McEwen Inc. Reports Strong Q2 Results and Advances Growth Pipeline Toward 2030

McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced its second-quarter 2026 financial results, revealing a 27% increase in revenue to $59.2 million, net income of $9.6 million, or $0.16 per share, and adjusted EBITDA of $22.2 million. These results underscore the company's robust operational performance and its strategic focus on expanding its production capabilities.

The company has outlined development initiatives expected to increase annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030. This ambitious target is supported by new 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 findings highlight the potential for significant resource expansion and underscore the company's commitment to long-term growth.

Management believes that future production growth can be largely self-funded through operating cash flow, based on long-term gold and silver price assumptions. This financial strategy is designed to minimize dilution and maximize shareholder value, aligning with the company's overall objectives.

In its operational updates, McEwen increased its 2026 production guidance for the Fox Complex in Ontario, reflecting strong performance, while reducing guidance for the Gold Bar Complex in Nevada due to operational challenges. The company also reported receiving $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations. This income stream provides additional financial flexibility to support ongoing projects.

McEwen provided updates on multiple growth projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. The Los Azules project, in which McEwen 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.

The company ended the quarter with $78.9 million in cash and cash equivalents and raised its 2026 exploration budget to $25.7 million, demonstrating its commitment to advancing its pipeline. McEwen also recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units worldwide, a technology that McEwen believes is poised to become the new industry standard for assaying precious and base metals.

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. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.

These developments are significant for the mining industry in Texas and beyond, as McEwen's growth strategy and financial performance demonstrate the potential for sustainable expansion in the precious metals sector. The company's focus on high-grade exploration and self-funded growth positions it to capitalize on favorable market conditions and deliver long-term value to investors.