McEwen Mining Sees October Cost Improvements, Reaffirms 2026 Guidance

McEwen (NYSE: MUX) (TSX: MUX) has reported significantly improved operating performance for October at its Gold Bar and Fox complexes, following a challenging third quarter characterized by lower production and higher costs. At Gold Bar, October production reached 3,353 gold equivalent ounces (GEOs), with all-in sustaining costs (AISC) dropping to approximately $2,873 per ounce from $3,520 in Q3. Similarly, the Fox Complex saw AISC expected to decline to $2,618 per ounce from $3,725. These operational gains come after Q3 revenue of $43.6 million, down from $50.5 million year-over-year, and a net loss of $36.7 million, or $0.60 per share, compared to a loss of $500,000, or $0.01 per share, in the prior-year period.

Looking ahead, McEwen reaffirmed its 2026 production guidance of 109,000-120,000 GEOs and continues to advance projects targeting annual production of 250,000-300,000 GEOs by 2030. Mining at the Stock Mine in Ontario is set to begin in December, with commercial production expected in the first half of 2027, while construction at El Gallo in Mexico is underway ahead of planned production in Q4 2027. McEwen Copper is also progressing its Los Azules project toward a final investment decision in mid-2027. Additionally, the company’s 49%-owned San José Mine has generated $58.3 million in year-to-date cash dividends, exceeding its previous estimate of $40 million-$50 million. For full details, visit the full press release.

McEwen provides shareholders with exposure to a growing base of gold and silver production plus a large copper development project in the Americas. The company holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina—a region hosting some of the country’s largest copper deposits. According to the last financing, the implied value of McEwen’s ownership interest is US$456 million (US$7.67 per share). The Los Azules project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038, with Feasibility Study results announced in the press release dated October 7, 2025. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units globally, a technology the company believes is poised to become the new industry standard for assaying precious and base metals. Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. His objective is to build MUX’s profitability, share value and ultimately implement a dividend policy, as he did while building Goldcorp Inc.