SHERIDAN, WYOMING - April 14, 2026 - McEwen Inc. (NYSE/TSX: MUX), a mid-tier gold, silver, and copper producer operating across North America, Argentina, and Mexico, reported a sharp swing to profitability in Q4 2025, recording net income of $38.1 million ($0.70 per share) against a net loss of $8.2 million ($0.16 per share) in Q4 2024. The company simultaneously published a new gold mineral resource estimate for its Tartan Mine Project and guided 2026 production between 114,000 and 126,000 gold-equivalent ounces (GEOs). Both developments were framed by management as milestones within a broader strategy to double total production by the end of the decade.
Business impact
The year-over-year reversal from a Q4 loss to $38.1 million in net income marks a material improvement in McEwen's financial profile and strengthens the investment case for a company that holds assets across multiple commodity categories. McEwen trades on both the NYSE and the TSX under the ticker MUX; as of April 10, 2026, shares were priced at $23.04 on the NYSE and $31.97 on the TSX, with an average daily combined volume of 1.4 million shares. Founder, Chairman, and Chief Owner Rob McEwen holds a 17% stake in the company at a personal investment cost of approximately $220 million and draws an annual salary of $1 - a governance and alignment structure the company actively highlights as differentiated. The company has also cited a $250 million personal investment commitment from McEwen as an indicator of long-term confidence in the asset base.
Portfolio and production outlook
McEwen's producing assets span five jurisdictions and commodity types. The Fox Complex in Timmins, Ontario, and the Gold Bar Mine in Nevada anchor North American gold output. The San José Mine in Argentina contributes silver and gold production, while the Los Azules copper project - also in Argentina - is described by the company as a green, multigenerational copper asset and forms the primary long-cycle growth vehicle in base metals. The Fenix Project in Mexico and the Tartan Mine Project complete the development pipeline. The Tartan Mine gold mineral resource estimate, released on March 23, 2026, is the most recent technical output from the company's exploration program and adds a new data point to the asset portfolio's carrying value.
Development spending and 2030 target
McEwen has allocated $89 million for development and exploration in the current budget cycle, providing capital support across producing mines and pre-production projects alike. The 2026 production guidance of 114,000-126,000 GEOs establishes the near-term baseline from which management is targeting a doubling of output by 2030. The Los Azules copper project is positioned as the primary driver of any step-change in the production profile beyond the existing gold and silver operations, with management describing it as a multigenerational asset. Together, the Q4 profit result, expanded exploration activity at Tartan, and the copper development pipeline indicate a company in active transition from single-commodity producer to a more diversified critical-metals operator.
Key facts:
- Q4 2025 net income: $38.1M ($0.70/share) vs. Q4 2024 net loss of $8.2M ($0.16/share)
- 2026 production guidance: 114,000-126,000 gold-equivalent ounces (GEOs)
- Development and exploration budget: $89M for the current cycle
- Rob McEwen personal stake: 17% at approximately $220M cost of investment; annual salary of $1
- Target: double company-wide production by 2030, with Los Azules copper project as the primary growth lever