McEwen Inc.
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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FY2025 · Filed Mar 17, 2026
Contents
Fox Complex
The following table sets out operating results for the Fox Complex mines for the three months ended December 31, 2025, and 2024, and the years ended December 31, 2025, 2024, and 2023:
| | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three months ended December 31, · · Year ended December 31, | |||||||||||||||
| · · 2025 · · 2024 · · 2025 · · 2024 · · 2023 | |||||||||||||||
| Operating Results · · (in thousands, unless otherwise indicated) | |||||||||||||||
| Mined mineralized material (kt) | | | 80 | | | 68 | | | 303 | | | 309 | | | 391 |
| Average grade (g/t Au) | | | 3.05 | | | 3.05 | | | 2.86 | | | 2.90 | | | 3.40 |
| Processed mineralized material (kt) | | | 86 | | | 88 | | | 307 | | | 404 | | | 457 |
| Average grade (g/t Au) | | | 2.69 | | | 2.52 | | | 2.77 | | | 2.54 | | | 3.31 |
| Gold ounces: | | | | | | | | | | | | | | | |
| Produced | | | 5,832 | | | 6,504 | | | 23,144 | | | 30,101 | | | 44,373 |
| Sold, excluding stream | | | 5,512 | | | 5,930 | | | 21,762 | | | 27,700 | | | 41,300 |
| Sold, stream | | | 392 | | | 700 | | | 1,779 | | | 2,600 | | | 3,500 |
| Sold, including stream | | | 5,904 | | | 6,600 | | | 23,541 | | | 30,300 | | | 44,800 |
| Silver ounces: | | | | | | | | | | | | | | | |
| Produced | | | 1,493 | | | 816 | | | 3,605 | | | 4,245 | | | 5,590 |
| Sold | | | 1,132 | | | - | | | 4,358 | | | 4,270 | | | 5,646 |
| GEOs: | | | | | | | | | | | | | | | |
| Produced | | | 5,853 | | | 6,514 | | | 23,187 | | | 30,151 | | | 44,439 |
| Sold, excluding stream | | | 5,527 | | | 5,930 | | | 21,813 | | | 27,700 | | | 41,300 |
| Sold | | | 5,921 | | | 6,630 | | | 23,594 | | | 30,307 | | | 44,868 |
| Revenue from gold and silver sales ($000s) | | $20,780 | | $16,269 | | $76,038 | | $67,808 | | $81,295 | |||||
| Cash costs (1) ($000s) | | $13,485 | | $12,423 | | $52,802 | | $49,766 | | $51,895 | |||||
| Cash costs per ounce ($/GEO sold) (1) | | $2,278 | | $1,874 | | $2,238 | | $1,642 | | $1,157 | |||||
| All‑in sustaining costs (1) ($000s) | | $13,979 | | $14,852 | | $59,117 | | $59,994 | | $60,617 | |||||
| AISC per ounce ($/GEO sold) (1) | | $2,361 | | $2,240 | | $2,506 | | $1,980 | | $1,351 | |||||
| Gold : Silver ratio | | | 76:1 | | 85 : 1 | | 86:1 | | 85 : 1 | | 83:1 | ||||
| (1) | As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 77 for additional information. |
Stock Project
Development activities at the Stock project advanced in line with the Company’s 2025 mine development plan. In Q4/25, we invested $10.9 million to advance development at the Stock project (full year 2025 – $29.5 million). During the period, the project received an updated Closure Plan Permit from the Ministry of Mines and completed major upgrades to ventilation and air heating systems, enhancing underground readiness. Site construction progressed across critical infrastructure, including access roads, building foundations, and essential service areas, as well as surface facilities, including the mine dry, office complex, and maintenance buildings. Rehabilitation of historical infrastructure continued, with steady progress on shaft access and safety improvements. Ramp development advanced at an average rate of 20 feet (6.2 meters) per day during 2025, supporting key project milestones. Overall, project execution during 2025 remained consistent with schedule and budget expectations, reinforcing the Company’s target for commencement of production in 2027.
The Fox Complex produced 5,853 and 23,187 GEOs in Q4/25 and full year 2025, respectively, compared to 6,514 and 30,151 GEOs produced in Q4/24 and full year 2024, respectively. The decrease in GEO production was primarily due to a 32% reduction in processed mineralized material, as mining continues in the lower-grade zones at the bottom of the Froome deposit. The discovery of higher-grade mineralization at the new Froome West deposit extends production into 2026, supporting the transition into the production phase at the Stock project.
Revenue from gold and silver sales was $76.0 million for full year 2025, compared to $67.8 million for full year 2024, representing a 12% increase primarily driven by a 48% increase in the average realized gold price. For Q4/25, revenue from gold and silver sales totaled $20.8 million, up from $16.3 million for Q4/24. The increase was driven by a 68% higher average realized gold price, partially offset by an 11% decrease in GEOs sold. Realized gold prices at the Fox Complex are impacted by historic streaming arrangements, which require the sale of a portion of gold produced from the Froome and Black Fox mines at $611 per ounce for 2025.
Production costs applicable to saleswere $13.5 million in Q4/25, compared to $12.4 million in Q4/24, representing a 28% increase primarily driven by higher mining expenses due to additional third-party contractors hired to address labor shortages and operational development costs to advance Froome West. The same factors contributed to the variance between full year 2025 and full year 2024 production costs.
Cash cost and AISC per GEO sold were $2,238 and $2,506 for full year 2025, respectively, compared to $1,642 and $1,980 for full year 2024. In Q4/25, cash cost and AISC per GEO sold were $2,278 and $2,361, respectively, compared to $1,874 and $2,240 in Q4/24. The increase in unit costs was primarily driven by a 22% decrease in GEOs sold for full year 2025. The same factors impacted unit costs on a full year basis, with higher fixed costs spread over fewer ounces sold.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.