McEwen (MUX) Q2 2026 earnings summary

Executive summary

• Q2 2026 net income rose to $9.6M ($0.16/share) from $3.0M ($0.06/share) in Q2 2025, driven by higher gold prices and increased production at key sites, despite operational challenges at Gold Bar.

• Revenue increased 27% year-over-year to $59.2M, with gross profit at $20.1M and adjusted EBITDA at $22.2M.

• Exploration programs at Fox Complex, Grey Fox, Los Azules, and Tartan Mine continue to show strong potential for resource growth and long-term value creation.

• Major acquisitions, including Golden Lake and Canadian Gold Corp., expanded the exploration portfolio and asset base.

• Management targets annual production of 250,000–300,000 GEOs by 2030, with self-funded growth at current metal prices.

Financial highlights

• Q2 2026 revenue: $59.2M (+27% YoY); gross profit: $20.1M; net income: $9.6M ($0.16/share); adjusted EBITDA: $22.2M.

• Cash and cash equivalents at June 30, 2026, were $78.9M, up from $51.0M at year-end 2025; working capital at $66.0M.

• Dividend income from San José Mine YTD: $58.2M, exceeding guidance.

• Q2 2026 cash costs per GEO sold: $2,394; AISC per GEO sold: $2,932.

• Long-term debt at June 30, 2026: $120.6M; debt principal: $130.0M.

Outlook and guidance

• 2026 consolidated production guidance revised to 109,000–120,000 GEOs (including 49% of San José).

• Fox Complex 2026 guidance raised to 20,000–23,000 GEOs; Gold Bar Complex guidance lowered to 30,000–33,000 GEOs.

• San José mine remains on track for 59,000–64,000 GEOs annual production.

• Management expects operational improvements and higher recoveries to lower costs in the second half.

• Production expected to reach 250,000–300,000 GEOs by 2030.