McEwen Inc. Reports Mixed Q2 Results with Revenue Resilience Amid Production and Cost Challenges

**McEwen Inc. (NYSE: MUX)** exposure has been characterized by both positive developments and challenges in its recent financials for the period ending June 30, 2025.

Positive Aspects:

• Revenue: Reported revenue from gold and silver sales was $46.7 million in Q2/25, marginally lower than $47.5 million in Q2/24, primarily driven by a shift to a higher average realized price of $3,298 per GEO.
• Gross Profit: The company reported a gross profit of $12.3 million, an increase from $10.8 million year-over-year, supported by reduced production costs.
• Net Income: Achieved a net income of $3.0 million in Q2/25, compared to a net loss of $13.0 million for the same period last year, reflecting significant operational improvements.
• Cash Flow Improvement: Increased cash and cash equivalents by $40.1 million during H1/25, resulting in a total of $57.6 million as of June 30, 2025.

Challenges and Negative Aspects:

• Production Decline: Consolidated production decreased by 22% to 27,554 GEOs in Q2/25 compared to the previous year.
• Higher Costs: Production costs applicable to sales for Q2/25 came in at $27.7 million, resulting in cash costs and AISC per GEO sold at $2,212 and $2,563, respectively, which are higher compared to last year.
• Investment Loss: Recorded losses from investments in McEwen Copper of $7.0 million in Q2/25, although lower than the previous year's loss of $16.8 million.
• Debt Increase: The total long-term debt rose to $125.8 million from $40.0 million prior, primarily due to the issuance of convertible notes.

Key Statistics:

• Gold Bar Mine produced 8,406 GEOs in Q2/25, down from 12,297 GEOs in Q2/24.
• Fox Complex revenue increased to $19.2 million from $17.8 million amid higher gold prices.
• Current assets rose significantly to $107.7 million from $41.2 million previously.
• Decrease in cash from operations in H1/25 was $1.5 million, contrasting with cash provided by operations from H1/24 at $7.5 million.

In conclusion, **McEwen Inc. (NYSE: MUX)** continues to navigate a landscape of challenges while achieving some positive operational outcomes, particularly in revenue resilience and profitability moving toward mid-2025.