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

McEwen Inc. (NYSE: MUX) (TSX: MUX) reported second-quarter 2026 financial results that underscore its commitment to growth and shareholder value. The company posted 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 reflect the company's operational strength and strategic focus on advancing its development pipeline.

Management outlined development initiatives expected to increase annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030, a target that positions the company for substantial long-term growth. The company also reported 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 results highlight the potential of these projects to contribute to future production.

McEwen increased its 2026 production guidance for its 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, demonstrating the value of its joint venture partnerships.

The company provided updates on multiple growth projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. Management believes future production growth can be largely self-funded through operating cash flow based on long-term gold and silver price assumptions, a strategy that minimizes dilution for shareholders.

McEwen ended the quarter with $78.9 million in cash and cash equivalents, providing a solid foundation for its growth initiatives. The company also raised its 2026 exploration budget to $25.7 million, underscoring its commitment to discovering and developing new resources.

The Los Azules copper project, in which McEwen has 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).

McEwen also recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units worldwide. The company believes this technology is poised to become the new industry 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, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.