McEwen posts $33.4M net income in Q1; targets production double by 2030
TORONTO, May 06, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced its first quarter financial results for the period ended March 31, 2026 (Q1), along with an update on its development projects, including an updated Mineral Resource Estimate and strong exploration results across all sites as the Company is advancing its plan to increase production to 250,000 - 300,000 GEOs by 2030. 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 will be a key driver behind growing our share price.
Strong Gold Prices Continue to Support Advancement of Key Projects: Canada 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 will be developing these projects in a phased approach that is focused on initial capital requirements, IRR and the ability to execute successfully while prioritizing future growth through continued exploration success. Stock Mine (Fox Complex, Timmins, Ontario) - Development continued on time and within budget during Q1.
We invested $9.9 million into Stock during Q1 and $39.4 million since the start of underground development last year. Stock is expected to begin initial production in H2 2026, with commercial production set 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 to enhance resources throughout coming years. Grey Fox (Fox Complex, Timmins, Ontario) - Work is now being finalized on the Pre-Feasibility Study (“PFS”) that will be released in the c