The massive earnings beat and maintained guidance confirm the operational leverage from higher gold prices. Watch for the Grey Fox PFS release in coming months and the Los Azules Final Investment Decision by year-end 2026, which could unlock significant copper value. The two fatalities are tragic but unlikely to materially impact operations or stock price.
Price Chart
Executive Summary
McEwen Inc. reported a transformative Q1 2026, swinging from a net loss of $6.3M in Q1 2025 to net income of $33.4M ($0.56 per share), driven by a 107% revenue surge to $74.0M on higher gold prices and production. The company maintained its 2026 production guidance of 114,000-126,000 GEOs and cost guidance, while internally funding key growth projects to double production by 2030, though two contractor fatalities occurred post-quarter.
Key Financial Metrics
Key Facts
- Q1 2026 net income of $33.4M ($0.56 per share) vs. net loss of $6.3M ($0.12 per share) in Q1 2025
- Revenue increased 107% to $74.0M from $35.7M in Q1 2025, driven by a 71% higher average realized gold price of $4,792/GEO
- Adjusted EBITDA surged to $44.8M ($0.76/share) from $8.7M ($0.16/share) in Q1 2025
- Consolidated GEO production rose 26% YoY to 30,471 GEOs; San José mine production up 33% to 14,582 GEOs
- Cash and equivalents grew to $56.5M from $51.0M at year-end 2025; debt principal unchanged at $130.0M
- 2026 production guidance maintained at 114,000-126,000 GEOs; cost guidance unchanged at $2,100-$2,300/oz cash costs
- Two contractor fatalities occurred post-quarter: one at Los Azules (April 3) and one at Gold Bar (April 6)
- Company believes it can self-fund future production growth with limited share dilution at current gold/silver prices
Financial Impact
Revenue of $74.0M, net income of $33.4M, adjusted EBITDA of $44.8M — all dramatically improved YoY
Risk Factors
- Gold and silver price volatility could reverse the favorable pricing tailwind
- Two recent contractor fatalities may lead to regulatory scrutiny or operational disruptions
- Fox Complex AISC of $3,148/GEO remains elevated due to development work, though expected to normalize
- Debt of $130M and ongoing capex for growth projects could pressure balance sheet if metal prices decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-057585 |
| Document: tm2614010d1_8k.htm | 0001104659-26-057585 |
| Document: 0001104659-26-057585-index-headers.html | 0001104659-26-057585 |
| Document: 0001104659-26-057585-index.html | 0001104659-26-057585 |
| Document: 0001104659-26-057585.txt | 0001104659-26-057585 |
| 8-K Data (Synthetic) | 0001104659-26-057585 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $15.60 $15.84 | ▲ +1.54% | ▲ +1.08% | $14.83 (−4.94%) |
Aug 24, 2026 9w ago | Press Release | $21.45 $19.15 | ▼ −10.72% | ▼ −10.18% | $14.83 (−30.86%) |
Aug 5, 2026 11w ago | Press Release | $18.26 $18.58 | ▲ +1.75% | ▲ +0.54% | $14.83 (−18.78%) |
Aug 4, 2026 11w ago | Press Release | $19.71 $19.15 | ▼ −2.84% | ▼ −3.19% | $14.83 (−24.76%) |
Jun 26, 2026 17w ago | Press Release | $17.94 $18.84 | ▲ +5.02% | ▲ +3.63% | $14.83 (−17.34%) |
Jun 8, 2026 20w ago | Press Release | $18.39 $20.10 | ▲ +9.30% | ▲ +7.19% | $14.83 (−19.36%) |
Jun 2, 2026 20w ago | 8-K / DEFA14A | $20.85 $17.29 | ▼ −17.07% | ▼ −13.25% | $14.83 (−28.87%) |
May 22, 2026 22w ago | 8-K | $22.02 $22.31 | ▲ +1.32% | ▲ +0.10% | $14.83 (−32.65%) |
May 14, 2026 23w ago | Press Release | $22.81 $21.14 | ▼ −7.32% | ▼ −8.28% | $14.83 (−34.98%) |
May 8, 2026 24w ago | 8-K | $24.23 $24.85 | ▲ +2.56% | ▲ +1.10% | $14.83 (−38.79%) |
US Market Status
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