--- title: "McEwen (MUX) Earnings And Guidance Put Fair Value Back In Focus" type: "News" locale: "en" url: "https://longbridge.com/en/news/296173863.md" description: "McEwen Mining (MUX) reported a shift from net loss to US$9.61 million profit in Q2 2026, with H1 net income at US$42.99 million. The company updated full-year guidance for 109,000-120,000 gold equivalent ounces. Despite recent momentum softening, the stock has gained 78.5% over the past year. Analysts view MUX as undervalued, citing a fair value of $32.10 against the current $18.85 price, driven by expected revenue growth from copper demand and the Los Azules project." datetime: "2026-08-18T03:52:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296173863.md) - [en](https://longbridge.com/en/news/296173863.md) - [zh-HK](https://longbridge.com/zh-HK/news/296173863.md) --- # McEwen (MUX) Earnings And Guidance Put Fair Value Back In Focus ## Why McEwen stock is back on investor radar after fresh earnings and guidance McEwen (MUX) has drawn fresh attention after reporting second quarter 2026 results that moved from a net loss a year ago to a profit and updating full year production guidance. The company posted net income of US$9.61 million for the quarter, with basic earnings per share from continuing operations at US$0.16 and diluted earnings per share at US$0.14. For the first six months of 2026, McEwen reported net income of US$42.99 million, compared with a net loss in the same period of 2025, and basic earnings per share from continuing operations of US$0.72. Alongside these results, management issued revised 2026 guidance that indicates consolidated production of 109,000 to 120,000 gold equivalent ounces. This range provides investors with a clearer sense of expected output from the Gold Bar mine complex in Nevada and the Fox Complex in Ontario, which together generate the bulk of McEwen’s reported revenue. For context, McEwen’s last close on 6 August 2026 was US$18.85. The stock is up over the past month and lower over the past 3 months, with returns of 15.15% and 9.33% respectively. Over the past year, the total return figure supplied is 78.5%, while the 3 year total return metric is very large at about 17x, and the 5 year total return is reported at 65.35%. These figures describe the period leading up to and including the latest earnings release. See our latest analysis for McEwen. At a share price of US$18.85, McEwen has seen short term share price momentum soften in recent weeks. However, the 1 year total shareholder return of 78.5% points to strong longer term gains around the earnings turnaround and updated production guidance. If you are looking beyond McEwen for other metals ideas, this is a useful moment to scan for gold producers using the Simply Wall St screener and see 30 elite gold producer stocks After a 1 year total return of 78.5% and a very large 3 year gain, the question around McEwen now shifts. Is most of the share price repricing already in the rearview mirror, or is there still clear upside ahead on valuation? ## Most Popular Narrative: 41.3% Undervalued At a share price of $18.85, the most followed McEwen narrative anchors on a fair value of $32.10, which implies a wide valuation gap based on long term production and earnings assumptions. > _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 capitalize on this trend as copper prices rise._ Read the complete narrative. Analysts behind this narrative are not just focused on ounces and pounds. Their model leans heavily on steep revenue expansion, rising margins and a lower future earnings multiple than many investors might expect. **Result: Fair Value of $32.10 (UNDERVALUED)** Have a read of the narrative in full and understand what's behind the forecasts. However, this McEwen narrative still depends on smooth execution. Project delays or cost overruns at Los Azules and other developments could quickly challenge the upside case. Find out about the key risks to this McEwen narrative. ## Next Steps If this McEwen story feels compelling, treat it as a prompt to check the numbers yourself and move quickly to shape your own view. You can start by reviewing the 5 key rewards. ## Looking for more McEwen sized investment ideas? If McEwen has sharpened your interest, keep building your watchlist. Use targeted stock lists to quickly spot ideas that fit your goals before others focus on them. - Target income potential with companies that offer robust yields using the 10 dividend fortresses. - Hunt for quality at a sensible price with the 53 high quality undervalued stocks that filters for fundamentals and valuation together. - Prioritise resilience by scanning the 80 resilient stocks with low risk scores so you focus on businesses with lower risk scores instead of chasing every headline. _This article by Simply Wall St is general in nature. **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.** 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._ ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### Related Stocks - [MUX.US](https://longbridge.com/en/quote/MUX.US.md) ## Related News & Research - [McEwen (NYSE:MUX) Announces Earnings Results](https://longbridge.com/en/news/295053552.md) - [McEwen Q1 2026 Results Conference Call | MUX Stock News](https://longbridge.com/en/news/285100308.md) - [A $2 Million Reason Why Barrick Mining Stock Is Down](https://longbridge.com/en/news/295561972.md) - [Stock Spirits says 2025 Scope 1 and 2 emissions fall 12% to 30,649 tCO2e](https://longbridge.com/en/news/296202501.md) - [PepsiCo releases 2025 Apex-assured Scope 3 emissions report](https://longbridge.com/en/news/295799122.md)