McEwen Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMcEwen Inc. is a Colorado-incorporated gold and silver producer, listed on the NYSE under MUX, that also holds copper development and equity interests in Argentina and advanced-stage projects in North America.
What they do
McEwen owns and operates the Fox Complex including the Froome mine and Stock mill in Ontario and the Tartan Mine Project in Manitoba, plus the Gold Bar Mine Complex and Jewel Ridge Project in Nevada. It holds El Gallo in Sinaloa, Mexico, a 46.3% interest in McEwen Copper Inc., owner of the Los Azules copper project in San Juan, Argentina, and a 49% interest in Minera Santa Cruz S.A., owner of the San Jos mine in Santa Cruz, Argentina. It also holds a 27% interest in Paragon Advanced Labs. It produces and sells gold and silver while developing copper, gold and silver properties.
Revenue drivers
- Gold Bar Mine Complex (United States) — Nevada gold operations; 2026 guidance was reduced from 39,000-43,000 GEOs to 30,000 GEOs in the Q2/26 release.
- Fox Complex (Canada) — Timmins-area gold operations including the producing Froome mine and Stock mill; full-year 2026 guidance raised to 20,000-23,000 GEOs from 16,000-19,000.
- Minera Santa Cruz (Argentina) — 49%-owned equity investee operating the San Jos mine; significant enough that MSC financial statements were added to the 10-K/A under Rule 3-09.
- McEwen Copper / Los Azules (Argentina) — 46.3% interest in a copper development project; development-stage rather than current production revenue.
Recent performance
Q2/26 revenue was $59.2M, versus $74.0M in the prior quarter and $50.5M in the quarter ended September 30, 2025. Net income was $9.6M, or $0.16 per share, compared with $3.0M, or $0.06 per share, in Q2/25. Full-year 2025 revenue was $197.6M with a net loss of $1.3M and diluted EPS of $0.59, while 2024 revenue was $174.5M with a net loss of $43.7M. Operating cash flow was $6.9M in 2025 versus $29.5M in 2024. At June 30, 2026, total assets were $992.1M, total liabilities $285.5M, equity $706.6M, cash $78.9M and long-term debt $120.6M.
Strategy
Management targets annual production of 250,000-300,000 GEOs by 2030, funded by cash flow with limited to no share dilution based on assumed prices of $4,000 per ounce of gold and $50 per ounce of silver. The company is developing the Stock Mine for mining in Q4 2026 and commercial production in 2027, with Stock life extended to 8.5 years from 6 years. Grey Fox is projected to lift Fox Complex production to 100,000 GEOs in 2029, averaging 87,000 GEOs from 2028-2041, using the existing mill to limit initial capital. Tartan is under review for a larger 1,000-1,500 tpd scenario versus the initial 500 tpd staged plan. The company continues exploration at Grey Fox and Tartan, where Q2 drilling made new discoveries.
Risks
- Guidance cuts and volatility — Gold Bar Complex 2026 guidance was cut from 39,000-43,000 GEOs to 30,000 GEOs in the Q2/26 release.
- History of losses — Net income was negative in 2021 (-$56.7M), 2022 (-$81.1M), 2024 (-$43.7M) and 2025 (-$1.3M), showing limited earnings consistency.
- Weak operating cash flow — Operating cash flow fell to $6.9M in 2025 from $29.5M in 2024 despite higher revenue.
- Development and jurisdiction exposure — Growth depends on Stock, Grey Fox, Tartan and the 46.3%-owned Los Azules copper project in Argentina, requiring permitting, capital and execution.
Outlook
Management guides to $4,000/oz gold and $50/oz silver to self-fund growth to 250,000-300,000 GEOs by 2030 with limited to no dilution. Near-term catalysts are Stock Mine mining in Q4 2026 and commercial production in 2027, Grey Fox construction in H1 2027 and production in 2029, and a Tartan mine-design decision. Fox Complex 2026 guidance was raised to 20,000-23,000 GEOs with AISC unchanged at $2,650-$2,850 per GEO. Gold Bar 2026 guidance was reduced to 30,000 GEOs.