McEwen Mining (MUX) Soars 7.29% on Strategic Los Azules Progress, Institutional Backing

McEwen Mining (MUX) surged 7.29% on October 13, 2025, reaching its highest level since October 2025, with an intraday gain of 8.61%. The rally reflects renewed investor confidence driven by strategic advancements in its Los Azules copper project and institutional support.

The Los Azules project in Argentina, a cornerstone of McEwen’s growth strategy, gained momentum after securing approval under Argentina’s RIGI program, granting tax incentives and streamlined regulations. This $2.7 billion initiative, highlighted for its strong ESG credentials, aligns with global demand for sustainable copper in green energy infrastructure. The International Finance Corporation (IFC) also partnered with McEwen to secure sustainable financing, further de-risking the project for investors.

Analyst upgrades and institutional buying amplified the stock’s momentum. Roth Capital and HC Wainwright raised price targets to $23.00 and $17.00, respectively, while major institutional investors like Royal Bank of Canada and MIRAE ASSET increased holdings significantly. These moves underscored confidence in McEwen’s long-term potential, particularly as the Los Azules project progresses toward production.

Leadership changes added to the positive narrative, with the appointment of Ian Ball as Vice-Chairman, a veteran in mining, signaling strategic expertise. While insider sales by executives like Jeffrey Chan and Richard Brissenden raised some caution, the broader institutional and analyst optimism outweighed short-term concerns. The stock’s performance also benefited from its positioning in the copper sector, where demand is surging due to renewable energy and electrification trends.

Despite a negative earnings report and a P/E ratio of -80.28, McEwen’s strong liquidity and conservative debt structure provide a buffer for future growth. The market appears to be pricing in the long-term value of Los Azules, with analysts projecting a 10–15% upside from recent levels. As the project advances, the company’s ability to execute on ESG commitments and meet production timelines will remain critical to sustaining investor enthusiasm.