McEwen Inc. (MUX) Covered Calls

McEwen Mining Inc. is a diversified gold and silver producer with a significant and growing exposure to copper. The company operates mines and projects across the Americas, including the Gold Bar mine in Nevada, the Black Fox complex in Ontario, and the San José mine in Argentina (49% interest). Under the leadership of founder Rob McEwen, the firm is aggressively developing the Los Azules project in Argentina, one of the world’s largest undeveloped copper deposits.

You can sell covered calls on McEwen Inc. to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for MUX (prices last updated Wed 10:10 AM ET):

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McEwen Mining Inc. (MUX) is a unique precious and base metals company focused on the Americas. Unlike many mid-tier miners, the firm is spearheaded by its Chairman and "Chief Owner," Rob McEwen, who maintains significant skin in the game with a $1-a-year salary and over $200 million in personal investment. The company’s portfolio is strategically balanced between cash-generating gold and silver mines and a massive, "green-focused" copper development asset.

The company’s revenue is currently driven by its producing mines: Gold Bar in Nevada, which was recently expanded through the 2026 acquisition of Golden Lake Exploration, and the Fox Complex in the prolific Timmins district of Ontario. Additionally, the company holds a 49% interest in the high-grade San José mine in Argentina, operated by Hochschild Mining. A major catalyst for the organization is its 46.4% interest in McEwen Copper, which owns the Los Azules project. By early 2026, McEwen Copper has secured significant strategic investment from partners like Stellantis and Rio Tinto’s Nuton, positioning Los Azules as a primary driver of future shareholder value during the global energy transition.

Competitive Landscape

McEwen Mining operates in the highly fragmented mid-tier mining sector, where it competes for institutional capital and technical expertise. The company distinguishes itself through its high copper exposure relative to pure-play gold peers and its owner-operator leadership structure.

1. Alamos Gold: A high-margin Canadian producer that serves as a benchmark for operational efficiency in the gold sector.
2. First Majestic Silver: A primary competitor for silver-focused investors with significant operations in Mexico and Nevada.
3. Agnico Eagle Mines: A senior gold producer that provides a baseline for low-risk, multi-asset mining exposure in Tier-1 jurisdictions.
4. Fortuna Mining: A diversified precious metals peer with growing production across the Americas and West Africa.
5. Barrick Gold: A global heavyweight that competes for institutional focus in Nevada and Argentina, serving as a primary industry benchmark.

Strategic Outlook and Innovation

The strategic roadmap for 2026 is centered on production growth and the de-risking of McEwen Copper. Management is focused on increasing Gold Equivalent Ounce (GEO) production through the integration of the Jewel Ridge projects in Nevada and the expansion of the Stock West deposit in Canada. A key goal for the 2026 fiscal year is to complete the feasibility study for Los Azules, which targets a carbon-neutral footprint through the use of regenerative energy and innovative heap-leach technology. This "Green Copper" strategy is designed to attract ESG-focused investors and strategic automotive partners looking for sustainable supply chains.

Innovation at McEwen Mining is driven by "The Mine of the Future" initiative. This includes the implementation of AI-driven hyperspectral imaging for exploration and the use of Nuton’s proprietary bio-leaching technology to improve copper recovery rates. The company is also utilizing automated drilling and haulage systems at its North American sites to reduce operational risk and lower the all-in sustaining cost (AISC). By integrating digital twinning for its development projects, McEwen aims to accelerate the timeline from discovery to production while maintaining a lean corporate structure.

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