McEwen Inc. MUX
McEwen Inc. (the "Company") is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas. We were incorporated under the laws of the state of Colorado in 1979 as US Gold Corp. In September 2011, US Gold Corp. acquired Minera Andes Inc., and was renamed McEwen Mining Inc. Effective July 7, 2025, the Company changed its name from McEwen Mining Inc. to McEwen Inc. We own 100% of the Froome mine and Stock mill in Ontario, Canada; 100% of the Gold Bar Mine Complex in Nevada; 100% of El Gallo (previously known as the Fenix Project) in Sinaloa, Mexico; a 46.3% interest in McEwen Copper Inc., the owner of the Los Azules copper project ("Los Azules") in San Juan, Argentina; and a 49% interest in MSC, the owner and operator of the San José mine in Santa Cruz, Argentina. In addition to the above, we hold interests in advanced-stage and exploration-stage projects in the United States, Canada, Mexico, and Argentina.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.6M | $174.5M | $166.2M | $110.4M | $136.5M | $104.8M | $117.0M | $128.2M | $67.5M | $60.4M |
| Cost of revenue | — | — | — | — | — | — | — | — | $45.2M | $28.1M |
| Gross profit | $47.6M | $30.9M | $17.8M | -$544.0K | -$6.5M | -$26.9M | $9.0M | $32.1M | $20.1M | $32.3M |
| SG&A | $26.7M | $17.2M | $15.4M | $11.9M | $11.4M | $9.2M | $12.8M | $11.1M | $12.3M | $12.7M |
| Total operating expenses | $44.9M | $81.5M | $179.8M | $94.9M | $57.8M | $126.2M | $72.9M | $79.3M | $46.4M | $16.9M |
| Operating income | $2.7M | -$50.6M | -$162.1M | -$95.4M | -$64.3M | -$153.2M | -$63.9M | -$47.2M | -$26.3M | $15.3M |
| Interest expense | $7.2M | $4.6M | $36.9M | $7.8M | $6.2M | $7.4M | $6.8M | $1.6M | $938.0K | $835.0K |
| Pre-tax income | $6.9M | -$46.7M | $67.0M | -$80.3M | -$64.2M | -$153.7M | -$63.6M | -$47.6M | -$26.0M | $17.3M |
| Income tax | $27.5M | $3.0M | $33.9M | $5.8M | $7.3M | $1.4M | $3.8M | $2.8M | $15.4M | $3.7M |
| Net income | $34.4M | -$43.7M | $55.3M | -$81.1M | -$56.7M | -$152.3M | -$59.7M | -$44.9M | -$10.6M | $21.1M |
| EPS, basic | 0.64 | -0.86 | 1.16 | -1.71 | -1.25 | -3.78 | -0.17 | — | -0.03 | 0.07 |
| EPS, diluted | 0.59 | -0.86 | 1.16 | -1.71 | -1.25 | -3.78 | -0.17 | -0.13 | -0.03 | 0.07 |
| Shares, diluted (wtd. avg.) | $65.6M | $51.0M | $47.5M | $47.4M | $45.5M | $40.3M | $361.8M | $337.3M | $313.9M | $300.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $51.0M | $13.7M | $23.0M | $39.8M | $54.3M | $20.8M | $46.5M | $15.8M | $37.2M | $37.4M |
| Short-term investments | $21.1M | $1.6M | $1.7M | — | — | — | — | — | — | — |
| Inventory | $26.8M | $18.1M | $19.9M | $31.7M | $15.8M | $27.0M | $38.4M | $22.0M | $32.0M | $26.6M |
| Total current assets | $107.9M | $41.2M | $52.7M | $81.7M | $85.0M | $53.5M | $92.0M | $59.4M | $86.9M | $78.6M |
| Property, plant and equipment | — | — | — | — | — | $49.0M | $107.6M | $114.7M | $51.0M | $14.3M |
| Total assets | $820.2M | $664.6M | $657.2M | $528.7M | $525.3M | $499.9M | $631.2M | $616.9M | $592.1M | $498.3M |
| Accounts payable | $44.9M | $28.4M | $22.7M | $42.5M | $39.6M | $36.1M | $34.1M | $30.8M | $34.9M | $20.0M |
| Short-term debt | — | $12.0M | — | $10.0M | — | — | $5.0M | — | — | — |
| Total current liabilities | $63.8M | $47.7M | $30.0M | $84.2M | $52.4M | $45.6M | $48.8M | $36.0M | $37.6M | $20.6M |
| Long-term debt | $126.2M | $40.0M | $40.0M | $64.0M | $48.9M | $48.2M | $19.8M | $24.6M | — | — |
| Total liabilities | $274.0M | $169.6M | $154.8M | $172.4M | $135.4M | $134.6M | $131.7M | $131.0M | $70.9M | $55.3M |
| Retained earnings | -$1.28B | -$1.31B | -$1.27B | -$1.32B | -$1.24B | -$1.18B | -$1.03B | -$971.5M | -$929.6M | -$919.0M |
| Total equity | $546.2M | $495.0M | $502.4M | $356.3M | $389.9M | $365.3M | $499.5M | $485.9M | $521.3M | $443.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.9M | $29.5M | -$39.6M | -$56.6M | -$20.1M | -$27.9M | -$39.5M | $487.0K | -$27.6M | $7.4M |
| Depreciation and amortisation | $27.8M | $30.9M | $30.4M | $19.5M | $25.3M | — | — | $9.2M | $3.4M | $1.2M |
| Capital expenditure | — | — | — | — | — | — | — | $62.3M | $5.1M | $1.2M |
| Investing cash flow | -$48.0M | -$58.0M | -$99.6M | -$23.9M | -$24.6M | -$11.8M | -$14.1M | -$69.3M | -$22.3M | $7.6M |
| Financing cash flow | $78.7M | $19.2M | $172.2M | $65.5M | $81.0M | $17.6M | $70.0M | $60.4M | $49.7M | -$3.2M |
| Buybacks | — | — | — | — | — | — | — | — | — | $582.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-077359.
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