Aug 7, 2026, 4:15 PM ETBasic Materials

McEwen Inc. — Q2 2026 Earnings Summary

MUXMCEWEN INC

Financial Performance

Q2 2026 revenue increased 27% to $59.2M from the sale of 13,948 GEOs, compared to $46.7M from 14,549 GEOs in Q2 2025.
Average realized gold sale price per GEO was $4,454 in Q2 2026, a 35% increase from $3,298 in Q2 2025.
Q2 2026 net income was $9.6M ($0.16 per share), compared to $3.0M ($0.06 per share) in Q2 2025.
Q2 2026 gross profit was $20.1M, compared to $12.3M in Q2 2025.
Q2 2026 adjusted EBITDA increased to $22.2M ($0.37 per share), compared to $17.3M ($0.32 per share) in Q2 2025.
Cash and equivalents increased to $78.9M as of June 30, 2026, from $51.0M at December 31, 2025.
Marketable securities decreased to $12.8M as of June 30, 2026, from $21.1M at December 31, 2025.
Debt principal outstanding remained unchanged at $130.0M ($110.0M in convertible notes due 2030 and $20.0M under term loan facility).
McEwen had 59.7M shares outstanding on June 30, 2026, compared to 55.5M on December 31, 2025.

Full-year 2026 production guidance updated to 109,000 – 120,000 GEOs, including attributable production from the 49%-owned San José mine.
Consolidated 2026 cost guidance ranges updated to $2,200 – $2,450 for cash costs and $2,500 – $2,750 for AISC.
Fox Complex full-year 2026 production guidance increased to 20,000 – 23,000 GEOs (from 16,000 – 19,000 GEOs), with AISC guidance unchanged at $2,650 – $2,850 per GEO.
Gold Bar Complex full-year 2026 production guidance reduced to 30,000 – 33,000 GEOs (from 39,000 – 43,000 GEOs), with AISC guidance raised to $2,900 – $3,200 per GEO.
Production is forecasted to grow to 100,000 GEOs by 2029 with the completion of the Stock Mine and Grey Fox.
The Company targets increasing annual production to 250,000 – 300,000 GEOs by 2030.
San José Mine 2026 dividends received total $58.2M, exceeding the previously announced estimate of $40 – $50M.
El Gallo in Mexico is forecasting 20,000 GEOs production per year starting H2 2027.

Fox Complex (Canada): Produced 7,000 GEOs in Q2 2026; Cash costs were $1,972/GEO and AISC were $2,701/GEO. Stock Mine development continued on time and within budget, with mining expected in Q4 2026 and commercial production in 2027. Stock Mine life extended to 8.5 years from 6 years.
Gold Bar Complex (USA): Produced 5,842 GEOs in Q2 2026; Cash costs were $2,705/GEO and AISC were $3,197/GEO. Production was lower due to assay lab downtime and higher carbon content in ore. Global Resources and Reserves for the complex now total 792,000 indicated gold ounces and 281,000 inferred gold ounces.
San José Mine (Argentina): Produced 17,019 GEOs (49% interest) in Q2 2026, up 17% from Q1 2026 and 24% from Q2 2025. Cash costs were $2,466/GEO and AISC were $2,913/GEO.
Tartan Mine Project (Canada): Discovered the new Central Zone between Main and South Zones. Potential to produce 40,000 – 65,000 GEOs per year over a 7-10 year life.
McEwen Copper: 46.3% equity stake in Los Azules project; 2025 Feasibility Study confirmed 205 ktpa copper cathode production over 22 years. 27% of FID work program deliverables completed as of June 30, 2026.
Paragon Advanced Labs: Entered MOU in July 2026 to develop PhotonAssay™ services at Gold Bar, Fox, and El Gallo; McEwen to receive 3% royalty on gross revenues from third-party clients.

Management believes estimated production will generate sufficient cash flow to self-fund growth with limited to no share dilution, based on an average gold price of $4,000/oz and silver price of $50/oz.
Gold Bar Complex is expected to reach 90,000 – 110,000 GEOs by 2030, driven by Windfall, Lookout Mountain, and Trinity Ridge.
McEwen Copper's Los Azules project aims to be one of the world's first regenerative copper mines and achieve carbon neutrality by 2038.

Gold Bar Complex production guidance was reduced due to less ore placed on the heap leach pad than planned, caused by assay lab downtime and higher-than-anticipated carbonaceous material in the ore.
Higher carbon content at Gold Bar is expected to impact production during Q3 and Q4.
Tartan Mine project is reviewing a larger mine and mill scenario (1,000-1,500 tpd) versus an initial smaller staged approach, which would result in incremental upfront capital.
Forward-looking statements regarding production, costs, and project timelines are subject to risks including metal price fluctuations, permitting delays, construction risks, and geopolitical factors.

Management highlighted that exploration results at Grey Fox and Tartan demonstrated the ability to drive organic growth with high-grade intersections.
The Company noted that leveraging the current mill at the Fox Complex allows for limiting initial capital expenditures versus building a new plant.
Chairman Rob McEwen has invested over $290M personally and takes a $1 salary, aligning interests with shareholders.
Management remains focused on completing the FID work program for Los Azules, with construction targeted for early 2027 and production in 2030.

McEwen acquired 100% of Canadian Gold Corp. in Q1 2026, which had a market value of $5.6M at December 31, 2025.
McEwen acquired a 27.3% interest in Paragon Advanced Labs on December 9, 2025, for $13.7M; fair value was $13.9M as of June 30, 2026.
McEwen loaned $13.6M to McEwen Copper as of June 30, 2026.
Société Générale was appointed as exclusive financial advisor for McEwen Copper's debt financing process in Q2 2026.
Zero lost-time incidents across 100%-owned operations; Gold Bar Mine Complex received the 2026 Mine Operator and Safety Award from the Nevada Mining Association.
El Gallo team received the ELSSA Distinction for Safe and Healthy Work Environments for the second consecutive year.
McEwen Copper is reviewing an enhanced financing proposal from a European export credit agency.
The Buffalo Ankerite Project Mineral Resource Estimate is scheduled for publication in early 2027, after which the Company will evaluate alternatives including a potential sale.