McEwen Inc. (NYSE: MUX) (TSX: MUX) reported improved operating performance in October at its Gold Bar and Fox complexes, following a third quarter marked by lower production and higher costs. The company said October production at Gold Bar reached 3,353 gold equivalent ounces (GEOs), with all-in sustaining costs (AISC) declining to approximately $2,873 per ounce from $3,520 in the third quarter. At the Fox Complex, AISC is expected to decline to $2,618 per ounce in October from $3,725 in the prior quarter, according to the McEwen (NYSE: MUX) (TSX: MUX) announcement.
Third-quarter revenue totaled $43.6 million, compared with $50.5 million a year earlier, while the company recorded a net loss of $36.7 million, or $0.60 per share, compared with a loss of $500,000, or $0.01 per share, in the prior-year period. Despite the quarterly setback, McEwen reaffirmed its 2026 production guidance of 109,000-120,000 GEOs and continues to advance projects targeting annual production of 250,000-300,000 GEOs by 2030.
The company outlined several near-term catalysts. Mining at the Stock Mine in Ontario is scheduled to begin in December, with commercial production expected in the first half of 2027. Construction at El Gallo in Mexico is underway ahead of planned production in the fourth quarter of 2027. McEwen Copper is also advancing its Los Azules project toward a final investment decision in mid-2027. The Los Azules feasibility study, detailed in a press release dated October 7, 2025, confirms an economically robust copper project with leading ESG performance.
Additionally, the company’s 49%-owned San José Mine has generated $58.3 million in year-to-date cash dividends, exceeding its previous estimate of $40 million-$50 million. McEwen shares trade on both the NYSE and TSX under the ticker MUX, providing shareholders with exposure to a growing base of gold and silver production in the Americas, plus a large copper development project. The company holds a 46.3% interest in McEwen Copper, which owns Los Azules 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 project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038.
For investors, the October operational improvements signal a potential turnaround from the third quarter’s cost pressures, while the reaffirmed 2026 guidance and progress on growth projects provide visibility into the company’s path toward significantly higher production by 2030. The stronger-than-expected dividends from San José also offer additional cash flow support. The announcement was disseminated on behalf of McEwen Inc. and may include paid advertising. To view the full press release, visit https://ibn.fm/2dP8M. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
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