McEwen Inc. (MUX:TSX; MUX:NYSE) plans to start construction by mid-2026 at its Fenix gold-silver project in Sinaloa, noted a ROTH Capital Partners report. Learn why ROTH boosted its target price on this Canadian producer.
McEwen Inc. (MUX:TSX; MUX:NYSE) received an extension of its environmental impact assessment for El Gallo, allowing the company to start construction of the nearby Fenix project in Mexico by mid-2026, reported Joe Reagor, managing director and senior research analyst at ROTH Capital Partners, in a Dec. 17 research note. ROTH raised its target price on McEwen by 9.5% by adding the Fenix project to its model on the miner.
"Our prior valuation was intended to be conservative due to the uncertainty of the timing of construction and production, but admittedly, we may have been overly conservative in the current price environment," Reagor wrote.
ROTH's new target price on the Canadian precious metals producer is US$23 per share (US$23/share), previously US$21/share, noted Reagor. In comparison, McEwen was trading at about US$19.22/share at the time of the analyst's report. From this price, the return to target is 20%.
McEwen remains a Buy.
The company has 54.48 million shares outstanding. Its market cap is US$1 billion. Its 52-week range is US$6.56-US$22.72/share.
McEwen expects to commence phase one of construction at Fenix by mid-2026 and to begin commercial production in mid-2027, reported Reagor. The updated capex to complete project development is US$25 million (US$25M).
Reagor shared the changes ROTH made to its model on McEwen. ROTH added production from Fenix to start in mid-2027. ROTH removed its US$49M property value that had been based on 50% of net present value from the 2020 feasibility study (FS). ROTH raised the cost assumptions outlined in said FS to account for significant inflation, and "this was more than offset by higher gold and silver prices in our model," noted Reagor.
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As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of McEwen Inc.Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
Disclosures for ROTH Capital Partners, McEwen Inc., December 17, 2025
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of McEwen Inc. and as such, buys and sells from customers on a principal basis. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from McEwen Inc.. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has managed or co-managed a public offering for McEwen Inc.. Rating and Price Target History for: McEwen Inc. (MUX) as of 12-15-2025 25 20 15 10 5 0 Q3 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 11/07/22 B:$10 03/16/23 B:$11 05/10/23 B:$11.5 06/21/23 B:$12 11/10/23 B:$11 05/10/24 B:$12 10/07/24 B:$12.75 11/07/24 B:$12.25 12/03/24 B:$13 03/21/25 B:$12.5 05/09/25 B:$12 06/30/25 B:$15 10/03/25 B:$19 10/09/25 B:$23 11/07/25 B:$21 Created by: BlueMatrix Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 months. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of December 16, 2025 Rating Count Percent Count Percent Buy [B] 383 77.22 110 28.72 Neutral [N] 82 16.53 5 6.10 Sell [S] 4 0.81 2 50.00 Under Review [UR] 27 5.44 3 11.11 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security.
ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.