In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on McEwen Mining (MUX – Research Report), with a price target of $20.50.
Heiko Ihle has given his Buy rating due to a combination of factors. The third quarter of 2023 saw McEwen Mining increase its production by 8% compared to the previous year. This growth was mainly due to an increase in gold production, which grew by 20% YoY. The company also saw a positive impact on its operations from the Gold Bar and Fox Complex projects, which increased gold production despite a drop in silver output. Moreover, McEwen Mining saw significant improvements at the Gold Bar site, particularly following a challenging first half of the year.
In September 2023, the company successfully crushed and stacked an impressive 9,300 tonnes of ore per day on the heap leach pad. This marked a significant improvement from the average rate of 6,150 tonnes per day in the previous eight months. Additionally, the Fox Complex project performed well in the third quarter, putting it on track to exceed its guidance’s midpoint. Heiko Ihle also noted that McEwen Mining’s share price target had been raised from $19.00 to $20.50. This increase was due to a $26/share valuation for McEwen Mining’s ownership in McEwen Copper, based on the most recent financing, displaying strong market pricing.
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McEwen Mining (MUX) Company Description:
McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses on base metals in Argentina, Mexico and the United States. It operates through the following geographical segments: Mexico, MSC, Nevada, Los Azules, Canada and Other. The company was founded on July 24, 1979 and is headquartered in Toronto, Canada.
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