McEwen climbs on quarterly earnings beat

Shares of McEwen (NYSE, TSX: MUX) advanced after the Canadian gold and silver miner reported better-than-expected quarterly results.

Net income for the first quarter reached $33.4 million or $0.56 per share, beating the consensus forecast range of $0.42-$0.47 per share. This marked a significant turnaround from the first quarter of 2025, when the company reported a net loss of $6.3 million or $0.12 per share.

A 71% increase in average realized gold prices for the quarter, coupled with a 21% increase in gold-equivalent ounces sold, helped revenue more than double to US$74 million from the same period last year.

As of March 31, McEwen had a cash position of $56.5 million, which was slightly higher than the end of 2025, while the value of its marketable securities decreased to $13.5 million, due largely to its acquisition of Canadian Gold Corp. announced in July.

McEwen shares rose 2.4% to C$31.82 in Toronto, supported by a rebound in the price of gold this week. The company has a market capitalization of C$1.9 billion.

Output surge

Total production rose 26% to 30,471 gold-equivalent ounces. The increase was driven mostly by the 49%-owned San José mine in Argentina, which has benefited from a recently completed process plant expansion and higher mining rate.

Due to United States accounting rules, San José — which owned 51% by Hochschild — was excluded from the McEwen’s reported revenues. The operation accounts for about half of the company’s consolidated production.

McEwen on Thursday maintained its full-year guidance of 114,000–126,000 gold-equivalent ounces. The target doesn’t include early pre-commercial production from the Stock mine in Ontario, which is set for commercial production in 2027 with an expected life of six years.

Next year should also see McEwen’s El Gallo mine in Mexico entering Phase 1 production, during which it is anticipated to deliver 20,000 oz. annually for at least 10 years. A subsequent expansion could extend the mine and take its annual production to 40,000-50,000 ounces.

McEwen projects that the new mines will take its gold-equivalent production to 250,000-300,000 oz. by the end of the decade, more than double the current levels. This growth is expected to be self-funded with limited dilution to shareholders, it added.