McEwen Mining earnings up next: Can miner deliver turnaround?

McEwen Mining Inc. reports fourth-quarter and full-year 2025 results on Thursday, March 12, with investors focused on whether the gold miner can execute a sharp sequential turnaround after a disappointing third quarter. Analysts expect earnings of $0.21 per share on revenue of $71.3 million—a dramatic improvement from the prior quarter’s $0.01 loss on $50.5 million in sales.

The report comes as the global mining sector experiences a "golden era," with gold prices trading consistently above $4,000 per ounce and major producers reporting record profitability. Precious metals such as gold and silver are heading for record profits, as prices are expected to climb faster than costs. Yet McEwen’s stock, currently at $25.80, has underperformed its sector peers despite sitting near its 52-week high of $29.70.

Analysts rate the stock a Strong Buy, with all six covering analysts maintaining buy ratings and a mean price target of $27.30, implying 5.8% upside from current levels. The $71.3 million revenue forecast represents 114% year-over-year growth, though EPS estimates have declined 37.5% over the past 60 days, signaling lowered expectations. Revenue estimates have held steady over the past week and risen modestly—up 2.15%—over the past two months.

What Investors Are Watching

The primary question is whether McEwen can deliver on the expected sequential rebound. The company stumbled in the third quarter, missing revenue expectations by 21% and swinging to a loss when analysts had projected a profit. With EPS estimates cut sharply in recent months, investors will scrutinize production volumes, all-in sustaining costs, and whether management can translate favorable gold pricing into improved margins.

Operational execution at the company’s key assets will be critical. McEwen reported strong drilling results from its Gold Bar Mine Complex in Nevada in January, with its best hole to date at the Windfall deposit intersecting 5.55 grams per tonne of gold over 44.2 metres. The company also announced an agreement to acquire Golden Lake Exploration in late January, underscoring its consolidation strategy in the region.

Finally, investors will watch for guidance on integrating recent acquisitions and 2026 production targets. McEwen completed its acquisition of Canadian Gold Corp. and the Tartan Mine Project in early January, expanding its asset base in Canada. Management’s capital allocation priorities and timeline for ramping up production at newly acquired properties could shape sentiment heading into the new year.

The company’s forward price-to-earnings ratio of 235 reflects expectations for substantial earnings growth, but also leaves little room for error. With the mining sector enjoying unprecedented tailwinds and McEwen’s stock trading near multi-year highs, Thursday’s report will test whether the company can finally capitalize on what many are calling the industry’s best operating environment in years.