Q3 2025 Operational & Financial Results and Progress Report on Key Developments to Double Production by 2030
TORONTO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) today announced its third quarter (Q3) and year-to-date (9M) results for the period ended September 30, 2025, and reported on its plan to double production by 2030, lower costs, and extend mine life across all operations. Management believes these initiatives provide an achievable path toward our goal of 250,000 to 300,000 GEOs Consolidated Annual Production by 2030.
McEwen is advancing the following projects: The Fox Complex (Stock and Grey Fox) is expected to contribute approximately 50% of the total production goal. This will be followed by the Gold Bar Mine Complex (Gold Bar Mine, Windfall and Lookout Mountain) at 30%, and El Gallo (Phases 1 and 2) at 20%. The acquisition of Canadian Gold Corp's Tartan mine is excluded from this forecast.
“We encountered operational challenges that led to production below guidance and higher-than-expected costs. We have identified the root causes at our Nevada and Timmins operations and are implementing decisive corrective measures. We expect these actions to begin delivering positive results in the fourth quarter.
At the same time, we achieved significant strategic progress. We advanced all sites toward our 2030 goal of 250,000–300,000 ounces of annual gold production, published the Feasibility Study for Los Azules, and secured approval for RIGI benefits—providing 30 years of tax and foreign exchange stability, a substantially lower tax burden, and immediate VAT recovery. These major de-risking milestones bring this world-class copper asset closer to construction and production,” said Rob McEwen, CEO and Chief Owner.
Highlights of Q3 2025
Abbreviations used are defined in the Glossary at the end of this press release.
Individual Asset Performance – Production & Costs, Project Updates
(See Table 1 for Q3 2025 and 9M 2025 production and costs, 2024 comparatives and 2025 revised guidance)
Gold Bar Mine Complex, Nevada (100% owned)
Exploration
There are currently four drills active at the Gold Bar Mine Complex. During the quarter, we invested $2.5 million in exploration. The focus was on extending the mine life near the current open pits, as well as infill drilling at Lookout Mountain and exploration drilling at Windfall to produce an updated resource estimate for these areas.
Recent expansion drilling at Windfall has produced wide intersections of oxide mineralization at above average grades that are expected to increase the overall resource size. Recent near-surface oxide results include:
Incorporating the Windfall 2024-2025 drill results into the resource estimate is expected to add to the Lookout Mountain resource. The current resource estimate for Lookout Mountain contains 423,000 ounces gold from 23.4M tonnes grading 0.56 gpt gold in the Measured and Indicated categories, and 84,000 ounces gold from 6.6M tonnes grading 0.39 gpt gold in the Inferred category (2023 Timberline Resources S-K 1300 Report).
Development
The gold mineralization at Windfall and Lookout Mountain is near-surface and oxidized, which means it may be possible to be processed by heap leach recovery, the same process currently used at the Gold Bar Mine. Windfall is located on private land, which may allow for faster production permitting. Metallurgical testing to advance the deposits towards a production decision is nearing completion.
Fox Complex Mine, Ontario (100% owned)
Exploration
No changes were made to the Mineral Resource statements for the Fox Complex when we recently refiled the Technical Report, which had previously omitted some required information on supporting technical data (see PR dated October 28, 2025).
Exploration drilling adjacent to the Froome Mine led to the expansion of a higher-grade zone, known as “Froome West”, located 200 meters (650 feet) to the West. Drilling results from Q3 indicate that Froome West extends both closer to surface and at greater depth.
Highlights from this drilling included:
The potential for the Froome West zone to expand appears promising, as highlighted by recent assays, which are the deepest results received to date. These results, extending the mineralized zone from 250m to 315m vertically, include:
There are currently four surface drills operating in the Froome area. A significant amount of underground development at Froome West has been completed this year, enabling production to commence from this new area this quarter.
At Grey Fox, approximately $2.9 million has been invested primarily at the Gibson Zone to complete 20,600 m (67,500 ft) of drilling during Q3. The results have attractive gold grades, demonstrating good continuity across key zones, such as:
For the Grey Fox deposit, an updated resource estimate that considers a combined open pit and underground mining scenario is expected to be released in Q4 2025. This updated resource will be used in the pre-feasibility study (“PFS”) for the Grey Fox project that will be published in H1 2026. The Grey Fox PFS will be an important milestone for the Company’s ambitious growth plans, which envision a larger gold resource base, higher gold production with a longer mine life and improved operating margins.
