McEwen Inc. (NYSE: MUX) (TSX: MUX) reported second-quarter 2026 financial results that show 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, aiming to increase annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030, and announced 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 believes that 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. It ended the quarter with $78.9 million in cash and cash equivalents and raised its 2026 exploration budget to $25.7 million.
These results underscore McEwen's strategy to grow its production base and advance its development projects. The company's focus on high-grade exploration at Grey Fox and Tartan is particularly promising, as these projects could significantly contribute to the 2030 production target. The dividend income from San José provides a steady cash flow that supports the company's self-funding approach. The increase in exploration budget reflects management's confidence in the potential of its assets.
The Los Azules copper project, in which McEwen holds a 46.3% interest through McEwen Copper, is a key long-term growth driver. The project is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, with feasibility study results 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 a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world. The company believes this technology is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.
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 investors, the latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX. This article is based on a press release disseminated by Rocks & Stocks, which is a specialized communications platform delivering deep insights into the mining industry. It is one of 75+ brands within the Dynamic Brand Portfolio @IBN that provides access to a vast network of wire solutions via InvestorWire, article and editorial syndication to 5,000+ outlets, enhanced press release enhancement, social media distribution via IBN to millions of social media followers, and a full array of tailored corporate communications solutions.
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