McEwen Inc. (NYSE American: MUX) is a precious metals mining company that produces gold and silver from operations in North America and Argentina. Revenue comes from selling gold and silver ounces at spot-linked prices, with a portion of gold production at certain assets sold under a streaming agreement at below-market rates. The company operates the Fox Complex, Gold Bar Mine Complex, El Gallo mine, and holds a 49% interest in the San José mine in Argentina (Hochschild Mining holds the remaining 51%). It also holds an interest in McEwen Copper Inc., which is developing the Los Azules copper project. For FY2025, the 100%-owned operations generated $197.6 million in revenue from gold and silver sales, with 57,409 gold equivalent ounces sold at an average realized price of $3,532 per GEO (excluding stream). The San José mine sold 112,612 GEOs on a 100% basis in FY2025 at an all-in sustaining cost of $2,636 per GEO. As of December 31, 2025, the company carried $126.2 million in long-term debt and $51.0 million in cash. CEO Robert R. McEwen founded the company.

Revenue model

Transactional: gold and silver ounces sold at prevailing market prices, with a subset of gold ounces at the Fox Complex sold under a streaming arrangement at contracted below-spot prices. Revenue is directly tied to metal prices and ounces produced and sold.

Products and services

Gold bullion and silver bullion produced from open-pit and underground mining operations. Key assets include the Fox Complex, Gold Bar Mine Complex, El Gallo mine (100% owned), the San José silver-gold mine in Argentina (49% interest), and the Los Azules copper development project (held via McEwen Copper Inc.).

Customers and end markets

Precious metals commodity markets. Gold and silver are sold to commodity purchasers at spot-linked prices. No specific customer concentration disclosed in the excerpts.

Value-chain role

Integrated miner: exploration, mine development, extraction, processing, and sale of gold and silver. Costs are measured using cash cost per GEO and all-in sustaining cost per GEO. Mine development costs are capitalized and amortized on a units-of-production basis.

Geographic exposure

Canada (Fox Complex), United States (Gold Bar Mine Complex), Mexico (El Gallo mine), Argentina (San José mine, 49% interest), and Argentina (Los Azules copper project via McEwen Copper Inc.).

Source: SEC 10-K, filed 2026-03-17

Industry: Gold and Silver Ores Peers: Gold Royalty Corp