McEwen Inc. MUX announced that it has received a $49.4 million dividend from Argentina’s San José Mine, pushing the total 2026 dividends from the mine to $58.2 million. The mine has already surpassed McEwen’s initial annual expectation of $40-$50 million.
The company expects its 49% interest in the San José mine to yield 59,000-64,000 GEOs in 2026 with AISC remaining within $2,300-$2,500 per GEO. McEwen is aiming to double its output to reach 250,000 to 300,000 GEOs by 2030, with several key deliverables expected over the next few months.
Along with a significant increase in production over the next few years, McEwen plans to improve the quality and durability of its operations. Assuming metal prices remain steady, the company expects its existing assets to generate enough cash to self-fund most of the expansion.
McEwen Continues to Strengthen Its Balance Sheet
The dividend received from San José Mine will help the company further boost its balance sheet.
McEwen ended the first quarter of 2026 with cash and cash equivalents of $56.5 million, up from $51 million reported at the end of 2025. The company held $13.5 million in marketable securities at the end of March 31, 2026. MUX currently holds $130 million in total debt, which includes $110 million in long-term convertible notes due in 2030, alongside a $20 million term loan.
MUX’s Q1 Performance
McEwen came out with first-quarter earnings of 47 cents per share, beating the Zacks Consensus Estimate of 32 cents. The company posted a loss of 12 cents per share in the year-ago quarter. McEwen posted revenues of $74 million for the quarter ended March 2026, missing the Zacks Consensus Estimate of $80 million. The top line improved from $36 million reported in the year-ago quarter.
McEwen Stock Price Performance
Shares of the company have surged 172.6% in the past year compared with the industry’s 54.6% growth.
Zacks Investment Research
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MUX’s Zacks Rank & Stocks to Consider
McEwen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Albemarle Corporation ALB, Air Products and Chemicals, Inc. APD and Avino Silver & Gold Mines Ltd. ASM. ALB sports a Zacks Rank #1 (Strong Buy) at present, while APD and ASM carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 203.1% so far this year.