McEwen to Boost Gold Production Up to 140% by 2030

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

McEwen expects gold production to reach between 250,000 and 300,000 GEO by 2030, with the development of several assets in Canada, the U.S., and Mexico. The company expects announce a final investment decision on its Los Azules copper project in Argentina by year-end.

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Looking to a Golden Age

In its first-quarter earnings report, McEwen Mining Incorporated detailed plans to grow its gold production from between 114,000 and 126,000 gold equivalent ounces (GOE) in 2026, to between 250,000 and 300,000 GOE by 2030, a targeted increase of 140%.

According to Industrial Info Resources data, McEwen owns 18 projects worldwide, totalling investments of nearly US$3 billion. During the first quarter, the Canadian miner reported gold production of 30,471 GOE, considerably higher than the 24,132 GOE recorded in first-quarter 2025.

The stronger performance was driven by production from El Gallo Mine in Mexico and a 33% year-over-year increase in production from the San Jose Mine in Argentina, resulting from higher plant capacity and mining rates.

For more information on these mines, the Industrial Info Resources Global Market Intelligence (GMI) Metals & Minerals Plant Database offers details--including capacities, related projects and necessary equipment--in detailed profiles of El Gallo and San Jose.

McEwen expects its production to continue growing through 2030 to 300,000 GOE per year as it gradually brings multiple projects online in Canada, the U.S. and Mexico.

Most of the growth will come from its Canadian projects, which stand at less than 20,000 GOE this year and are targeted to reach 105,000 to 120,000 GOE by 2030, driven by the development of the Fox Complex in Ontario and the Tartan Mine in Manitoba.

Readers can learn more from detailed plant profiles for the Fox and Tartan mines.

Meanwhile, in the U.S., the company expects to increase production from close to 40,000 GOE per year in 2026 to between 90,000 and 110,000 GOE by 2030, as new projects gradually are brought online and ramp up.

In Mexico, McEwen is advancing El Gallo Phase I, where detailed engineering is well advanced and mill construction is expected to begin early in the third quarter. The company targets initial production in mid-2027, with about 20,000 GOE annually after commercial production is achieved.

Readers can learn more about the El Gallo project from a detailed plant profile Fox and project report.

However, the biggest of McEwen's projects is the Los Azules copper project in Argentina. During the first quarter, the McEwen invested US$16.5 million to advance on detailed engineering. Last year, the project was approved under Argentina's Incentive Regime for Large Investments (RIGI), which grants fiscal and legal benefits to major infrastructure developments.

Readers can learn more about Los Azules from a detailed plant profile and a related list of project reports.

McEwen expects to announce a final investment decision on Los Azules by year-end, with construction targeted to commence in 2027 and production in 2030. The mine could produce 148,000 tonnes of copper cathodes per year with a life of mine of 21 years.

Additionally, this year, the company has set aside US$22.2 million for exploration.

Financial Results

During the first quarter, McEwen recorded a net income of US$33.4 million, compared to a net loss of US$6.3 million in first-quarter 2025. This was attributed to increased gold production and higher market prices.

McEwen's adjusted EBITDA in first-quarter 2026 reached US$44.8 million, up from US$8.7 million last year.

Key takeaways

• McEwen expects its gold production to increase by 140% by 2030.
• The company produced 30,471 GOE of gold in first-quarter 2026.
• Stronger production and high gold prices led to a net income of US$33.4 million in the first quarter.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).