Adjacent to Grey Fox, at the recently acquired Stroud property, the Company has been completing a verification drill program. Stroud contains an historical resource estimate of 483,500 tonnes at a grade of 6.61 gpt Au for 103,000 ounces gold in the Indicated category and 367,700 tonnes at a grade of 5.90 gpt Au for 70,000 ounces gold in the Inferred category. This NI 43-101 resource was publicly disclosed in 2004 but is now considered historical in nature and should not be considered as current. Follow-up work in 2021 performed by the previous operator updated the geological data and outlined an Exploration Target with a range of 2 to 4 million tonnes at grades of 3 to 5 gpt Au, which now forms the basis for our exploration and verification drill programs. The Company intends to complete the drill programs and data review in order to include Stroud’s mineralization in future Grey Fox resource updates.
Development
The Stock ramp development is proceeding on time and within budget, with $5.7 million invested during Q3. The ramp will connect the West and the East zones to the existing historical underground mine. Starting mid-2026, Stock is expected to generate revenue by producing more gold at a lower costs per ounce than is currently produced from the Froome Mine. The advantages of mining at Stock compared to Froome include 1) significantly 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 continues through this area in late 2025.
San José Mine, Argentina (49% owned)
Production and Costs
El Gallo, Mexico
We have reached a construction decision for the Phase 1 gold reprocessing project contemplated in our Feasibility Study (previously described as the Fenix project). The Company is waiting for the extension of its Environmental Impact Assessment (Manifestación de Impacto Ambiental) from the Mexican government. McEwen is proceeding with the final detailed engineering plan for the mill, which has been purchased and is onsite. Assuming the extension of the Environmental Impact Assessment is approved, we anticipate beginning construction mid-2026, with production commencing mid-2027.
Phase 1 is expected to produce 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 with an operating plan optimized for cash flow. Remaining capital costs to complete construction are estimated at $25 million. Since the material to be processed has been previously leached, no significant development or exploration costs are anticipated.
The Company has also started work on Fenix Phase 2, which will primarily involve production from the project’s in-situ silver deposits. This would extend the life of Fenix well beyond the initial 10 years contemplated under Phase 1.
For El Gallo and district satellite deposits, McEwen has previously reported Measured and Indicated silver resource estimates of 13Mt at 77 gpt Ag for 32.3Moz Ag (2018 PEA Technical Report). These estimates are historical in nature and should not be considered as current.
McEwen Copper – Los Azules Copper Project, Argentina (46.4% ownership and 1.25% NSR)
Project Update
Further Corporate Developments
Management Conference Call
Management will discuss our Q3 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 2 hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.
Table 1. Q3 and 9M 2025 Production and Costs, Comparatives from Q3 and 9M 2024 and 2025 Annual Revised Guidance
Notes to Table 1:
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 US 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.
Adjusted EBITDA and adjusted EBITDA per share
Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP financial measure and does not have any standardized meaning. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José mine; we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper exploration operations. The most directly comparable measure prepared in accordance with GAAP is net loss before income and mining taxes. Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes.
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 press 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."
(1) New analyses reported herein were submitted as full core samples and assayed by the Photon Assay method at the ISO 17025:2017 accredited laboratory Paragon Geochemical, Hamilton, Ontario for exploration holes and at the Fox Complex assay lab by the Fire Assay method for definition holes. McEwen recently signed an agreement to acquire 31% of Paragon Geochemical Laboratories.
(2) NI43-101 Technical Report on the Preliminary Economic Assessment for the Fenix Project, Sinaloa, Mexico, June 2018
Technical information related to resource estimates in this press release has 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, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also considering reactivating a gold and silver mine in Mexico.
The Company has a 46.4% 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, with a commitment to achieving carbon neutrality by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.
Chairman and Chief Owner Rob McEwen has personally invested over US$200 million 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 eventually 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, as at the date of this news release, 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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