McEwen (MUX) Is Down 16.3% After Updated Tartan Mine Restart Plan And Resource Estimate
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Earlier in March 2026, McEwen Inc. released a new Mineral Resource Estimate and restart plan for the Tartan Mine in Manitoba, outlining 308,900 Indicated and 302,700 Inferred gold ounces and an initial production goal of about 30,000 ounces per year under existing permits.
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The company also flagged potential to expand Tartan’s mill capacity to 1,000 tonnes per day and budgeted US$6,000,000 for 2026 drilling, making this mine a central piece of its ambition to double overall gold output by 2030.
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We’ll now examine how incorporating Tartan’s updated resource estimate and planned 500–1,000 tonne-per-day restart into McEwen’s investment narrative may shift investor focus.
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To own McEwen, you need to believe in its ability to turn a growing resource base into reliable, profitable production, while managing execution and permitting risks at projects like Tartan and Los Azules. The new Tartan resource and restart plan reinforce the production growth story, but they do not remove the near term risk that project timelines, costs, or technical work at Tartan could slip and affect progress toward the company’s broader 2030 production ambitions.
Among recent announcements, the 2025 results stand out as especially relevant alongside the Tartan update. McEwen moved from a net loss in 2024 to net income of about US$34.4 million in 2025, which gives it more financial flexibility as it commits US$6.0 million to Tartan drilling and advances restart studies. For investors, the combination of improving profitability and a clearer mine plan at Tartan ties directly into the production growth catalysts now in focus.
Yet against this growth story, investors should still be aware of the risk that Tartan’s restart could require more time and capital than currently outlined…
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McEwen’s narrative projects $518.3 million revenue and $278.2 million earnings by 2029.
Uncover how McEwen’s forecasts yield a $31.70 fair value, a 67% upside to its current price.
Some of the lowest ranked analysts were already cautious, assuming revenue of roughly US$565 million and earnings near US$459 million by 2029, and the new Tartan plan may challenge their view that permitting delays and slower project ramp ups could restrain McEwen’s long term production growth.
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