For shareholders, this matters for a simple reason: internally generated cash is the best source of capital. It allows a company to grow while eliminating/minimizing share dilution, which is a key ingredient towards a higher share price. At current gold and silver prices, and assuming operations perform as expected, we believe McEwen can fund much of its planned production growth through cash generated by its own assets, as we look to double production to 250,000 – 300,000 GEOs by 2030.

McEwen's attributable production from its 49% interest in San José is expected to be 59,000 – 64,000 GEOs in 2026, with AISC projected between $2,300 - $2,500 per GEO (based on a 77:1 silver/gold ratio).

Building our Financial Position

The $49.4 million dividend received further strengthens an already improving balance sheet.

At March 31, 2026, McEwen held:

  • $56.5 million in cash and cash equivalents;
  • $13.5 million in marketable securities;
  • $15.7 million face value of McEwen Copper loan;
  • $457 million and $20.4 million market value of investments in McEwen Copper and Paragon Advanced Labs, respectively.

Our debt consists of $110 million long-term convertible notes maturing in 2030 and $20 million under our loan term facility.

McEwen's Near-Term Deliverables

Our objective is straightforward: increase production meaningfully over the next several years while improving the quality and durability of our operations. McEwen is setting the stage to double production by 2030, with several key deliverables expected in the coming months.

Stock Mine (Fox Complex, Timmins, Ontario) 

Initial production at the Stock Mine is expected during the second half of 2026, with commercial production anticipated in 2027.

Stock should become a lower-cost source of production for the Fox Complex due to:

  • Lower royalty obligations
  • Shorter haul distances to the mill
  • Softer material that is expected to reduce processing costs.



     

Current estimates indicate approximately six years of mine life, with additional exploration likely to extend that horizon over time.

Grey Fox (Fox Complex, Timmins, Ontario)

The Grey Fox Pre-Feasibility Study is nearing completion and will be released in the coming months. Grey Fox is important because it has the potential to significantly extend the productive life of the Fox Complex while utilizing infrastructure we already own.

Using existing infrastructure to increase production generally produces better returns on capital than building entirely new operations. By 2030, we are targeting 75,000 – 90,000 GEOs annually from the Fox Complex.

El Gallo (Sinaloa, Mexico)

Engineering work at El Gallo is progressing well, and mill construction is expected to begin in early Q3. Phase 1 production remains targeted for mid-2027 and is expected to produce approximately 20,000 GEOs annually for 10 years. What makes El Gallo particularly attractive is that existing infrastructure and land position may allow additional production growth with comparatively modest capital requirements. Future phases could materially extend mine life and increase annual production to approximately 40,000 – 50,000 GEOs.