McEwen (MUX) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income reached $33.4 million ($0.56/share), reversing a net loss of $6.3 million in Q1 2025, driven by higher gold and silver prices, increased production, and operational improvements.

• Revenue rose 107% year-over-year to $74.0 million, with gross profit up to $31.5 million and adjusted EBITDA at $44.8 million ($0.76/share).

• The acquisition of Canadian Gold Corp. and Golden Lake Exploration Inc. expanded the asset base, including the Tartan Mine Project and new exploration properties.

• Internally funding key projects to double production to 250,000–300,000 GEOs annually by 2030, with strong progress at Fox Complex, Gold Bar, El Gallo, and Argentine assets.

• Maintains a strong balance sheet, self-funding growth and minimizing dilution, with a clear focus on disciplined execution and long-term value creation.

Financial highlights

• Q1 2026 net income was $33.4 million ($0.56/share basic, $0.47/share diluted), compared to a net loss of $6.3 million last year.

• Revenue from gold and silver sales rose to $74.0 million from $35.7 million year-over-year, driven by a 21% increase in GEOs sold and a 71% increase in average realized price per GEO.

• Gross profit increased to $31.5 million from $10.1 million, and adjusted EBITDA reached $44.8 million, up from $8.7 million.

• Cash and equivalents increased to $56.5 million at Q1 end, up from $51.0 million at year start.

• Received $8.8 million dividend from the San José mine in Argentina; expects $30–$50 million more in dividends for the year.

Outlook and guidance

• 2026 production guidance reaffirmed at 114,000–126,000 GEOs, including 49% share of San José mine.

• Expects to meet full-year cash cost and all-in sustaining cost guidance, with AISC expected to decrease as the year progresses.

• Project CapEx for 2026 is $50 million, rising to $100 million in 2027 and $150 million in 2028–2029, all funded by internal cash flow and dividends.

• Free cash flow and dividends projected to exceed $200 million in 2027 and $250 million annually from 2028, supporting growth without shareholder dilution.

• Production expected to double by 2030, with phased growth in Canada, USA, Mexico, and Argentina.