McEwen Q3 Financial Results - Quarter of Transition

McEwen Inc. (MUX) reported a third-quarter 2026 operational miss, with revenue falling 14% to $43.6 million. The company sold 10,689 gold equivalent ounces (GEOs) compared to 14,968 GEOs in the same period last year. Although the realized price rose 19% to $4,151 per GEO, the volume decline drove gross profit down to $4.0 million from $7.8 million. The company posted a net loss of $36.7 million, or $0.60 per share, compared to a $0.5 million loss in Q3 2025. Adjusted EBITDA turned negative at $10.85 million, down from positive $11.82 million a year earlier.

Production and costs missed targets across all three producing assets. Consolidated production fell 23% to 22,852 GEOs from 29,662 GEOs a year prior. At the Gold Bar mine, production was 6,215 GEOs with a cash cost of $3,248 per GEO and an all-in sustaining cost (AISC) of $3,520 per GEO. The Fox mine produced 4,427 GEOs at a cash cost of $2,911 per GEO and an AISC of $3,725 per GEO. San José, on a 49% attributable basis, produced 11,786 GEOs at a cash cost of $2,916 per GEO and an AISC of $3,414 per GEO. Each segment’s Q3 AISC exceeded its full-year guidance range.

Management attributed the difficulties at Gold Bar to “poor management oversight,” Fox’s challenges to completing the Froome development and processing low-grade stockpile, and San José’s issues to record snowfall forcing a sulphide-heavy ore mix. The company characterized these issues as temporary and highlighted October improvements, estimating Gold Bar’s AISC at $2,873 per GEO and Fox’s at $2,618 per GEO. Gold Bar produced 3,353 GEOs in October. Full-year 2026 production guidance remained unchanged at 109,000–120,000 GEOs, with consolidated cash cost guidance of $2,200–$2,450 per GEO and AISC of $2,500–$2,750 per GEO.

The release also disclosed the post-quarter sale of Fuller and Paymaster to Discovery Mining for $55.0 million, comprising $5.0 million in cash and $50.0 million of Discovery shares. Additional disclosures included an updated El Gallo mineral resource estimate, exploration results from Gold Bar, Grey Fox, and Tartan, and updates on Stock, Grey Fox, Tartan, El Gallo, and Los Azules.

McEwen Inc. reported a significant shortfall in its third-quarter results, missing both production targets and cost guidance previously set by the company. Consolidated production fell 23% year over year, while adjusted EBITDA came in at negative $10.85 million. All three operating segments exceeded their full-year All-In Sustaining Costs (AISC) ceilings: Gold Bar’s AISC was 10% above the top of guidance, Fox’s was 31% above, and San José’s was 37% above.

The company attempted to contextualize the quarter by highlighting improvements in October. However, those figures represent a single month, are partly estimated, and may not fully reflect operational realities due to the 45–60 day lag inherent in Gold Bar’s heap-leach cycle. The market had already reacted negatively to the outlook, with MUX closing at $27.88 on the Q2 release date, falling to $19.13 on November 3, and rebounding to $22.90 by November 9. The latest release confirmed existing operational concerns rather than alleviating them.

With no Street consensus, analyst ratings, or price targets provided, the assessment relies on company guidance and prior management commitments. On that basis, the Q3 miss presents a material negative for near-term credibility and cash flow.

McEwen Inc. (MUX) is a producer of gold, silver, and copper. The company’s 100%-owned Fox Complex in Timmins, Ontario, comprises the Froome, Stock, and Grey Fox operations. It also owns the Gold Bar heap-leach complex in Nevada.

McEwen holds a 49% interest in the San José mine in Argentina, a 100% interest in the El Gallo project in Mexico, and the Tartan project in Manitoba. Additionally, the company owns 46.3% of McEwen Copper, which holds the Los Azules copper project in Argentina, and maintains a 1.25% NSR royalty on Los Azules. Rob McEwen serves as Chairman and Chief Owner.