McEwen Inc. (NYSE/TSX: MUX) announced strong first-quarter financial results for the period ended March 31, 2026, reporting net income of $33.4 million ($0.56 per share), a significant turnaround from a net loss of $6.3 million ($0.12 per share) in the same period of 2025. The company also provided updates on its development projects, including an updated Mineral Resource Estimate and strong exploration results across all sites, as it advances its plan to increase production to between 250,000 and 300,000 gold equivalent ounces (GEOs) by 2030.
Self-Funding Growth Strategy
Based on current gold and silver prices, McEwen believes that if mine operations meet guidance, the company can self-fund its future production growth with limited share dilution. This approach is expected to be a key driver behind growing the share price.
Canada Projects
In Canada, McEwen is advancing growth projects to increase production from 16,000–19,000 GEOs in 2026 to 105,000–120,000 GEOs by 2030. The company is taking a phased approach, focusing on initial capital requirements, internal rate of return, and successful execution while prioritizing future growth through continued exploration.
Stock Mine (Fox Complex, Timmins, Ontario)
Development at the Stock Mine continued on time and within budget during Q1. The company invested $9.9 million into Stock during the quarter and $39.4 million since underground development began last year. Stock is expected to begin initial production in the second half of 2026, with commercial production set for 2027. This is expected to result in lower-cost gold production at the Fox Complex due to a lower royalty burden, shorter haulage distances to the mill, and the benefits of processing softer material. Based on the current Mineral Resource Estimate, McEwen projects a six-year life at Stock, which is expected to increase as underground drilling advances.
Grey Fox (Fox Complex, Timmins, Ontario)
Work is being finalized on the Pre-Feasibility Study (PFS) for Grey Fox, which will be released in the coming months. The PFS will highlight the company’s ability to materially extend mine life at the Fox Complex using existing infrastructure. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000–90,000 GEOs by 2030.
Tartan Mine Project (Flin Flon, Manitoba)
During Q1, the company delivered a Mineral Resource Estimate for Tartan, with underground Indicated Resources totaling 308,900 gold ounces (2,619,000 tonnes at 3.67 gpt Au) and Inferred Resources totaling 302,700 gold ounces (2,832,900 tonnes at 3.32 gpt Au). The company is reviewing existing environmental licenses, planning additional metallurgical testing, beginning underground mine designs, and evaluating potential equipment purchases as part of its plan to restart production within existing permits. McEwen expects initial annual production at Tartan to average approximately 30,000 GEOs, with potential to expand output through future permit modifications. Doubling the throughput from 500 tonnes per day (tpd) to 1,000 tpd could see production grow to 45,000–55,000 GEOs per year.
USA Projects
In Nevada, McEwen forecasts that production will more than double from 39,000–43,000 GEOs in 2026 to 90,000–110,000 GEOs by 2030, driven by production from Lookout Mountain, Windfall, and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex, and management will leverage existing infrastructure at the site.
Windfall, Lookout Mountain, and Trinity Ridge (Gold Bar Mine Complex)
Gold Bar’s transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate. Windfall shows open-pit Indicated Resources of 227,500 gold ounces (9,402,800 tonnes at 0.75 gpt Au) and Inferred Resources of 127,800 gold ounces (2,596,400 tonnes at 1.53 gpt Au). Currently, 100% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods used at the Gold Bar Mine. The global Resources and Reserves for the Gold Bar Mine Complex now total Indicated Resources of 792,000 gold ounces (38,602,800 tonnes at 0.64 gpt Au) and Inferred Resources of 281,000 gold ounces (11,256,200 tonnes at 0.78 gpt Au), in addition to Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au). Trinity Ridge is the next deposit where a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex. The company will look at merging the smaller existing Gold Bar Mine open pits into one enlarged pit to capture a meaningful amount of gold mineralization not included in the current Mineral Resource Estimate. Currently, 60% of the planned drilling at Trinity Ridge has been completed, and a Mineral Resource update is expected by early 2027.
