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    McEwen (MUX) Cuts 2026 Guidance, Is The 40% Undervalued View Still Convincing?

    Simply Wall St·08/09/2026 07:36:31
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    Why McEwen stock is back in focus after updated guidance

    McEwen (NYSE:MUX) is in the spotlight after management updated full year 2026 production guidance to 109,000 to 120,000 gold equivalent ounces, responding to lower output and higher costs at the Gold Bar mine.

    This guidance comes alongside plans to advance the Los Azules copper project and evaluate about US$4b in financing, including a potential IPO to help fund an estimated US$1.6b equity requirement for development.

    See our latest analysis for McEwen.

    That updated 2026 guidance and the recent Q2 earnings release have arrived after a sharp swing in sentiment, with McEwen’s share price return down 23.45% over the past 90 days but supported by an 88.14% one year total shareholder return. This suggests longer term momentum is still in place despite near term volatility.

    If you are looking beyond McEwen to other gold producers that have also been moving on project updates and guidance changes, this is a good moment to scan the 29 elite gold producer stocks

    Bulls point to McEwen’s profit, long project pipeline and recent pullback. Bears focus on Gold Bar issues and heavy Los Azules funding needs. Which case does the current valuation support next?

    Most Popular Narrative: 40.2% Undervalued

    The most followed narrative on McEwen pegs fair value at $32.10 per share versus the recent $19.19 close, which points to a large implied discount and a very specific earnings and project roadmap behind it.

    The accelerating global demand for copper driven by clean energy transition and electrification is likely to positively impact McEwen's future revenue growth, progress on the Los Azules project, with feasibility study due in 2025 and improved government support (e.g., elimination of export duties), positions the company to capitalize on this trend as copper prices rise.

    Read the complete narrative. Read the complete narrative.

    Want to see why this fair value sits well above the current McEwen share price? The core narrative leans on faster revenue growth, rising margins and a future earnings multiple that is very different from today. The key is how these moving parts stack up together. The full breakdown joins those assumptions into one valuation story.

    Result: Fair Value of $32.10 (UNDERVALUED)

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

    However, the bullish McEwen narrative still hinges on avoiding prolonged permitting delays and on containing Los Azules and Tartan project costs that could pressure returns.

    Find out about the key risks to this McEwen narrative.

    Next Steps

    With sentiment split between opportunity and execution risk at McEwen, it makes sense to move quickly and test the numbers yourself. To see what optimistic investors are focusing on right now, start by reviewing the 5 key rewards

    Looking for more investment ideas beyond McEwen?

    If McEwen has your attention, do not stop there. Use the Simply Wall Street Screener to quickly surface other stocks that might suit your approach.

    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.