Macroeconomic conditionsmixed · 4 filings
“Cost increases during Q1/26 were largely attributable to high inflation in the Argentine market, which outpaced the government-controlled depreciation of the peso against the U.S.”10-Q · May 6, 2026 ↗
McEwen Inc.
MUX
Market read
McEwen Inc.'s move is spreading beyond its market group.
MUX accounts for 4.9% of the group's measured movement across 6.7 effective names. raw member direction is mixed; 10 of 10 session-normalized paths align to the downside. Capital-flow agreement is 1%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
Session-normalized 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#8 of 10 by movement share
Group movement share4.9%Absolute path energy—not portfolio weight
Relative path-1.66%aligned
Effective breadth6.7 / 10broad
Relative alignment10/10downside path · 0 counter-moving
Capital-flow agreement1%not yet clean
SEQUENCE READ
SBSW moved materially before MUX. MUX crossed its material path threshold at 10:05 ET. AG, PAAS, EXK followed.
EVIDENCE COVERAGE
5 of 10 members in Gold and Silver Miners are active. 0 of 3 disclosed connections are confirming.
What would change this read
Watch this read- At least 7 of 10 durable members become active together.
- Capital-flow agreement rises above 55%.
- SCCO remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 3 of 10 members or fewer.
Research brief
The story so far
MUX accounts for 4.9% of the group's measured movement across 6.7 effective names. raw member direction is mixed; 10 of 10 session-normalized paths align to the downside. Capital-flow agreement is 1%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 7 of 10 durable members become active together.
- Capital-flow agreement rises above 55%.
- SCCO remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations320
Usable filing statements101
Verified relationships3
Evidence supporting the case
- Latest annual revenue changed +13.2% year over year.
- Operating margin changed +30.3 percentage points in the latest annual period.
- Net margin changed +42.5 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 28.5% in the latest annual period.
- Operating cash flow was only 0.20x net income in the latest annual period.
- Input and raw-material costs has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 23% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
19.536m-31.3%12m+77.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$136.5M+30.3%$-1.25+12.7%
2022-12-31$110.4M-19.1%$-1.71+4.3%
2023-12-31$166.2M+50.5%$1.16+0.2%
2024-12-31$174.5M+5.0%$-0.86+7.3%
2025-12-31$197.6M+13.2%$0.59+28.5%
What management says matters
Persistent and emerging business drivers
Input and raw-material costsnegative · 3 filings
“Higher unit costs were primarily the result of 38% higher production costs driven by relative strength in the Argentine peso.”10-Q · May 6, 2026 ↗
Labor availability and costsmixed · 3 filings
“Production costs applicable to sales were $13.5 million in Q4/25, compared to $12.4 million in Q4/24, representing a 28% increase primarily driven by higher mining expenses due to additional third-party contractors hired to address labor shortages and operati…”10-K · Mar 17, 2026 ↗
Foreign exchangepositive · 2 filings
“This increase reflects the increase in monthly interest payments on the Company’s higher outstanding debt.”10-Q · Nov 5, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.5× · EV/sales 6.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
19.53-0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MUX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for MUX. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind MUX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
LILIFFiling-linked nameinvesteeMay 6, 2026 ▾
“Further, the Company is expected to receive $10.0 million in each quarter for the remainder of 2026 from excess cash after considering reclamation and closure costs.”
BBarrick Mining CorporationcompetitorMar 17, 2026 ▾
“Approximately 25 miles northwest of the Gold Bar mine is the Cortez gold mine owned by Nevada Gold Mines (Barrick Gold Corporation and Newmont Corporation joint venture), and 25 miles southeast is the producing Ruby Hill mine owned by i-80 Gold Corp.”
NEMNewmont CorporationcompetitorMar 17, 2026 ▾
“Approximately 25 miles northwest of the Gold Bar mine is the Cortez gold mine owned by Nevada Gold Mines (Barrick Gold Corporation and Newmont Corporation joint venture), and 25 miles southeast is the producing Ruby Hill mine owned by i-80 Gold Corp.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MUX is currently a Participant in the organic co-movement group Gold and Silver Miners. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.