McEwen Mining Inc.

For Q4 2025, gross profit was $17.4 million, more than double the prior quarter’s $7.8 million. Full-year gross profit was $47.6 million versus $30.9 million in 2024. Q4 net income was $38.1 million, or $0.70 per share, versus a net loss of $8.2 million, or $0.16 per share, in Q4 2024. Full-year net income was $34.4 million versus a net loss of $43.7 million in 2024. Perry Ing said 100%-owned operations realized over $4,400 per ounce of gold in Q4, and San José contributed $33.5 million in the quarter for McEwen’s 49% interest. The company ended the year with $51 million in cash, up from $14 million at year-end 2024, and received an $8.8 million dividend from San José in February. Forward-looking, management said Stock should begin contributing production in the second half of 2026, Grey Fox’s pre-feasibility study is due in June, and Los Azules is targeting a final investment decision by end-2026 with construction targeted for early 2027, subject to financing.

Rob McEwen framed 2025 as a transformational year driven by higher gold, silver, and copper prices and by progress on the company’s longer-term growth plan. He emphasized exploration-led resource growth, expansion at existing operations, and acquisitions as the path to more than doubling precious metal production by 2030. On copper, he highlighted Los Azules as a world-class, lower-impact project and said McEwen Copper is being prepared for a public listing later this year, which he believes could re-rate the asset and McEwen Mining’s stake.

Perry Ing said the quarter showed a strong finish to the year, with gross profit rising to $17.4 million from $7.8 million sequentially and full-year gross profit increasing to $47.6 million from $30.9 million. He attributed the improvement to higher production, stronger realized gold prices of over $4,400 per ounce at 100%-owned operations, solid results at San José, and a $27.5 million deferred tax recovery tied to expected use of U.S. tax losses. He also noted the company ended 2025 with $51 million in cash versus $14 million a year earlier, while confirming the $8.8 million San José dividend received in February.

Analysts pressed on how 2026 growth will be financed without excessive dilution, and management said stronger cash flow, San José dividends, Stock, and Gold Bar should help fund expansion mostly internally. Questions also focused on Stock’s contribution to guidance, with management saying production should start in the second half of 2026 but will not be included in guidance until it becomes commercial. On capital spending, management outlined about $50 million to $60 million to finish Stock, about $12 million for Gold Bar heap-leach expansion, and about $25 million in Mexico, with roughly $100 million total this year and similar levels anticipated in the next few years.