China's Antimony Restrictions Exposed a U.S. Defense Weakness - NevGold May Be One of the Only Near Term Domestic Solutions
McEwen’s earnings blow past estimates as gold boom accelerates, but NevGold’s antimony buzz steals the macro spotlight.
The most recent release (2026-05-13) focuses on NevGold Corp.’s high‑grade antimony/gold drilling at Limousine Butte, Nevada, and a $42.2 M upsized placement, positioning it as a U.S. critical‑minerals supplier. This news has no connection to McEwen Inc.
The preceding McEwen‑specific news (2026-05-06) reported Q1 2026 results: revenue surged 107 % YoY to $74.0 M, net income swung from a loss of $6.3 M a year ago to a $33.4 M profit ($0.56/share), and adjusted EBITDA reached $44.8 M. Cash on hand rose to $56.5 M. The company updated mineral resources at Windfall (Nevada) and provided exploration highlights at Trinity Ridge, Grey Fox, and Tartan, while reaffirming full‑year 2026 production guidance (114‑126 k GEOs) and cost metrics. Management also announced that the Stock Mine will start initial production in H2 2026, El Gallo Phase 1 construction will begin mid‑2026, and a Final Investment Decision on Los Azules is targeted for year‑end 2026, with a potential IPO of McEwen Copper later in 2026.
The NevGold release is irrelevant to McEwen; it does not affect the company’s operations, finances, or share price.
McEwen’s Q1 2026 earnings, however, are material positive. The net‑income turnaround, dramatic revenue growth, and robust cash generation validate the company’s strategy of leveraging high gold prices to fund internal expansion. The market rewarded the stock with a 15 % jump from $28.83 to $35.82 in the days following the release, indicating that the results exceeded expectations. The update on Los Azules and the firm timeline for the copper IPO add an additional catalyst layer that was not fully priced in. This release confirms that McEwen is on track to double precious‑metal production by 2030.
McEwen Inc. is a diversified precious and base metals producer. Its 100 %‑owned operations include the Fox Complex (Froome, Stock, Grey Fox) in Ontario, the Gold Bar Mine Complex (Lookout Mountain, Windfall, Unity Ridge, and recently acquired Jewel Ridge) in Nevada, and the Tartan Mine in Manitoba. It holds a 49 % stake in the San José mine (Argentina), a 46.3 % interest in the world‑class Los Azules copper project (Argentina), and is advancing El Gallo (Mexico). The flagship development is Los Azules, a long‑life copper leach/solvent‑extraction project with a feasibility study showing an after‑tax NPV of $2.94 B (base case) and an IRR of 19.8 %, slated for construction start in 2027. The precious‑metal business targets 250‑300 k oz AuEq/yr by 2030, driven by Stock, Grey Fox, and Gold Bar expansions.