Goliath Intercepts Up To 10.32 g/t Au Over 6.00 Meters Within The New 320 Meter Expansion Area Of Golden Gate Zone To The Northeast, Remains Open, On High-Grade Gold Surebet Discovery, Golden Triangle, B.C.

McEwen Inc. reported second-quarter 2026 net income of $9.6 million, or $0.16 per share, on revenue of $59.2 million, a 27% year-over-year increase driven by higher gold prices and increased production at the San José and Fox operations.

The company adjusted its guidance for the Fox Complex to 20,000-23,000 gold equivalent ounces (GEOs), while downgrading the Gold Bar Complex to 30,000-33,000 GEOs from a previous range of 39,000-43,000 GEOs. The reduction at Gold Bar was attributed to assay lab downtime and the presence of more carbonaceous, preg-robbing ore than modeled. Consolidated 2026 production guidance was revised to 109,000-120,000 GEOs, down from the prior estimate of 114,000-126,000 GEOs.

Cost metrics reflected operational pressures, with all-in sustaining costs (AISC) at Gold Bar rising to $2,900-$3,200 per GEO and cost guidance for 100%-owned operations increasing. Cash costs at San José were impacted by Argentine inflation.

Exploration results highlighted high-grade intercepts at Grey Fox, which returned 97.7 grams per tonne (gpt) gold over 4.4 meters true width, and Tartan, which returned 29.1 gpt over 10.0 meters core width, including 572 gpt over 0.5 meters. The company also noted progress at the Stock Mine, with production expected in the fourth quarter of 2026, and advances at Los Azules, where final investment decision (FID) work is 27% complete and Société Générale has been appointed.

McEwen Inc. (MUX) reported a meaningful production downgrade and elevated cost forecast in its latest earnings release. The market had largely priced in a miss following the Q2 transcript, which highlighted negative sentiment and preg-robbing issues. The official release’s cut to Gold Bar’s forecast and the overall production decline outweighed the Fox Complex raise and exploration positives.

The stock initially jumped to $27.88 on August 5 but fell to $25.61 by August 6, a net 2.8% decline from the pre-earnings level of $26.33. This movement served as a clear negative signal. The miss was significant enough to erode confidence without fundamentally altering the long-term thesis, which targets 250,000 to 300,000 gold equivalent ounces (GEOs) by 2030.

Stock Mine progress and the Grey Fox Preliminary Feasibility Study (PFS) remain medium-term positives, though they are not enough to offset the near-term headwinds.

McEwen Inc. operates as a mid-tier gold and copper producer and developer with a portfolio of key assets. The Fox Complex in Ontario is currently producing, with the Stock Mine scheduled to start in the second half of 2026 and the Grey Fox Preliminary Feasibility Study extending the mine’s life to 2041. The Gold Bar Mine Complex in Nevada is a producing heap-leach operation facing near-term challenges.

In Argentina, the company holds a 49% interest in the San José Mine, a high-grade silver-gold asset that serves as a strong dividend source. In Mexico, the El Gallo/Fenix project is undergoing Phase 1 mill construction, with first pour targeted for mid-2027. The Tartan Mine in Manitoba, acquired via Canadian Gold, is at the resource stage with potential for restart. Additionally, McEwen holds a 46.3% interest in Los Azules through McEwen Copper, a world-class copper project that has completed its feasibility study, with a final investment decision and construction targeted.