Q4 and Full Year 2025 Operational and Financial Results: Q4 Net Income of $38.1M ($0.70 per Share) vs. Net Loss of $8.2M ($0.16 per Share) in Q4 2024; Advancing Key Developments to Double Production by 2030

Core Insights - McEwen Inc. reported significant financial improvements for Q4 and full year 2025, driven by high gold and silver prices, with a net income of $38.1 million for Q4 and $34.4 million for the full year [1][15] - The company aims to increase production to 250,000 – 300,000 GEOs by 2030 while lowering costs and extending mine life across its operations [1] Financial Performance - Q4 2025 revenue increased by 28% to $64.6 million from the sale of 15,196 GEOs, compared to $50.5 million from 14,968 GEOs in Q3 2025 [14] - Full year 2025 revenues rose to $197.6 million from 58,552 GEOs sold, up from $174.5 million from 74,911 GEOs in 2024 [14] - Q4 2025 adjusted EBITDA increased to $28.1 million or $0.51 per share, compared to $11.8 million or $0.22 per share in Q3 2025 [15] Production and Cost Outlook - Full-year 2026 production guidance is set at 114,000 - 126,000 GEOs, including production from the 49%-owned San José mine [29] - Cost per ounce guidance ranges from $2,100 to $2,300 for cash costs, and from $2,400 to $2,600 for AISC [29] Project Developments - The Los Azules copper project is advancing with a feasibility study indicating a base case NPV (8%) of $2.9 billion at a copper price of $4.35 per pound, potentially increasing to $6.3 billion at $5.80 per pound [4][57] - The company received approval for RIGI, providing 30 years of regulatory stability and lower tax rates, which is expected to significantly benefit the Los Azules project [3][57] Asset Performance - The San José Mine produced 18,492 GEOs in Q4 2025, with production costs per GEO sold decreasing to $1,940 for cash costs and $2,201 for AISC [22][23] - The Gold Bar Mine Complex produced 8,943 GEOs in Q4 2025, with costs per GEO sold at $2,415 for cash costs and $2,460 for AISC [24][25] Exploration and Development Investments - The company invested $6.3 million in exploration during Q4 2025, with a total of $22.2 million for the full year, compared to $16.5 million in 2024 [27] - Development work at the Stock Mine is on schedule, with an investment of $29.5 million in 2025, targeting initial production by mid-2026 [46] Strategic Acquisitions - McEwen entered into a definitive agreement to acquire Golden Lake Resources Inc., which includes projects adjacent to its Windfall deposit, enhancing resource potential [9][37]