McEwen Inc.
MUX · Gold and Silver Ores · 59.7M shares · -40%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $282K (gross $582K, SBC $300K)
Reference price $18.36 · est. market cap ~$1.1B — last insider purchase, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Sub-scale gold/silver miner with a flattering ROA percentile but near-zero operating margin and persistent reliance on equity and convertible-debt funding.
Strengths
- Top-decile ROA (89.7th pct) and above-median net margin (62.5th); decent cash & investments (72.7th pct)
- Optionality from Los Azules copper feasibility study (after-tax NPV8% $2.9B) and first MSC dividend since 2021
Risks
- Operating margin just 1.3% (49.6th) and OCF margin 3.5% — headline net margin is inflated by non-operating/equity items, not core operations
- History of substantial losses, convertible-note dilution and continued reliance on outside capital; commodity-price and Argentina political exposure
Notable findings
- Restatement76 Los Azules Project 76 Commitments and Contingencies 77 Non-GAAP Financial Performance Measures 77 Critical Accounting Estimates and Accounting Developments 81 Forward-Looking Stat 8-K ↗
- Buying back stockNet buyback — share count -40%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
24.1%
Operating margin
1.3%
Net margin
17.4%
Return on assets
4.2%
Revenue growth (QoQ)
14.6%
Net debt / EBITDA
1.8×
Current ratio
1.7×
EBITDA
$31M
Cash & investments
$72M
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Kaszas Stephen Douglas | Buy | 1.0K | $18.36 |
| 2025-12-20 | Chan Jeffrey | Option exercise | 588 | — |
| 2025-12-20 | Chan Jeffrey | Option exercise | 275 | — |
| 2025-12-20 | Ing Perry | Option exercise | 2.2K | — |
| 2025-12-20 | Ing Perry | Option exercise | 1.1K | — |
| 2025-12-20 | Ing Perry | Option exercise | 867 | — |
| 2025-12-20 | Ing Perry | Option exercise | 372 | — |
| 2025-12-20 | Shaver William M | Option exercise | 12K | — |
| 2025-12-20 | Shaver William M | Option exercise | 5.7K | — |
| 2025-12-20 | Shaver William M | Option exercise | 2.1K | — |
| 2025-12-20 | Ball Ian J | Option exercise | 160 | — |
| 2025-12-20 | Shaver William M | Option exercise | 867 | — |
| 2025-11-10 | Chan Jeffrey | Option exercise | 248 | — |
| 2025-11-10 | Spears Stephan Michael | Option exercise | 558 | — |
| 2025-11-10 | Spears Stephan Michael | Option exercise | 232 | — |
| 2025-11-10 | Diges Carmen L | Option exercise | 276 | — |
| 2025-11-10 | Shaver William M | Option exercise | 2.1K | — |
| 2025-11-10 | Shaver William M | Option exercise | 867 | — |
| 2025-11-10 | Ing Perry | Option exercise | 867 | — |
| 2025-11-10 | Ing Perry | Option exercise | 372 | — |
| 2025-11-10 | Chan Jeffrey | Option exercise | 588 | — |
| 2025-11-10 | Diges Carmen L | Option exercise | 672 | — |
| 2025-09-22 | Chan Jeffrey | Option exercise | 13K | $7.10 |
| 2025-09-22 | Brissenden Richard W. | Option exercise | 7.5K | $1.25 |
| 2025-09-22 | Brissenden Richard W. | Sell | 6.4K | $14.89 |
| 2025-09-22 | Brissenden Richard W. | Option exercise | 8.3K | $7.10 |
| 2025-09-22 | Brissenden Richard W. | Sell | 4.8K | $14.88 |
| 2025-09-22 | Chan Jeffrey | Sell | 13K | $14.89 |
| 2025-09-19 | Diges Carmen L | Option exercise | 21K | $1.25 |
| 2025-09-19 | McEwen Robert Ross | Sell | 50K | $14.35 |
| 2025-09-19 | Spears Stephan Michael | Option exercise | 13K | $1.25 |
| 2025-09-19 | McEwen Robert Ross | Option exercise | 50K | $1.25 |
| 2025-09-19 | Diges Carmen L | Option exercise | 210K | $1.25 |
| 2025-09-19 | Diges Carmen L | Sell | 21K | $14.34 |
| 2025-09-19 | McEwen Robert Ross | Option exercise | 500K | $1.25 |
| 2025-09-19 | McEwen Robert Ross | Sell | 50K | $14.35 |
| 2025-09-19 | Diges Carmen L | Sell | 21K | $14.34 |
| 2025-09-19 | Spears Stephan Michael | Sell | 13K | $14.35 |
| 2025-08-12 | Ball Ian J | Sell | 2.7K | $10.49 |
| 2025-06-29 | Chan Jeffrey | Grant | 778 | — |
| 2025-06-29 | Diges Carmen L | Grant | 1.1K | — |
| 2025-06-29 | Diges Carmen L | Option exercise | 3.4K | — |
| 2025-06-29 | Diges Carmen L | Grant | 2.7K | $7.53 |
| 2025-06-29 | Spears Stephan Michael | Grant | 814 | — |
| 2025-06-29 | Ing Perry | Grant | 3.7K | $7.53 |
| 2025-06-29 | Ing Perry | Grant | 1.6K | — |
| 2025-06-29 | Ing Perry | Option exercise | 4.7K | — |
| 2025-06-29 | Shaver William M | Grant | 14K | $7.53 |
| 2025-06-29 | Shaver William M | Grant | 2.9K | — |
| 2025-06-29 | Shaver William M | Option exercise | 12K | — |
| 2025-05-06 | McEwen Robert Ross | Grant | 53K | $7.52 |
| 2025-05-06 | McEwen Robert Ross | Other | 53K | $7.52 |
| 2024-12-31 | Brissenden Richard W. | Option exercise | 8.3K | $7.10 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K/A | 2026-06-24 | 2025-12-31 | 0001104659-26-077359 ↗ |
| 8-K | 2026-06-10 | 2026-06-04 | 0001104659-26-072415 ↗ |
| 8-K | 2026-06-02 | 2026-06-01 | 0001104659-26-069531 ↗ |
| 8-K/A | 2026-06-01 | 2026-05-21 | 0001104659-26-069016 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0001104659-26-065819 ↗ |
| 10-K/A | 2026-05-20 | 2025-12-31 | 0001104659-26-064573 ↗ |
| 8-K | 2026-05-08 | 2026-05-06 | 0001104659-26-057585 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001104659-26-056349 ↗ |
| 8-K | 2026-05-05 | 2026-04-30 | 0001104659-26-055698 ↗ |
| 8-K | 2026-03-24 | 2026-03-23 | 0001104659-26-033914 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001104659-26-028705 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001104659-26-026975 ↗ |