McEwen Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
Contents
Fox Complex
The following table summarizes the operating and financial results for the Fox Complex for the three months ended March 31, 2026, and 2025:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended March 31, | ||||||
| · · 2026 · · 2025 | ||||||
| Operating Results · · | ||||||
| Mined mineralized material (kt) | | 54 | | 70 | ||
| Average grade (g/t Au) | | 4.32 | | 3.02 | ||
| Processed mineralized material (kt) | | 64 | | 64 | ||
| Average grade (g/t Au) | | 4.24 | | 3.00 | ||
| Gold ounces: | | | | | | |
| Produced | | 5,762 | | 5,512 | ||
| Sold, excluding stream | | | 5,315 | | | 4,730 |
| Sold, stream | | 343 | | 382 | ||
| Sold, including stream | | | 5,658 | | | 5,100 |
| Silver ounces: | | | | | | |
| Produced | | 1,311 | | 655 | ||
| Sold | | 569 | | — | ||
| GEOs: | | | | | | |
| Produced | | 5,784 | | 5,520 | ||
| Sold, excluding stream | | | 5,326 | | | 4,730 |
| Sold | | | 5,669 | | | 5,101 |
| Revenue from gold and silver sales, ($000s) | | $25,316 | | $13,305 | ||
| Cash costs (1), ($000s) | | $12,999 | | $10,511 | ||
| Cash costs per ounce ($/GEO sold) (1) | | $2,365 | | $2,061 | ||
| All‑in sustaining costs (1), ($000s) | | $17,307 | | $12,774 | ||
| AISC per ounce ($/GEO sold) (1) | | $3,148 | | $2,504 | ||
| Gold : Silver ratio | | 58:1 | | 90 : 1 | ||
| (1) | This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 41. |
Stock Project
During Q1/26, the Company invested $9.9 million in the Stock project, with development activities progressed in line with the Company’s 2026 mine development plan. Activities during the period included upgrades to ventilation and air heating systems and enhancements to underground readiness. Site construction also progressed across key infrastructure, including shaft electrical power distribution, installation of automation and control systems, development of the Stock West and East haulage ramps, dewatering of the Stock mine shaft, and equipment selection for production and development activities. Pre-commercial production is expected to commence in Q4/26, with commercial production anticipated in Q2/27.
Q1/26 compared to Q1/25
The Fox Complex produced 5,784 GEOs from the Froome mine in Q1/26, reflecting a 5% increase from the 5,520 GEOs produced in Q1/25. The increase was driven by an optimized mine plan and higher mined and processed grades of approximately 40%. As of March 31, 2026, all development activities at Froome Main were completed in accordance with the mine plan, with production beginning in late Q3/26 for Froome West.
Revenue from gold sales was $25.3 million for Q1/26, compared to $13.3 million for Q1/25. This increase of 90% was primarily driven by a 71% increase in the average realized gold price, and an 11% increase in GEOs sold.
Production costs applicable to sales were $14.7 million in Q1/26, compared to $10.5 million in Q1/25, reflecting an 11% increase in GEOs sold and $1.7 million in higher costs associated with externally sourced material processed.
Cash costs and AISC per GEO sold were $2,365 and $3,148 for Q1/26, respectively, compared to $2,061 and $2,504 for Q1/25. The increase in unit costs was primarily driven by higher production costs discussed above, as well as a $2.0 million increase in sustaining mining development at Froome West.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.