McEwen Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a decrease in revenue and a net loss, but also improvements in cash reserves and strategic developments. The company generated $50.5 million in revenue from gold and silver sales during Q3/25, a decline of 3% from $52.3 million in Q3/24. For the nine-month period, revenue fell 6% to $132.9 million compared to $140.9 million in the same period last year. The net loss for Q3/25 was $462,000, or $0.01 per share, an improvement from a net loss of $2.1 million, or $0.04 per share, in Q3/24. The nine-month net loss was $3.7 million, significantly reduced from $35.5 million in the prior year.
The company experienced a 30% decrease in gold equivalent ounces (GEOs) sold, totaling 26,134 GEOs in Q3/25 compared to 34,435 GEOs in Q3/24. This decline was partially offset by a 39% increase in the average realized price per GEO, which rose to $3,477 from $2,499. Production costs applicable to sales increased by 19% to $35.2 million in Q3/25, driven by higher operational costs at the Gold Bar Mine Complex. The gross profit for the quarter was $7.8 million, down from $13.8 million in the previous year.
Strategically, McEwen Inc. has made significant moves, including the appointment of Ian Ball as Vice-Chairman to support growth initiatives. The company also announced plans to acquire Canadian Gold Corp., pending shareholder and court approvals, and signed agreements to acquire a 31% equity interest in Britannia Mining Solutions Inc. Additionally, McEwen Copper completed a feasibility study for the Los Azules copper project, indicating a potential after-tax net present value of $2.9 billion.
Operationally, the company produced 29,662 GEOs in Q3/25, down from 35,180 GEOs in Q3/24, with production from the Gold Bar Mine Complex decreasing by 40%. The San José mine, however, reported a 10% increase in attributable GEOs produced. The company has revised its annual production guidance for 2025, now expecting between 112,000 to 123,000 GEOs, down from previous estimates. Cash and cash equivalents increased significantly to $51.2 million as of September 30, 2025, compared to $13.7 million at the end of 2024, reflecting improved liquidity.
Looking ahead, McEwen Inc. aims to continue its strategic growth through acquisitions and operational improvements while navigating the challenges of fluctuating production levels and market conditions. The company remains focused on enhancing its production capabilities and exploring new opportunities within its existing projects.
About McEwen Inc.
McEwen Mining Inc. is a diversified precious and base metals producer focused on gold, silver, and copper exploration and development in North and South America. It operates multiple mines and advanced projects, including the San José mine, Los Azules copper project, and several exploration-stage properties. The company’s business model emphasizes resource extraction, exploration, and strategic partnerships, competing in a capital-intensive industry with a focus on shareholder value and compliance with environmental regulations.
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