McEwen Receives Mexican Approval for El Gallo Mine Environmental Assessment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 16 2025
0mins
McEwen is pleased to announce that the extension of its Environmental Impact Assessment for the El Gallo Mine has been granted by the Mexican government. This approval is a critical step that will allow McEwen to begin Phase 1 Mill Construction. The company is targeting mid-2026 for construction start, and mid-2027 for its first gold pour. McEwen has purchased the ball mill, which is onsite at the mine. The company has also started work on Phase 2, which will involve production from the project's in-situ silver deposits. This could extend the life of El Gallo well beyond the initial 10 years contemplated under Phase 1. Phase 1 is expected to produce approximately 20,000 GEOs annually once commercial production is achieved. Production will come from reprocessing the material from the historical leach pad. Remaining capital costs to complete construction are estimated at $25M. Since the material to be processed was previously mined, no significant development or exploration costs are anticipated, enhancing free cash flow.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MUX is 22.00 USD with a low forecast of 21.00 USD and a high forecast of 23.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 29.050
Low
21.00
Averages
22.00
High
23.50
Current: 29.050
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc is a gold and silver mining production and exploration company. The Company is also involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, Los Azules, and Fox West. The San Jose mine is located in the northwest corner of the Deseado Massif region, approximately 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is located in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is located in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is located in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. The Fox West properties are located in the heart of Timmins Gold Camp in northern Ontario, Canada. The Company also holds an interest in Tartan Lake Gold Mine Project, which is located in the province of Manitoba, Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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