McEwen Mining Inc. Q3 2026 Earnings Recap

The stock fell 21.6% after a quarter management called “very unacceptable,” with operating shortfalls, lower production and elevated costs across Gold Bar, Fox and San Jose weighing on results. Management cited site-specific problems and pointed to October improvements, but those were not enough to offset the disappointing quarter.

Key Takeaways

• Gold Bar’s output was hurt by oversight and decision-making issues; management said October was its highest-production month in 15 months and the mine returned to positive cash flow that month.
• At Fox, development costs concentrated in Q3 and low-grade stockpile processing lifted AISC; management said October costs were back within guidance.
• San Jose’s 49%-owned operation processed lower-grade sulfide stockpiles amid moisture-related plant issues, contributing to lower production and higher costs.
• Management expects the new Stock Mine to begin contributing in December and early next year, citing higher recoveries, no royalty and no haul to the mill.
• Los Azules’ final investment decision, supported by full project financing, is targeted for mid-2027; engineering cost estimates and the execution plan are expected around year-end.