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Get filing alertsRisk Profile Improvements
- Material Weakness (improved) — Previously disclosed material weakness in internal controls over income taxes has been remediated as of December 31, 2025.
McEwen swings to profit on surging metal prices; Los Azules advances to feasibility stage
Filed March 17, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 14, 2025 · ~2 min read
Key Changes
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Company returned to profitability with $34.4M net income in 2025 vs $43.7M loss in 2024, driven by gold averaging $3,431/oz (up 44%) and silver $39.99/oz (up 41%). Adjusted EBITDA more than doubled to $66.2M.
MD&A: Financial Performance verify on EDGAR → -
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Los Azules copper project completed feasibility study showing 4.7 billion pounds of proven/probable reserves, $2.9B after-tax NPV, and 19.8% IRR. Project secured Argentina RIGI approval with 30-year fiscal stability and 10% corporate tax reduction.
Business & MD&A: Los Azules verify on EDGAR → -
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Raised $110M via 5.25% convertible notes due 2030 with capped call limiting dilution; working capital improved from negative $6.5M to positive $44.1M. Credit facility reduced from $40M to $20M principal.
MD&A & Notes: Financing verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify