McEwen Mining (MUX) saw an unusual trade last week as 1500 May $13 puts sold to open at a -63 Delta and follows opening sales in February $13 and $12 puts that sit in open interest, showing confidence in shares at these levels.

MUX shares ran up strong in March-April but have since pulled back basing nicely above trend support while MACD works higher and RSI is clearing 50 on the weekly with a solid long signal.

McEwen is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas. MUX had attributable estimated proven and probable gold reserves of 0.3 million ounces of gold at its Gold Bar mine and the San José mine, and 4.9 million ounces of proven and probable silver reserves at the San José mine at December 31, 2023. The company is made up of three parts, a large interest in a copper project, a portfolio of six royalties on exploration properties, the largest being on its copper project, Los Azules. Los Azules has the potential to be fast-tracked to production given the recent change in government in Argentina that appear to be pro-business. MUX thinks Argentina will soon, in the next 10 years, will rival Peru in terms of copper production if all of those mines or deposits go into production.

MUX has a market cap of $510M and trades around 11X Cash with a strong balance sheet.