McEwen Reports Q2 2025 Results: Continuing Momentum to Double Gold and Silver Production by 2030

Executive Summary

• McEwen reported a turnaround to profitability in Q2 2025, posting net income of $3.0 M ($0.06/share) versus a net loss of $13.0 M a year earlier.
• Adjusted EBITDA more than doubled YoY to $17.3 M ($0.32/share). Cash and equivalents rose to $53.6 M, and working capital improved to $61.8 M.
• The company reaffirmed full‑year production guidance of 120–140 k gold‑equivalent ounces (GEOs) and outlined seven near‑term catalysts, including the pending acquisition of Canadian Gold Corp., Los Azules feasibility study, and ramp‑up of Stock Mine by mid‑2026.

Key Details

• Financial Performance
• Gross profit: $12.3 M (vs $10.8 M YoY) – gross margin 26%.
• Net income: $3.0 M ($0.06/share) vs net loss $13.0 M a year prior.
• Adjusted EBITDA: $17.3 M ($0.32/share) vs $7.2 M YoY.
• Revenue: $46.7 M from 14,549 GEOs at an average realized price of $3,298 per GEO.
• Cash & equivalents: $53.6 M (up from $13.7 M). Marketable securities: $16.0 M.
• Working capital: $61.8 M vs negative $6.5 M at end‑2024.

• Debt outstanding: $130 M total ($110 M convertible notes due 2030, $20 M term loan).

• Production & Costs

• Consolidated production (100% owned + attributable San José): 27,554 GEOs in Q2 2025 vs 35,265 GEOs YoY.
• Cash cost per GEO (100% owned): $1,906; AISC per GEO: $2,120 (up from prior period).

• Expected H2 cost reductions as production ramps.

• Exploration & Development

• $5.4 M spent on exploration at Grey Fox, Gold Bar, Lookout Mountain, Windfall.
• $7.0 M invested by McEwen Copper in Los Azules (46.4% share). Future expenses to be capitalized after feasibility study.
• $5.6 M invested in Stock Mine ramp; portal completed, targeting commercial production mid‑2026.

• Notable gold assays: Froome West (36.0 g/t Au over 10 m; 9.3 g/t Au over 7.8 m) and Grey Fox (12.4 g/t Au over 1.7 m; 27.9 g/t Au over 4.5 m).

• Safety

• Zero lost‑time incidents across all 100% owned sites in the quarter.

• Outlook & Catalysts

• Reaffirmed full‑year production guidance: 120,000–140,000 GEOs.

• Seven catalysts for H2 2025/2026:

  1. Production goal of 250–300 k GEOs consolidated by 2030.
  2. Q4 2025 resource update for Windfall & Lookout Mountain (Nevada).
  3. Completion of Canadian Gold Corp. acquisition by early 2026.
  4. Grey Fox pre‑feasibility study H1 2026.
  5. Commencement of production at Stock Mine mid‑2026.
  6. Potential dividend from San José pending cash flow and price environment.
  7. Los Azules feasibility study expected late Q3 2025.

• Corporate Transactions

• July 2 2025: Entered milling agreement with Inventus Mining Corp. to use excess capacity.

• July 27 2025: Signed binding LOI to acquire Canadian Gold Corp., a strategic gold resource addition in Manitoba.

• Management Call

• Conference call scheduled for August 7 2025, 11:00 AM EDT (details provided).

Notable Quotes

• “During H1 2025 we invested in development projects… net income will be further improved with the publishing of the Los Azules Feasibility Study.” – Rob McEwen, CEO & Chief Owner.
• “We are proud of the teams at Fox Complex and Gold Bar for upholding safety standards… and driving progress on critical development milestones.” – William Shaver, COO.