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.
Looking toward 2026, McEwen expects increased free cash flow and the potential for dividends from its various assets.