Core Viewpoint - McEwen Inc. reported its Q3 2025 results, outlining a plan to double production by 2030, aiming for 250,000 to 300,000 GEOs Consolidated Annual Production by 2030, despite facing operational challenges that led to lower production and higher costs in the short term [1][3][4]. Production Goals and Projects - The Fox Complex (Stock and Grey Fox) is projected to contribute approximately 50% to the total production goal, followed by the Gold Bar Mine Complex at 30%, and El Gallo at 20% [2]. - The Stock Mine is expected to begin production by mid-2026, with lower-cost gold production anticipated compared to the Froome mine due to various operational efficiencies [6][19]. - El Gallo's Phase 1 production is targeted for mid-2027, with an optimized production plan aiming for 20,000 GEOs annually [21][22]. Operational Challenges and Adjustments - The company faced operational challenges that resulted in production falling below guidance and increased costs, particularly at Nevada and Timmins operations. Corrective measures are being implemented, with expected improvements in Q4 2025 [3][7]. - The annual production guidance for the Gold Bar Mine has been revised down to 32,000 to 35,000 GEOs from 40,000 to 45,000 GEOs due to lower-than-expected production [7]. Financial Performance - Q3 2025 revenue decreased by 3% to $50.5 million from the sale of 14,968 GEOs, with an average realized gold sale price of $3,477 per GEO, which is 39% higher than the previous year [7]. - Gross profit for Q3 2025 was $7.8 million, down from $13.8 million in Q3 2024, primarily due to higher waste stripping costs [7]. - Adjusted EBITDA increased by 12% to $11.8 million, reflecting improved operational performance despite challenges [7]. Liquidity and Capital Resources - Cash and equivalents increased to $51.2 million as of September 30, 2025, compared to $13.7 million at the end of 2024, indicating improved liquidity [8]. - Working capital rose to $62.6 million from a negative $6.5 million at the end of 2024, while total debt increased to $130 million [8]. Exploration and Development Investments - The company invested $6.8 million in exploration during Q3 2025, focusing on various properties including Grey Fox, Gold Bar, Lookout Mountain, and Windfall [8]. - Significant drilling results at Windfall are expected to enhance the overall resource size, with an updated resource estimate anticipated in Q4 2025 [11][12]. Strategic Acquisitions - McEwen signed a definitive agreement to acquire Canadian Gold Corp., which includes the Tartan Mine, expected to close in January 2026 [37]. - The company also acquired a 31% stake in Paragon Geochemical Laboratories, enhancing its capabilities in gold and metal assaying [37].

Core Insights - McEwen Mining (MUX) reported a quarterly loss of $0.01 per share, significantly missing the Zacks Consensus Estimate of $0.31, representing an earnings surprise of -103.23% [1] - The company generated revenues of $50.53 million for the quarter ended September 2025, falling short of the Zacks Consensus Estimate by 23.55% and down from $52.25 million year-over-year [2] - McEwen has only surpassed consensus EPS estimates once in the last four quarters and has consistently missed revenue estimates during the same period [2] Company Performance - Despite the recent earnings report, McEwen shares have increased approximately 121.1% year-to-date, outperforming the S&P 500's gain of 15.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.41 on revenues of $83.4 million, while for the current fiscal year, the estimate is $0.10 on revenues of $226.6 million [7] Industry Context - The Mining - Miscellaneous industry, to which McEwen belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The correlation between near-term stock movements and earnings estimate revisions suggests that tracking these revisions can provide insights into future stock performance [5][6]

