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    McEwen Mining Q1 earnings beat: production and project outlook for mine planners

    May 8, 2026|

    Reviewed by Joe Ashwell

    McEwen Mining Q1 earnings beat: production and project outlook for mine planners

    First reported on MINING.com

    30 Second Briefing

    McEwen Mining shares jumped up to 13% to US$26.44 after Q1 2026 revenue reached US$74 million, up 107% year-on-year, driven by a 71% rise in realised gold prices and 21% more gold-equivalent ounces sold. Net income swung to US$33.4 million (US$0.56 per share) from a US$6.3 million loss, with consolidated production at 30,471 gold-equivalent ounces, about half from the 49%-owned San José mine in Argentina following a process plant expansion. The company is holding 2026 guidance at 114,000–126,000 gold-equivalent ounces and plans to lift output to 250,000–300,000 ounces by 2030 via the Stock mine in Ontario and a two-phase restart at El Gallo in Mexico.

    Technical Brief

    • San José mine in Argentina, 49% owned by McEwen, now supplies ~50% of consolidated output post-plant expansion.
    • Recently completed process plant expansion at San José is coupled with a higher mining rate to lift throughput.
    • Due to US GAAP equity accounting, San José’s revenues are excluded from McEwen’s reported top line despite contributing ounces.
    • Stock mine at the Fox complex near Timmins, Ontario, targets commercial production in 2027 with a six‑year mine life.
    • A Phase 2 expansion at El Gallo is scoped to double output to 40,000–50,000 oz/year, extending mine life.

    Our Take

    Roughly half of McEwen’s consolidated production now coming from the San José mine in Argentina intersects with our recent coverage of President Milei’s pro‑market reforms and the new RIGI regime, which may lower long‑term fiscal and FX risk for that asset compared with other Latin American gold operations.

    The uranium angle in New South Wales is constrained by the long‑standing 1986 ban, so any McEwen‑linked uranium optionality in NSW would likely remain a medium‑ to long‑term call option rather than a near‑term development pipeline item unless that policy framework shifts.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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