McEwen Mining (US8) Q3 2026 Earnings Report

The call had a mixed tone. Management openly characterized the third quarter as very difficult and unacceptable, with operational problems, elevated costs, weather-related disruption and uncommitted construction financing. However, it also highlighted improving October performance at Gold Bar and Fox, expected San Jose recovery, progress on Los Azules engineering and permitting, substantial liquidity and a plan to double production by 2030. The positive developments and recovery plans were meaningful but balanced by the severity of the reported quarter and execution risks.

Management said it remains on track to double gold production by 2030 to 250,000 to 300,000 ounces; Gold Bar was expected to produce a similar amount to October’s over 3,000 gold equivalent ounces in November and December and, as early budgeting was showing, every month, or on average every month in 2027; Fox costs were back within guidance in October and were expected to move lower; Stock benefits were expected to take hold in December and the beginning of the new year; Los Azules continued to target first copper in 2030 and FID with full project financing in mid-2027, with the updated feasibility study targeted for February 2027, site access expected in early 2027, and a 3,000-bed camp; San Jose was expected to have a very strong fourth quarter and meet its production guidance for the year, with no further dividends expected for the balance of 2026 and further additional dividends expected in 2027; and El Gallo spending was expected to be modest in Q4, with more consistent spend in the first half of 2027.