McEwen (MUX) Q2 2026 Earnings Call Transcript

McEwen’s Q2 2026 call highlighted stronger earnings driven by gold prices, but the market focus was on operational setbacks at Gold Bar and a sharper production reset there. Revenue rose 27% year over year to $59.2 million and net income climbed to $9.6 million, helped by an average realized gold price of $4,454 per GEO, up 35%. However, Gold Bar output fell to 5,842 GEOs and full-year guidance was cut to 30,000-33,000 GEOs from 39,000-43,000 due to carbonaceous ore and weaker recoveries, pushing AISC higher. Offsetting this, Fox Complex guidance was raised, San José delivered higher production and a large $49.4 million dividend, and the company reiterated progress at Los Azules, where it expects to complete FID work in Q4 and is assembling a large project finance package. Management also said it is exploring an IPO or other structure for the copper royalty/asset portfolio, with dilution kept as low as possible. Overall sentiment was mixed: solid commodity-price leverage and project optionality, but near-term execution and cost pressure remain issues.