McEwen (MUX) Q3 2026 earnings summary

Executive summary

• Q3 operating issues at Gold Bar and Fox, plus snowfall-driven ore changes at San José, reduced output and raised costs; October improvements at Gold Bar and Fox supported expectations for better Q4 results.

• Long-term plans target annual production of 250,000–300,000 GEOs by 2030, with Stock nearing production and El Gallo and Los Azules advancing.

Financial highlights

• Q3 revenue fell 14% YoY to $43.6M on sales of 10,689 GEOs, down from 14,968; realized price rose 19% to $4,151/GEO, while gross profit was $4.0M versus $7.8M.

• Q3 net loss was $36.7M, or $0.60/share, versus a $0.5M loss; higher project and exploration spending, investment losses and tax expense weighed on results.

• 9M revenue rose to $176.9M from $132.9M and net income was $6.3M versus a $3.7M loss, including $40.9M of equity-method investment income; 9M Adjusted EBITDA was $54.0M versus $38.0M.

• 9M operating cash flow was $28.5M, including $58.3M in San José dividends; investing cash outflow was $49.7M, including $57.4M of property and equipment additions.

Outlook and guidance

• 2026 consolidated production guidance was revised to 109,000–120,000 GEOs; consolidated cash cost guidance is $2,200–$2,450/GEO and AISC $2,500–$2,750/GEO.

• San José guidance remains 59,000–64,000 GEOs; Fox guidance is 20,000–23,000 GEOs and Gold Bar guidance is 30,000–33,000 GEOs for 2026.

• Gold Bar’s October production was 3,353 GEOs; management expected its October production level to continue through year-end and into early 2027. San José expected a strong Q4 and production in line with annual guidance.

• Stock targets commercial production in H1 2027; El Gallo Phase 1 targets production in late 2027, with remaining capital estimated at $35M.

• Los Azules targets FID and full project financing in H1 2027 and first copper production in 2030; an updated feasibility study is expected in February 2027.