McEwen Surpasses Dividend Target by $18.2 Million

By Chris Stiles • Sunday, May 24 06:38 • Permanent Link

McEwen Inc. said it received a $49.4 million dividend from the San José mine in Argentina, lifting total dividends from the asset in 2026 to $58.2 million. That already tops the company’s original full-year target of $40 million to $50 million by as much as $18.2 million.

The latest payment follows a $8.8 million dividend earlier in the year, showing a sharp acceleration in cash returned from the mine. McEwen said the cash will help fund growth while limiting share dilution.

At March 31, McEwen reported $56.5 million in cash and cash equivalents, $13.5 million in marketable securities, and $15.7 million face value of its McEwen Copper loan. It also listed investments valued at $457 million in McEwen Copper and $20.4 million in Paragon Advanced Labs. Against that, the company said it has $110 million of long-term convertible notes due in 2030 and $20 million outstanding under its loan term facility.

The company said attributable production from its 49% interest in San José is expected to be 59,000 to 64,000 gold-equivalent ounces in 2026, with all-in sustaining costs projected at $2,300 to $2,500 per ounce.

McEwen outlined several production milestones ahead. Initial production at the Stock mine in the Fox complex is expected in the second half of 2026, with commercial production in 2027. The company said Stock should be a lower-cost source of ore for the Fox complex because of lower royalties, shorter haul distances to the mill, and softer material that should reduce processing costs.

At Grey Fox, the pre-feasibility study is nearing completion and is due in the coming months. McEwen said the project could help extend the life of the Fox complex, where it is targeting annual output of 75,000 to 90,000 gold-equivalent ounces by 2030.

At El Gallo in Mexico, mill construction is expected to begin in early third quarter, with first production still targeted for mid-2027. Phase 1 is expected to produce about 20,000 gold-equivalent ounces annually for 10 years, while future phases could raise annual output to 40,000 to 50,000 ounces. Today the company's shares have moved -0.93% to a price of $21.35. Check out the company's full 8-K submission here.

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