# 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

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Original source: https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2026/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/default.aspx
Original published: 2026-03-31
EGM generated: 2026-09-04
Company: McEwen Mining (MUX)

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Source: https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2026/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/default.aspx
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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
March 12, 2026
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TORONTO, March 12, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) today announced its fourth quarter (Q4) and full year results for the period ended December 31, 2025, along with an update on its development projects as the Company looks to increase production to 250,000 – 300,000 GEOs by 2030, while lowering costs and extending mine life across operations. “With gold and silver trading near record highs, we reported significant Net Income and Adjusted EBITDA for Q4 and the full year 2025. Our Q4 operating and financial performance positions us to potentially generate $80 million in free cash flow from our 100%-owned operations, and more than $50 million in dividends from our 49% ownership in the San José Mine during 2026. This strong cash flow will enable us to accelerate our plans to double production. At the same time, we are advancing Los Azules, one of the world’s largest undeveloped copper deposits. We received approval to enter RIGI – Argentina’s Large Infrastructure Investment Incentive Regime, which grants us 30 years of regulatory stability, access to international arbitration in the event of disputes, a significantly lower tax rate, along with removed exchange controls. RIGI is a game changer for Argentina’s mining sector and for projects that qualify under the program. We also released a strong feasibility study at the end of last quarter that outlines a base case scenario with a 22-year project life, average copper production of 205 ktpa in the first five years, and 148 ktpa of copper cathodes over the life of the asset. Our study also highlights the potential for an additional 33 years of mine life at 141 ktpa copper production. At a copper price of $4.35 per pound (base case), Los Azules has an after-tax NPV (8%) of $2.9 billion, or approximately $23 per attributable MUX share. At $5.80 per pound, the after-tax NPV (8%) increases to $6.3 billion, or approximately $49 per share. These results demonstrate the potential for Los Azules to become a generational copper asset. As global demand for copper accelerates with electrification and infrastructure investment, Los Azules stands out as a transformational opportunity for our shareholders and reflects our vision to build a new model for the mine of the future. The project has been designed as a low-cost, environmentally responsible operation, with one-quarter the water consumption of a comparable conventional mine, one-tenth the carbon emissions, and the potential to operate using 100% renewable power, while eliminating the need for conventional tailings storage,” stated Rob McEwen, CEO and Chief Owner. McEwen is advancing the following projects: Canada In Canada, McEwen is forecasting that production will grow from 16,000-19,000 GEOs in 2026 to 105,000-120,000 GEOs by 2030, coming from the Fox Complex and the recently acquired Tartan Mine Project. Stock Mine (Fox Complex, Timmins, Ontario) - During 2025, we invested $29.5 million in advancing Stock towards production. This is the Company’s first step toward increasing production from current levels. Stock remains on schedule and on budget to begin initial production by mid-2026, with commercial production scheduled for 2027. This is expected to result in lower-cost gold production at the Fox Complex compared to current operations, 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 this year. Grey Fox (Fox Complex, Timmins, Ontario) released an updated Mineral Resource Estimate in January that showed Indicated Resources increased by +23% to 1,892,000 gold ounces (19,474,000 tonnes @ 3.02 gpt Au) and Inferred Resources of 436,000 gold ounces (5,101,000 tonnes @ 2.66 gpt Au). A Pre-feasibility Study (“PFS”) scheduled for release in Q2 2026 will highlight the Company’s ability to materially extend the mine life at the Fox Complex. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000 to 90,000 GEOs per year. Tartan Mine Project (Flin Flon, Manitoba) is expected to deliver a Mineral Resource Estimate by the end of March. The Company is continuing its exploration, reviewing existing environmental licenses, and planning additional metallurgical testing as part of its plan to restart production within the existing permits. McEwen expects initial annual production at Tartan to average approximately 30,000 GEOs, with the potential to expand output through future permit modifications. The Company believes doubling of the potential mill capacity from 500 tpd to 1,000 tpd could see production grow to 45,000 - 55,000 GEOs per year. USA In the USA (Nevada), McEwen is forecasting that production will grow from 39,000 - 43,000 GEOs in 2026 to 90,000 - 110,000 GEOs by 2030, coming from Lookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex. Lookout Mountain, Windfall and Trinity Ridge (Gold Bar Mine Complex) - Gold Bar’s transformation into a long-life mine starts today with the publication of the updated