Q4 and Full Year 2025 Operational and Financial Results: Q4 Net Income of $38.1M ($0.70 per Share) vs. Net Loss of $8.2M ($0.16 per Share) in Q4 2024; Advancing Key Developments to Double Production by 2030
TORONTO, March 12, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) today announced its fourth quarter (Q4) and full year results for the period ended December 31, 2025, along with an update on its development projects as the Company looks to increase production to 250,000 – 300,000 GEOs by 2030, while lowering costs and extending mine life across operations.
“With gold and silver trading near record highs, we reported significant Net Income and Adjusted EBITDA for Q4 and the full year 2025.
Our Q4 operating and financial performance positions us to potentially generate $80 million in free cash flow from our 100%-owned operations, and more than $50 million in dividends from our 49% ownership in the San José Mine during 2026. This strong cash flow will enable us to accelerate our plans to double production.
At the same time, we are advancing Los Azules, one of the world’s largest undeveloped copper deposits. We received approval to enter RIGI – Argentina’s Large Infrastructure Investment Incentive Regime, which grants us 30 years of regulatory stability, access to international arbitration in the event of disputes, a significantly lower tax rate, along with removed exchange controls. RIGI is a game changer for Argentina’s mining sector and for projects that qualify under the program.
We also released a strong feasibility study at the end of last quarter that outlines a base case scenario with a 22-year project life, average copper production of 205 ktpa in the first five years, and 148 ktpa of copper cathodes over the life of the asset. Our study also highlights the potential for an additional 33 years of mine life at 141 ktpa copper production. At a copper price of $4.35 per pound (base case), Los Azules has an after-tax NPV (8%) of $2.9 billion, or approximately $23 per attributable MUX share. At $5.80 per pound, the after-tax NPV (8%) increases to $6.3 billion, or approximately $49 per share.
These results demonstrate the potential for Los Azules to become a generational copper asset. As global demand for copper accelerates with electrification and infrastructure investment, Los Azules stands out as a transformational opportunity for our shareholders and reflects our vision to build a new model for the mine of the future.
The project has been designed as a low-cost, environmentally responsible operation, with one-quarter the water consumption of a comparable conventional mine, one-tenth the carbon emissions, and the potential to operate using 100% renewable power, while eliminating the need for conventional tailings storage,” stated Rob McEwen, CEO and Chief Owner.
McEwen is advancing the following projects:
Canada
In Canada, McEwen is forecasting that production will grow from 16,000-19,000 GEOs in 2026 to 105,000-120,000 GEOs by 2030, coming from the Fox Complex and the recently acquired Tartan Mine Project.
USA
In the USA (Nevada), McEwen is forecasting that production will grow from 39,000 - 43,000 GEOs in 2026 to 90,000 - 110,000 GEOs by 2030, coming from Lookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex.
Mexico
In Mexico, McEwen is forecasting 20,000 GEOs per year starting mid-2027.
Argentina
Highlights of Q4 and Full Year 2025
Abbreviations used are defined in the Glossary at the end of this press release.
Individual Asset Performance – Production & Costs
(See Table 3 for Q4 and full year 2025 production and costs, 2024 comparatives and 2026 guidance)
San José Mine, Argentina (49% owned)
The San José Mine had an excellent Q4 with attributable production of 18,492 GEOs, 23% up from Q3 2025. This is the highest quarterly production of 2025 and is a result of increased plant capacity and mining rates. Production costs per GEO sold were also down in Q4 with $1,940 cash costs and $2,201 AISC, which is a decrease of 12% and 21%, respectively, compared with Q3 2025. For the full year, GEO production was at the high end of the initial production range at 58,120 GEOs with cash costs and AISC per GEO sold being above guidance at $2,206 and $2,636, respectively.
In February 2026, McEwen received an $8.8 million dividend payment from the San José Mine for Q4. The average realized price for gold and silver by the mine during the quarter was $4,815 and $63.05 per ounce, respectively. Starting in 2026, San José’s intention is to pay out 90% of the mine’s free cash flow to the partners. With current silver and gold prices, McEwen expects this to have a meaningful impact towards funding its internal growth opportunities. At year-end, the San José Mine held a cash balance of $151.8 million on a 100% basis.
