McEwen Mining (NYSE:MUX) reported a sharp return to profitability for the fourth quarter and full year 2025, driven by higher realized prices and operational efficiencies.
The Toronto-based miner posted a fourth-quarter net income of $38.1 million ($0.70 per share), a dramatic reversal from the $8.2 million net loss recorded in the same period of 2024.
For the full year, net income reached $34.4 million ($0.64 per share) on total revenues of $197.6 million.
The fourth quarter was particularly robust, with revenue rising 28% to $64.6 million, reflecting stronger production performance across its portfolio of gold and silver assets.
Management highlighted a long-term growth strategy aimed at producing 250,000 to 300,000 gold equivalent ounces (GEOs) by 2030.
A cornerstone of this valuation is the Los Azules copper project in Argentina, which has received RIGI approval and recently demonstrated an after-tax NPV(8%) of $2.9 billion at a copper price of $4.35/lb.
The project remains one of the world's largest undeveloped copper deposits, positioning McEwen to benefit from the global energy transition.