Production and Sales Performance - Q3/25 consolidated production totaled 29,662 GEOs, a decrease of 15.5% from 35,180 GEOs in Q3/24[106] - At the Gold Bar Mine Complex, Q3/25 production was 8,191 GEOs, a 40% decrease from 13,640 GEOs in Q3/24[112] - The Fox Complex produced 6,386 GEOs in Q3/25, a 19% decrease from 7,855 GEOs in Q3/24, as mining continues in lower-grade zones[155] - San José mine produced 30,583 GEOs in Q3/25, a 10% increase from 27,927 GEOs in Q3/24, but a decrease in 9M/25 to 80,874 GEOs from 84,264 GEOs in 9M/24[168] Revenue and Financial Performance - Q3/25 revenues were $50.5 million from the sale of 14,968 GEOs at an average realized price of $3,477 per GEO, compared to $52.3 million from 21,350 GEOs at $2,499 per GEO in Q3/24[112] - Revenue from gold and silver sales decreased by 3% to $50.5 million in Q3/25, down from $52.3 million in Q3/24, primarily due to a 30% decrease in GEOs sold, despite a 39% increase in realized gold prices to $3,477 per GEO[120] - Revenue from gold and silver sales for the nine months ended September 30, 2025, decreased by 6% to $132.9 million, down from $141.0 million in the same period of 2024[128] - Revenue from gold and silver sales at the Gold Bar Mine was $29.4 million in Q3/25, down from $33.3 million in Q3/24, reflecting a 36% decrease in GEOs sold[146] - Revenue from gold sales at the Fox Complex was $20.8 million for Q3/25, compared to $19.0 million for Q3/24, driven by a 40% increase in the average realized gold price[157] - Revenue from gold and silver sales was $91.7 million in Q3/25, up from $70.4 million in Q3/24, driven by 44% and 40% higher realized gold and silver prices[169] Costs and Expenses - Cash costs and AISC per GEO sold in Q3/25 for the Fox Complex were $2,132 and $2,352, respectively, while for the Gold Bar Mine Complex they were $2,540 and $2,852[112] - Production costs applicable to sales increased by 19% to $35.2 million in Q3/25, compared to $29.7 million in Q3/24, driven by higher operational stripping costs at the Gold Bar Mine Complex[121] - Cash costs per GEO sold at the Gold Bar Mine increased to $2,540 in Q3/25 from $1,281 in Q3/24, while AISC per GEO sold rose to $2,852 from $1,822[148] - Cash costs per GEO sold at the Fox Complex were $2,132 in Q3/25, up from $1,572 in Q3/24, primarily due to a 21% decrease in GEOs sold[159] - Cash costs in Q3/25 were $50.1 million, down from $58.0 million in Q3/24, despite a 25% increase in production costs due to inflation and higher cost ore[170] - Cash costs per ounce sold for the three months ended September 30, 2025, was $2,366, compared to $1,390 for the same period in 2024, reflecting a significant increase of 70.0%[191] Profitability and Loss - The net loss for Q3/25 was $0.5 million, or $0.01 per share, an improvement from a net loss of $2.1 million, or $0.04 per share in Q3/24[112] - The company recorded a net loss of $462,000 in Q3/25, an improvement from a net loss of $2.1 million in Q3/24[120] - Adjusted EBITDA for Q3/25 was $11.8 million, or $0.22 per share, compared to $10.5 million, or $0.20 per share in Q3/24[112] - Adjusted EBITDA for Q3/25 was $11.8 million, an increase from $10.5 million in Q3/24, with adjusted EBITDA per share rising to $0.22 from $0.20[120] - Adjusted EBITDA for the three months ended September 30, 2025, was $11,815 thousand, compared to $10,489 thousand in 2024, marking an increase of 12.7%[193] Guidance and Future Projections - The Company revised its 2025 GEO production guidance to 112,000 to 123,000 GEOs, down from 120,000 to 140,000 GEOs[106] - The Company has tightened its annual production guidance for the Gold Bar Mine Complex to 32,000 to 35,000 GEOs, down from 40,000 to 45,000 GEOs[112] - The Company has revised its 2025 annual production guidance for the Froome deposit to 25,000 to 28,000 GEOs, down from 30,000 to 35,000 GEOs[155] - The Fenix Project is expected to produce approximately 20,000 GEOs annually once commercial production is achieved, anticipated to start mid-2027[163] Investments and Acquisitions - The Company signed agreements to acquire a 31% equity interest in Paragon Geochemical Laboratories for a total investment of $10.9 million[108] - The company invested $5.7 million in the Stock project during Q3/25, with plans for commercial production to commence in 2026[154] - McEwen Copper's Feasibility Study for the Los Azules project indicates an after-tax NPV8% of $2.9 billion and an internal rate of return of 19.8% based on a copper price of $4.25 per pound[108] - Proven and probable reserves at Los Azules total 10.2 billion pounds of copper, based on a copper price of $4.25 per pound[177] Cash and Liquidity - Cash from operating activities was $5.2 million in Q3/25, a significant decrease from $23.2 million in Q3/24[136] - Cash and cash equivalents increased to $51.2 million as of September 30, 2025, up from $13.7 million at the end of 2024[116] - Working capital improved to $62.6 million as of September 30, 2025, a $69.1 million increase from negative $6.5 million at the end of 2024[140] - As of September 30, 2025, the company held cash balances of $1.7 million (CAD 2.5 million) in Canadian dollars and $0.3 million (MXN 6.2 million) in Mexican pesos, with a 1.0% change in these currencies resulting in immaterial gains or losses[212] Currency and Debt Management - The company’s outstanding debt includes $110.0 million in convertible notes due 2030 and a $20.0 million term loan facility, with fixed coupons mitigating interest rate risk[221] - The Mexican peso appreciated by 2.4% against the U.S. dollar during the three months ended September 30, 2025, while the Canadian dollar and Argentine peso depreciated by 1.9% and 13.5%, respectively[210] Risk Management - The company does not hedge any of its sales, exposing it to all changes in commodity prices[218] - The company does not anticipate significant credit exposure associated with precious metals and doré sales agreements as of September 30, 2025[219] - The company has surety bonds of $47.5 million in place to cover projected reclamation costs, with an annual fee of 2.4% of their value[220] - The company has a 49.0% interest in MSC and a 46.4% ownership in McEwen Copper as of September 30, 2025, which introduces additional risks due to lack of decision-making power over day-to-day activities[208]

