MUXMcEwen Inc.

Gold And Silver Ores

Revenue: $198M; 13% YoY
Operating margin: 1.3%; 105% YoY
EBITDA: $31M; 255% YoY
Market cap: $830M
Employees: 486; $406K revenue each
Net debt / EBITDA: 1.6×; $48M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$406K · 40th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$830M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$41K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$137M	$110M	$166M	$174M	$198M	13%
Operating income	−$64M	−$95M	−$162M	−$51M	$3M	105%
Net income	−$57M	−$81M	$55M	−$44M	−$1M	97%
Operating cash flow	−$20M	−$57M	−$40M	$29M	$7M	77%
Stock-based comp	$800K	$300K	$300K	$900K	$1M	44%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $18K · 1
Open-market sells, 12 mo: $59K · 1
Net: −$41K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$686K	$615K	193	152
FY2024	$5K	−$3K	79	131
FY2023	$342K	$378K	73	116
FY2022	$4K	−$69K	46	109
FY2021	$4K	−$47K	70	123