McEwen (MUX) Q4 2025 earnings summary

Executive summary

• Achieved a significant turnaround in 2025, driven by higher gold, silver, and copper prices, operational improvements, and successful project execution.

• Q4 2025 net income reached $38.1M ($0.70/share), reversing a net loss of $8.2M in Q4 2024; full-year net income was $34.4M versus a $43.7M loss in 2024.

• Revenue for Q4 2025 rose 28% year-over-year to $64.6M, with full-year revenue at $197.6M, up from $174.5M in 2024.

• Focused on exploration, resource expansion, and acquisitions to more than double precious metal production to 250,000–300,000 GEOs by 2030.

• Advanced the Los Azules copper project with a completed feasibility study and regulatory approvals, targeting an IPO for McEwen Copper in 2025.

Financial highlights

• Q4 gross profit more than doubled sequentially to $17.4M from $7.8M; full-year gross profit rose to $47.6M from $30.9M in 2024.

• Cash and equivalents increased to $51.0M from $13.7M at year-end 2024; working capital improved to $44.1M from negative $6.5M.

• Debt principal outstanding rose to $130.0M (mainly convertible notes due 2030), up from $40.0M at end-2024.

• Marketable securities value increased to $21.1M, driven by gains and new investments.

• Benefited from a $27.5M deferred tax recovery tied to U.S. tax losses.

Outlook and guidance

• Targeting more than double precious metal production by 2030, with growth supported by internal cash flow and disciplined capital allocation.

• 2026 production guidance is 114,000–126,000 GEOs (including 49% of San José), with cash costs of $2,100–$2,300/oz and AISC of $2,400–$2,600/oz.

• Free cash flow from wholly owned operations expected to reach $80M in 2026; over $50M in dividends anticipated from San José Mine.

• Los Azules targeting final investment decision by end of 2026 and construction start in early 2027, subject to financing.

• Gold Bar mine life extends into the 2030s, with potential for further expansion from Trinity Ridge.