McEwen Inc. (NYSE: MUX) (TSX: MUX) announced its second-quarter 2026 financial results, revealing 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 is expected to boost annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030, with new high-grade exploration results at 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 future production growth can be largely self-funded through operating cash flow based on long-term gold and silver price assumptions.
The company raised its 2026 production guidance for the Fox Complex in Ontario while reducing guidance for the Gold Bar Complex in Nevada due to operational challenges. McEwen also reported receiving $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations. The company provided updates on multiple growth projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. As of quarter-end, McEwen held $78.9 million in cash and cash equivalents and increased its 2026 exploration budget to $25.7 million.
These results underscore McEwen's commitment to expanding its production base and advancing its development projects. The company's 2030 production target of 250,000-300,000 GEOs represents a significant increase from current levels, driven by a combination of brownfield expansions and new developments. The high-grade intercepts at Grey Fox and Tartan highlight the exploration upside within the company's portfolio, which could further enhance the economics of these projects.
McEwen's diversified asset base includes gold and silver mines in Nevada, Ontario, Manitoba, and Argentina, as well as a 46.3% interest in McEwen Copper, which owns the advanced-stage Los Azules copper project in Argentina. The Los Azules project is designed to be one of the world's first regenerative copper mines and aims to be carbon neutral by 2038. 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 company also recently purchased 27.3% of Paragon Advanced Labs Inc., a company deploying PhotonAssay units globally, a technology that McEwen believes could 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 details, the full press release is available at this link. For the latest news and updates on MUX, visit the company's newsroom at https://ibn.fm/MUX.
