McEwen Inc. reported its financial results for the second quarter and first half of 2025, revealing a net income of $3.0 million, or $0.06 per share, compared to a net loss of $13.0 million, or $(0.26) per share, in the same period last year. The company generated revenues of $46.7 million from gold and silver sales, a slight decrease from $47.5 million in Q2 2024. The gross profit for the quarter was $12.3 million, up from $10.8 million a year earlier, primarily due to a 14% reduction in production costs applicable to sales, which fell to $27.7 million from $32.1 million.
In the first half of 2025, McEwen's revenues totaled $82.4 million, down from $88.7 million in the first half of 2024. The decrease in revenue was attributed to a 32% decline in gold equivalent ounces (GEOs) sold, despite a 36% increase in the average realized price per GEO, which rose to $3,062 from $2,246. The company reported a gross profit of $22.4 million for the first half, compared to $16.8 million in the prior year. The overall net loss for the first half was $3.2 million, a significant improvement from a loss of $33.4 million in the same period last year.
Operationally, McEwen produced 27,554 GEOs in Q2 2025, down from 35,265 GEOs in Q2 2024. The company attributed the decline to lower production at its Gold Bar and Fox Complex mines, with production at the Gold Bar Mine decreasing by 32% to 8,406 GEOs. The San José Mine, in which McEwen holds a 49% interest, produced 27,997 GEOs, a 6% decrease from the previous year. The company continues to focus on increasing production in the latter half of 2025, with guidance set at 120,000 to 140,000 GEOs for the year.
Strategically, McEwen has made significant investments, including $5.6 million in the Stock project at the Fox Complex, which is expected to reach commercial production in 2026. The company also entered into a binding letter of intent to acquire Canadian Gold Corp, which could enhance its asset portfolio. Additionally, McEwen Copper, in which the company holds a 46.4% interest, is advancing its Los Azules copper project, with a feasibility study expected to be published in Q3 2025.
Looking ahead, McEwen Inc. anticipates improved production and operational efficiencies as it transitions to higher-grade ore extraction in the second half of 2025. The company believes it has sufficient liquidity to meet its operational and capital requirements, with cash and cash equivalents increasing to $53.6 million as of June 30, 2025, from $13.7 million at the end of 2024. The outlook remains cautiously optimistic, with ongoing efforts to enhance production and manage costs effectively.
About McEwen Inc.
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