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, or $0.16 per share, and adjusted EBITDA of $22.2 million. These results reflect the company's operational performance and strategic progress across its portfolio of gold, silver, and copper assets in the Americas.
The company also provided updates on its growth pipeline, which is designed to elevate annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030. Management expressed confidence that this expansion can be predominantly self-funded through operating cash flow, based on conservative long-term gold and silver price assumptions. This approach aims to minimize dilution and preserve shareholder value.
Key exploration results were highlighted at the Grey Fox and Tartan projects, with intercepts including 97.7 grams per tonne (gpt) gold over 4.4 meters and 17.8 gpt gold over 15.9 meters. These high-grade discoveries underscore the potential for resource growth and mine life extension at these Canadian assets.
McEwen adjusted its 2026 production guidance, increasing output 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 in Argentina, exceeding prior full-year expectations. This robust cash flow from San José supports the company's financial flexibility.
Beyond current operations, McEwen is advancing several development projects, including the Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. The Los Azules project, in which McEwen holds a 46.3% interest through McEwen Copper, is designed to be one of the world's first regenerative copper mines and aims for carbon neutrality by 2038. The implied value of McEwen's ownership interest is approximately US$456 million (US$7.67 per share), based on the latest financing.
The company ended the quarter with $78.9 million in cash and cash equivalents and increased its 2026 exploration budget to $25.7 million. This investment underscores McEwen's commitment to organic growth and resource expansion.
Chairman and Chief Owner Rob McEwen, who has invested over US$250 million personally and takes a salary of $1 per year, continues to align his interests with shareholders. 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 https://ibn.fm/QIpMT. Investors seeking the latest news and updates on MUX can visit the company's newsroom at https://ibn.fm/MUX.
