McEwen Mining plans to double its production to between 250 000 and 300 000 gold-equivalent ounces (GEOs) a year by 2030, while lowering costs and extending mine life across its portfolio.
Announcing its third-quarter results on Thursday, the miner said the Fox Complex in Ontario would contribute about 50% of the production growth, followed by the Gold Bar Mine Complex in Nevada at 30% and El Gallo in Mexico at 20%. The recently acquired Tartan mine in Manitoba is excluded from this forecast.
“We achieved significant strategic progress. We advanced all sites toward our 2030 goal of 250 000 to 300 000 ounces of annual gold production,” said CEO and chief owner Rob McEwen. “These milestones bring our world-class copper and gold assets closer to construction and production.”
The company acknowledged operational challenges during the quarter that led to production below guidance and higher-than-expected costs, particularly at its Nevada and Timmins operations. The miner stated that corrective measures were being implemented, with improvements expected in the fourth quarter.
At the Fox Complex, underground development at the Stock mine remains on schedule, with first production targeted for mid-2026. The mine is expected to operate for at least six years, producing at lower costs than the Froome mine owing to reduced haulage and royalty expenses. Meanwhile, Grey Fox is on track to deliver an updated resource estimate in the fourth quarter and a prefeasibility study in the first half of 2026.
In Nevada, Gold Bar produced 8 191 GEOs in the quarter, below expectations, prompting a reduction in its yearly guidance to between 32 000 and 35 000 GEOs. McEwen said revised mine plans were already improving operational compliance.
At El Gallo, Phase 1 production (formerly Project Fenix) is slated for mid-2027, starting at 3 200 t/d throughput. The operation is expected to produce up to 20 000 GEOs a year over a ten-year life, with Phase 2 (El Gallo Silver) to follow pending permit approval.
McEwen also reported progress at the Los Azules copper project in Argentina, where detailed engineering is expected to begin ahead of construction in early 2027, subject to financing. The recently released feasibility study outlined a 21-year mine life, with the potential to extend operations by another 30 years through the application of Nuton leaching technology.
During the quarter, revenue fell 3% to $50.5-million on the sale of 14 968 GEOs, while adjusted earnings before interest, taxes, depreciation and amortisation increased 12% to $11.8-million. The company ended the period with $51.2-million in cash and working capital of $62.6-million.
McEwen’s full-year consolidated production guidance has been lowered to 112 000 to 123 000 GEOs, with higher cost ranges of $2 028/oz to $2 128/oz cash costs and $2 356/oz to $2 456/oz all-in sustaining costs.
Despite near-term challenges, McEwen said it remained focused on executing its growth plan and transforming into a larger, lower-cost producer over the next five years.