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Visual21 Nov 2025
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McEwen (MUX) investor relations material
McEwen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 production totaled 29,662 gold equivalent ounces (GEOs), down 16% year-over-year, with consolidated sales of 26,134 GEOs and revenues of $50.5 million, a 3% decrease from Q3 2024 due to lower volumes offset by higher prices.
Positioned to benefit from strong metal prices, with gold up 45%, silver up 47%, and copper up 13% year-over-year.
Strategic progress includes advancing projects to double production by 2030, publishing the Los Azules Feasibility Study, and securing major tax and regulatory benefits in Argentina.
Acquisition of Canadian Gold Corp. and investment in Paragon Geochemical Laboratories support future growth and technological advancement.
Financial highlights
Q3 2025 revenue: $50.5 million (down 3% year-over-year); 9M 2025 revenue: $132.9 million (down 6%).
Q3 2025 net loss: $0.5 million ($0.01/share), improved from $2.1 million loss ($0.04/share) year-over-year, driven by an $8.1 million unrealized gain on marketable securities and a $1.3 million income tax recovery.
Adjusted EBITDA was $11.8 million ($0.22/share), up from $10.5 million ($0.20/share) year-over-year.
Cash and cash equivalents at September 30, 2025: $51.2 million, up from $13.7 million at year-end 2024; working capital at $62.6 million, up from negative $6.5 million.
Long-term debt increased to $126.0 million from $40.0 million at year-end 2024, reflecting the issuance of $110 million in convertible notes.
Outlook and guidance
2025 annual GEO production guidance revised to 112,000–123,000 GEOs (from 120,000–140,000 GEOs).
Gold Bar Mine Complex 2025 production guidance reduced to 32,000–35,000 GEOs; Fox Complex to 25,000–28,000 GEOs; San José mine to 55,000–60,000 GEOs.
Cost guidance for 2025: Fox Complex cash costs $2,000–$2,100/GEO, AISC $2,300–$2,400/GEO; Gold Bar cash costs $2,050–$2,150/GEO, AISC $2,400–$2,500/GEO; San José cash costs $1,900–$2,050/GEO, AISC $2,200–$2,350/GEO.
Los Azules copper project targets construction start in late 2026/early 2027, subject to financing.
Preliminary economic assessment for Grey Fox expected in Q1 2026; Canadian Gold Corp PEA targeted for Q4 2026.
Provide Los Azules IPO timing and valuation outlook
Explain photo assay tech impact on exploration
Gold Bar: Risk to overall resource estimate change?
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Q4 20256 Mar, 2026
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Frequently asked questions
McEwen Inc (formerly McEwen Mining Inc). is a precious metals producer, primarily focused on gold and silver, with operations spread across Nevada, Canada, Mexico, and Argentina. The company manages several mining properties, including the Gold Bar mine in Nevada, the Fox Complex and Black Fox mine in Ontario, Canada, and the El Gallo mine in Sinaloa, Mexico. Additionally, McEwen Mining holds a significant interest in McEwen Copper Inc., which owns the Los Azules copper project in Argentina. The company’s business operations are segmented by geographic regions, reflecting its diverse international presence in the mining sector. McEwen Mining Inc. is headquartered in Toronto, Ontario, and its shares are listed on the NYSE.
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