McEwen Q3 net loss widens to $36.7 million

McEwen (NYSE:MUX) reported a third-quarter 2026 net loss of US$36.7 million, or US$0.60 per share, compared with US$0.5 million, or US$0.01 per share, a year earlier.

Revenue declined 14% to US$43.6 million from US$50.5 million, as gold equivalent ounces sold fell 29% to 10,689, partly offset by a 19% increase in the average realized selling price to US$4,151 per ounce.

Gross profit decreased to US$4 million from US$7.8 million, while higher exploration and development spending, lower unrealized investment gains and increased income tax expenses contributed to the larger quarterly loss.

McEwen ended September with US$49.1 million in cash and US$130 million in debt principal, while its October sale of the Fuller and Paymaster properties generated US$5 million in cash and US$50 million in Discovery Mining shares.

The company expects mining at its Stock Mine in Canada's Fox Complex to begin in December 2026, with commercial production scheduled for the first half of 2027, while construction at its El Gallo mill in Mexico is underway.

McEwen maintained its 2026 production guidance of 109,000–120,000 gold equivalent ounces and targets annual production of 250,000–300,000 ounces by 2030, with El Gallo's gold production scheduled for the fourth quarter of 2027.