Traders should monitor copper price sensitivity given Los Azules' high leverage to copper prices, and watch for FID on Los Azules by end of 2026. The significant improvement in profitability and cash flow supports potential share price upside, especially if 2026 guidance is met and San José dividends materialize as expected.
Price Chart
Executive Summary
McEwen Inc. reported a strong turnaround in Q4 and full-year 2025 with revenue up 28% YoY to $64.6M in Q4 and net income of $38.1M, reversing a prior-year loss. Full-year adjusted EBITDA nearly doubled to $66.2M. The company highlighted robust project advancements, including RIGI approval and a positive feasibility study for its Los Azules copper project, which could deliver $23–$49 in NPV per MUX share depending on copper prices. Production guidance for 2026 is 114,000–126,000 GEOs, with strong free cash flow expected from operations and San José Mine dividends.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $64.6M (28% increase YoY), driven by higher gold prices and production.
- Q4 2025 net income: $38.1M ($0.70/share) vs. $8.2M net loss in Q4 2024.
- Full-year 2025 net income: $34.4M vs. $43.7M net loss in 2024.
- Full-year 2025 adjusted EBITDA: $66.2M, up from $29.2M in 2024.
- Los Azules feasibility study shows after-tax NPV(8%) of $2.9B at $4.35/lb copper and $6.3B at $5.80/lb.
- 2026 production guidance: 114,000–126,000 GEOs with AISC of $2,400–$2,600.
- San José Mine to pay ~90% of FCF to partners starting 2026, expected to generate >$50M in dividends to MUX.
- Cash and equivalents rose to $51.0M from $13.7M in 2024.
Financial Impact
Revenue growth of 28% in Q4 and a swing from a $43.7M annual net loss to $34.4M net income in 2025, with adjusted EBITDA nearly doubling. Los Azules project NPV implies $23–$49 per MUX share value depending on copper prices.
Risk Factors
- Los Azules requires project financing and Final Investment Decision (FID) by end of 2026, which is not guaranteed.
- Production at Fox Complex was below guidance in 2025 due to weather disruptions.
- Costs at Fox and San José were above guidance due to inflation in Argentina.
- Forward-looking statements are subject to commodity price volatility and permitting risks.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3254394 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 8-K | $15.60 $15.84 | ▲ +1.54% | ▲ +1.08% | $15.40 (−1.28%) |
Aug 24, 2026 9w ago | Press Release | $21.45 $19.15 | ▼ −10.72% | ▼ −10.18% | $15.40 (−28.21%) |
Aug 5, 2026 11w ago | Press Release | $18.26 $18.58 | ▲ +1.75% | ▲ +0.54% | $15.40 (−15.66%) |
Aug 4, 2026 12w ago | Press Release | $19.71 $19.15 | ▼ −2.84% | ▼ −3.19% | $15.40 (−21.87%) |
Jun 26, 2026 17w ago | Press Release | $17.94 $18.84 | ▲ +5.02% | ▲ +3.63% | $15.40 (−14.16%) |
Jun 8, 2026 20w ago | Press Release | $18.39 $20.10 | ▲ +9.30% | ▲ +7.19% | $15.40 (−16.26%) |
Jun 2, 2026 21w ago | 8-K / DEFA14A | $20.85 $17.29 | ▼ −17.07% | ▼ −13.25% | $15.40 (−26.14%) |
May 22, 2026 22w ago | 8-K | $22.02 $22.31 | ▲ +1.32% | ▲ +0.10% | $15.40 (−30.06%) |
May 14, 2026 23w ago | Press Release | $22.81 $21.14 | ▼ −7.32% | ▼ −8.28% | $15.40 (−32.49%) |
May 8, 2026 24w ago | 8-K | $24.23 $24.85 | ▲ +2.56% | ▲ +1.10% | $15.40 (−36.44%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers