Core Insights - McEwen Inc. has announced new drill results from its Froome Mine, indicating significant geological potential and active drilling to expand results [1][2] Group 1: Drill Results and Mineralization - The recent drill results have extended high-grade gold mineralization by 100 meters vertically, marking a 45% increase since July 2025 [2] - Gold mineralization has been extended up to 50 meters west, which may increase the number of defined ounces per vertical meter, thereby lowering future production costs [5] - Some of the deepest intersections confirm that gold mineralization remains open at depth, suggesting additional resources exist below the current planned limit of the mine [4] Group 2: Economic Implications - The potential to extend Froome's mine life and improve economics is highlighted, with mining expected to commence in H1 2026 in areas near recently completed underground infrastructure [6][9] - Greater mining flexibility is anticipated, enabling higher production and lower costs, with mill feed from multiple sources expected from H2 2026 [9] Group 3: Future Plans - Surface diamond drilling will continue into Q1 2026 to further define the mineralization that remains open to the west and at depth [17] - An updated resource estimate for Froome West is planned for publication at the end of February 2026 [17]

Core Viewpoint - McEwen Mining Inc. is highlighted as a strong investment opportunity in the silver mining sector, supported by a Buy rating and a price target of $21.50 per share from H.C. Wainwright, driven by high metal prices and successful exploration efforts [1][2]. Financial Performance - For Q3 2025, McEwen reported total revenue of $50.5 million, which was 23.55% below analyst expectations, attributed to lower production volumes that decreased gold equivalent ounces (GEOs) sold from 21,350 to 14,968 year-over-year [2]. - The company recorded a net loss of $500,000 ($0.01 per share), an improvement from the $2.1 million loss in Q3 2024, with higher metal prices mitigating the impact of operational challenges [2]. Company Overview - McEwen Inc. is a Canadian mining company focused on precious metals, particularly gold and silver, with additional interests in copper. The company operates production, development, and exploration projects across Argentina, Mexico, and the United States [3].

Production and Guidance - McEwen Inc. reported Q3 2025 production of 8,191 GEOs from the Gold Bar Mine, leading to a revised annual production guidance of 32,000 to 35,000 GEOs, down from 40,000 to 45,000 GEOs[7] - The Fox Complex produced 6,386 GEOs, with annual production guidance lowered to 25,000 to 28,000 GEOs from 30,000 to 35,000 GEOs[8] - Consolidated production for Q3 2025 was 29,662 GEOs, down from 35,180 GEOs in Q3 2024, with revised full-year guidance set at 112,000–123,000 GEOs[37] - Attributable production in Q3 was 14,986 GEOs, with cash costs per GEO sold at $2,196 and AISC at $2,771, influenced by high inflation and increased contractor use[24] Financial Performance - 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, 39% higher than Q3 2024[8] - Adjusted EBITDA increased 12% to $11.8 million or $0.22 per share compared to $10.5 million or $0.20 per share in Q3 2024[8] - The company reported a net loss before income and mining taxes of $1,731,000 for the three months ended September 30, 2025, compared to a loss of $1,267,000 in the same period of 2024[51] - Adjusted EBITDA for the three months ended September 30, 2025, was $11,815,000, up from $10,489,000 in the same period of 2024, reflecting a growth of 12.7%[51] Cost Structure - Cash costs per GEO sold were $2,540, and AISC was $2,852, leading to increased annual cost guidance to $2,050 to $2,150 cash costs and $2,400 to $2,500 AISC[7] - Cash cost per ounce sold for the three months ended September 30, 2025, was $2,366, compared to $1,390 for the same period in 2024, indicating a significant increase of 70.2%[49] - All-in sustaining costs (AISC) per ounce sold for the three months ended September 30, 2025, were $2,639, up from $1,895 in the same period of 2024, marking a rise of 39.2%[49] - Production costs applicable to sales for the three months ended September 30, 2025, totaled $35,186,000, compared to $29,682,000 for the same period in 2024, representing an increase of 18.9%[49] Future Projects and Investments - McEwen Inc. plans to double production to 250,000 to 300,000 GEOs annually by 2030, with the Fox Complex expected to contribute approximately 50% of this goal[2] - The Stock Mine at the Fox Complex is expected to begin production by mid-2026, with a projected six-year life[4] - El Gallo Phase 1 production is targeted for mid-2027, with an expected annual output of up to 20,000 GEOs once commercial production is achieved[4] - McEwen Copper's Los Azules project is set to commence detailed engineering, with construction targeted for early 2027, based on a feasibility study indicating a 21-year mine life[5] - Phase 1 of the El Gallo gold reprocessing project is anticipated to produce approximately 20,000 GEOs annually for 10 years, with remaining capital costs estimated at $25 million[22] Strategic Acquisitions and Partnerships - McEwen signed a definitive agreement to acquire Canadian Gold Corp., expected to close in early January 2026, aimed at increasing resource base and future production[36] - McEwen acquired 31% of Paragon Geochemical Laboratories for CDN$15.3 million, enhancing capabilities in gold and silver assaying through PhotonAssay™ technology[36] - Recent acquisition of E company is expected to contribute an additional F million in annual revenue[63] - New strategic partnerships are being formed to leverage synergies and enhance competitive positioning in the market[63] Market Outlook and Growth Strategies - Future outlook includes a projected revenue growth of A% for the next fiscal year, driven by new product launches and market expansion strategies[63] - The company plans to expand its market presence in regions B and C, targeting a market share increase of D%[63] - McEwen is considering reactivating a gold and silver mine in Mexico, expanding its production capabilities in the Americas[56] - Overall, McEwen Mining remains focused on sustainable growth and maximizing shareholder value through strategic initiatives[63] Environmental and Regulatory Aspects - The Los Azules Copper Project received RIGI approval, providing 30 years of legal and fiscal stability, including a reduced corporate income tax rate of 25%[26][27] - The feasibility study for Los Azules indicates a $2.9 billion NPV at an 8% discount rate, with a 19.8% IRR and a payback period of 3.9 years[32] - The Los Azules copper project aims to achieve carbon neutrality by 2038, with its feasibility study results announced on October 7, 2025[58] Social Media and Engagement - User data indicates a growing engagement on social media platforms, with a notable increase in followers across Facebook and LinkedIn[63] - McEwen Mining is investing in R&D for innovative mining technologies, aiming to enhance operational efficiency and reduce costs[63]

Financial Data and Key Metrics Changes - The company reported a net loss of $500,000, or $0.01 per share, compared to a loss of $2.1 million, or $0.04 per share, in the same period last year [17] - Adjusted EBITDA was $11.8 million, or $0.22 per share, compared to $10.5 million, or $0.20 per share, in the corresponding period [17] - The company ended the quarter with $51 million in cash and $24 million in marketable securities, with the cash balance relatively unchanged from the prior quarter [18] Business Line Data and Key Metrics Changes - McEwen Copper advanced the Los Azules project, which is now considered a bankable Tier 1 asset, benefiting from Argentina's Large-Scale Investment Incentive Program [12][13] - The feasibility study for Los Azules indicated a production process designed for low environmental impact, with a projected after-tax NPV of $2.9 billion and an IRR of 19.8% [14] Market Data and Key Metrics Changes - Gold prices are currently just below $4,000 per ounce, up 45% year-over-year, while silver is up 47% and copper is close to $5, up 13% [2] - The company anticipates that the intermediate and long-term prices for metals will be considerably higher, positioning itself favorably in the current market environment [2] Company Strategy and Development Direction - The company aims to achieve an annual production of 250,000-300,000 gold-equivalent ounces by 2030, alongside the development of the Los Azules copper mine [3] - The company is optimistic about the exploration potential of its mining rights, having identified eight significant targets within its holdings [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming temporary setbacks and emphasized the importance of the current favorable metal prices in supporting growth plans [2][3] - The approval of the REGI program for Los Azules is seen as a significant endorsement, providing stability and competitive tax rates for the project [12][13] Other Important Information - The company is set to close the acquisition of Canadian Gold Corp in January, with an updated resource estimate expected by the end of February [6] - Exploration activities are ongoing, with a focus on optimizing the Tartan project and its synergies with other properties [7] Q&A Session Summary Question: Can you elaborate on the vertical integration strategy and potential targets? - The company is exploring vertical integration opportunities, particularly in assay labs, to enhance efficiency and reduce turnaround times for assays [29][30] Question: What is the outlook for Gold Bar production next year? - Management indicated that the recent issues were temporary and that production guidance for next year will be announced shortly [35][36] Question: What is the timeline for the Canadian Gold Corp merger and subsequent resource estimates? - The merger is expected to close in early January, with a resource estimate and preliminary economic assessment to follow [45][46] Question: How does the company estimate its proven resources? - The company estimates its resources similarly to industry standards, with approximately 4.2 million ounces across all operations [53] Question: What is the expected timeline for the Los Azules IPO? - The IPO is now targeted for sometime next year, with expectations of a higher price than the last financing due to the project's attractiveness [68][70]

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].