GlobeNewswire·Nov 9, 2026, 10:03 PM ET

McEwen Q3 Financial Results – Quarter of Transition

MUX

McEwen Inc. reported Q3 2026 revenue of $43.6M, a 14% decrease from Q3 2025, driven by lower production of 10,689 GEOs versus 14,968 GEOs previously.
The company posted a Q3 net loss of $36.7M ($0.60 per share) compared to a $0.5M loss in Q3 2025, impacted by higher project investments, lower unrealized gains on securities, and tax expense differences.
Gold Bar Complex production issues caused by poor management oversight were addressed in late August, resulting in rising production and dropping costs in October.
Fox Complex costs temporarily rose due to completing Froome mine development and processing low-grade stockpiles, but costs returned to guidance levels in October.
San José Mine production was negatively affected by record snowfall, forcing a shift to sulphide ore that lowered grades and metal recoveries during Q3.
The company ended Q3 with $49.1M in cash, $10.4M in marketable securities, $50M in Discovery Mining common shares, and $5M in post-Q3 cash.
McEwen sold non-core Fuller and Paymaster properties to a Discovery Mining subsidiary in October for $55M ($5M cash and $50M in shares).
Full-year 2026 production guidance remains 109,000-120,000 GEOs with consolidated AISC guidance of $2,500-$2,750 per GEO.
Exploration & Development spending reached $11.2M in Q3 2026, with $9.8M invested in the Los Azules copper project to advance engineering for a Final Investment Decision.
McEwen Copper's Los Azules project received environmental approval for electrical interconnection, though heavy snowfall delayed site access road reopening until early 2027.
Construction at the El Gallo mine in Mexico is underway with gold production scheduled for Q4 2027.
The new Stock Mine at the Fox Complex is nearing completion with commercial production targeted for H1 2027.
McEwen holds a 46.3% interest in McEwen Copper, which has a Feasibility Study confirming robust economics for the Los Azules copper project.
San José Mine generated $58.3M in cash dividends year-to-date and ended Q3 with $134M in cash on a 100% basis.
No lost-time incidents were reported across all 100%-owned operations during the quarter.

Company: McEwen Inc.
Keywords: Toronto Stock Exchange:MUX, McEwen Inc., $MUX, Mining, gold, silver, copper, Q3 results, financials, exploration, development, earnings, production