McEwen Mining Triples Second Quarter Profits Powered by Strong Mining Operations
Toronto, Thursday, 6 August 2026.
McEwen Mining’s second-quarter net income tripled to $9.6 million, boosted by an unexpected $49.4 million dividend payout from its San José mine operation.
Revenue and Earnings Per Share Growth
The company’s revenue for the quarter reached $59.2 million, representing a 27% increase year-over-year [1]. This surge was driven by the sale of 13,948 gold equivalent ounces (GEOs) at an average realized price of $4,454 per GEO [1]. Earnings per share climbed to $0.16, compared to $0.06 in the same period of the previous year [1][3]. The net income growth rate calculates to 220 percent, highlighting a significant improvement in profitability [1].
San José Mine Dividend Contribution
A major factor in the improved financial position was a $49.4 million dividend received from the San José mine operation in May 2026 [1]. This single payment brought the total dividends from this asset to $58.2 million for 2026, exceeding the company’s initial guidance range of $40 million to $50 million [1]. The San José mine, in which McEwen holds a 49% interest, continues to be a critical cash flow generator despite broader market fluctuations [1][4].
Exploration and Development Updates
Exploration efforts in Q2 2026 yielded high-grade intersections at the Grey Fox Project, including 97.7 grams per tonne gold over 4.4 meters [1]. The Stock Mine in Timmins, Ontario, is nearing production with mining scheduled to begin in the fourth quarter of 2026 [1]. Commercial production at the Stock Mine is targeted for 2027, contributing to the company’s goal of reaching 250,000 to 300,000 annual GEOs by 2030 [1][4].
Investor Conference and Outlook
Management is scheduled to discuss these results during a conference call on Thursday, 6 August 2026, at 11:00 a.m. EDT [2]. Investors are awaiting further details on the Los Azules copper project, where McEwen holds a 46.3% interest valued at approximately $457 million [1][4]. The company maintains that estimated production will generate sufficient cash flow to self-fund growth with limited share dilution, assuming average gold prices of $4,000 per ounce [1].