McEwen Mining

What McEwen Mining does

McEwen Inc. (NYSE/TSX: MUX) is a precious and base metals mining company producing gold, silver, and developing copper assets across the Americas. Producing operations include the Fox Complex (Ontario, Canada), the Gold Bar Complex (Nevada, USA), and a 49% interest in the San José Mine in Santa Cruz, Argentina (jointly with Hochschild Mining). The company also holds development-stage assets including the Tartan Mine (Manitoba, acquired January 2026), the El Gallo/Fenix Project (Sinaloa, Mexico), and through its 46.3%-owned subsidiary McEwen Copper, the large-scale Los Azules copper project in San Juan, Argentina.

The company's processing technology stack centers on conventional and modern mineral extraction methods: heap leach processing with solvent extraction-electrowinning (SX-EW) at Los Azules, Carbon-In-Leach (CIL) circuits at the Stock Mill serving the Fox Complex, and flotation processing at San José. Los Azules' heap leach and SX-EW design is distinctive — it produces LME Grade A copper cathodes on site, eliminates the need for conventional tailings facilities and smelting, and reduces water consumption by 74% and carbon intensity by 72% versus industry averages. The Fox Complex uses a centralized hub-and-spoke model where the Stock Mill processes ore from the Froome underground mine and future Grey Fox open-pit sources.

McEwen generates revenue by selling gold and silver doré bars, copper concentrate, and (planned) copper cathode to global refiners and commodity traders at prevailing spot market prices. The company reported $197.6M in FY2025 revenue and $74M in Q1 2026 (up 107% year-over-year), with Q1 2026 net income of $33.4M versus a $6.3M loss in Q1 2025. McEwen is targeting production growth from approximately 114,000-126,000 gold equivalent ounces (GEOs) in 2026 to 250,000-300,000 GEOs by 2030, driven by Grey Fox, El Gallo, Tartan, and ultimately Los Azules. Capital structure features significant insider alignment, with Chairman Rob McEwen owning 14% of MUX and 13% of McEwen Copper at a personal cost exceeding $250-290M and a $1/year salary; San José dividends provide a self-funding mechanism for growth initiatives.

Name

McEwen Mining

Legal name

McEwen Inc.

Website

https://mcewenmining.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

McEwen Inc. (NYSE/TSX: MUX) is a precious and base metals mining company producing gold and silver from operations in Canada, the USA, and Argentina, and developing the large-scale Los Azules copper project through its McEwen Copper subsidiary. It sells doré and concentrate to global refiners and commodity traders.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Gold mining operations
• Silver mining operations
• Copper mining development
• Precious metals production
• Mineral resource extraction

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Gold and Silver Production: Revenue generated from the sale of gold and silver doré bars produced at the company's mining operations including Fox Complex, Gold Bar Mine, San José Mine, and El Gallo. Production from 2025 was approximately 114,000-126,000 gold equivalent ounces.
2. Copper Production and Concentrate Sales: Los Azules copper project (through McEwen Copper subsidiary) will generate revenue from copper cathode production using heap leach processing. San José mine also produces copper concentrate for sale.
3. Dividend Income from Joint Ventures: McEwen receives dividends from its 49% interest in the San José Mine, which paid $49.4 million dividend in Q1 2026 and $58.2 million total in 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

McEwen Inc. is a gold, silver, and copper mining company that extracts, processes, and sells precious and base metals from operating mines and development projects across the Americas. The company produces gold and silver doré bars and copper concentrate/cathode, selling to refiners and commodity traders at prevailing market prices, while targeting 250,000-300,000 gold equivalent ounces of annual production by 2030.

Product overview

McEwen Inc. is a gold, silver, and copper mining company with producing assets and development projects across the Americas. The company's portfolio includes six principal operations: the Fox Complex and Tartan Mine in Canada, the Gold Bar Complex in Nevada USA, the San José Mine in Argentina (49% interest), the El Gallo/Fenix Project in Mexico, and the Los Azules copper project held through its 46.3%-owned McEwen Copper subsidiary. The company operates a platform approach with centralized processing infrastructure supporting multiple deposits, particularly at the Fox Complex where the Stock Mill serves as a hub for ore from underground and future open-pit sources. Production is weighted toward gold and silver from Canadian and US operations, with significant copper exposure through the Los Azules development project in Argentina. McEwen is targeting production of 250,000-300,000 gold equivalent ounces annually by 2030.

