McEwen Mining swings to profit as revenue doubles on production growth

McEwen Mining (NYSE:MUX) marked a significant financial turning point in the first quarter of 2026, swinging to a robust profit as production ramp-ups and favorable metal prices drove triple-digit revenue growth.

The Toronto-based miner reported net income of $33.4 million, or $0.56 per share, a dramatic recovery from the net loss recorded in the first quarter of 2025.

Revenue for the period surged 107% year-over-year to $74 million.

The performance was bolstered by consistent output across its core jurisdictions and disciplined cost management.

Based on this momentum, the company reaffirmed its full-year 2026 production guidance of 114,000 to 126,000 gold equivalent ounces (GEOs).

Management provided a clear vision for the decade, outlining a strategic plan to reach 250,000 to 300,000 GEOs annually by 2030.

This growth trajectory is supported by a diversified pipeline of projects spanning Canada, the USA, Mexico, and Argentina.

A critical component of this expansion is the Stock project in Ontario, where initial production remains on track for the second half of 2026.

Additionally, the company highlighted the continued receipt of dividends from its minority interest in the San José mine in Argentina, which provides a steady stream of cash flow to fund development elsewhere in the portfolio.

Meanwhile, McEwen Copper, a subsidiary of the company, continues to advance the world-class Los Azules copper project in San Juan, Argentina.

The project is currently moving toward a 2026 Final Investment Decision (FID).

As one of the largest undeveloped copper assets globally, Los Azules represents a massive catalyst for McEwen’s valuation, particularly as global demand for copper intensifies due to the energy transition.