Core Viewpoint - McEwen Inc. is set to discuss its Q3 2025 financial results and project developments in an upcoming conference call on November 6, 2025, at 11:00 AM EST [1] Company Overview - McEwen Inc. trades on both NYSE and TSX under the ticker MUX [3] - The company provides shareholders with exposure to gold and silver production, along with a significant copper development project in the Americas [4] - The gold and silver mines are located in mineral-rich regions including the Cortez Trend in Nevada, Timmins district in Ontario, and Deseado Massif in Argentina, with potential reactivation of a mine in Mexico [4] Copper Development Project - McEwen holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina, valued at approximately US$456 million based on the last financing [5] - The Los Azules project aims to be one of the first regenerative copper mines, targeting carbon neutrality by 2038 [6] Leadership and Strategy - Chairman Rob McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders [7] - The objective is to enhance profitability, share value, and eventually implement a dividend policy, similar to the approach taken while building Goldcorp Inc. [7]

Core Viewpoint - McEwen Inc. has signed agreements to acquire approximately 31% equity interest in Britannia Mining Solutions Inc., which operates as Paragon Geochemical Laboratories, a provider of advanced analytical services to the mining industry, particularly known for its PhotonAssay™ technology [1][2]. Company Overview - McEwen Inc. is focused on expanding its portfolio in the mining sector, particularly through strategic investments in innovative technologies like PhotonAssay™ [1][2]. - Paragon Geochemical Laboratories is an ISO 17025:2017-accredited laboratory that serves mining clients across North America and plans to expand globally [3]. Technology and Innovation - PhotonAssay™ is a rapid, accurate, and non-destructive method for assaying precious and base metals, offering advantages over traditional fire assay techniques, such as faster turnaround times and improved accuracy [2]. - Paragon aims to position itself as a leading service provider in the mining sector by deploying this innovative technology [2]. Strategic Investment - McEwen will invest a total of CDN$15.3 million to acquire shares from Britannia Life Sciences Inc. and through a private placement, making it Paragon's largest shareholder [5][6]. - The investment includes the right to nominate an additional board member, enhancing McEwen's influence in Paragon's strategic direction [6]. Growth Plans - Paragon currently operates three laboratories and plans to construct eight additional sites in key mining regions over the next two years [3]. - The company is also in the process of becoming publicly traded, indicating aggressive growth ambitions [3]. Operational Synergies - McEwen is already utilizing PhotonAssay™ in its exploration programs at the Fox Complex in Ontario and the Gold Bar Mine Complex in Nevada, which allows for faster data-driven decisions and optimized drilling strategies [4].

Core Viewpoint - McEwen Inc. has amended and refiled its Technical Report on the Fox Complex following a review by the Ontario Securities Commission, with no changes to the Mineral Resources statements [1][2]. Company Overview - McEwen Inc. provides exposure to gold, copper, and silver through its three mines located in the USA, Canada, and Argentina, along with a large advanced-stage copper development project in Argentina and a gold and silver mine on care and maintenance in Mexico [3]. - The Los Azules copper project aims to become one of the world's first regenerative copper mines, with a commitment to carbon neutrality by 2038 [3]. Technical Report Details - The amended Technical Report now includes information required under Items 16 to 22 of Form 43-101F1 for an advanced property that was previously omitted from the original filing [6]. - John Ryan Cox was replaced as a co-author of the report to comply with NI 43-101 requirements for Qualified Persons [6].

