McEwen Inc. Delivers $9.6M Q2 Net Income, Closes $240M Los Azules Loan

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2. Ownership and Share Structure Information

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McEwen Inc. (MUX:TSX; MUX:NYSE ) 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 Q2 2025.

These results arrive as gold remains near US$4,400 an ounce, following a sharp August rally. Retail investors are watching how producers convert higher prices into cash flow and how development projects advance toward production.

Why the Results Matter for Investors Today

Rob McEwen has long emphasized monetary expansion, government debt, and currency debasement as reasons to hold gold. Speaking during an interview on Mining.com's "Top of Mind," he noted that gold production grows only about 1 percent annually while inflation runs faster. He also highlighted central banks replacing Treasuries with gold, calling the current period an opportunity to build positions.

McEwen Inc. is positioned to benefit through its operating mines and development pipeline. Cash and equivalents reached US$78.9 million at June 30, up from US$51.0 million at year-end 2025. The company raised its full-year exploration budget to US$25.7 million and updated 2026 production guidance to 109,000 to 120,000 gold equivalent ounces.

Company Advantages and Project Pipeline

At the Fox Complex in Ontario, production guidance was lifted to 20,000 to 23,000 GEOs. The Stock Mine is on schedule for first mining in Q4 2026 and commercial production in 2027, with potential mine life extended to 8.5 years. McEwen released a new Mineral Reserve Estimate for Grey Fox containing 980,300 ounces of gold in Probable Reserves

Exploration at Tartan in Manitoba returned high-grade intercepts, including 29.1 g/t gold over 10.0 meters. These near-mine discoveries could support organic growth while potentially limiting the need for additional equity financing.

Key Catalyst: Los Azules Copper Financing

Additionally, McEwen reported on August 27 that its 46.3%-owned subsidiary McEwen Copper Inc. had closed a US$240 million senior secured four-year term loan facility. Lenders included Sprott Natural Resource Investment Partners for US$112 million and Rob McEwen for US$85 million.

The facility carries 12 percent interest with warrants attached and funds for engineering and early works at Los Azules in Argentina. A final investment decision and full project financing are expected in mid-2027, with commercial copper cathode production targeted for 2030, subject to project financing and customary approvals.

Key Investor Takeaways

• McEwen Inc. posted higher Q2 net income and raised exploration spending while maintaining production guidance of 109,000 to 120,000 GEOs for 2026.
• The US$240 million Los Azules loan advances a major copper project with commercial production targeted for 2030.
• Long-term gold fundamentals cited by Rob McEwen include central bank buying and inflation outpacing new mine supply.
• Analysts from Alliance Global Partners, Cantor Fitzgerald, H.C. Wainwright, and Roth Capital Partners maintained Buy ratings with targets between US$28 and US$37.
• McEwen Inc. holds a 46.3 percent stake in McEwen Copper and a position in Goliath Resources, providing exposure to both production and exploration upside.²

Sector Timing and Valuation Context

McEwen noted that only about 2 percent of global equity capital is currently allocated to metals, well below historical levels near 10 percent. Higher gold prices are expected to flow through to cash flow at operating mines, while exploration success at Grey Fox and Tartan could support further resource growth. McEwen's July presentation outlines catalysts, including resource expansion, the Stock Mine startup, and Los Azules milestones.

Analysts maintained positive ratings after the results.

On August 7, H.C. Wainwright analysts Heiko F. Ihle and Case Bongirne reiterated a Buy rating while lowering their target to US$28.00.

Roth Capital Partners kept a Buy rating and sees the company on track for its 250,000 to 300,000 GEO annual production goal by 2030.

Share Structure and Near-Term Events²

McEwen Inc. has 61.36 million shares outstanding and a market cap of approximately US$1.18 billion. Institutional ownership stands at 63.86 percent. The company also holds an equity stake in Goliath Resources Ltd., which is expanding its Surebet discovery in British Columbia. 

McEwen Inc. continues to execute on production growth and copper development while maintaining a long-term view on gold. Investors should monitor quarterly results, Los Azules permitting updates, and additional Surebet assays for further catalysts.

Goliath Resources

Also in the area, Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQX; B4IF:FSE) recently reported that 2026 drilling at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle expanded both the Golden Gate and Bonanza Zones.

The company has completed 34,990 meters of a 50,000-meter program.

¹John Newell of John Newell & Associates also emphasized Surebet's scale and continuity when he initiated coverage with a Speculative Buy rating in February 

Common Questions from Investors

Why is Rob McEwen bullish on gold? He cites monetary expansion, government debt, inflation, and central bank buying as structural supports for higher prices over time.

What is McEwen Inc.'s 2030 production target? The company is targeting annual production of 250,000 to 300,000 gold equivalent ounces by 2030.

How does the Los Azules financing work? A US$240 million four-year term loan at 12 percent interest funds engineering and early works, with a final investment decision and full project financing expected in mid-2027, and commercial copper cathode production targeted for 2030, subject to project financing and customary approvals.

What progress has Goliath Resources made at Surebet? The total footprint of the Surebet system expanded 12 percent to 2.01 square kilometers in 2026, while visible gold was intersected in 34 of 59 holes drilled during the program.

Are analysts still positive on McEwen Inc.? Four firms maintained Buy ratings in August with price targets ranging from US$28 to US$37, citing production growth and Los Azules advancement.

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