This article first appeared on GuruFocus.

Release Date: November 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

McEwen Inc (NYSE:MUX) is benefiting from stronger metal prices, with gold up 45%, silver up 47%, and copper up 13%.

The company has ambitious growth plans to deliver 250,000 to 300,000 gold equivalent ounces of annual production by 2030.

Los Azules has been accepted into Argentina's Large Scale Investment Incentive Program, providing 30 years of legal, fiscal, and customs stability.

The NI43101 feasibility study for Los Azules confirms robust project economics with a $2.9 billion after-tax NPV at 8% and a 19.8% after-tax IRR.

McEwen Inc (NYSE:MUX) ended the quarter with a strong cash position of $51 million and $24 million in marketable securities.

The company reported a net loss of $500,000 or $0.01 per share, including a $4.3 million loss from McEwen Copper.

Q3 production was lower than anticipated due to issues at the Froome mine and unexpected unmineralized material at Gold Bar.

There are permitting delays affecting the production pipeline and development plans.

The timeline for the IPO of Los Azules has been pushed to next year, delaying potential fundraising.

Concerns were raised by shareholders regarding the fairness of the Canadian Gold Corp acquisition terms.

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Q: Can you elaborate on the recent acquisition of Peregrine Geochemical Labs and whether McEwen Inc plans to engage in more vertical integration? A: Rob McEwen, Chief Owner: Peregrine holds a technology called photo assay, which is faster, cheaper, and more comprehensive. As more money enters the mining space, compressing time and getting more information from assays will become increasingly important. We are looking for opportunities to accelerate and improve industry knowledge, first for us and then for the industry.

Q: What should we expect for Gold Bar's production next year, considering the recent reinterpretations of geological data? A: William Shaver, Chief Operating Officer: The issues faced were due to a zone that was expected to be ore but turned out to be unmineralized. We have mined through that and are back to normal ore. We expect consistent mine planning through next year and will announce production guidance shortly.

Q: How comfortable are you with the timeline for the Phoenix project, and will there be an updated financial study once permits are in hand? A: Rob McEwen, Chief Owner: We are optimistic about receiving permits in time, and construction is expected to start in Q1. We plan to publish an updated financial study once permits are secured.

Q: Regarding the Canadian Gold Corp merger, what is the timeline for completion and subsequent expectations? A: Rob McEwen, Chief Owner: The shareholder vote is in December, with court ratification expected by January 6th. We plan to conduct a resource estimate and preliminary economic assessment, likely releasing the PEA in the fourth quarter of next year.

Q: Can you provide an update on the IPO for Los Azules and any expected market-moving news? A: Rob McEwen, Chief Owner: We plan to take the company public in the first quarter of next year. Our last financing was at $30 a share, and we expect a higher price when we go public. As for market-moving news, I am meeting with the President of Argentina, but I don't expect it to move the market.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.