WHY OWN
- 01HARD MONEY: AU & AG PRODUCTION
- 02CRITICAL MINERAL: SIGNIFICANT CU OPTION
- 03ASSET-RICH WITH EXPLORATION UPSIDE
- 04HIGH INSIDER OWNERSHIP BY CEO
- 05ATTRACTIVELY PRICED & LIQUID TRADER
NYSE, TSX: MUXUS$15.40+0.81 (5.6%)· Oct 27 close
Latest news release
Gold and silverCopper
1 / 5HARD MONEY: AU & AG PRODUCTION
McEwen plans 250,000 to 300,000 gold equivalent ounces a year by 2030, up from 109,000 to 120,000 in 2026
- San José (49%)
- Nevada
- Ontario
- Manitoba
- Mexico
About US$130 million a year more free cash flow for each US$1,000 an ounce on gold, McEwen estimates for 2030.
McEwen’s internal estimates (presentation, Sept 2026, slide 9): production assumes conversion of Measured and Indicated resources and 50% of Inferred; silver at 75:1. 2026 guidance revised Aug 5, 2026 (Q2 2026 results, Aug 5, 2026); San José at 49%. El Gallo: release, Oct 9, 2026. Forward-looking; see the cautionary statement.
2 / 5CRITICAL MINERAL: SIGNIFICANT CU OPTION
Los Azules holds 35.7 billion pounds of copper, and McEwen owns 46.3% of McEwen Copper, its owner
Value of MUX’s investment in Los Azules
McEwen’s share of Los Azules, per MUX share
- After-tax NPV (8%)
- US$2.9 billion
- IRR
- 19.8%
- Payback
- 3.9 years
- McEwen’s 46.3%
- US$1.4 billion
At the study price, McEwen’s share of Los Azules is worth US$23.06 per MUX share. MUX closed at US$15.40 on Oct 27.
Los Azules Feasibility Study (Oct 2025) after-tax NPV at 8% at each copper price; McEwen’s 46.3% interest per MUX share as published by McEwen (presentation, Sept 2026, slide 18). A project value, not a share price forecast. Copper in Sept 2026: presentation, Sept 2026, slide 7.
Los Azules, San Juan, Argentina
Copper reserves and resources, 100% basis: 10.2 billion lb Proven and Probable, 5.4 billion lb Measured and Indicated, 20.0 billion lb Inferred (Feasibility Study, Oct 2025; McEwen fact sheet, Sept 2026). Rank: S&P Global 2024 data, in the same release. Partners: McEwen fact sheet, Sept 2026. Loan: release, Aug 27, 2026. Forward-looking; see the cautionary statement.
3 / 5ASSET-RICH WITH EXPLORATION UPSIDE
McEwen holds 3.3 million ounces of gold Measured & Indicated and 4.4 million Inferred, before this year’s drilling
| Inferred | Measured & Indicated | Proven & Probable | |
|---|---|---|---|
| Au | 4,434 K oz | 3,292 K oz | 1,250 K oz |
| Ag | 79.0 M oz | 35.0 M oz | 5.2 M oz |
| Cu | 9.3 B lb | 2.5 B lb | 4.7 B lb |
Drilling in 2026
McEwen fact sheet, Sept 2026: Measured & Indicated and Inferred resources exclusive of Proven & Probable reserves, Dec 31, 2025 (10-K), with 2026 updates for Tartan and the Fox Complex; 49% of San José, 46.3% of McEwen Copper (McEwen’s Reserves and Resources page). Exploration: Q2 2026 results, Aug 5, 2026; McEwen fact sheet, Sept 2026.
4 / 5HIGH INSIDER OWNERSHIP BY CEO
Rob McEwen has invested US$293 million in McEwen, owns 16% and takes a salary of US$1 a year
Proven Track Record
- Goldcorp founder: grew its market value from US$50 million to US$8 billion
- Total investments: US$140 million in MUX shares, US$20 million in MUX debt, US$48.5 million in McEwen Copper shares and US$85 million in McEwen Copper debt
- Member of the Canadian Mining Hall of Fame and the Order of Canada; EY Ontario Entrepreneur of the Year (Energy); Northern Miner Developer of the Year
Personal investment at cost, equity and debt, MUX and McEwen Copper; honours (presentation, Sept 2026, slide 4).
5 / 5ATTRACTIVELY PRICED & LIQUID TRADER
At US$15.40 a share, MUX is valued at about what McEwen puts on its copper stake alone
Gold for Free
World Class Copper Project
MUX market value
NYSE & TSX: US$15.40 x 61.4 million shares, Oct 27, 2026
46.3% McEwen Copper
At US$5 a pound copper and 0.45x P/NAV
1.25% royalty on Los Azules
McEwen’s net smelter return royalty
MUX production of gold and silver
2026E gold equivalent ounces
2030E gold equivalent ounces
Copper values are McEwen’s estimates at US$5 a pound copper and 0.45 times net asset value (presentation, Sept 23, 2026, slide 8). Market value: NYSE close on Oct 27, 2026, times 61.4 million shares outstanding (Sept 22, 2026). Not a price target.
Peers: enterprise value per 2026 guidance ounce (presentation, Sept 2026, slide 10). Trading: presentation, slide 3, Sept 22, 2026. Russell 2000: release, June 2026.
MUX, NYSE −19.4%past 12 months, Oct 28, 2025 to Oct 27, 2026
Oct 27, 2026MUX US$15.40Gold US$4,062.78Copper (CPER fund) US$40.05
Delayed at least 15 minutes, or the latest close. Daily closes. Gold: US$ an ounce. Copper (CPER fund): the United States Copper Index Fund, US$ a fund share; there is no copper price per pound in this data.
The next five milestones have dates
- Aug 2026US$240 million Los Azules term loan closed (done)
- Sept 2026El Gallo construction began (done)
- Q4 2026Stock Mine first production
- H2 2027El Gallo production
- Mid-2027Los Azules construction decision and full financing
- 2029Grey Fox commercial production
- 2030First copper cathode at Los Azules
Release Aug 27, 2026; release Oct 9, 2026; Grey Fox PFS release Jun 8, 2026; presentation Sept 2026, slides 11 and 19. Forward-looking; see the cautionary statement.
Platform for
Growth
Six operations and projects in four countries: Canada, the United States, Mexico and Argentina.
OperationsUnique
Management Alignment
Rob McEwen owns 16% of McEwen and takes US$1 a year.
CompanyLeverage to
Gold, Silver, Copper
Gold and silver mines, and 46.3% of the Los Azules copper project.
InvestorsStay informed
Get news releases by email
McEwen’s news releases, the day they are issued.
Investor relations: Mihaela Iancu · (866) 441-0690 toll free · (647) 258-0395 · info@mcewenmining.com