McEwen Inc
mcewenmining.comWhat Do They Do?
Mines gold and silver, selling unrefined bars and metal concentrate to refiners and smelters, and develops a copper project.
10-K for FY2025, filed Mar 17, 2026
How Do They Make Money?
Gold and silver are sold at prices tied to metal markets; buyers pay in full once refining is complete and the company instructs the refiner to transfer the metal.
10-K for FY2025, filed Mar 17, 2026Revenue consists of proceeds received and expected to be received for the Company’s principal products: gold and silver. Revenue from…View ↗
In addition to selling refined bullion at spot prices, the Company has doré purchase agreements in place with refiners and traders. Under…View ↗
Revenue is recognized when the Company has provided irrevocable instructions to the refiner to transfer to the purchaser the refined ounces…View ↗
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10-K for FY2025, filed Mar 17, 2026
FY2025 revenue by reportable segment ↗
$197.6M
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10-K for FY2025, filed Mar 17, 2026
$197.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
USA
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
59%
FY2022: 43%
|
USA, FY2025
$116.7M Sources
|
Sold outright |
|
Canada
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
38%
FY2022: 55%
|
Canada, FY2025
$76M Sources
|
Sold outright |
|
Mexico
Sold outright
|
2.4%
FY2022: 1.5%
|
Mexico, FY2025
$4.8M Sources
|
Sold outright |
Who Are Their Customers?
Gold Bar and Fox sell refined metal on the spot market or doré under agreements with refiners and traders; San José sells to metal buyers under sales agreements and smaller contracts.
10-K for FY2025, filed Mar 17, 2026Production from the Gold Bar Mine Complex and the Fox Complex is sold as refined metal on the spot market or doré under the terms set out…View ↗
The Company has entered into doré purchase agreements with Asahi Refining (“Asahi”), and Auramet International LLC (“Auramet”). Under the…View ↗
During the year ended December 31, 2025, 55% of the total sales from the San José mine were made to three companies: Aurubis accounted for…View ↗
How Are They Changing?
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Aug 7, 2026
McEwen raised Fox guidance and cut Gold Bar guidance
Fox guidance rose to 20,000–23,000 GEOs, while Gold Bar fell to 30,000–33,000 GEOs for 2026.
Sources
8-K, filed Aug 7, 2026
In Nevada, McEwen is reducing its production guidance at the Gold Bar Complex from 39,000 – 43,000 GEOs to 30,000 – 33,000 GEOs and raising…View ↗
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May 5, 2026
McEwen completed its combination with Golden Lake Exploration
Golden Lake's Jewel Ridge projects were incorporated into the Gold Bar Mine Complex.
Sources
8-K, filed May 5, 2026
Toronto, Ontario and Vancouver, British Columbia – April 30, 2026 – McEwen Inc. (“McEwen”) (NYSE/TSX:MUX) and Golden Lake Exploration Inc.…View ↗
Growing. Revenue grew 45% in 4 years, from $136.5M in FY2021 to $197.6M in FY2025, about 10% a year.
Stock mine development
The Canadian operation has moved beyond Froome production: the latest report describes development of the Stock Property as an underground mine.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Mar 17, 2026Our commencement of Canadian operations in 2017 was facilitated by the acquisition of Lexam VG Gold Inc. (“Lexam”) in April 2017, followed…View ↗
Our commencement of Canadian operations in 2017 was facilitated by the acquisition of Lexam VG Gold Inc. (“Lexam”) in April 2017, followed…View ↗
El Gallo reprocessing
El Gallo's reprocessing moved from review to planned mill construction, and the latest report also describes a separate silver-focused phase.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Mar 17, 2026At the El Gallo mine in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018, with production…View ↗
At El Gallo in Sinaloa, Mexico, mining and crushing activities ceased during the second quarter of 2018. The Company now plans to begin…View ↗
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