Comments from McEwen (NYSE:MUX) chair and CEO Rob McEwen at the PDAC 2026 conference have put fresh attention on mining equities, as he pointed to a potential investor shift toward metals like gold and copper.

McEwen's comments at PDAC come at a time when the share price has pulled back in the short term, with a 1 day share price return showing a 6.39% decline and a 7 day share price return showing a 14.77% decline. However, the 90 day share price return of 28.82% and the very large 1 year total shareholder return of 236.77% suggest that momentum has been building over a longer stretch.

If McEwen's PDAC remarks have you thinking more broadly about precious metals, it could be a good moment to scan 28 elite gold producer stocks as a starting list of potential ideas.

With McEwen shares recently pulling back after a very large 1 year total return, and the stock trading below the average analyst price target of US$27.30, you have to ask: is there still upside here, or is the market already pricing in future growth?

Most Popular Narrative: 11.4% Undervalued

With McEwen last closing at $24.18 versus a narrative fair value of $27.30, the current setup depends on how its gold and copper projects develop.

The accelerating global demand for copper driven by clean energy transition and electrification is likely to positively impact McEwen's future revenue growth; progress on the Los Azules project, with feasibility study due in 2025 and improved government support (e.g., elimination of export duties), positions the company to potentially benefit from this trend as copper prices change.

Curious what assumptions sit behind that $27.30 fair value? The narrative focuses on fast revenue growth, sharply higher margins and a future earnings multiple that looks very different to today.

Result: Fair Value of $27.30 (UNDERVALUED)

However, there are still real pressure points here, including potential project delays, higher capital needs, and any future equity raises that could dilute per share outcomes.

Another Angle: Multiples Paint A Richer Price

The fair value narrative suggests McEwen looks about 11% undervalued at $27.30, but the current P/S ratio tells a different story. At 7.9x sales versus a US Metals and Mining average of roughly 3x, a peer average of 5.1x and a fair ratio of 3.2x, the stock screens as expensive. This raises a simple question for you as an investor: are you comfortable paying up on today’s revenue for a future that still needs to be delivered?

Next Steps

Given the mixed signals around value and expectations, it makes sense to look past the headline numbers and assess the details yourself. If you want a clearer picture of what the market is optimistic about, take a closer look at 1 key reward.

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.