--- title: "McEwen | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 59.2 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295276835.md" datetime: "2026-08-07T20:47:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295276835.md) - [en](https://longbridge.com/en/news/295276835.md) - [zh-HK](https://longbridge.com/zh-HK/news/295276835.md) --- # McEwen | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 59.2 M Revenue: As of FY2026 Q2, the actual value is USD 59.2 M, missing the estimate of USD 65.51 M. EPS: As of FY2026 Q2, the actual value is USD 0.16. EBIT: As of FY2026 Q2, the actual value is USD 14.94 M. ### Financial Performance (Q2 2026 vs. Q2 2025) #### Net Income - Net income was $9.6 million ($0.16 per share), compared with $3.0 million ($0.06 per share) in Q2 2025. - Key items impacting net income in Q2 2026 included higher investments in advanced projects and exploration ($8.5 million, or $0.14 per share) and unrealized losses in marketable securities and other expenses ($8.5 million, or $0.14 per share). #### Revenue - Revenue increased by 27% to $59.2 million from the sale of 13,948 Gold Equivalent Ounces (GEOs), compared with $46.7 million from the sale of 14,549 GEOs in Q2 2025. - The average realized gold sale price per GEO was $4,454 in Q2, 35% higher than $3,298 in Q2 2025. #### Gross Profit - Gross profit was $20.1 million, compared with $12.3 million in Q2 2025. - Gross margins were positively impacted by higher gold prices. #### Adjusted EBITDA - Adjusted EBITDA increased to $22.2 million ($0.37 per share), compared with $17.3 million ($0.32 per share) in Q2 2025. ### Liquidity & Capital Resources (as of June 30, 2026) - Cash and equivalents increased to $78.9 million, compared with $51.0 million at December 31, 2025. - The value of marketable securities decreased to $12.8 million, compared with $21.1 million at December 31, 2025. - McEwen Inc. acquired 100% of Canadian Gold Corp., which had a market value of $5.6 million at December 31, 2025. - The fair value of the investment in Paragon Advanced Labs was $13.9 million, following an acquisition cost of $13.7 million on December 9, 2025. - McEwen Inc. has loaned $13.6 million to McEwen Copper. - The implied market value of McEwen Inc.’s 46.3% ownership of McEwen Copper was $457 million, or $7.65 per MUX share. - Debt principal outstanding remained unchanged at $130.0 million ($110.0 million in convertible notes due 2030 and $20.0 million under the term loan facility). - McEwen Inc. had 59.7 million shares outstanding, compared with 55.5 million shares on December 31, 2025. ### Operational Metrics by Mine/Project #### San José Mine (49% interest) - A dividend of $49.4 million was received in Q2 2026. - Total dividends received from San José in 2026 amounted to $58.2 million, exceeding the previously announced estimate of $40 – $50 million. - Production attributable to McEwen Inc.’s 49% ownership was 17,019 GEOs in Q2 2026, a 17% increase from Q1 2026 and 24% higher than Q2 2025. - Production costs per GEO sold in Q2 2026 were $2,466 for cash costs and $2,913 for All-in Sustaining Costs (AISC). #### Fox Complex Performance - 7,000 GEOs were produced in Q2. - Costs per GEO sold in Q2 were $1,972 for cash costs and $2,701 for AISC, with AISC costs down from Q1 2026 primarily due to a 25% increase in GEOs sold. #### Gold Bar Performance - 5,842 GEOs were produced from the Gold Bar Complex in Q2. - Production was lower and costs were higher than Q1 2026 and Q2 2025 due to less ore being placed on the heap leach pad than planned, caused by a mine assay lab outage and more carbonaceous material associated with the ore. - Costs per GEO sold in Q2 were $2,705 for cash costs and $3,197 for AISC. ### Exploration & Development Investment - $11.4 million was invested in exploration during Q2, compared with $5.4 million in Q2 2025. - The full-year exploration program has been increased to $25.7 million from $22.0 million. - $5.4 million was invested by McEwen Copper in the Los Azules copper project in Q2, representing McEwen Inc.’s 46.3% share of costs, compared with $7.0 million in Q2 2025. ### McEwen Copper (46.3% equity stake) - The 2025 Feasibility Study for Los Azules project confirmed initial 5-year average production of 205 ktpa of copper cathodes and a $1.71/lb C1 cash cost over a 22-year mine life. - The Nuton case identified potential to extend mine life by an additional 33 years for a total of 55 years, with average copper cathode production of approximately 141 ktpa. - McEwen Inc.’s 1.25% NSR royalty on Los Azules is projected to generate approximately $389.5 million of undiscounted pre-tax cash flow over the initial 22-year operating period (base case $4.35/lb copper). - Under the PEA-level Nuton case ($4.80/lb copper), the royalty is projected to generate a further approximately $633.5 million. - Based on a recent copper spot price of $6.50/lb, McEwen Inc.’s royalty is projected to generate approximately $584 million from the initial case and $860 million from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 billion. - Approximately 27% of the planned Final Investment Decision (FID) work program deliverables were completed as of June 30, 2026, with the balance targeted for completion in Q4 2026. - Construction is targeted to commence in early 2027 and production in 2030, subject to project financing and customary approvals. ### Paragon Advanced Labs - McEwen Inc. entered an MOU to develop advanced laboratory services, including PhotonAssay™ technology, and would receive a 3% royalty on gross revenues generated by the laboratory from third-party clients. ### Outlook / Guidance McEwen Inc. forecasts increasing annual production to 250,000 – 300,000 GEOs by 2030.For 2026, consolidated production guidance was updated to 109,000 - 120,000 GEOs, with consolidated costs ranging from $2,200 to $2,450 for cash costs and $2,500 to $2,750 for AISC.The company aims for commercial production at its Stock Mine in 2027 and El Gallo Phase 1 in H2 2027. ### Related Stocks - [MUX.US](https://longbridge.com/en/quote/MUX.US.md) ## Related News & Research - [McEwen (MUX) Earnings And Guidance Put Fair Value Back In Focus](https://longbridge.com/en/news/296173863.md) - [Vital Farms amends 8-K to add missing Item 5.03 in EDGAR header](https://longbridge.com/en/news/296122466.md) - [NMTC: Q3 FY2026 delivered 16% revenue growth, 59.9% gross margin, and key milestones for global expansion](https://longbridge.com/en/news/295809067.md) - [TerraVest declares quarterly dividend of $0.20 per share](https://longbridge.com/en/news/295803583.md) - [Yarrow Bioscience files amended 8-K report on merger exchange ratio update](https://longbridge.com/en/news/295840217.md)