McEwen Mining Inc.

McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining subsidiary Dome Mine for $55M, comprising $5M in cash and $50M in Discovery common shares. The sale includes Lexam VG Gold's wholly-owned Fuller property, its 60% interest in the Paymaster property held in joint venture with Dome, and a surface rights parcel owned by VG Holdings; both properties are part of McEwen's Fox complex land position in the Timmins mining district. McEwen said it plans to use the sale proceeds to invest across its operations and development projects to support a goal of producing 250K–300K gold equivalent oz annually by 2030 with minimal to no share dilution. The company said its operations and development at the Fox complex will remain centered on the Froome, Stock and Grey Fox properties. McEwen shares gained 4.5% in Friday's trading.

McEwen Mining reported second-quarter 2026 revenue of $59.2 million, up 27% from $46.7 million a year earlier, driven by higher realized gold prices. Net income rose to $9.6 million, or $0.16 per share, from $3.0 million, or $0.06 per share, in the prior-year quarter. The company lowered its 2026 production guidance for the Gold Bar mine to 30,000 to 33,000 gold equivalent ounces from 39,000 to 43,000 ounces, citing unexpected carbonaceous ore that reduced gold recoveries. McEwen also raised its Fox Complex guidance to 20,000 to 23,000 gold equivalent ounces from 16,000 to 19,000 ounces, and received a $49.4 million dividend from the San José joint venture during the quarter, bringing the year-to-date total to $58.2 million.

McEwen Inc. reported second-quarter net income of $9.6 million, or $0.16 per share, up from $3.0 million, or $0.06 per share, a year earlier. Revenue increased 27% to $59.2 million, driven by a 35% rise in the average realized gold price to $4,454 per gold equivalent ounce, even as GEOs sold dipped to 13,948 from 14,549. The company raised full-year production guidance for the Fox Complex to 20,000–23,000 GEOs and lowered it for the Gold Bar Complex to 30,000–33,000 GEOs, while consolidated 2026 production guidance was updated to 109,000–120,000 GEOs. McEwen received a $49.4 million dividend from its 49%-owned San José Mine, bringing 2026 dividends to $58.2 million, exceeding the full-year estimate of $40–$50 million. Exploration drilling delivered high-grade intercepts at Grey Fox, including 97.7 gpt gold over 4.4 meters, and a new Central Zone discovery at the Tartan Mine Project.