Mining & Metals
McEwen Mining Swings to Net Income in Q1
McEwen Mining (MUX.TO) swung to a net income year over year in the first quarter on increased production and higher gold prices, the company said late on Wednesday.Net income was US$33.4 million, or $0.56 per share, swinging from a net loss of $6.3 million, or a loss of $0.12 per share.Adjusted EBITDA was $44.8 million, or $0.76 per share, rising from $8.7 million, or $0.16 per share. The result beat the earnings per share consensus estimate of $0.43 as compiled by FactSet.Revenue was $74.0 million, up from $35.7 million. The average realized gold sale price per gold equivalent ounce was $4,792, up from $2,803.Full-year 2026 production guidance was maintained at 114,000 to 126,000 GEOs.The company also detailed its plan to increase production to 250,000 to 300,000 GEOs by 2030.In Canada, McEwen is advancing growth projects to increase production to 105,000 to 120,000 GEOs by 2030, from 16,000 to 19,000 GEOs in 2026.In Nevada, the company expects production to more than double to 90,000 to 110,000 GEOs by 2030, from 39,000 to 43,000 GEOs in 2026, driven by production from Lookout Mountain, Windfall and Trinity Ridge.In Mexico, McEwen is forecasting 20,000 GEOs production per year starting in mid-2027.
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