McEwen's Third-Quarter Net Loss Widens to $36.7 Million

The Tip Desk · November 12, 2026 · 4 min read

Revenue from 100% owned operations fell 14% to $43.6 million as gold-equivalent sales dropped 29% and the company kept 2026 production guidance at 109,000 to 120,000 GEOs.

McEwen Inc. (MUX), a gold and silver producer with development projects across the Americas, reported a net loss of $36.7 million, or $0.60 a share, for the three months ended September 30, 2026, compared with a net loss of $0.5 million, or $0.01 a share, a year earlier.

The company said the wider loss primarily reflected a 49% drop in gross profit, a $12.9 million increase in other operating expenses from exploration and advanced-project work, a $9.0 million increase in other expense, and a $13.0 million income tax expense.

Revenue from gold and silver sales at 100% owned operations fell 14% to $43.6 million from $50.5 million, as a 29% decline in gold-equivalent ounces sold more than offset a 19% rise in the average realized price to $4,151 a GEO from $3,477. Gross profit at those operations declined 49% to $4.0 million from $7.8 million. Adjusted EBITDA, which excludes McEwen Copper and Paragon and includes San José, swung to a $10.9 million loss from $11.8 million of adjusted EBITDA.

Consolidated production was 22,852 GEOs, down from 29,662 GEOs. One hundred percent owned operations produced 11,066 GEOs versus 14,676, and the 49% attributable San José interest produced 11,786 GEOs versus 14,986. Consolidated sales were 20,268 GEOs versus 26,134.

At the Fox Complex, Froome output dropped 31% to 4,427 GEOs from 6,386 as operations transitioned from Froome to Stock. The company said Froome production is expected to continue until the first quarter of 2027. It invested about $12.2 million in the Stock project, advancing underground development and completing ventilation, heating, electrical and other infrastructure. Fox cash costs and AISC per GEO sold were $2,911 and $3,725, above annual guidance of $2,200 to $2,400 and $2,650 to $2,850. The company said it expects to remain on track for annual guidance, including additional Froome West production in the fourth quarter.

Gold Bar Mine Complex production fell 24% to 6,215 GEOs from 8,191. The company said fewer ounces were recovered despite higher tonnes stacked and average mined grades, citing higher carbonaceous materials in certain mining zones. Cash costs and AISC per GEO sold were $3,248 and $3,520, above annual guidance of $2,650 to $2,950 and $2,900 to $3,200, primarily due to lower quarterly GEO production.

San José produced 24,054 GEOs, down 21% from 30,583, which the company attributed primarily to an 8% reduction in processed mineralized material and lower recoveries from winter-season operational challenges. The mine remains on track for annual guidance of 59,000 to 64,000 GEOs. Cash costs and AISC per GEO sold were $2,916 and $3,414, above full-year guidance of $2,000 to $2,200 and $2,300 to $2,500, which the company said was primarily the result of 23% higher production costs from Argentine peso strength and inflation.

Due to forecasted changes in operations, the company kept 2026 consolidated production guidance at 109,000 to 120,000 GEOs.

Exploration costs were $11.2 million, compared with $6.8 million, and advanced project costs were $5.3 million, a $3.7 million increase from $1.7 million. General and administrative expenses were $7.2 million, compared with $6.1 million, primarily a $2.0 million increase in professional-services fees.

On August 26, 2026, the company sold its entire interest in the McEwen Copper Inc. loan receivable and associated warrants for $13.6 million in cash. McEwen Copper closed a $240.0 million senior secured term loan on August 27, 2026. On October 8, 2026, the company agreed to sell its Fuller and Paymaster interests for $55.0 million, consisting of $5.0 million in cash and $50.0 million in Discovery Mining shares; the sale completed on October 21, 2026.

Cash used in operating activities was $29.9 million, compared with $5.2 million provided a year earlier. Cash and cash equivalents were $49.1 million at September 30, 2026.