McEwen Q3 Financial Results – Quarter of Transition
Key Highlights
- ➤Q3 revenue fell 14% to $43.6M on 10,689 GEOs sold
- ➤Q3 net loss widened to $36.7M, or $0.60 per share
- ➤October Gold Bar production reached 3,353 GEOs; costs declined sharply
- ➤2026 guidance maintained at 109,000-120,000 GEOs and $2,500-$2,750 AISC
- ➤Stock Mine production starts December; commercial production begins H1 2027
Expert Statements
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Other positive developments during Q3 included the new Stock Mine nearing completion at the Fox Complex in Timmins and construction beginning at El Gallo in Mexico.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Development projects continue to progress in order to meet our objective of producing 250,000-300,000 Gold Equivalent Ounces (GEOs) per year by 2030.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“These problems are temporary and the Company is anticipating much better operating results during Q4 and meaningful progress has been made in October.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“The team is confident that Gold Bar can continue at this production rate, while keeping costs down.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Our goal is to build a lower cost, long-life mine at Gold Bar.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Overall, we are pleased that the corrections at Gold Bar are working. However, there are still a lot of areas we can improve, which should result in the mine continuously achieving better operating performance over the coming quarters and years.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“With no significant mine development or exploration costs planned at El Gallo, the mine is expected to become a meaningful source of free cash flow for the Company for the next decade and potentially beyond.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Development projects remain on track to increase annual production to 250,000 – 300,000 GEOs by 2030.”
Michael MacDonald, Chairman and Chief Executive Officer of McEwen Inc.
“Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited share dilution, based on average prices of $4,000 per ounce of gold and $50 per ounce of silver.”
TORONTO, Nov. 09, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced its third quarter financial results for the period ended September 30, 2026 (Q3). During the quarter, the Company experienced lower production and higher costs.
In the case of the Gold Bar Complex, this was due to poor management oversight and was the reason the Company decided to make changes to its leadership team in late August. New operating procedures have resulted in production rising and costs dropping in October, which the team believes can be sustained.
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