McEwen Inc. (NYSE: MUX) (TSX: MUX) announced its second-quarter 2026 financial results, highlighted by 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. The company also provided updates on its growth pipeline, which is expected to increase annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030, and 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.
Management stated that it believes future production growth can be largely self-funded through operating cash flow based on long-term gold and silver price assumptions. The company increased its 2026 production guidance for the Fox Complex in Ontario while reducing guidance for the Gold Bar Complex in Nevada due to operational challenges.
McEwen also reported receiving $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations. The company provided updates on multiple growth projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. The company ended the quarter with $78.9 million in cash and cash equivalents and raised its 2026 exploration budget to $25.7 million.
The Los Azules copper project, in which McEwen holds a 46.3% interest via McEwen Copper, is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in a press release dated October 7, 2025. 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 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units worldwide, a technology that McEwen believes is poised to become the new industry standard for assaying precious and base metals. Paragon aims to be one of the leading service providers in this field.
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.
For more details, the full press release is available at https://ibn.fm/QIpMT. Latest news and updates relating to MUX can be found in the company's newsroom at https://ibn.fm/MUX.
