McEwen Inc. (NYSE: MUX) (TSX: MUX) reported second-quarter 2026 financial results showing a 27% increase in revenue to $59.2 million, net income of $9.6 million ($0.16 per share), and adjusted EBITDA of $22.2 million. The company also provided an update on its growth pipeline, which is expected to lift annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030.
Management highlighted 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 underscore the potential of the company's Canadian assets to contribute to future production growth. McEwen believes that this 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. Additionally, McEwen received $58.2 million in dividends this year from its 49%-owned San José mine, surpassing prior full-year expectations. This strong cash inflow supports the company's financial flexibility as it advances its development projects.
Among the key growth projects, McEwen provided updates on the 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, reflecting its commitment to resource expansion and de-risking its pipeline.
The Los Azules copper 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. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or 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. This technology, which the company believes is poised to become the new industry standard for assaying precious and base metals, aligns with McEwen's strategy to leverage innovative technologies for operational efficiency.
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 and share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
The company's strategic focus on high-grade exploration, cost management, and project development positions it to capitalize on favorable precious metals market conditions. With a robust cash position and a clear roadmap to 2030, McEwen is poised to deliver long-term value to its shareholders.