Gold Bar Mine Complex, Nevada (100% owned)
Exploration at Gold Bar
The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge, which envisions merging and enlarging several of the current open pits to access gold mineralization outside the current resource estimate areas. McEwen believes that integrating these areas into the mine plan has the potential to transform the Gold Bar Mine Complex into a long-life asset. The Company plans to release Mineral Resource Estimates for each area, with the updated estimate for Lookout Mountain shown below:
Table 1. Mineral Resource Estimate for Lookout Mountain - Open Pit Au Cut-off Grade: 0.005 oz/ton oxide and 0.050 oz/ton unoxidized
Notes to Table 1:
Approximately 90% of the Mineral Resource Estimate at Lookout Mountain is oxide gold mineralization, that could potentially be processed using the same heap leaching methods as the Gold Bar Mine. In 2026, Lookout Mountain, Windfall and Trinity Ridge will undergo ongoing development work, including metallurgical studies and mining designs, with the objective of advancing the deposits towards a production decision. Mineral Resource Estimates for Windfall and Trinity Ridge will be completed separately and released later this year. Notably, Trinity Ridge lies within the current Plan of Operations for mining activities at the Gold Bar Mine Complex and Windfall is located on private land, which should allow for an accelerated permitting process for both areas. The combined targeted production from the three areas is of 90,000 - 110,000 GEOs per year. The Company is planning to invest approximately $10 million in exploration across the Gold Bar Mine Complex in 2026.
On January 28, 2026, McEwen announced that it had entered into a Definitive Agreement with Golden Lake Exploration Inc. (“Golden Lake”), whereby McEwen would acquire all issued and outstanding shares of Golden Lake by way of a plan of arrangement. If the proposed transaction is completed, Golden Lake would become a wholly owned subsidiary of McEwen. Golden Lake’s principal assets are the 100%-owned Jewel Ridge and Jewel Ridge West projects located adjacent to McEwen’s Windfall and Lookout Mountain deposits at the Gold Bar Mine Complex.
The Company is also preparing plans to explore the northern section of the Gold Bar Mine Complex known as North Tonkin, which is located approximately four miles south of Barrick’s large, high-grade Fourmile discovery. Fourmile has an Indicated resource estimate of 2.6 million gold ounces at 17.59 gpt Au and Inferred resources of 13 million gold ounces at 16.9 gpt Au (Barrick press release dated February 5, 2026). North Tonkin lies on the intersection of the Battle Mountain Trend and the Northern Nevada Rift, with the potential for the Cortez structural corridor to extend through the property. The area has seen limited exploration, particularly at depth. The Company’s exploration team is currently developing a plan to evaluate this portion of the property.
Fox Complex Mine, Ontario (100% owned)
Exploration at Fox
Exploration drilling at Froome West, the source of all current Fox Complex production, is ongoing. Recent drilling extended the higher-grade gold mineralization by 100 meters vertically, representing a 45% increase. These results provide confidence that additional resources exist below the currently planned mine limit, indicating the potential to extend Froome West’s mine life. This would allow the Company to feed the mill from multiple sources from H2 2026, in addition to the Stock Mine, which is currently under development.
Highlights from recently released drilling at Froome include (TW = true widths, press release dated December 4, 2025):
On January 20, 2026, the Company released the results from its updated Grey Fox Mineral Resource Estimate that now totals 1,892,000 Indicated gold ounces (19,474,000 tonnes @ 3.02 gpt Au) and 436,000 Inferred gold ounces (5,101,000 tonnes @ 2.66 gpt Au), calculated using a gold price of US$3,000 per ounce. This updated resource model will form the basis of the Grey Fox pre-feasibility study (“PFS”) that will be published in Q2 2026.
The team at McEwen has identified two areas at Grey Fox where underground mining could be accelerated: 1) Gibson Zone, located near existing underground infrastructure, and 2) Whiskey Jack, which contains higher-grade gold areas.
The Gibson Zone is near existing underground infrastructure, including a portal and ramp from surface, and contains Indicated Resources of 393,000 gold ounces (4.5 million tonnes @ 2.72 gpt Au) and Inferred Resources of 297,000 gold ounces (3.6 million tonnes @ 2.59 gpt Au).
Highlights from the 2025 drilling campaign at Gibson include (TW = true widths, press releases dated May 7, 2025, and September 2, 2025):
Whiskey Jack, while smaller, is the highest-grade zone at Grey Fox and contains Indicated Resources of 122,000 gold ounces (735,000 tonnes @ 5.16 gpt Au) and Inferred Resources of 5,000 gold ounces (27,000 tonnes @ 5.84 gpt Au).
Both zones present opportunities for accelerated mining and high returns on capital. The Company will be detailing these opportunities in its upcoming PFS.
Development at Fox – Stock Mine
Development work at Stock continues on schedule and within budget, with $29.5 million invested during 2025. The new ramp will connect the West and the East zones to the existing historical underground mine. Stock is expected to begin initial production by mid-2026, with commercial production starting in 2027. The advantages of mining at Stock compared to Froome include 1) reduced royalty burden, 2) softer material, leading to higher mill throughput, and 3) lower hauling cost due to its proximity to the mill. Additional upside is being evaluated in the historically mined Stock Main zone as development progresses through this area.
