McEwen Reports Mineral Resource Estimate for Tartan Mine Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 23 2026
0mins
Should l Buy MUX?
McEwen is pleased to report its Mineral Resource Estimate for the Tartan Mine Project, located in Flin Flon, Manitoba. The Mineral Resource Estimate outlines 308,900 Indicated gold ounces and 302,700 Inferred gold ounces, with good potential to increase the size of the resource through additional drilling: 1) Immediately around the resource, along the Western and Eastern Flanks of the Main Zone 2) Vertically at the Main and South Zones, and 3) On the adjoining, optioned Tartan West property to the west, where good gold grades have been reported in recent surface samples and historic drill holes. The Tartan Mine Project forms part of the company's goal of doubling production to 250,000-300,000 gold ounces by 2030. McEwen expects initial annual production at Tartan to average approximately 30,000 gold ounces, with the potential to expand throughput through future permit modifications. The company believes that doubling the potential mill capacity from 500 tonnes per day to 1,000 tpd could see production grow to 45,000-55,000 ounces per year.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to fall
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 24.740
Low
21.00
Averages
22.00
High
23.50
Current: 24.740
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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- Potential Partnerships: Additional equity financing may come from Rio Tinto or another senior mining partner looking to develop Los Azules as a joint venture, or through multiple parties collaborating to acquire a stake in a potential IPO of McEwen Copper, further advancing the project's development.
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See More
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- Funding Structure: The total financing requirement for the project is approximately $4 billion, with $3.2 billion allocated for capital expenditures; McEwen aims for a funding mix of 30%-40% equity and the remainder in debt, with export credit agencies expected to cover up to 85% of equipment costs.
- Improving Policy Environment: The increasing interest from financial institutions is bolstered by improving policy conditions in Argentina's mining sector and new bilateral agreements, including a recent U.S.-Argentina framework prioritizing access to minerals like copper, creating a favorable financing landscape.
- Potential Partnerships: Additional equity financing may come from Rio Tinto or another senior mining partner looking to develop Los Azules as a joint venture, or through multiple parties collaborating to acquire a stake in a potential IPO of McEwen Copper, further advancing the project's development.
See More
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- IPO Financing Plan: McEwen Copper is planning a ~$300M IPO by the end of this year to finance its Los Azules copper project in Argentina, which is expected to provide essential funding for subsequent development phases.
- Feasibility Study Completion: The Los Azules project has completed a feasibility study outlining a 22-year project life with a potential 33-year extension, which will provide a stable revenue stream and enhance the company's competitive position in the market.
- Initial Production Forecast: The project is expected to produce 205,000 tons of copper annually in the first five years, followed by an average annual output of 148,000 tons, significantly boosting the company's production capacity and market share.
- Listing Location Choice: McEwen Copper's managing director, Michael Meding, indicated that the IPO will most likely be listed in the United States or Canada, which will open broader capital markets for the company, enhancing its financing capabilities and investor appeal.
See More
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- Significant Financial Improvement: In Q4 2025, McEwen Inc. reported gross profit of $17.4 million, more than doubling from the previous quarter, with net income of $38.1 million or $0.70 per share, marking a successful turnaround from a net loss in 2024 and demonstrating strong profitability and cash flow.
- Copper Project IPO Plans: The company plans to conduct an IPO for McEwen Copper later this year, with expectations that if copper prices remain favorable, the IPO valuation could exceed $30 per share, reflecting confidence in future market conditions and strategic capital raising.
- Resource Expansion and Project Progress: Management emphasized that exploration activities are increasing resource reserves to extend mine life, while the feasibility study for the Los Azules project indicates an after-tax NPV of $2.9 billion and an IRR of 19.8%, highlighting the project's scalability and low-cost profile.
- Future Growth Strategy: The company reiterated its goal to double precious metals production by 2030 and plans to commence production from the Stock mine in the second half of 2026, showcasing strong confidence in future projects and keen awareness of market conditions.
See More
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- Profit Surge: McEwen Inc reported a net income of $34.4 million in 2025, a significant turnaround from a net loss in 2024, with gross profit more than doubling quarter over quarter, indicating a marked improvement in the company's financial health.
- Investment Attraction: The Los Azules project by McEwen Copper has successfully attracted global corporate shareholders, characterized by its environmentally sensitive and economically robust design, which is expected to provide strong support for the company's future growth.
- Production Expansion Plans: The company aims to double its precious metal production by 2030 through existing operations expansion, strategic acquisitions, and exploration, intending to enhance its market competitiveness and profitability.
- Strong Cash Position: By the end of 2025, the company reported a cash reserve of $51 million, a substantial increase from $14 million in 2024, reflecting enhanced stability in financing and operations.
See More
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- Earnings Beat: McEwen Mining reported a FY 2025 GAAP EPS of $0.59, exceeding expectations by $0.44, indicating strong profitability despite revenue falling short of forecasts.
- Revenue Growth Lags: The company generated $197.55 million in revenue for FY 2025, a 13.2% year-over-year increase, yet missed estimates by $4.46 million, reflecting a decline in GEO sales from 74,911 in 2024 to 58,552.
- Future Production Guidance: For FY 2026, production is projected between 114,000 and 126,000 GEOs, including output from the 49%-owned San José mine, suggesting growth potential while assuming a silver-to-gold ratio of 77:1.
- Rising Cost Expectations: Guidance for cash costs ranges from $2,100 to $2,300 per ounce, with all-in sustaining costs (AISC) projected between $2,400 and $2,600, indicating potential cost pressures that could impact future profitability.
See More
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- Earnings Announcement Schedule: McEwen Mining is set to announce its Q4 earnings on March 12 after market close, with consensus estimates of $0.13 EPS and $72.83 million in revenue, which could positively impact the stock price if achieved.
- Performance Expectation Analysis: Over the past year, McEwen Mining has beaten EPS estimates 25% of the time and revenue estimates 50% of the time, indicating a degree of resilience in market fluctuations that may bolster investor confidence.
- Estimate Revision Dynamics: In the last three months, EPS estimates saw no upward revisions and one downward revision, while revenue estimates experienced one upward revision with no downward adjustments, reflecting a cautious market outlook that could influence short-term stock price volatility.
- Acquisition Activity: McEwen Mining is acquiring Golden Lake Exploration in an all-share deal, which not only helps expand its asset portfolio but may also enhance the company's market position in the gold mining sector, thereby increasing long-term growth potential.
See More
