McEwen Mining (MUX) Stock Forecast & Price Target

McEwen is supported by a portfolio that combines producing gold and silver assets with high-upside development projects, giving it both current cash generation and meaningful long-term optionality. Despite a weaker Q2, it still produced $59.2 million of revenue and $9.6 million of net income, while management continued to target annual production of 250,000 to 300,000 gold equivalent ounces by 2030, reinforcing an organic growth story. The thesis is further strengthened by exploration gains at Fox Complex, Windfall, Lookout Mountain, and Tartan, plus the value embedded in Los Azules and McEwen Copper, which could unlock additional shareholder value.

McEwen is facing a weaker fundamental profile after Q2 2026 results missed estimates on both production and earnings, with output of about 23,000 ounces of gold and 420,000 ounces of silver versus expected 26,647 and 541,000, while revenue came in at $59.2 million and FD EPS at $0.14. The shortfall was driven mainly by Gold Bar’s lower mining rates and unexpected carbon concentrations, which also forced 2026 guidance down to 109,000–120,000 GEOs from 114,000–126,000 GEOs and highlighted elevated operational and technical risk. Higher cost guidance reinforces the negative outlook, as consolidated cash costs rose to $2,200–$2,450/oz and AISC to $2,500–$2,750/oz, with Gold Bar’s costs increasing sharply amid ongoing production challenges.