McEwen Q2 Results: Net Income of $9.6M ($0.16 per Share), Compared with $3.0M ($0.06 per Share) in Q2 2025; Exploration Results Driving Resource Growth Across All Sites; New Stock Mine in Timmins Nearing Production, with Mine Life Extended

McEwen Inc. reported second-quarter 2026 financial results on August 5, 2026. Net income reached $9.6 million, or $0.16 per share, a significant increase from the $3.0 million, or $0.06 per share, recorded in the year-ago quarter. Revenue rose 27% to $59.2 million, driven by a 35% surge in the average realized gold price to $4,454 per ounce.

San José dividends of $49.4 million in the second quarter brought year-to-date receipts to $58.2 million, exceeding the company’s full-year guidance of $40–50 million. Operationally, the company revised its consolidated 2026 production guidance downward to 109,000–120,000 ounces from the previous range of 114,000–126,000 ounces. Production at the Fox Complex was raised to 20,000–23,000 ounces from 16,000–19,000 ounces, while the Gold Bar mine was sharply lowered to 30,000–33,000 ounces from 39,000–43,000 ounces due to assay lab downtime and unforeseen carbonaceous ore. All-in sustaining costs at Gold Bar were also increased to $2,900–$3,200 per ounce from the original consolidated range of $2,400–$2,600.

Exploration updates highlighted high-grade intercepts at Grey Fox and Tartan. The Grey Fox Pre-Feasibility Study, which has already been filed, extends the Fox Complex life to 2041. Additionally, McEwen Copper appointed Société Générale as exclusive financial advisor for Los Azules debt financing, and IPO preparations have begun.

McEwen Inc. (MUX) reported a second-quarter release characterized by a mix of operational setbacks and financial strengths, resulting in a net modestly favorable outcome relative to immediate market concerns. The company cut production guidance and saw costs rise at its Gold Bar mine, genuine operational hurdles attributed by management to discrete, potentially temporary issues including lab downtime and carbonaceous ore. However, the miss was relatively small, representing a midpoint reduction of approximately 4.5%.

Offsetting these challenges were strong financial results, including 27% revenue growth and a turnaround in net income. The company also delivered an enormous dividend beat at its San José asset, which directly bolstered liquidity. Additionally, McEwen Inc. reported continued high-grade exploration success and tangible progress on its two transformational assets, Los Azules and Grey Fox.

The market responded positively to the news, with the stock rising 5.9% on the day, suggesting that the quarterly earnings beat and dividend surprise outweighed the guidance adjustment.

McEwen Inc. is a diversified gold, silver and copper producer and developer with assets in Canada, the United States, Argentina and Mexico. The 100%-owned Fox Complex in Timmins, Ontario, currently produces from the Froome Mine, with the Stock Mine nearing production and Grey Fox, which has completed a pre-feasibility study, set to extend mine life to 2041. The Gold Bar Complex in Nevada is an open-pit heap-leach operation with significant exploration upside at Lookout Mountain, Windfall and Unity Ridge.

In Argentina, a 49% stake in the high-grade San José mine generates substantial dividends. The El Gallo project in Mexico is a low-capex restart that will reprocess leach pads. The crown jewel is the 46.3%-owned Los Azules copper project in Argentina, a world-class, long-life, low-cost copper deposit with a completed feasibility study and robust economics. The aging but cash-flow-positive asset base is complemented by a deep pipeline of exploration and development projects that support management’s target of 250,000–300,000 GEOs by 2030.