
Q4 20	$280.0K	1.0%
Q1 21	$227.0K	1.0%
Q2 21	$212.0K	0.5%
Q3 21	$293.0K	0.8%
Q2 22	$0	0.0%
Q3 22	$123.0K	0.5%
Q4 22	$27.0K	0.1%
Q4 23	$0	0.0%
Q1 24	$464.0K	1.1%
Q2 24	$1M	2.8%
Q3 24	$357.0K	0.7%
Q4 24	$1M	3.3%
Q1 25	$178.0K	0.5%
Q2 25	$1M	2.6%
Q3 25	$844.0K	1.7%

OpEx Breakdown

Quarter	G&A
Q3 20	$3M
Q4 20	$2M
Q1 21	$2M
Q2 21	$3M
Q3 21	$3M
Q2 22	$2M
Q3 22	$4M
Q4 22	$3M
Q4 23	$6M
Q1 24	$4M
Q2 24	$4M
Q3 24	$2M
Q4 24	$6M
Q1 25	$3M
Q2 25	$5M
Q3 25	$6M

Revenue Segments

Quarter	Canada Reportable Segment	Mexico Reportable Segment	United States Reportable Segment	Mineral
Q3 20	$10M	$4M	$13M	—
Q4 20	$14M	$3M	$11M	—
Q1 21	$9M	$2M	$13M	—
Q2 21	$12M	$2M	$26M	—
Q3 21	$14M	$1M	$22M	—
Q2 22	$20M	$405.0K	$10M	—
Q4 22	$15M	—	$14M	—
Q1 24	—	—	—	$41M
Q2 24	—	—	—	$47M
Q3 24	$19M	$1M	$33M	—
Q1 25	$13M	—	$22M	—
Q2 25	$19M	—	$28M	—
Q3 25	$21M	$327.0K	$29M	—

Revenue by Geography

Quarter	C	M	U	Canada	Mexico	United States
Q3 20	$10M	$4M	$13M	—	—	—
Q4 20	$14M	$3M	$11M	—	—	—
Q1 21	$9M	$2M	$13M	—	—	—
Q2 21	$12M	$2M	$26M	—	—	—
Q3 21	—	—	—	$14M	$1M	$22M
Q2 22	—	—	—	$20M	$405.0K	$10M
Q3 22	—	—	—	$13M	$334.0K	$13M
Q4 22	—	—	—	$15M	—	$14M
Q4 23	—	—	—	—	—	$56M
Q1 24	—	—	—	$15M	$1M	$25M
Q2 24	—	—	—	$18M	$1M	$30M
Q3 24	—	—	—	$19M	$1M	$33M
Q1 25	—	—	—	$13M	—	$22M
Q2 25	—	—	—	$19M	—	$28M
Q3 25	—	—	—	$21M	$327.0K	$29M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$64M	$2M	$66M
Q2 22	$44M	$2M	$46M
Q3 22	$55M	$1M	$56M
Q4 22	$40M	$1M	$41M
Q1 23	$191M	$1M	$192M
Q2 23	$85M	$29M	$114M
Q3 23	$49M	$41M	$90M
Q4 23	$23M	$2M	$25M
Q1 24	$22M	$2M	$24M
Q2 24	$41M	$2M	$43M
Q3 24	$29M	$1M	$30M
Q4 24	$14M	$1M	$15M
Q1 25	$69M	$10M	$78M
Q2 25	$54M	$14M	$67M
Q3 25	$51M	$21M	$72M
Q4 25	$51M	$21M	$72M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	40M	+0.8%	+11.5%
Q4 20	44M	+9.4%	+10.3%
Q1 21	44M	0.0%	+10.3%
Q2 21	46M	+3.9%	+14.7%
Q3 21	46M	0.0%	+13.7%
Q2 22	47M	+3.3%	+7.4%
Q3 22	51M	+7.1%	+14.9%
Q4 22	48M	-4.6%	+5.5%
Q4 23	48M	-1.2%	+4.2%
Q1 24	49M	+3.3%	+4.2%
Q2 24	50M	+0.6%	-2.1%
Q3 24	52M	+4.5%	+7.3%
Q4 24	52M	0.0%	+8.6%
Q1 25	53M	+2.5%	+7.7%
Q2 25	54M	+1.4%	+8.7%
Q3 25	54M	+0.3%	+4.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$61.1K	448
Q4 20	$73.5K	377
Q1 21	$63.0K	377
Q2 21	$108.0K	377
Q3 21	$98.5K	377
Q2 22	$71.3K	430
Q3 22	$60.4K	430
Q4 22	$54.3K	520
Q4 23	$102.1K	575
Q1 24	$71.7K	575
Q2 24	$82.6K	575
Q3 24	$90.9K	575
Q4 24	$79.1K	424
Q1 25	$84.2K	424
Q2 25	$110.1K	424
Q3 25	$119.2K	424

Revenue / Employee