McEwen Inc. (NYSE: MUX) (TSX: MUX) reported second-quarter 2026 financial results, showing a 27% increase in revenue to $59.2 million, net income of $9.6 million ($0.16 per share), and adjusted EBITDA of $22.2 million. The company also provided updates on its growth pipeline, which it expects will increase annual production to between 250,000 and 300,000 gold equivalent ounces (GEOs) by 2030.
The company reported new high-grade exploration results from its Grey Fox and Tartan projects, including intercepts of 97.7 grams per tonne (gpt) gold over 4.4 meters and 17.8 gpt gold over 15.9 meters. Management believes that future production growth can be largely self-funded through operating cash flow based on long-term gold and silver price assumptions.
McEwen increased its 2026 production guidance for the Fox Complex in Ontario, while reducing guidance for the Gold Bar Complex in Nevada due to operational challenges. The company also reported receiving $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations.
Updates on multiple growth projects were provided, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. The company ended the quarter with $78.9 million in cash and cash equivalents and raised its 2026 exploration budget to $25.7 million.
McEwen shares trade on both the NYSE and TSX under the ticker MUX. The company provides shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.
The company holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). The Los Azules copper project is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units around the world, a technology believed to become the new industry standard for assaying precious and base metals.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
For more information, view the full press release at https://ibn.fm/QIpMT. For latest news and updates relating to MUX, visit the company's newsroom at https://ibn.fm/MUX.
