McEwen Swings to $33.4M Q1 Profit, Plans 250k–300k GEOs by 2030
McEwen posted Q1 net income of $33.4M ($0.56 per share) versus a $6.3M loss ($0.12 per share) a year earlier on revenue of $74M. The miner intends to self-fund growth projects—including $9.9M invested into the Stock Mine in Q1—to scale production to 250,000–300,000 GEOs by 2030.
1. Q1 Financial Results
McEwen reported net income of $33.4 million in Q1 2026, or $0.56 per share, reversing a net loss of $6.3 million (-$0.12 per share) in Q1 2025. Revenue for the quarter reached $74 million, driven by stable gold and silver sales across its North American operations.
2. Self-Funding and Production Targets
Based on current metal prices, McEwen expects to self-fund its growth without significant share dilution. The company aims to boost total output from roughly 75,000 GEOs in 2026 to 250,000–300,000 GEOs by 2030 through phased investment in development projects.
3. Canadian Growth Projects
In Canada, Q1 spending included $9.9 million at the Stock Mine (Fox Complex), part of a $39.4 million investment since underground work began last year. Stock Mine initial production is scheduled for H2 2026 with commercial ramp-up in 2027, while Grey Fox PFS completion and a 611,600-ounce Mineral Resource at Tartan are advancing future output.
4. U.S. and Mexican Expansion
In Nevada, McEwen forecasts production growth from 39,000–43,000 GEOs in 2026 to 90,000–110,000 GEOs by 2030, leveraging Gold Bar Mine Complex assets including Windfall’s 227,500-ounce Indicated Resource. In Mexico, Phase 1 at El Gallo targets 20,000 GEOs annually from mid-2027 with mill construction set for Q3 2026.