McEwen Mining stock price target raised to $17 by H.C. Wainwright

Investing.com - H.C. Wainwright raised its price target on McEwen Mining (NYSE:MUX) to $17.00 from $15.50 on Tuesday, while maintaining a Buy rating on the stock. The new target represents significant upside from the current price of $10.84, with analyst consensus targets ranging from $13.75 to $16.00. According to InvestingPro data, the stock has shown strong momentum with a 31.5% gain over the past six months.

The price target increase follows McEwen Mining’s July 28 agreement to acquire all issued and outstanding shares of Canadian Gold Corp. (CGC.V), which would make Canadian Gold a wholly owned subsidiary of McEwen. The $585 million market cap company maintains a "GOOD" Financial Health score on InvestingPro, operating with moderate debt levels and strong liquidity.

Under the deal terms, each Canadian Gold common share will entitle shareholders to 0.0225 of a McEwen common share, with Canadian Gold shareholders expected to own approximately 8.2% of McEwen upon completion of the transaction.

The agreed price represents a 26% premium to the 30-day volume-weighted average price of Canadian Gold shares at market close on July 25, 2025.

H.C. Wainwright noted that the agreement should allow McEwen to leverage its mine development team while strengthening its production pipeline through Canadian Gold’s assets, with the firm’s increased price target driven by an update to its commodity price forecasts.

In other recent news, McEwen Mining Inc . reported its first-quarter financial results, revealing $35.7 million in revenue and a net loss of $6.3 million, or ($0.12) per share. This marks a decrease from the previous year’s first quarter, where the company reported $41.2 million in revenue and a net loss of $20.4 million, or ($0.41) per share. The decline in revenue was largely due to lower production, with McEwen Mining producing 24,131 Gold Equivalent Ounces compared to 33,037 GEOs in the same period last year. H.C. Wainwright adjusted its outlook for McEwen Mining, lowering the price target to $15.50 from $18.00, although it maintained a Buy rating. The firm indicated that production levels at the Gold Bar and San José mines aligned with planned activities, including waste removal and maintenance shutdowns.

Additionally, McEwen Mining announced an all-stock acquisition of Canadian Gold Corp., valuing Canadian Gold at C$0.35 per share. Canadian Gold shareholders would receive 0.0225 McEwen shares for each share held, resulting in Canadian Gold shareholders owning about 8.2% of the combined company. In another development, John Florek, CEO of Sankamap Metals Inc., has been appointed to McEwen Mining’s Board of Directors. Florek brings over 30 years of experience in exploration and resource development to his new role while continuing as CEO of Sankamap Metals.

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