McEwen Inc.
McEwen Inc. is a U.S.-based precious metals miner and developer focused on producing gold and silver while advancing copper, gold, and silver projects across North and South America. The company operates the Gold Bar mine in Nevada, the Fox Complex in Ontario, and the Fenix Project in Mexico, and also holds equity stakes in McEwen Copper and Minera Santa Cruz.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOperating mines that produce and sell gold and silver concentrates or doré.
Advanced-stage development assets, including the Fenix Project, that may move into production.
Drilling and resource expansion work across Nevada, Ontario, Mexico, and Argentina.
Share of earnings or losses from McEwen Copper and MSC rather than direct operating revenue.
Customers
McEwen sells gold and silver into commodity markets, so its direct customers are typically refiners, traders, or offtake counterparties rather than end consumers. Demand is driven by bullion pricing, realized metal prices, and the company’s ability to deliver payable ounces from its operating mines and joint-venture interests.
Refiners, traders, and bullion counterparties buy gold and silver production for resale or hedging.
Investors and lenders fund mine development, exploration, and balance-sheet liquidity.
Partners in McEwen Copper and MSC share project economics, funding, and operational risk.
Future copper buyers and strategic partners are relevant through the Los Azules development asset.
Strategy
McEwen is focused on sustaining gold and silver production while advancing higher-upside development and exploration assets that can extend mine life and improve future growth. Near term, the company is balancing operating performance at Gold Bar and Fox with capital allocation to Fenix, Grey Fox, and Nevada exploration, while preserving optionality in copper through McEwen Copper.
Cash generation depends on consistent production and realized metal prices.
A new operating asset could diversify production and improve growth visibility.
Resource replacement is essential for long-term mine life and reserve growth.
Los Azules provides exposure to a large-scale copper development without full ownership.
Geography
Q1/2026McEwen’s operating footprint spans the United States, Canada, Mexico, and Argentina, with revenue currently tied mainly to North American gold and silver production and equity income from Argentina. The company’s asset base is geographically diversified, but permitting, political conditions, and operating execution vary materially by jurisdiction.
Share of the revenue the company reports by geography.
Risks
The company is exposed to commodity price swings, grade and production variability, and permitting risk across multiple jurisdictions. It also carries project-development and exploration risk, where spending can rise before any production or reserve conversion is realized, and equity-method investments can add earnings volatility.
Revenue is tied to realized gold and silver prices, which can move sharply quarter to quarter.
Exposure: Gold and silver sales
Lower GEOs sold or produced reduce revenue and can raise unit costs.
Fenix requires permit approval before a production decision can be made.
Exposure: Fenix Project
Drilling and study costs may not translate into economic resources or future mines.
Losses from McEwen Copper and income from MSC flow through earnings unevenly.
Accounting
Judgemental itemsTiming of shipment, title transfer, and provisional pricing can affect quarterly revenue.
Impact: Reported sales and margins can shift with delivery timing and metal prices.
Drilling and project evaluation costs may be expensed, while certain development costs may be capitalized.
Impact: Affects operating loss, asset balances, and future depreciation or impairment.
McEwen Copper and MSC are not fully consolidated, so the company records its share of earnings or losses.
Impact: Can create large non-operating swings in net income.
Mine and project assets depend on commodity prices, reserves, and permitting outcomes.
Impact: Could trigger write-downs if expected cash flows weaken.
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Last updated: 24/09/2026