The Company is targeting annual production from Grey Fox and Stock of approximately 75,000 - 90,000 GEOs per year once in full production.
Individual Asset Performance – Project Updates
El Gallo, Mexico (100% owned)
At El Gallo, we anticipate beginning construction mid-2026 with production commencing mid-2027. Final engineering for the mill, which has been purchased and is onsite, is well advanced.
Phase 1 is expected to operate for 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. Production will come from the reprocessing of the material currently on the leach pad, through a ball mill and recovery circuit. Remaining capital costs to complete construction are estimated at $25 million. Since the material to be processed has been previously mined, no significant development or exploration costs are anticipated during Phase 1.
The Company has also started work on Phase 2, which will involve production from El Gallo’s silver deposits. This would extend the life well beyond the 10 years contemplated under Phase 1 and increase production to 40,000 - 50,000 GEOs (based on a 77:1 silver-to-gold ratio) due to higher grades.
For the El Gallo and district satellite deposits, historical silver resources total 53.1 million silver ounces in the Measured and Indicated categories and 31 million silver ounces in the Inferred category for areas that have not currently been mined (El Gallo Complex Phase II Project, NI 43-101 Technical Report Feasibility Study, September 10, 2012). Resources were calculated using a silver price of $28.50 per ounce and a gold price between $950 and $1,500 per ounce. This estimate is historical in nature; a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and should therefore not be relied on or considered as current. The Company will be updating the resource estimates for El Gallo in 2026, based on the currently known resource areas.
Tartan Mine Project, Manitoba (100% Owned)
A Mineral Resource Estimate for the Tartan Mine Project that is nearing completion is expected to be released by the end of March and will serve as the first key milestone towards restarting the mine. The Company is reviewing how it can best utilize the existing licenses and infrastructure at Tartan to shorten the time to production and incorporate future expansion possibilities. The initial production target of 30,000 GEOs per year has the potential to increase through further permit modifications and expanding the proposed mill and process plant.
Since the Mineral Resource Estimate cut-off date (December 31, 2025) one drill has been working continuously at the project. A second drill planned to arrive in Q2 will initially focus on collecting mineralized samples for metallurgical test work, before transitioning to exploration drilling. The Company anticipates operating two drills for the remainder of 2026 and increasing the exploration budget to $6 million from the initial $3 million.
Highlights from recently released drilling include (CW = core width, press release dated January 13, 2026):
Regional exploration is scheduled to begin in Q2, along the prominent Tartan shear zone that is host to the majority of gold mineralization in the area, in order to refine potential drill targets. The focus will be to follow-up on encouraging grab and channel samples taken in 2025 with the objective of identifying additional resources that can leverage the current and proposed Tartan infrastructure.
McEwen Copper – Los Azules Copper Project, Argentina (46.3% Ownership and 1.25% NSR by McEwen)
Table 2. Los Azules After-Tax Economics – Base Case vs. Current Copper Prices
Fig. 1 Los Azules Project Financial Sensitivity – NPV and IRR
Management Conference Call
Management will discuss our Q4 2025 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.
An archived replay of the webcast will be available approximately two hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.
Table 3. Q4 & 12M 2025 Production and Costs 1, Comparatives from Q4 & 12M 2024 and 2026 Annual Guidance
Notes to Table 3:
Glossary of Terms and Abbreviations
CAUTIONARY NOTE REGARDING NON-GAAP MEASURES
We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the non-GAAP measures supplementally.
The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled “49% basis” were derived by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement (“OJVA”) and varies depending on factors including the profitability of the operations.
The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include:
Cash Costs and All-In Sustaining Costs
The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.
Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:
The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales:
The following tables present a reconciliation of adjusted EBITDA:
Technical Information
The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Inc. and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., McEwen Ontario’s Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Technical information pertaining to the Tartan Mine Project exploration contained in this news release has been prepared under the supervision of Wesley Whymark, P.Geo., Consulting Geologist, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Technical information related to resource estimates in this press release have been reviewed and approved by Luke Willis, P.Geo., McEwen’s Director of Resource Modelling and a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Reliability of Information Regarding San José
The Company accounts for its investment in Minera Santa Cruz S.A., the owner of the San José Mine, using the equity method. The Company relies on the management of MSC to provide accurate financial information prepared in accordance with GAAP. While the Company is not aware of any errors or possible misstatements of the financial information provided by MSC, MSC is responsible for and has supplied to the Company all reported results from the San José Mine, and such results are unaudited as of the date of this release. McEwen’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
ABOUT MCEWEN
McEwen shares trade on both the NYSE and TSX under the ticker MUX.
McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.
The Company has a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.
The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.
Chairman and Chief Owner Rob McEwen has invested over US$200 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, are as at the date of this news release and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.
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