McEwen swings to $33M profit on gold rally; remediates control weakness, adds $240M copper loan

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Q1/26 net income of $33.4M vs Q1/25 net loss of $6.3M, driven by 71% higher realized gold price ($4,792/oz vs $2,803/oz), 26% production increase, and $38.4M swing in equity method income from MSC and McEwen Copper.

  MD&A: Financial Results verify on EDGAR →
• high

  McEwen Copper secured $240M loan facility at 12% interest to fund Los Azules toward final investment decision and potential IPO; company contributed $13.6M and received warrants at $40/share.

  MD&A: McEwen Copper Financing verify on EDGAR →
• high

  Material weakness in internal controls over income taxes remediated; disclosure controls now effective as of March 31, 2026 after year-long redesign and testing process.

  Controls and Procedures verify on EDGAR →