McEwen (MUX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
There is a significant upswing coming in the commodity cycle that will be driven by geopolitical tensions and underinvestment in the mining sector, according to McEwen Mining's Executive Chair and Chief Owner, Rob McEwen.
Here is how McEwen (MUX) and Equinox Gold (EQX) have performed compared to their sector so far this year.
TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced a major development for the Los Azules copper project in Argentina, as McEwen Mining confirmed the approval of the Environmental Impact Assessment (EIA), a significant step toward feasibility, construction, and future operations. TNR Gold holds a 0.4% net smelter returns royalty (NSR) on the Los Azules copper, gold, and silver project, operated by McEwen Copper Inc., a subsidiary of McEwen Mining.
McEwen Copper, part of McEwen Mining Inc (TSX:MUX, NYSE:MUX), is seeking $2.5 billion in funding to move forward with the construction of its Los Azules copper mine in Argentina, the company's vice president Michael Meding told Reuters in an interview Thursday. The company has already invested more than $400 million in the project, located in Argentina's northern mountains, a region that has largely remained untapped for copper due to the country's challenging economic conditions and stringent capital controls.
McEwen Mining, Inc. (NYSE:MUX ) Q3 2024 Earnings Conference Call November 6, 2024 11:00 AM ET Company Participants Rob McEwen - Chairman & Chief Owner William Shaver - COO Perry Ing - CFO Jeff Chan - VP, Finance Stefan Spears - VP, Corporate Development Michael Meding - VP & GM, McEwen Copper\ Carmen Diges - General Counsel & Secretary Conference Call Participants Jake Sekelsky - Alliance Global Partners Joseph Reagor - Roth Capital Partners Heiko Ihle - H.C. Wainwright Chris White - TELUS Ventures Mike Kozak - Cantor Fitzgerald Operator Hello, ladies and gentlemen, welcome to McEwen Mining Q3 2024 Operating and Financial Results Conference Call.
McEwen (MUX) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of $0.04. This compares to loss of $0.39 per share a year ago.
The average of price targets set by Wall Street analysts indicates a potential upside of 27.7% in McEwen (MUX). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
After reaching an important support level, McEwen Mining Inc. (MUX) could be a good stock pick from a technical perspective. MUX recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
Investors need to pay close attention to McEwen Mining (MUX) stock based on the movements in the options market lately.
The mean of analysts' price targets for McEwen (MUX) points to a 36.9% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties.