McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") (MUX) Financings
TSX: MUX · Gold, Silver, Copper · Production stage
- Market cap$1.41B
- Share price$23.06
- 52-week range$21.07 – $40.07
- Shares outstanding61,360,171
- ExchangeTSX
- Websitewww.mcewenmining.com
McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico. The Company has a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina - a region that hosts some of the country's largest copper deposits. Based on McEwen Copper's last financing in October 2024, the implied value of McEwen's ownership interest was US$456 million. Since then, the value of Los Azules has improved for three important reasons: 1) The copper price is 50% higher, 2) The Company has completed a Feasibility Study using a $4.35/lb copper price and 3) Los Azules received approval under Argentina's Large Investment Regime (RIGI), which significantly improves the economics of the project. Los Azules is a shovel-ready project designed to be one of the world's first regenerative copper mines and carbon neutral by 2038. McEwen also owns a 1.25% NSR on Los Azules. Based on the 2025 Feasibility Study and using a recent copper spot price of $6.50/lb, McEwen's royalty is projected to generate approximately $584 million from the initial case and $860 million from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 billion. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers. Chairman and Chief Owner Rob McEwen has invested over US$290 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability and share value, as he did while building Goldcorp Inc.
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McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") financial statements
Key figures read from 42 of 43 financial statement filings, Nov 3, 2016 to Aug 5, 2026. Each column is the period as the company first filed it.
Balance sheet: annual key figures
US dollars (US$), in thousands, figures as printed in the statements. Losses and cash outflows are in brackets.
| Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2019 | |
|---|---|---|---|---|---|
| Cash and equivalents | US$6,123 | US$13,692 | US$23,020 | US$39,782 | US$46,452 |
| Short-term investments | — | US$1,617 | — | — | — |
| Total current assets | US$8,279 | US$41,192 | US$52,661 | US$81,652 | — |
| Total current liabilities | US$41,966 | US$47,693 | US$30,003 | US$84,186 | — |
| Working capital | (US$33,687) | (US$6,501) | US$22,658 | (US$2,534) | — |
| Exploration and evaluation assets | US$760,746 | US$210,922 | US$169,950 | US$346,281 | US$418,791 |
| Total assets | US$789,319 | US$664,623 | US$657,239 | US$528,719 | US$631,223 |
| Debt | US$24,247 | US$40,000 | US$40,000 | US$63,979 | US$39,516 |
| Total liabilities | US$148,009 | US$169,648 | US$154,819 | US$172,445 | — |
| Shareholders' equity | US$641,310 | US$494,975 | US$502,420 | US$356,274 | — |
Income statement: annual key figures
US dollars (US$), in thousands, figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Dec 2021 | |
|---|---|---|---|---|---|
| Revenue | US$436,522 | US$174,477 | US$166,231 | US$110,417 | US$136,541 |
| Cost of sales | (US$252,238) | (US$113,313) | (US$119,230) | (US$91,260) | (US$119,223) |
| Exploration and evaluation expense | (US$13,490) | (US$16,546) | (US$20,167) | (US$14,973) | (US$22,604) |
| General and administrative | (US$7,760) | (US$17,165) | (US$15,449) | (US$11,890) | (US$11,435) |
| Impairments and write-downs | US$14,179 | — | — | — | — |
| Net income (loss) | US$97,597 | US$0 | US$33,177 | (US$5,019) | (US$56,884) |
Cash flow statement: annual key figures
US dollars (US$), in thousands, figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Dec 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | US$154,147 | US$29,454 | (US$39,637) | (US$56,580) | (US$20,063) |
| Investing cash flow | (US$44,674) | (US$58,046) | (US$99,637) | (US$23,901) | (US$24,564) |
| Financing cash flow | (US$9,658) | US$19,202 | US$172,182 | US$65,455 | US$80,983 |
| Exploration spending (capitalized) | — | (US$43,095) | (US$26,099) | (US$24,187) | (US$34,888) |
| Property, plant and equipment spending | (US$48,149) | — | — | — | — |
| Proceeds from share issues | — | US$20,424 | US$13,428 | US$14,376 | US$11,966 |
| Change in cash | US$99,815 | (US$10,046) | (US$16,069) | (US$17,055) | US$36,196 |
| Cash at end of period | US$149,114 | US$17,464 | US$27,510 | US$43,579 | US$60,634 |
McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") financings
2 financings announced or closed by McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc."), read by Mining News Terminal, newest first.
| Date | Company | Type | Stage | Amount | Unit price | Release |
|---|---|---|---|---|---|---|
| 2026-08-27 | McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") (MUX) | Debt | Closed, 1 tranche | US$240.0M | — | McEwen Copper Completes US$240 Million Term Loan to Advance Los Azules Toward Final Investment Decision |
| 2024-10-24 | McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") (MUX) | Private placement, non-brokered | Closed, 1 tranche | US$70.0M | $30.00 | McEwen Mining Inc. Page 1 McEwen Copper Announces an Additional US$35 Million Investment by Nuton, a Rio Tinto Venture |
McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") debt and credit facilities
Convertible debentures and notes, loans, credit facilities, bonds, gold loans and prepayments McEwen Mining Inc. (dual-listed NYSE/TSX; note some sources now show "McEwen Inc.") has announced, read by Mining News Terminal. A debt reported in several releases is listed once, at its latest stage.
| Date | Debt | Lender | Amount | Terms |
|---|---|---|---|---|
| 2026-08-27 | Loan, closed / funded | — | US$240M | 12% |