McEwen Inc. (NYSE: MUX) (TSX: MUX) announced second-quarter 2026 financial results that show a 27% increase in revenue to $59.2 million, driven by strong operational performance and strategic developments. The company reported net income of $9.6 million, or $0.16 per share, and adjusted EBITDA of $22.2 million, underscoring its financial stability and growth trajectory.
The company also provided a comprehensive update on its growth pipeline, which is designed to increase annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030. This ambitious target is supported by recent 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. These results highlight the potential for significant resource expansion and underscore the company’s commitment to long-term value creation.
Management believes that future production growth can be largely self-funded through operating cash flow, based on conservative long-term gold and silver price assumptions. This approach minimizes dilution and preserves shareholder value, a key priority for Chairman and Chief Owner Rob McEwen, who has personally invested over US$250 million in the company and takes a salary of $1 per year. McEwen’s objective is to build MUX’s profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
In the second quarter, the company increased its 2026 production guidance for the Fox Complex in Ontario, reflecting operational excellence and successful optimization efforts. However, it reduced guidance for the Gold Bar Complex in Nevada due to operational challenges, demonstrating transparency and proactive management. McEwen also reported receiving $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations and providing additional financial flexibility.
Beyond its core operations, McEwen is advancing multiple growth projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. The Los Azules project, in which the company holds a 46.3% interest through McEwen Copper, is designed to be one of the world’s first regenerative copper mines and aims to be carbon neutral by 2038. The project’s Feasibility Study results were announced in a press release dated October 7, 2025, and 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 ended the quarter with $78.9 million in cash and cash equivalents, providing a solid foundation for its growth initiatives. It also raised its 2026 exploration budget to $25.7 million, reflecting confidence in the potential of its exploration portfolio. McEwen recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units globally, a technology that could become the new industry standard for assaying precious and base metals.
These developments are significant as they position McEwen to capitalize on the growing demand for gold, silver, and copper, particularly in the context of global economic uncertainty and the transition to clean energy. By increasing production and advancing high-quality projects, McEwen is well-positioned to deliver substantial value to shareholders in the coming years.
