McEwen Inc. reported significant financial improvements for the first quarter of 2026, with revenues from gold and silver sales reaching $74.0 million, a 107% increase from $35.7 million in the same period last year. The company achieved a gross profit of $31.5 million, compared to $10.1 million in Q1 2025, driven by a 21% increase in gold equivalent ounces (GEOs) sold and a 71% rise in the average realized price per GEO, which reached $4,792. Net income for the quarter was $33.4 million, or $0.56 per share, a notable recovery from a net loss of $6.3 million, or $0.12 per share, in Q1 2025.
The company's operational metrics also showed improvement, with consolidated production totaling 30,471 GEOs, including 14,582 attributable GEOs from the San José mine, compared to 24,132 GEOs produced in Q1 2025. The increase in production was attributed to enhanced mining rates and recovery rates at various sites, including a 33% increase in production at the San José mine. The Fox Complex and Gold Bar Mine Complex also reported production increases, with the Fox Complex producing 5,784 GEOs and the Gold Bar Mine producing 7,884 GEOs.
Strategically, McEwen Inc. completed the acquisition of Canadian Gold Corp. on January 5, 2026, for a total consideration of $87.7 million, which included the issuance of common shares and subscription receipts. This acquisition is expected to enhance the company's portfolio, particularly with the Tartan Lake Gold Mine Project. Additionally, the company raised $15.1 million through the issuance of flow-through shares to fund ongoing exploration and development activities, including significant investments in the Stock project at the Fox Complex.
Operationally, McEwen Inc. reported increased general and administrative expenses of $9.5 million, up from $3.4 million in Q1 2025, primarily due to higher professional service fees and acquisition-related costs. The company also recorded a substantial income of $30.3 million from equity method investments, a significant turnaround from a loss of $8.1 million in the previous year. This income was largely driven by the performance of Minera Santa Cruz S.A. and McEwen Copper Inc.
Looking ahead, McEwen Inc. remains optimistic about its production guidance for 2026, targeting between 114,000 to 126,000 GEOs. The company plans to continue its focus on operational efficiencies and cost management, particularly as it anticipates a decrease in all-in sustaining costs (AISC) as development costs wind down. The company believes it has sufficient liquidity to meet its operational and capital requirements for the next 12 months, supported by cash flows from ongoing operations and strategic investments.
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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