McEwen Exceeds Dividend Target

By Chris Stiles • Tuesday, May 26 17:55 • Permanent Link

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

The payout comes as McEwen’s balance sheet shows more cash and investment value. At March 31, 2026, the company held $56.5 million in cash and cash equivalents, $13.5 million in marketable securities, and $15.7 million face value of a McEwen Copper loan. It also listed investments valued at $457 million in McEwen Copper and $20.4 million in Paragon Advanced Labs. Debt stood at $110 million in long-term convertible notes due in 2030 and $20 million under its loan term facility.

McEwen said its 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 GEO.

The company is also pointing to several operating milestones ahead. At the Stock mine in the Fox complex, initial production is expected in the second half of 2026, with commercial production set for 2027. McEwen said Stock should be a lower-cost source for the Fox complex because of lower royalties, shorter haul distances to the mill, and softer material that should reduce processing costs. The mine is currently estimated to have about six years of life.

At Grey Fox, a pre-feasibility study is nearing completion and is expected in the coming months. McEwen said Grey Fox could extend the life of the Fox complex, with a target of 75,000 to 90,000 GEOs annually from the complex by 2030.

In Mexico, engineering work at El Gallo is progressing, with mill construction expected to begin in early third quarter. Phase 1 production remains targeted for mid-2027 at about 20,000 GEOs annually for 10 years. McEwen said future phases could lift annual output at El Gallo to 40,000 to 50,000 GEOs and materially extend mine life. The market has reacted to these announcements by moving the company's shares -0.93% to a price of $21.35. Check out the company's full 8-K submission here.

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