Differentiator

Problem solved

Functional benefit

Brands

• McEwen Copper: Subsidiary focused on the Los Azules copper development project in San Juan, Argentina
• Fenix Project

Products and services

• Fox Complex

Quantifiable outcome

• Grey Fox project post-tax NPV of $282M at $3,000/oz gold, IRR of 24.8%, payback in 4.6 years
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Four partnerships are on record, tiered major and core.

• Iconic MineralsmajorStrategic or Co-development Partner · 15 April 2026Iconic Minerals and McEwen Mining formed a 50/50 joint venture to advance the New Pass gold property in Churchill County, Nevada. The property hosts an inferred resource of approximately 341,750 ounces of gold equivalent.
• Nuton (Rio Tinto Venture)majorStrategic or Co-development Partner · 25 September 2025Rio Tinto's Nuton venture has a strategic agreement with McEwen Copper for evaluation of leaching technology at Los Azules. This technology could potentially extend mine life by an additional 30+ years beyond the base case.
• YPF LuzcoreTechnology or Integration · 1 October 2024YPF Luz provides renewable power supply agreement for Los Azules copper project, supporting the operation's 100% renewable energy target.
• International Finance Corporation (IFC)coreStrategic or Co-development Partner · 1 September 2024IFC has alignment with environmental and social performance standards for Los Azules project development, providing ESG validation.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Newmont Corporation: Newmont is the world's largest gold mining company with operations across the Americas, Africa, and Australia. Comparable as a senior Americas gold producer; prior employer of Los Azules Project Director and current employer of executives from McEwen's management team pedigree.
• First Quantum Minerals: First Quantum Minerals is a major copper-gold producer with operations in Zambia, Panama, and other jurisdictions. Comparable as a copper-focused producer with similar copper exposure to McEwen's Los Azules development, though at much larger scale and with different geographic focus.
• Barrick Gold: Barrick Gold is one of the world's largest gold producers with major operations in the Americas, Africa, and Asia. Comparable as a senior gold producer with prior employer ties to McEwen's CFO (Perry Ing) and Managing Director of McEwen Copper (Michael Meding), and operates Veladero in Argentina similar to McEwen's Argentine exposure.
• Hudbay Minerals: Hudbay Minerals is a diversified miner producing copper, gold, silver, and zinc with operations in Canada, Peru, and the US. Comparable as an Americas-focused mid-cap copper-gold producer pursuing growth through development projects, similar in scale and strategic approach to McEwen's portfolio model.

Direct peers

• Pan American Silver: Pan American Silver is a major silver and gold producer with operations across the Americas (Mexico, Peru, Bolivia, Argentina). Comparable as a precious metals producer with similar jurisdictional mix and silver-gold ore body focus, particularly relevant given McEwen's San José and El Gallo exposure.
• Hecla Mining: Hecla Mining is a precious metals producer focused on silver and gold with operations in the US, Canada, and Mexico (Greens Creek, Casa Berardi, Lucky Friday). Comparable as a smaller-cap silver-gold producer pursuing growth through development projects, similar in scale and strategic posture to McEwen.
• Agnico Eagle Mines: Agnico Eagle is a senior gold producer with operations across Canada, Mexico, and Finland, and is actively pursuing the Yamana Gold acquisition. Comparable as a gold-focused producer with Canadian operations (similar to McEwen's Fox Complex and Tartan) and a focus on long-life, low-risk jurisdiction mining.
• Hochschild Mining: Hochschild Mining is the direct JV partner at San José Mine (51% controlling interest) and operates silver-gold mines across the Americas, including in Argentina and Peru. As both a JV partner and a precious metals producer with similar geographic focus, Hochschild is the closest comparable for McEwen's precious metals operations.
• Coeur Mining: Coeur Mining is a precious metals producer focused on silver and gold across the Americas (Palmarejo, Rochester, Kensington, Wharf). Directly comparable as a silver-gold producer with multi-asset Americas portfolio and prior employer of Los Azules Project Director David Tyler, with similar capital intensity profile.
• New Gold: New Gold is a Canadian intermediate gold-copper producer with operations in Canada (Rainy River) and Chile (Cerro San Pedro/Mesquite). Comparable as a mid-cap Americas-focused gold producer pursuing production growth, and prior employer of McEwen's VP People and Culture.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mcewenmining
• Facebookfacebook.com/mcewenrob
• LinkedInlinkedin.com/company/mcewen-mining-inc-
• Instagraminstagram.com/mceweninc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds11 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about McEwen Mining