<div id="readability-page-1"><div><p>Comments from McEwen (NYSE:MUX) chair and CEO Rob McEwen at the PDAC 2026 conference have put fresh attention on mining equities, as he pointed to a potential investor shift toward metals like gold and copper.</p> <p>See our latest analysis for McEwen.</p> <p>McEwen's comments at PDAC come at a time when the share price has pulled back in the short term, with a 1 day share price return showing a 6.39% decline and a 7 day share price return showing a 14.77% decline. However, the 90 day share price return of 28.82% and the very large 1 year total shareholder return of 236.77% suggest that momentum has been building over a longer stretch.</p> <p>If McEwen's PDAC remarks have you thinking more broadly about precious metals, it could be a good moment to scan 28 elite gold producer stocks as a starting list of potential ideas.</p> <p>With McEwen shares recently pulling back after a very large 1 year total return, and the stock trading below the average analyst price target of US$27.30, you have to ask: is there still upside here, or is the market already pricing in future growth?</p> <h2>Most Popular Narrative: 11.4% Undervalued</h2> <p>With McEwen last closing at $24.18 versus a narrative fair value of $27.30, the current setup depends on how its gold and copper projects develop.</p> <blockquote> <p><em>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 potentially benefit from this trend as copper prices change.</em></p> </blockquote> <p><em>Read the complete narrative.</em></p> <p>Curious what assumptions sit behind that $27.30 fair value? The narrative focuses on fast revenue growth, sharply higher margins and a future earnings multiple that looks very different to today.</p> <p><strong>Result: Fair Value of $27.30 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, there are still real pressure points here, including potential project delays, higher capital needs, and any future equity raises that could dilute per share outcomes.</p> <p>Find out about the key risks to this McEwen narrative.</p> <h2>Another Angle: Multiples Paint A Richer Price</h2> <p>The fair value narrative suggests McEwen looks about 11% undervalued at $27.30, but the current P/S ratio tells a different story. At 7.9x sales versus a US Metals and Mining average of roughly 3x, a peer average of 5.1x and a fair ratio of 3.2x, the stock screens as expensive. This raises a simple question for you as an investor: are you comfortable paying up on today’s revenue for a future that still needs to be delivered?</p> <p>See what the numbers say about this price — find out in our valuation breakdown.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5d8327fd-1909-4588-9183-4a407532c5fd/chart/ps-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTA2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5d8327fd-1909-4588-9183-4a407532c5fd/chart/ps-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTA2"/><figcaption>NYSE:MUX P/S Ratio as at Mar 2026</figcaption></figure><h2>Next Steps</h2> <p>Given the mixed signals around value and expectations, it makes sense to look past the headline numbers and assess the details yourself. If you want a clearer picture of what the market is optimistic about, take a closer look at 1 key reward.</p> <h2>Looking for more investment ideas?</h2> <p>If you stop with just one stock, you risk missing other opportunities that could fit your goals even better, so consider widening your opportunity set with targeted screens.</p> <ul> <li>Spot potential value plays early by scanning 47 high quality undervalued stocks to identify companies that combine quality fundamentals with prices that may not fully reflect their strengths.</li> <li>Build a sturdier core to your portfolio by using the solid balance sheet and fundamentals stocks screener (41 results) to find companies with stronger financial footing.</li> <li>Put your cash to work with income ideas by checking out the 14 dividend fortresses to explore higher yielding, resilient payers.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>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.</strong> 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.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

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<p>McEwen Mining's CEO Rob McEwen highlighted potential shifts towards gold and copper at the PDAC 2026 conference, amidst a recent decline in share price. Despite a short-term drop of 6.39% and 14.77% over a week, the stock has seen a 28.82% rise over 90 days and a 236.77% increase over the past year. The current share price of $24.18 is below the analyst target of $27.30, suggesting it may be undervalued by 11%. However, high P/S ratios indicate the stock may be expensive relative to peers. Investors are encouraged to explore other undervalued stocks for better opportunities.</p>

A Look At McEwen Mining (MUX) Valuation After CEO’s PDAC 2026 Metals Outlook