McEwen Q2 Earnings Call Highlights

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Sat, August 8, 2026 astatine 3:03 PM CDT 7 min read

Key Points

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Second-quarter operations fell short arsenic little accumulation and elevated costs astatine Gold Bar, driven partially by unexpected carbonaceous ore and preg-robbing, pressured recoveries and all-in sustaining costs. Management is revising geological models, mining sequences, blending strategies and processing methods, with betterment expected implicit time.
McEwen plans to beforehand the Los Azules copper task toward a final concern determination successful the 4th quarter. The institution is evaluating astir $4 cardinal successful financing—potentially 60% indebtedness and 40% equity—and is targeting an IPO aboriginal this twelvemonth to assistance money an estimated $1.6 cardinal equity requirement.
Gold Bar enlargement permitting is expected to instrumentality astir two much years, portion exploration and engineering updates could amended its semipermanent accumulation potential. Separately, the San José associated task is not expected to wage different dividend this year, with distributions presently anticipated to resume successful 2027.

McEwen (NYSE:MUX) said its second-quarter operational show fell abbreviated of expectations, citing little accumulation and elevated costs, portion absorption outlined steps to amended recoveries astatine its Gold Bar excavation and beforehand the Los Azules copper task toward a last concern decision.

Chairman and Chief Owner Rob McEwen said the company's results were disappointing but argued that the company's longer-term worth depends connected resolving operational issues, expanding its assets basal and advancing its copper-development portfolio.

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"Operationally, we fell abbreviated of our ain expectations," McEwen said. "Production was little than we had planned. Costs remained higher than we see acceptable."

Gold Bar Recovery Issue Drives Operational Focus

The main operational contented during the 4th occurred astatine Gold Bar, wherever the institution encountered much carbonaceous worldly than expected successful portions of the ore body. Carbonaceous ore tin sorb dissolved golden during leaching, reducing recoveries successful a process known arsenic preg-robbing.

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McEwen said the institution is expanding metallurgical testing, improving geological modeling to place carbonaceous zones earlier mining, modifying excavation sequencing and blending strategies, and evaluating processing improvements. He cautioned that the measures are not contiguous fixes but described them arsenic applicable actions intended to amended recoveries implicit time.

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