McEwen Mining (MUX) Stock Forecast & Price Target

McEwen is viewed positively because its 2Q26 results showed stronger fundamentals, with revenue rising to $59.2M from $46.7M and net income increasing to $9.6M, or $0.16 per share, versus $3.0M and $0.06 per share in 2Q25. The outlook is further supported by organic growth across the portfolio, including 7,000 GEOs from Froome at Fox Complex and sizable resource additions at Windfall, Lookout Mountain, and Tartan, which bolster the production base. Management’s reiterated goal of reaching 250,000–300,000 GEOs by 2030, combined with value embedded in Los Azules and other non-core assets, suggests meaningful long-term upside despite some near-term weakness in gold and silver prices.

McEwen is facing a bearish setup because Q2 2026 operating results materially missed expectations, with production of about 23,000 ounces of gold and 420,000 ounces of silver versus estimates of 26,647 and 541,000, respectively, driven largely by Gold Bar’s lower mining rates and elevated carbon concentrations. That shortfall flowed through to the financials, as revenue came in at $59.2 million and FD EPS at $0.14 versus estimates of $76.9 million and $0.25, while lower-than-expected price realizations added pressure. Management also cut 2026 guidance to 109,000–120,000 GEOs from 114,000–126,000 GEOs, signaling ongoing operational and technical risk tied to unexpected rock types and weaker output at Gold Bar.