EarningsQ2 2026 Earnings Report

McEwen Mining (US8) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:US8 Q2 2026 EPS Results

Actual EPS€0.14

Consensus EPS€0.25

Beat/MissMissed by -€0.11

One Year Ago EPS€0.05

DE:US8 Q2 2026 Revenue Results

Actual Revenue€52.74M

Expected Revenue€58.33M

Beat/MissMissed by -€5.59M

YoY Revenue Growth+26.84%

Earnings Announcement Details

QuarterQ2 2026

Date08/06/2026

TimeBefore Open

Conference CallThursday, August 6, 2026

DE:US8 Upcoming Earnings

McEwen Mining's next earnings date is estimated for November 11, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:US8 Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 06, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call balanced acknowledgment of a disappointing operational quarter (Gold Bar production shortfall, higher AISC, metallurgical challenges and diesel-driven cost pressure) with substantive progress on longer‑term value drivers: Los Azules engineering and financing advancement, promising exploration results and concrete remedial actions for operational issues. Management framed setbacks as addressable and emphasized disciplined capital allocation and exploration upside.

Company Guidance

Management guidance and milestones from the call included a Gold Bar multi‑year production target of 90,000–100,000 oz/year with permitting for surrounding “spokes” about two years away; operational fixes underway (expanded metallurgical testing, improved geological modelling, modified sequencing/blending) and higher production to move more waste after a Q2 recovery shortfall. San José JV cash was roughly $130M US at Q2 with no further dividend expected this year and dividends likely resuming next year. Los Azules FID work was ~27% complete at June with target completion in Q4; total project financing need ~ $4.0B (feasibility CapEx ≈ $3.2B), targeting ~60% debt / 40% equity, with ECAs expected to cover ~80–85% of debt (typical ECA packages $200M–$500M+ each and 10–15 year tenors); equity need ~ $1.6B (examples: ~$600M from one partner, ~$600M from another, plus an IPO later this year and specialist funds). Vendor packages (SX‑EW, sulfuric acid, crushing) are with Metso, final mine design consolidation reduced pit sectors from eight to four and shrank flatter‑angle zone by ~22%, and an 8,800 m exploration drill program targeting Franca, Lonita and Austral is planned to start in Sept 2026. Finally, AISC rose mainly due to lower ounces at Gold Bar and higher diesel (US diesel ≈ $3.75/gal in 2025 to ~$4.75/gal YTD; roughly $1/gal ≈ $100/oz impact on AISC).

Los Azules progressing toward FID and advanced engineering

FID work program ~27% complete as of June with target completion in Q4; major process packages (SX-EW, sulfuric acid plant, crushing) awarded to Metso and vendor engineering advancing, reducing technical risk and strengthening permitting and financing momentum.

Significant potential to improve mine economics from geotechnical work

Recent geotechnical campaign allowed consolidation of pit design from eight sectors to four and reduced the flatter-angle restriction zone by ~22%, increasing mineable ore and decreasing stripping requirements.

Clear financing plan and active advisors

Overall project financing target of ~USD 4.0 billion (Feasibility CapEx ~USD 3.2 billion); target capital structure ~60% debt / 40% equity; expectation that ECAs could cover ~80–85% of the debt portion; equity target ~USD 1.6 billion with ~$600M potential from existing partners each and an IPO planned later in the year; Société Générale engaged as exclusive debt advisor and IFC/DFI engagement underway.

Exploration upside across portfolio (Fox Complex, Eureka, other targets)

Active exploration continues to expand resource base and district potential (Grey Fox, Stock, Whiskey Jack, Eureka properties). New integrated district model identifies high-priority targets (Franca, Lonita, Austral) planned for drill testing in the 2026/2027 season, with an initial ~8,800 m program planned starting September.

San José JV liquidity position

San José JV held roughly USD 130 million in cash and investments at the end of Q2, providing material liquidity for that operation (dividends expected to resume next year due to central bank/audited surplus constraints).

Capital allocation discipline and management conviction

Management emphasizes disciplined capital allocation, significant insider skin in the game (Chairman has substantial personal investment), and focus on long-term value creation rather than short-term quarterly results.

DE:US8 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 11, 2026	2026 (Q3)	0.18 / -	-0.009	―
Aug 06, 2026	2026 (Q2)	0.25 / 0.14	0.053	166.67% (+0.09)
May 06, 2026	2026 (Q1)	0.28 / 0.50	-0.062	900.00% (+0.56)
Mar 12, 2026	2025 (Q4)	0.16 / 0.62	-0.138	551.61% (+0.76)
Nov 06, 2025	2025 (Q3)	0.25 / >-0.01	-0.036	75.00% (+0.03)
Aug 07, 2025	2025 (Q2)	0.02 / 0.05	-0.231	123.08% (+0.28)
May 08, 2025	2025 (Q1)	-0.11 / -0.06	-0.365	82.93% (+0.30)
Mar 18, 2025	2024 (Q4)	-0.10 / -0.14	2.564	-105.38% (-2.70)
Nov 06, 2024	2024 (Q3)	-0.09 / -0.04	-0.347	89.74% (+0.31)
Aug 08, 2024	2024 (Q2)	-0.21 / -0.23	-0.41	43.48% (+0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed