Rob McEwen Sees New Mining Cycle as Gold, Copper Demand Rise

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Takeaways

• Rob McEwen sees a new mining cycle emerging as limited metal supply, rising demand, and renewed investment create opportunities across the sector.
• McEwen remains bullish on gold, citing inflation, high government debt, monetary expansion, and continued central-bank buying as long-term drivers.
• Gold equities could attract more capital as mining stocks remain a small share of global equity investment despite higher gold prices.
• Mining M&A could accelerate as major producers seek new growth after years of reducing exploration and selling higher-cost assets.
• McEwen favors exploration companies with overlooked resources in established mining districts, where new geological interpretations or technology could unlock value.
• McEwen Mining is advancing multiple growth projects, including the Gold Bar Mine Complex in Nevada, Canadian development projects, the El Gallo restart in Mexico, and the Los Azules copper project in Argentina.

Rob McEwen Sees a New Cycle Starting as Mining Investment Shifts

Gold's recent rally may have paused, but mining entrepreneur and CEO of McEwen Inc. (MUX:TSX; MUX:NYSE ), Rob McEwen, believes the longer-term bull case hasn't changed.

In a recent interview on Mining.com's Top of Mind, McEwen argued that investors should look beyond short-term price movements and consider the economic factors that are moving precious metals markets. "Inflation is with us," McEwen said, pointing to high government debt levels and continued monetary expansion. He also noted that global governments are spending heavily.

For McEwen, the limited growth in gold supply is another important part of the equation. He said gold production expands by only about 1% annually, while inflation is increasing more quickly.

At the same time, central banks continue to buy gold. McEwen said, "You have central banks still buying at an aggressive pace. I'd say we're heading higher, and this is an opportunity to build a position."

McEwen said his approach is based on a long-term view rather than trying to predict every short-term correction, saying: "I've always been a long-term believer. I just look at what's coming at us and invest heavily when no one wants it." He acknowledged that his strategy does not always work in the short term, but said he continues to see the underlying drivers of precious metals as intact.

"Excessive monetary expansion, excessive debt loads, governments that seem intent on debasing the currencies," he said, arguing that investors should consider physical gold and other real assets.

Tether Shows the Shift Toward Physical Gold

One example McEwen cited was Tether, a cryptocurrency company that visited his office earlier this year while considering an investment in a gold-silver mine in Argentina.

During the discussion, McEwen said Tether told him it was buying approximately two tonnes of gold per month. "I thought, now wait a minute, this is a crypto, and it's buying physical, and it's buying gold," McEwen said, seeing the beginning of a broader movement toward investing in physical assets over digital ones.

McEwen also argued that the valuation gap between gold and gold equities could make producers attractive. Despite the rise in gold prices, McEwen said mining stocks have not experienced a comparable rerating. He said investors are waiting for evidence that higher metal prices are translating into actual financial returns.

According to McEwen, metals currently account for approximately 2% of global equity capital, compared with roughly 9% to 10% at the beginning of the 20th century and about 10% to 11% at the beginning of the 1950s. "If we're moving from a digital world — attention is moving from the digital world to the physical world — I could see a large inflow of money into that space," he said.

McEwen Expects Mining M&A to Accelerate

McEwen also sees the conditions developing for another wave of mining mergers and acquisitions. He said senior producers have spent years selling high-cost production and reducing exploration spending. As metal prices rise, those companies now have cash but fewer internal growth opportunities. "The seniors have behaved the way they normally do," McEwen said. "They've been selling off their high-cost sources of production, and they decimated their exploration departments."

Now, he expects them to start looking further down the market for new projects.

"So now they have the money to go forward, the metal prices are higher," McEwen said. "I expect them to be dipping down lower in the market and picking up growth stories that they feel will augment their pipeline, their growth pipeline."

McEwen's own recent acquisitions illustrate the strategy. McEwen's recent Nevada consolidation includes the 2024 acquisition of Timberline Resources, which brought the Windfall property into its portfolio, and the 2026 acquisition of Golden Lake Exploration, whose Jewel Ridge and Jewel Ridge West properties are adjacent to the Gold Bar Mine Complex. The properties had been mined in the past, which McEwen said indicated existing mineral wealth in the area.

In his view, some major producers may be selling assets because they do not believe gold prices will remain elevated. "I don't think they believe the price of gold's going anywhere but staying stable or down," McEwen said. "So, they want to get rid of their high-cost producers."

What does that mean for investors? McEwen argued that it could create opportunities for smaller companies willing to revisit older mining districts.

Exploration Companies Remain McEwen's Preferred Risk

When asked where he would put fresh capital if he could not invest in one of his own companies, McEwen's answer was revealing. He said the choice depends on an investor's risk tolerance. Royalty and streaming companies could offer relatively low-risk exposure to gold, but McEwen himself does not favor that model. "I think they're one of the worst innovations for the industry," he said, arguing that mining companies sacrifice future profit margins in exchange for avoiding shareholder dilution.

For his own portfolio, McEwen prefers to move further up the risk curve. "I personally like the exploration stories," he said. "I tend to travel up the risk curve a lot further because they can have explosive numbers. Not all of them do. Most of them don't, but you have a good return there."

McEwen has more than US$290 million invested between McEwen Mining and McEwen Copper, adding, "So, I'm thinking there's a return there."

He offered a framework for investors looking for exploration opportunities. "I'd look in the market and say, well, who's being ignored?" He suggested looking for companies operating in established gold districts, particularly where a resource has been overlooked for years or where management has found a different way to interpret the geology.

McEwen Mining's Latest News

McEwen Mining is advancing a portfolio of exploration, development, and production projects, with McEwen's interview pointing to several potential growth catalysts over the next 12 to 18 months.

In Canada, the company is working on development plans for projects in the Timmins district and Manitoba, while expanding exploration in Nevada following acquisitions near Gold Bar and advancing the restart of production in Mexico. McEwen said investors should watch the company's progress toward bringing these projects into production.

The Gold Bar Mine Complex remains a key focus after the Nevada operation underperformed in Q2. McEwen said the results "had an adverse impact on our share price," and the company plans to increase exploration while taking steps to improve the operation's performance.

McEwen is advancing Los Azules through engineering and early works following McEwen Copper's August 27 closing of a US$240 million senior secured term loan. The company said full project financing and a final investment decision are expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to financing and customary approvals.

According to the 2025 feasibility study, Los Azules has a projected 22-year mine life, with a preliminary Nuton case indicating potential for an additional 33 years of mine life; the Nuton case is not supported by Mineral Reserves. At current copper prices, McEwen has said the project could generate a gross margin of more than 72%. McEwen also highlighted the project's environmental profile, saying it is designed to use less than one-quarter of the water required by a comparable conventional copper mine, emit about one-tenth of the carbon, and has the potential to operate using 100% renewable power.

Copper Demand Supports McEwen's Projects

Demand for copper is expected to rise due to continued use in electronics, especially with the widespread construction of new data centers and defense applications in the U.S. A report from Businessworld claimed that "global copper demand is gradually shifting towards strategic and less price-sensitive sectors such as AI infrastructure, defense, power grids, and clean energy systems. By 2040, these categories are expected to account for nearly 45% of total copper demand, up from 32% in 2024."

Last year, the prospect of President Donald Trump's tariffs helped drive copper prices higher in the U.S. as American buyers stockpiled the metal. This contributed to elevated inventories and a widening premium between U.S. futures and physical copper markets. "Collectively, inventories at the world's main exchanges have risen by more than 500,000 tons since the start of the year," stated a March 6 article by Bloomberg News. 

Trump's July 30, 2025, proclamation imposed a 50% Section 232 tariff on the copper input value of semi-finished copper and copper-intensive derivative products, effective August 1, 2025. Effective April 6, 2026, a 50% tariff was applied to the full value of semi-finished copper products, which collapsed the COMEX premium. The 2025 proclamation also called for consideration of a phased universal tariff on refined copper of 15% starting in 2027 and 30% starting in 2028.

The metals sector as a whole is also showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today  said that the World Bank Group has projected that its metals and minerals price index will rise 17% in 2026.

McEwen Mining Gets a "Buy"

On August 6, 2026, Mike Kozak of Cantor Fitzgerald provided a company update on McEwen, reiterating a "Buy" rating but lowering the price target from US$38 to US$37. This update came after the company issued Q2 financial and operational results, with Kozak writing that it was a modest negative. "Q2/26 was a bottom-line miss, and 2026 guidance was revised to the downside," he said.

