McEwen Mining Inc. Earnings Recaps
Q2 2026
Aug 8, 2026
Shares declined 2.6% as investors reacted to operational setbacks at Gold Bar, including lower production and recovery issues caused by unexpected carbonaceous ore, along with persistently high costs and the absence of near-term fixes.
Key takeaways
- Production at Gold Bar was below plan due to carbonaceous ore impacting gold recovery rates.
- Costs remained elevated, contributing to margin pressure for the quarter.
- Management acknowledged execution shortcomings and outlined ongoing technical and geological adjustments to address recovery challenges.
- Exploration programs continue to show potential for resource expansion at the Fox Complex.
- Advancement of the Los Azules copper project remains a strategic priority but does not offset current operational disappointments.
Q3 2025
Nov 6, 2025
McEwen Mining reported improved financials in Q3 2025, with a narrower net loss and encouraging momentum in both its gold and copper segments, particularly following advancements at the Los Azules project.
Key takeaways
- Net loss decreased to $0.5 million ($0.01/share), significantly down from a $2.1 million loss in Q3 2024.
- Adjusted EBITDA rose to $11.8 million ($0.22/share), reflecting operational efficiency amidst rising metal prices.
- Los Azules copper project gained crucial support through Argentina's large-scale investment incentive program, enhancing its economic outlook.
- The feasibility study affirmed robust project economics, projecting a $2.9 billion after-tax NPV and a 19.8% IRR.
- Cash reserves stood at $51 million, positioning McEwen for strategic investments and growth.