McEwen Inc. reported a net income of $38.1 million for the fourth quarter of 2025, translating to earnings per share of $0.70. The result represents a dramatic turnaround from the $8.2 million loss and $0.16 loss per share recorded in the same quarter of 2024, driven by higher gold and silver prices and disciplined cost management across its operating mines.
The company’s San José mine produced 18,492 gold‑equivalent ounces in Q4 2025, a 23% increase from the previous quarter, while cash costs and all‑in sustaining costs at its Nevada and Ontario operations improved, supporting the stronger earnings. The cost reductions stem from operational efficiencies and lower input prices, allowing McEwen to maintain margins even as production volumes grew.
McEwen reiterated its guidance to double production to 250,000–300,000 gold‑equivalent ounces by 2030. The company also highlighted progress on the Los Azules copper project, which received regulatory approval under Argentina’s Large Investment Incentive Regime in September 2025 and a new feasibility study that projects a $2.9 billion after‑tax NPV at a copper price of $4.35 per pound. The approval and robust economics position Los Azules as a long‑life, low‑cost producer that could become a significant contributor to Argentina’s copper output.
Revenue for the quarter fell to $64.6 million, missing the consensus estimate of $72.0 million. The shortfall was largely due to lower sales volumes in the company’s core gold and silver segments, offset by a modest increase in operating costs. Despite the revenue miss, the company beat earnings expectations by $0.47 per share, a 220% beat over the consensus estimate of $0.23. The EPS beat was driven by the combination of higher commodity prices, improved cost control, and the contribution of the San José mine’s production surge.
Market participants reacted positively to the earnings beat, with analysts noting that the strong profitability and cash‑flow generation reinforce confidence in McEwen’s execution. The company’s guidance for the full year remains unchanged, underscoring management’s belief that the current trajectory will sustain profitability and support future capital allocation to the Los Azules project.
Rob McEwen, Chairman and Chief Owner, emphasized that the company’s “strong cash flow will enable us to accelerate our plans to double production.” He added that the Los Azules feasibility study “provides a blueprint for the future of copper mining” and that the project’s inclusion in the RIGI framework offers long‑term fiscal and regulatory stability. These statements signal a clear commitment to expanding production while maintaining disciplined cost management.
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