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.