Gold prices have remained near elevated levels above US$4,300 per ounce, supported by weaker U.S. labor data and shifting Federal Reserve expectations. McEwen Inc. (MUX:TSX; MUX:NYSE) delivered stronger second-quarter results that highlight operational progress across its portfolio of gold and silver assets.
The company reported second-quarter net income of US$9.6 million, or US$0.16 per share, compared with US$3.0 million, or US$0.06 per share, in the same period of 2025. Revenue rose 27 percent to US$59.2 million, while gross profit increased to US$20.1 million.
Key Investor Takeaways
- McEwen reported higher net income and revenue in Q2 2026, driven by stronger realized gold prices.
- Exploration spending increased, and new discoveries were made at Grey Fox and Tartan.
- The Stock Mine mine life was extended to 8.5 years, and commercial production is expected in 2027.
- Full-year 2026 production guidance was updated to 109,000-120,000 gold equivalent ounces.
- Analysts maintain Buy ratings with price targets ranging from US$28 to US$37 per share.
- McEwen holds a 46.3 percent stake in McEwen Copper, owner of the Los Azules project.1
Why McEwen Stands Out in the Current Gold Market
McEwen operates producing mines and advanced development projects across Canada, the United States, and Argentina. The company benefits from higher gold prices while advancing organic growth through exploration and development. Its 49 percent interest in the San Jose Mine in Argentina provided a US$49.4 million dividend in the quarter.
Unique Business Model and Portfolio Advantages
McEwen combines near-term production from the Fox Complex and Gold Bar with longer-term growth from the Los Azules copper project. The company maintains a 1.25 percent net smelter return royalty on Los Azules in addition to its equity stake. This structure gives investors exposure to both gold production and copper development.
Key Assets and Recent Catalysts
At the Fox Complex in Ontario, production reached 7,000 gold equivalent ounces in the quarter. McEwen raised 2026 production guidance for the complex to 20,000-23,000 ounces. Development at the Stock Mine remained on schedule, with mining expected to begin in Q4 2026 and commercial production in 2027. Additional engineering extended the projected mine life to 8.5 years.
On June 8, McEwen released a new Mineral Reserve Estimate for Grey Fox containing 980,300 ounces of gold in Probable Reserves from 9.41 million tonnes grading 3.24 g/t gold. Drilling at Grey Fox also returned high-grade intercepts and identified a new mineralized zone.
At the Tartan Mine Project in Manitoba, drilling discovered the new Central Zone. Results included 5.8 g/t gold over 8.3 meters and 29.1 g/t gold over 10.0 meters. The zone remains open at depth.
In Nevada, the Gold Bar Complex produced 5,842 gold equivalent ounces. McEwen lowered 2026 production guidance for the complex due to temporary assay lab issues and higher-than-expected carbonaceous material. Drilling continued at Windfall and Lookout Mountain to convert inferred resources.
Industry Timing and Gold Market Trends
Live spot pricing at 6:32 a.m. EDT placed gold at US$4,355.65 per ounce, an increase of US$6.18, or 0.14%. Sentiment in Kitco's Weekly Gold Survey on August 7 was predominantly bullish. Yahoo Finance reported August 9 that gold had recorded its strongest week since February. On the 9th, The Times of India reported that December-delivery futures gained US$292.70, or 7%, during the week to close at US$4,399.70 per ounce.
Analyst Views and Valuation
Analysts from Alliance Global Partners, Cantor Fitzgerald, H.C. Wainwright, and Roth Capital Partners maintained Buy ratings following the quarter. Targets range from US$28 to US$37 per share. Several noted that the long-term production target of 250,000-300,000 gold equivalent ounces by 2030 and progress at Los Azules remain key value drivers. Also on August 7, H.C. Wainwright analysts Heiko F. Ihle, CFA, and Case Bongirne reiterated a Buy rating on McEwen and lowered their price target to US$28.00 from US$29.50 following the company's second-quarter results and revised full-year production guidance.
Share Structure and Upcoming Events
McEwen has 59.7 million shares outstanding and a market capitalization of approximately US$1.18 billion. 1Strategic entities own 15.61 percent, with 2190303 Ontario Inc. holding 15.02 percent. Institutions hold 45.13 percent.
Streetwise Ownership Overview*
McEwen Inc. (MUX:TSX; MUX:NYSE )
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 07/28/22 | MUX:TSX | 10 | MUX:TSX | 1 |
| 01/27/12 | UXG:TSX | 1 | MUX:TSX | 1 |
In its July presentation, McEwen identified exploration, production growth, development projects, and work at Los Azules among its stated catalysts. The presentation outlined a target of 250,000 to 300,000 GEOs of annual production by 2030.
Common Questions from Investors
What were McEwen Inc.'s Q2 2026 earnings? McEwen reported Q2 2026 net income of US$9.6 million, or US$0.16 per share. Revenue increased 27 percent to US$59.2 million.
What is McEwen's 2026 production guidance? Consolidated guidance was updated to 109,000-120,000 gold equivalent ounces for the full year.
When will the Stock Mine reach commercial production? Mining is expected to begin in Q4 2026, with commercial production targeted for 2027.
What is McEwen's long-term production target? The company aims for 250,000-300,000 gold equivalent ounces annually by 2030.
How much of Los Azules does McEwen own? McEwen holds a 46.3 percent equity interest in McEwen Copper and a 1.25 percent royalty on the project.
McEwen continues to advance multiple projects while generating cash flow from existing operations. Retail investors should review the latest financial filings and consider the risks associated with mining development and commodity price volatility before making investment decisions.
Important Disclosures:
- Jordan Nova wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