Core Viewpoint - McEwen Inc. reports positive results from its 2025 drilling program at Windfall, part of the Gold Bar Mine Complex, aimed at increasing gold resources, extending mine life, and lowering production costs [1][3][10]. Summary by Sections Drilling Program and Results - The Windfall drilling program is part of several initiatives to enhance the Gold Bar Mine Complex, with the average grade mined in the first half of 2025 being 0.76 gpt Au [3][10]. - New drilling results indicate significant near-surface oxide gold mineralization along a 1.6-kilometer section of the Windfall fault zone, with potential for further expansion [6][10]. - Drill hole WF039 reported 2.43 gpt gold over 74.7 meters, with other notable results including 4.57 gpt over 12.2 meters and 1.70 gpt over 64.0 meters from different drill holes [9][28]. Resource Estimates - The company anticipates that incorporating the 2024-2025 Windfall drill results will positively impact the resource size, which currently includes 423,000 ounces in the Measured and Indicated categories and 84,000 ounces in the Inferred category [8][10]. - The newly discovered gold mineralization extends beyond previous resource estimates, with promising grades and thicknesses that could be processed using heap leach recovery [10][31]. Future Plans - The company plans to continue resource-definition and expansion drilling in the Windfall area, test higher-grade zones, and publish an updated resource estimate [18]. - The Windfall area is situated on patented claims, which may expedite the permitting process for production [31]. Company Overview - McEwen Inc. operates in mineral-rich regions, including Nevada, Ontario, and Argentina, and is also considering reactivating a gold and silver mine in Mexico [12]. - The company holds a 46.4% interest in McEwen Copper, which is developing the Los Azules copper project in Argentina, valued at approximately US$456 million [13]. Leadership and Strategy - Chairman Rob McEwen has invested over US$200 million personally and aligns his interests with shareholders by taking a nominal salary, aiming to enhance profitability and share value [15].

Core Insights - The article emphasizes the significant upside potential of McEwen Mining, particularly regarding its Los Azules copper project located in San Juan Province, Argentina [1] Company Analysis - McEwen Mining is highlighted for its competitive advantages and promising future prospects, focusing on strong cash flow generation, growing income, healthy margins, solid asset base, and sustainable debt levels [1]

Company Overview - McEwen Mining (MUX) shares increased by 5.6% to close at $22.72, with a notable trading volume compared to typical sessions, and a total gain of 59.3% over the past four weeks [1][2] Acquisition Announcement - McEwen announced an agreement to acquire Canadian Gold Corp, which owns the Tartan Lake Gold Mine Project in Manitoba, Canada, a high-grade gold project with existing infrastructure and exploration potential [2][3] - The acquisition terms stipulate that each holder of a Canadian Gold share will receive 0.0225 McEwen common shares, equating to a current offer price of CDN $0.60 per Canadian Gold share, with completion expected in early January 2026, pending regulatory approvals [3] Earnings Expectations - McEwen is projected to report quarterly earnings of $0.31 per share, reflecting an 875% year-over-year increase, with revenues expected to reach $66.1 million, a 26.5% increase from the previous year [4] - The consensus EPS estimate for McEwen has been revised 95.2% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [5] Industry Context - McEwen holds a Zacks Rank of 2 (Buy) within the Mining - Miscellaneous industry, which includes other companies like Metalla Royalty & Streaming Ltd. that has also shown significant returns [6]

Core Viewpoint - McEwen Inc. has entered into a definitive agreement to acquire Canadian Gold Corp., which will make Canadian Gold a wholly-owned subsidiary of McEwen if approved by shareholders and the Supreme Court of British Columbia [1][3]. Transaction Details - The acquisition will be executed through a statutory plan of arrangement, with Canadian Gold shareholders receiving 0.0225 McEwen shares for each Canadian Gold share held, equating to a current offer price of CDN $0.60 per Canadian Gold share, representing a 96.7% premium over the previous closing price [2][3]. - The transaction is expected to close in early January 2026, pending necessary approvals [1][3]. Shareholder Impact - Upon completion, existing McEwen shareholders will own approximately 92% of the combined entity, while Canadian Gold shareholders will own about 8% [3]. - The transaction is anticipated to provide significant benefits to both Canadian Gold and McEwen shareholders, including enhanced liquidity and access to McEwen's diversified portfolio [5][6]. Asset Overview - Canadian Gold's primary asset is its 100% interest in the Tartan Lake Gold Mine Project, a high-grade gold project with existing infrastructure and exploration potential [4][6]. - The Tartan Mine is strategically located near Flin Flon, Manitoba, benefiting from access to a skilled mining workforce [6]. Approval Process - The Arrangement Agreement has been approved by the Boards of Directors of both companies, with independent financial advisors confirming the fairness of the proposed consideration [8]. - The transaction requires approval from 66 ⅔% of Canadian Gold shareholders and a simple majority from minority shareholders at a special meeting scheduled for December 5, 2025 [13]. Regulatory Compliance - The completion of the Proposed Transaction is subject to customary closing conditions and necessary court and regulatory approvals, including those from the TSX Venture Exchange, TSX, and NYSE [13].