McEwen: Gold Bar Mine Life Extension Offsets Q3 Operational Headwinds (Reiterate Buy)

McEwen trades at a 47% discount to my $27-$28 price target, still offering significant upside as operational catalysts materialize. Despite a tough Q3 2025—missing revenue and EPS expectations—MUX improved year-over-year financials, with net loss down 76% and adjusted EBITDA up 12%. Operational setbacks are transitional: Fox Complex is shifting to new ore sources, and Gold Bar's aggressive stripping sets up a production rebound in late 2025 and 2026.

Seeking Alpha • 6 hours ago

McEwen: High Gold Leverage With Exposure To A Phenomenal Copper Mine

McEwen Mining (MUX) offers exposure to struggling gold operations with turnaround potential and a high-upside stake in the world-class Los Azules copper project. Gold mines face soaring costs and operational setbacks, but high gold prices and development spending provide some cash flow stability. Los Azules drives most of MUX's valuation; its NPV8 is $2.9B at $4.35/lb copper, with major upside if copper prices rise further.

Seeking Alpha • Dec 10, 2025

Successful Exploration Transforming McEwen's Gold Bar Mine Complex Sets the Stage for Meaningful Mine Life Extension

TORONTO, Dec. 08, 2025 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is advancing three key areas at its Gold Bar Mine Complex in the Eureka Mining District of Nevada, to increase resources, extend mine life and potentially increase annual gold production: 1) Lookout Mountain 2) Windfall, and now 3)  Unity Ridge (Figure 1). The Company believes that integrating these areas into the mine plan has the potential to transform the Gold Bar Mine Complex into a long-life asset. Recent drilling has delivered strong intercepts including the following, highlighting the growth potential at Gold Bar:

GlobeNewsWire • Dec 8, 2025

Canadian Gold Corp. Announces Shareholders Approve Arrangement with McEwen

Flin Flon, Manitoba--(Newsfile Corp. - December 5, 2025) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold") is pleased to announce that at a special meeting of its shareholders (the "Meeting") held on December 5, 2025, shareholders overwhelmingly approved the special resolution authorizing the previously announced business combination with McEwen Inc. (NYSE: MUX) (TSX: MUX) ("McEwen") to be completed by way of statutory plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia). The Arrangement was approved by 99.998% of the votes cast by shareholders present in person or represented by proxy at the Meeting.

Newsfile Corp • Dec 5, 2025

Recent Discovery at Froome Mine Expands Along Strike and Down-Dip; Drilling at Depth Shows Potential to Extend Mine Life: 7.7 gpt gold over 20.4 m & 23.5 gpt gold over 3.7 m (true widths)

TORONTO, Dec. 04, 2025 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) is pleased to announce new drill results from its Froome Mine, part of the Fox Complex in Timmins, Ontario (Figure 1). Based on our confidence in the geological potential, four drills are now active at Froome West, targeting further expansion of these excellent results.

GlobeNewsWire • Dec 4, 2025

Goliath Reports 10 High-Grade Holes Up To 7.28 g/t Au Over 8.00 Meters Within 5.85 g/t Au Over 10.00 Meters In RIRG Dyke (417m - 427m downhole and 500m Above Valley Floor) At The 1.8 Km2 Surebet Discovery That Remains Open, Golddigger Property, Golden Triangle, B.C.

Assays are still pending for 70 holes from this year's exploration campaign, of which 55 (representing 79% of the total pending) contain up to 12 occurrences of visible gold to the naked eye (VG-NE); see images and table below. Four accompanying infographics are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/648a0019-0487-4843-9eea-5e385eb74e29 https://www.globenewswire.com/NewsRoom/AttachmentNg/40967cab-ddb9-40b8-b0df-d6eed1fae6ea https://www.globenewswire.com/NewsRoom/AttachmentNg/1eb0838d-5b84-4770-8bf0-86f4d39830cf https://www.globenewswire.com/NewsRoom/AttachmentNg/c6b6c798-36c8-4c07-9e2a-6729c125badc   The high-grade gold-mineralization seen in the Bonanza Zone (a series of stacked veins dipping to the southeast) has been expanded by drilling to 1.25 km along its east-west orientation that remains open for expansion, and to the northwest where Bonanza extends for 580 meters that also remains open for expansion.

GlobeNewsWire • Dec 2, 2025

Canadian Gold Corp. Tartan Mine "Western Flank" Step-Out Drilling Continues to Deliver

Flin Flon, Manitoba--(Newsfile Corp. - November 27, 2025) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce ongoing results from its Phase 4 drill program at the 100%-owned Tartan Mine, near Flin Flon, Manitoba. Encouraging results, especially along the Main Zone's Western Flank, continue to support the plan to move toward a potential mine restart.

Newsfile Corp • Nov 27, 2025

Manitoba Mineral Development Fund Grants Canadian Gold Corp. $300,000 to Expand Exploration Program

Flin Flon, Manitoba--(Newsfile Corp. - November 17, 2025) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce that it has been approved for an additional $300,000 grant from the Manitoba Mineral Development Fund ("MMDF"). In total, the MMDF has granted Canadian Gold $900,000 since 2023, which has been a significant reason why the Company has been able to advance the Tartan Mine.

Newsfile Corp • Nov 17, 2025

Goliath Resources Discloses Observations In Holes From This Years Exploration Campaign On The Surebet Discovery, Golden Triangle, B.C.

Infographics accompanying this announcement are available at  https://www.globenewswire.com/NewsRoom/AttachmentNg/ec2df2de-dfb1-4a07-8407-651fd33a4858 https://www.globenewswire.com/NewsRoom/AttachmentNg/9eb0fcd5-0106-4902-987f-4d7ff49ce32a https://www.globenewswire.com/NewsRoom/AttachmentNg/3aee281a-bd31-48c9-aae4-8122c1e3b6b1 https://www.globenewswire.com/NewsRoom/AttachmentNg/b74c8b60-de44-4c9d-8e1d-27451a40500a 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization. VG-NE was observed in 83 drill holes out of 110 (or 76%) completed in 2025.

GlobeNewsWire • Nov 13, 2025

McEwen Inc. (MUX) Q3 2025 Earnings Call Transcript

McEwen Inc. ( MUX ) Q3 2025 Earnings Call November 6, 2025 11:00 AM EST Company Participants Robert McEwen - Chairman, CEO, President & Chief Owner Ian Ball Michael Meding - Vice President of McEwen Copper Inc Perry Ing - Chief Financial Officer William Shaver - Interim COO & Director Conference Call Participants Heiko Ihle - H.C. Wainwright & Co, LLC, Research Division Joseph Reagor - ROTH Capital Partners, LLC, Research Division Presentation Operator Hello, ladies and gentlemen.

Seeking Alpha • Nov 6, 2025