McEwen Reports Q2 Revenue Decline, Posts Positive Net Income

McEwen Inc. reported second quarter 2025 revenue of $46.7 million, a slight decrease from $47.5 million the previous year, primarily due to a drop in gold equivalent ounce (GEO) sales from 20,630 to 14,549, though this was offset by higher realized gold prices averaging $3,298 an ounce. Despite lower production volumes, the company improved gross profits to $12.3 million and posted a net income of $3.0 million, reversing a net loss from the prior year, with adjusted EBITDA more than doubling to $17.3 million. Production costs increased, with cash costs rising to $1,906 per ounce and all-in sustaining costs (AISC) to $2,120 per ounce, but McEwen expects production increases in the second half of 2025 to reduce these costs. The company reaffirmed its full-year production guidance of 120,000 to 140,000 ounces and aims to reach 250,000 to 300,000 GEOs by 2030, supported by development projects including the planned acquisition of Canadian Gold Corp. and progress at the Windfall and Lookout Mountain projects in Nevada. CEO Rob McEwen highlighted investments in mining assets and positive impacts from higher gold prices on cash flow and net income, with a focus on operational growth and potential dividends from the San José mine depending on market conditions.