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    A Look at McEwen (NYSE:MUX) Valuation After Key Drilling Milestones and Strong Recent Share Price Gains

    Simply Wall St·12/14/2025 16:19:10
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    McEwen (NYSE:MUX) just checked off two important milestones, completing its 2025 drill program at Lookout Mountain in Nevada and extending high grade mineralization at the Froome Mine in Ontario, sharpening the stock’s long term growth story.

    See our latest analysis for McEwen.

    Those steady operational wins appear to be feeding into sentiment, with a roughly 35% 3 month share price return and a year to date share price gain of about 131% signaling strong positive momentum alongside a robust 1 year total shareholder return above 120%.

    If McEwen’s surge has you rethinking where growth might come from next, this could be a good time to explore fast growing stocks with high insider ownership.

    With drilling success accelerating and the share price already more than doubling this year, the key question now is whether McEwen still trades below its intrinsic value or if the market is already pricing in the next leg of growth.

    Most Popular Narrative Narrative: 14.2% Undervalued

    With McEwen last closing at $19.04 against a narrative fair value of $22.20, the story hinges on aggressive growth translating into outsized cash generation.

    Bullish analysts see significant value creation potential following the release of the Feasibility Study for the Los Azules copper project. This study outlines a robust post tax NPV and an attractive internal rate of return, supporting a higher valuation for McEwen.

    Read the complete narrative.

    Curious how a single copper project can reset McEwen’s entire earnings profile and justify a richer future multiple than many peers? Unlock the narrative to see the revenue trajectory, margin shift, and valuation math that turn today’s losses into tomorrow’s high return assumptions.

    Result: Fair Value of $22.20 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, persistent operational setbacks or prolonged permitting delays at key projects could derail growth expectations and challenge the view that the company is currently undervalued.

    Find out about the key risks to this McEwen narrative.

    Another Angle on Value

    Not everyone sees McEwen as a clear bargain. On a price to sales basis, shares trade at about 6.2 times revenue, far richer than the US metals and mining industry at 1.7 times and above a fair ratio of 3.2 times, raising the risk of a pullback if expectations slip.

    See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:MUX PS Ratio as at Dec 2025
    NYSE:MUX PS Ratio as at Dec 2025

    Build Your Own McEwen Narrative

    If you see the story differently or want to test your own assumptions using the same data, you can build a full narrative in minutes, Do it your way.

    A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding McEwen.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.