MUXHIGH SIGNALFINANCIAL10-K

MUX experienced a severe deterioration in operating cash flow alongside a substantial increase in liabilities, despite revenue growth and improved gross margins.

The dramatic decline in operating cash flow from $29.5M to $6.9M signals potential working capital management issues or operational inefficiencies that are consuming cash despite improved top-line performance. The 61.5% increase in total liabilities combined with a 26.9% decline in stockholders' equity suggests the company may be facing liquidity pressures or taking on significant debt to fund operations or acquisitions.

Comparing 2026-03-17 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

While MUX showed positive operational momentum with 13.2% revenue growth and meaningfully higher gross profit margins, the financial picture reveals concerning cash flow deterioration with operating cash flow declining substantially year-over-year. The balance sheet transformation is notable, with total assets growing 23.4% but funded primarily through increased liabilities rather than equity, resulting in a weaker overall financial position. The combination of poor cash generation despite improved profitability metrics and increased financial leverage creates a mixed but concerning financial profile.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-76.7%
$29.5M→$6.9M

Operating cash flow fell 76.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Share Buybacks
Cash Flow
-67.1%
$1.8M→$582K

Buyback activity reduced 67.1% — capital being redeployed elsewhere or cash conservation underway.

Total Liabilities
Balance Sheet
+61.5%
$169.6M→$274.0M

Liabilities grew 61.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Gross Profit
P&L
+53.8%
$30.9M→$47.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+48.2%
$18.1M→$26.8M

Inventory surged 48.2% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Liabilities
Balance Sheet
+33.8%
$47.7M→$63.8M

Current liabilities surged 33.8% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
-26.9%
$499.5M→$365.3M

Equity decreased 26.9% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
+23.4%
$664.6M→$820.2M

Asset base grew 23.4% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+13.2%
$174.5M→$197.6M

Revenue growing 13.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-17
PRIOR — 2025-03-14
ADDED
There were 59,452,799 shares of common stock outstanding on March 16, 2026.
Effective July 7, 2025, the Company changed its name from McEwen Mining Inc.
We own 100% of the Froome mine and Stock mill in Ontario, Canada; 100% of the Gold Bar Mine Complex in Nevada; 100% of El Gallo (previously known as the Fenix Project) in Sinaloa, Mexico; a 46.3% interest in McEwen Copper Inc., the owner of the Los Azules copper project ( Los Azules ) in San Juan, Argentina; and a 49% interest in MSC, the owner and operator of the San Jos mine in Santa Cruz, Argentina.
In January 2026, we closed the acquisition of Canadian Gold Corp.
which holds a number of exploration-stage assets, including the Tartan Lake project in Manitoba.
Together with our Tonkin Project, acquired in 2005, these properties comprise the Gold Bar Mine Complex.
At El Gallo in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018.
The Company now plans to begin mill construction in H1 2026 as part of its heap leach material ( HLM ) reprocessing project contemplated in its 2021 feasibility study.
Production is projected to begin by mid-2027 and is expected to run for 10 years, reaching an average annual output of approximately 20,000 GEOs once commercial production is achieved.
A second operational phase focusing on silver dominant material has also been planned ( El Gallo Silver ).
REMOVED
There were 53,934,510 shares of common stock outstanding on March 14, 2025.
We own 100% of the Froome mine and Stock mill in Ontario, Canada, 100% of the Gold Bar mine in Nevada, 100% of the Fenix Project in Sinaloa, Mexico, a 46.4% interest in McEwen Copper Inc., the owner of the Los Azules copper project ( Los Azules ) in San Juan, Argentina, and a 49% interest in MSC, the owner and operator of the San Jos mine in Santa Cruz, Argentina.
At the El Gallo mine in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018, with production activities since that time limited to residual leaching up to the third quarter of 2022.
The Company is currently reviewing reprocessing heap leach material at the El Gallo mine ( HLM ) and silver processing operations ( El Gallo Silver ) as part of its Fenix Project.
Our principal executive office is located at 150 King Street West, Suite 2800, Toronto, Ontario, Canada M5H 1J9 and our telephone number is (866) 441-0690 Our website is www.mcewenmining.com.
During 2024, production consisted of 100% dor from the Gold Bar mine, 97% dor and 3% slag and fine carbon from the Fox Complex, and 100% slag and fine carbon from El Gallo Mine.
Production from the San Jos mine consisted of 36% dor and 64% concentrate.
During 2024, we reported the following gold equivalent ounce production attributable to us: Gold Silver Gold equivalent Production ounces ounces ounces (1) Gold Bar mine 44,574 532 44,581 Fox Complex 30,101 4,245 30,151 El Gallo mine 1,012 3,495 1,052 San Jos mine (on 49% basis) 36,127 2,033,619 60,100 Total Production 111,814 2,041,891 135,884 (1) Calculated using an average silver to gold ratio of 85 : 1.
During 2024, revenues from gold and silver sales were $105.1 million from the Gold Bar mine, $67.8 million from the Fox Complex, $1.5 million from the El Gallo mine, and $152.1 million from the San Jos mine on a 49% basis.
Fix prices per ounce for gold and London Fix prices per ounce for silver over the past three years and 2025 to the most recent practical date on the London Bullion Market: Gold Silver Year High Low Average High Low Average (in dollars per ounce) 2022 $ 1,943 $ 1,684 $ 1,799 $ 29.59 $ 21.53 $ 25.14 2023 2,078 1,811 1,940 26.03 20.09 23.35 2024 2,778 1,985 2,386 34.51 22.08 28.27 2025 (through March 13, 2025) 2,974 2,633 2,819 33.15 29.41 31.45 On March 13, 2025, the London P.M.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →