McEwen Inc. (NYSE: MUX) (TSX: MUX) reported improved October operating performance at its Gold Bar and Fox complexes following a challenging third quarter marked by lower production and higher costs, according to the company’s latest operational update.
At Gold Bar, October production reached 3,353 gold equivalent ounces (GEOs), with all-in sustaining costs (AISC) declining to approximately $2,873 per ounce from $3,520 in the third quarter. Fox Complex costs also improved in October, with AISC expected to decline to $2,618 per ounce from $3,725.
Third-quarter revenue totaled $43.6 million, compared with $50.5 million a year earlier, while the company recorded a net loss of $36.7 million, or $0.60 per share, compared with a loss of $500,000, or $0.01 per share, in the prior-year period. The October improvement signals a potential operational turnaround as the company moves past the weaker third quarter.
McEwen reaffirmed its 2026 production guidance of 109,000-120,000 GEOs and continues advancing projects targeting annual production of 250,000-300,000 GEOs by 2030. Mining at the Stock Mine in Ontario is scheduled to begin in December, with commercial production expected in the first half of 2027, while construction at El Gallo in Mexico is underway ahead of planned production in the fourth quarter of 2027.
McEwen Copper is also advancing its Los Azules project toward a final investment decision in mid-2027. In a press release dated October 7, 2025, the company announced feasibility study results confirming Los Azules as an economically robust copper project with leading ESG performance. The project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038.
Additionally, the company’s 49%-owned San José Mine has generated $58.3 million in year-to-date cash dividends, exceeding its previous estimate of $40 million-$50 million. That stronger-than-expected cash flow could bolster McEwen’s balance sheet as it funds its growth pipeline.
McEwen shares trade on both the NYSE and TSX under the ticker MUX. The company provides shareholders with exposure to a growing base of gold and silver production in addition to a large copper development project, all in the Americas. The gold and silver mines are located in the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.
The company holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million (US$7.67 per share).
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units around the world, a technology the company believes is poised to become the new industry standard for assaying precious and base metals.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally 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 ultimately implement a dividend policy, as he did while building Goldcorp Inc.
For investors, the October cost improvements and reaffirmed guidance offer reassurance after a weak third quarter, while the San José dividend beat and progress at Los Azules, Stock Mine and El Gallo underscore the company’s longer-term growth trajectory. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
