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- **Operational Recovery**: Q3 EBITDA up 12% YoY to $11.8 million, driven by cost control and asset optimization.
- **Copper Growth Catalyst**: Los Azules feasibility study confirms $2.9B NPV, 19.8% IRR, targeting 2026 construction.
- **Strategic Acquisitions**: Assay tech investment to accelerate resource delineation and reduce production delays.
- **Capital Discipline**: $51M cash balance supports 2026 capex without equity dilution.
- **2030 Vision**: 300M oz gold, 450M lb copper annual production by decade's end.


**【CEO Summary Section】**
- McEwen Mining reported a net loss of $0.5 million in Q3 2025, compared to $2.1 million in the prior year, driven by capitalization of Los Azules costs post-feasibility study approval.
- Adjusted EBITDA was $11.8 million, up from $10.5 million, reflecting operational efficiency improvements.
- The company is targeting $250-300 million in annual gold production by 2030, with Los Azules expected to contribute 450 million pounds of copper annually.
- Gold and copper prices remain robust, with copper gross margin at 64% at current prices.

**【CFO Commentary】**
- Cash balance of $51 million and $24 million in marketable securities support near-term capital needs.
- El Gallo Phase 1 capital expenditure of $25 million will be partially financed through gold prepayment.
- 2026 capital allocation prioritizes Los Azules development and existing mine expansions.

**【Q&A Highlights】**
- Permitting delays at Froome mine resolved, with Q4 production on track post-stripping adjustments.
- Los Azules IPO expected in Q1 2026, contingent on market conditions.
- Gold Bar mine sequencing challenges resolved, with Q4 production returning to plan.
- Paragon Geochemical Labs acquisition to enhance assay efficiency, reducing cycle times from 4+ weeks to 2 days.


McEwen Inc. (MUX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MUX

MUX fundamentals

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