On August 25, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? also weighed in, stating: "I wish I bought more! I am done buying the producers; if there is still one stock worth buying now, I would say MUX. The stock didn’t really run due to a weak Q2, but it is very cheap, especially if you are bullish on copper. The copper royalty could be worth the current market cap, as I discussed. I picked small positions in gold and silver futures to watch them closely. Ready to add more when opportunity comes."

In a follow-up on August 27, 2026, Lin said: "I started to accumulate MUX Jan 2027 call options. I bought some 30 calls and had bids from 25, all the way to 30. I hope the market gives MUX more copper credit as they launch the big financing to build the mine, even if the royalty is worth the current market cap. I talked about MUX a few times already. I am trying to repeat what I [did] last year. I think at one point my MUX called 15x last year."

Further analyst ratings include: 

• On August 6, 2026, Alliance Global Partners analyst Jake Sekelsky reiterated a "Buy" rating and US$31.00 target.
• On August 7, H.C. Wainwright analysts Heiko F. Ihle and Case Bongirne reiterated a "Buy" rating while lowering their target to US$28.00 from US$29.50.
• On August 10, 2026, Roth Capital Partners analyst Joe Reagor maintained a "Buy" rating and lowered his 12-month target to US$31.00 from US$35.00.

Ownership & Share Information¹

McEwen Inc. has a market cap of CA$1.82 billion, with 61.36 million shares outstanding. The company's 52-week range is approximately CA$14.98-CA$40.07. Institutions own 63.86% of shares, while Strategic Investors own 15.61%. Management & Insiders own 3.10%, while the remaining shares are held by Retail. Rob McEwen is McEwen Inc.'s largest shareholder, owning approximately 14% of the company's issued and outstanding shares, and is included in the strategic-investor category in this breakdown.

Frequently Asked Questions

Q: What is the Gold Bar mine?
A: Gold Bar is McEwen Mining's gold operation and broader Gold Bar Mine Complex in Nevada. The company is working to improve operating performance while continuing exploration and development across the complex.

Q: What is the Los Azules project?
A: Los Azules is McEwen Mining's large copper development project in San Juan Province, Argentina. The project is being advanced toward financing and development.

Q: How long is the expected mine life at Los Azules?
A: The Los Azules feasibility study projects a 22-year mine life, with the potential for an additional 33 years under the Nuton case.

Q: How much copper does McEwen Mining produce?
A: McEwen Mining has both gold production and copper development exposure. Its Los Azules project is still being advanced toward production and is intended to become a major source of future copper supply.

Q: Where does McEwen Mining operate?
A: McEwen Mining has mineral projects and operations in Nevada, Canada, Mexico, and Argentina, giving the company exposure to multiple mining jurisdictions and metals.

Q: What is McEwen Mining's strategy?
A: McEwen Mining's strategy combines mining production with exploration and project development. The company is advancing existing operations while pursuing new resources and future production opportunities.

Q: What is McEwen Mining's Gold Bar strategy?
A: The company is working to improve Gold Bar's operating performance while increasing exploration around the Nevada property to identify additional mineralization and potential growth.

Q: Why is Los Azules important to McEwen Mining?
A: Los Azules gives McEwen Mining exposure to the long-term copper market and could become a significant development project as demand grows from electrification, data centers, power infrastructure, and other applications.

Q: What makes Los Azules different from conventional copper mines?
A: According to McEwen, the Los Azules project is designed around a lower environmental footprint, including reduced water use, lower carbon emissions, and the potential to operate using 100% renewable power.

Q: What are McEwen Mining's growth catalysts?
A: Potential catalysts include progress at Los Azules, improvements and exploration at Gold Bar, development work in Canada, exploration in Nevada, and the restart of operations in Mexico.

Q: How much has McEwen invested in his mining companies?
A: McEwen said he has more than US$290 million invested between McEwen Mining and McEwen Copper, reflecting his long-term commitment to the company's mining and development portfolio.

Q: What is a royalty or streaming company?
A: A royalty or streaming company provides financing to mining companies in exchange for a portion of future mine revenue or metal production. These businesses generally do not operate the mines themselves.

Q: What is an exploration-stage mining company?
A: An exploration-stage mining company is focused primarily on discovering and evaluating mineral deposits rather than producing metals. These companies can offer greater potential upside but generally carry more risk than established producers.

Q: Why is gold considered a hedge against inflation?
A: Gold is often viewed as a hedge against inflation because its value is not directly tied to a government currency and its supply grows relatively slowly compared with the money supply.