McEwen Inc. (NYSE: MUX) (TSX: MUX) announced its second-quarter 2026 financial results, revealing a 27% increase in revenue to $59.2 million, with net income of $9.6 million, or $0.16 per share, and adjusted EBITDA of $22.2 million. The company also provided updates on its development pipeline, which is expected to elevate annual production to between 250,000 and 300,000 gold equivalent ounces (GEOs) by 2030. Management expressed confidence that future growth can be largely self-funded through operating cash flow, based on long-term gold and silver price assumptions.
Highlighting exploration successes, McEwen reported high-grade intercepts at its Grey Fox and Tartan projects, including 97.7 grams per tonne (gpt) gold over 4.4 meters and 17.8 gpt gold over 15.9 meters. These results underscore the potential of the company's Canadian assets. In Ontario, the Fox Complex's 2026 production guidance was increased, while the Gold Bar Complex in Nevada saw a reduction due to operational challenges.
The company also received $58.2 million in dividends from its 49%-owned San José mine in 2026, surpassing prior full-year expectations. Additionally, McEwen provided updates on several growth projects, 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's diversified portfolio includes gold and silver production in Nevada, Ontario, Manitoba, and Argentina, along with a significant interest in the Los Azules copper project. The company holds a 46.3% stake in McEwen Copper, which owns the advanced-stage Los Azules project in Argentina. According to the latest financing, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). The Los Azules project aims to be one of the world's first regenerative copper mines and carbon neutral by 2038.
In addition to its mining operations, McEwen recently acquired a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units globally. This technology is poised to become the new standard for assaying precious and base metals, with Paragon aiming to be a leading service provider.
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 and a member of the Canadian Mining Hall of Fame. His objective is to build MUX's profitability and share value, potentially implementing a dividend policy as he did with Goldcorp Inc.
For more details, the full press release is available at https://ibn.fm/QIpMT. Latest news and updates on MUX can be found at https://ibn.fm/MUX.