Mineral Resource Estimate for the Lookout Mountain deposit, which shows Measured & Indicated Resources of 402,300 gold ounces (19,570,000 tonnes @ 0.64 gpt Au) and Inferred Resources of 134,200 gold ounces (7,292,000 tonnes @ 0.57 gpt Au). Approximately 90% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods currently being used at the Gold Bar Mine. Trinity Ridge is the deposit formerly known as Unity Ridge and lies within the current Plan of Operations at Gold Bar. Mineral Resource Estimates for Trinity Ridge and the Windfall deposit, located to the south, are scheduled for later this year and are expected to meaningfully grow total resources. The Company is advancing these deposits towards production to incorporate them into the Gold Bar Mine Complex mine plan, targeting a combined annual production of 90,000 to 110,000 GEOs from the three areas. Golden Lake Resources Inc. entered a definitive agreement to be acquired by McEwen, with closing expected by early April 2026. Golden Lake’s Jewel Ridge and Jewel Ridge West projects adjoin McEwen’s Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resource base at the Gold Bar Mine Complex and to increase mine life. Mexico In Mexico, McEwen is forecasting 20,000 GEOs per year starting mid-2027. El Gallo - Phase 1 production is targeted for mid-2027. Detailed engineering is underway, with construction of the mill expected to begin in Q2 2026. Phase 1 is expected to operate for 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. Permit approval of Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 to 50,000 GEOs (based on a 77:1 silver/gold ratio) due to higher grades being processed. Argentina San José Mine - The operation is beginning to benefit from the recently completed process plant expansion and higher mining rates, resulting in increased production and lower costs. At current gold and silver prices, San José is expected to be an important source of capital for the Company as it expands production at its other sites. Production attributable to McEwen’s 49% interest is targeted at 60,000 - 70,000 GEOs per year (based on a 77:1 silver/gold ratio). Los Azules – RIGI approval was obtained in September 2025 granting significant benefits which include regulatory stability, lower overall tax burden, access to international arbitration and guaranteed access to foreign currency. We released a strong feasibility study in October 2025 with headline production of 205 ktpa copper cathodes that can be directly delivered to industry, at $1.71/lb C1 cash cost and $2.11/lb AISC, and average production of 148 ktpa copper over 22 years. The study also highlights upside potential to add another 33 years of mine life with 141 ktpa of copper production, using Rio Tinto’s Nuton technology or a conventional concentrator. Our team is continuing detailed engineering, with the aim of delivering a Final Investment Decision (FID) by end of this year, with construction targeted to begin in early 2027, subject to project financing. With the Feasibility Study completed, project costs for Los Azules began to be capitalized in late Q3 2025 under U.S. GAAP. Highlights of Q4 and Full Year 2025 Abbreviations used are defined in the Glossary at the end of this press release. Revenue Q4 2025 revenue increased by 28% to $64.6M from the sale of 15,196 GEOs , vs revenue of $50.5M from the sale of 14,968 GEOs in Q3 2025. The average realized gold sale price per GEO was $4,436 in Q4, 28% higher than $3,477 in Q3 2025. Full year 2025 revenues increased to $197.6M from the sale of 58,552 GEOs , compared with $174.5M from the sale of 74,911 GEOs in 2024. Our 49% ownership in the San José mine is excluded from our revenue numbers due to accounting policies under U.S. GAAP. Profitability Q4 2025 gross profit was $17.4M , compared with $7.8M in Q3 2025. Gross margins were positively impacted by increased production and higher gold prices. Full year 2025 gross profit was $47.6M , compared to $30.9M in 2024. Q4 2025 net income was $38.1M or $0.70 per share , compared with a net loss of $8.2M or $0.16 per share in Q4 2024. Full year 2025 net income was $34.4M , or $0.64 per share, compared with a net loss of $43.7M, or $0.86 per share in 2024. In addition to improved gross margins, we recognized a deferred tax asset relating to the expected use of tax losses in the U.S., increasing deferred tax recoveries to $27.5M during 2025. Adjusted EBITDA Q4 2025 adjusted EBITDA increased to $28.1M or $0.51 per share , compared with $11.8M or $0.22 per share in Q3 2025. Full year 2025 adjusted EBITDA increased to $66.2M or $1.22 per share compared with $29.2M or $0.57 per share in 2024. Adjusted EBITDA is calculated by adding back our portion of McEwen Copper's results to our consolidated income or loss before financing costs, depreciation, and income and mining taxes. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José Mine. Liquidity & Capital Resources at December 31, 2025 Cash and equivalents increased to $51.0M , compared with $13.7M at December 31, 2024. The value of marketable securities increased to $21.1M , compared with $1.6M at December 31, 2024, driven by net additions of $6.6M together with $12.8M of realized and unrealized gains during 2025. Included in this total was $6.7M in Canadian Gold shares held prior to the closing of our acquisition on January 5, 2026. On December 9, 2025, the Company acquired a 27.3% interest in Paragon at a cost basis of $13.7M. As of December 31, 2025, the fair value of the investment was $17.9M. The most recent financing
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