# McEwen's Q3 2026 loss widens to $36.7 million as it blames poor management oversight at its Nevada mine - Published: 2026-11-10 - Author: [CFO Drive](https://cfodrive.com/author/cfodrive-com.md) - Topics: [News](https://cfodrive.com/news.md) - About: [McEwen Inc.](https://www.mcewenmining.com/) - Based on: [McEwen Q3 Financial Results – Quarter of Transition](https://www.globenewswire.com/news-release/2026/11/10/3399131/37420/en/mcewen-q3-financial-results-quarter-of-transition.html), GlobeNewswire, 2026-11-10 - Based on: [McEwen Inc. Form 10-Q for the quarter ended September 30, 2026](https://www.sec.gov/Archives/edgar/data/314203/000110465926124571/mux-20260930x10q.htm), U.S. Securities and Exchange Commission (EDGAR), 2026-11-09 - Based on: [McEwen Inc. Form 8-K on the retirement of its Chief Operating Officer](https://www.sec.gov/Archives/edgar/data/314203/000110465926101630/tm2624008d1_8k.htm), U.S. Securities and Exchange Commission (EDGAR), 2026-08-26 - Source: https://cfodrive.com/news/mcewen-q3-2026-results-gold-bar-oversight/ - Publication: CFO Drive - Publisher: Connectively (Terkel, Inc.) - Editorial policy: https://cfodrive.com/editorial-policy/ McEwen's Q3 2026 results, released November 9, show a net loss of $36.7 million on revenue down 14%. The Toronto-based gold and silver miner says poor management oversight at its Gold Bar mine in Nevada drove part of the shortfall and led it to change its leadership team in late August. ## Key points - McEwen Inc. (NYSE/TSX: MUX) reported Q3 2026 revenue of $43.6 million from 10,689 gold equivalent ounces (GEOs) sold, against $50.5 million from 14,968 GEOs a year earlier. - Its average realized price was $4,151 per GEO, 19% above Q3 2025, so the revenue drop came from selling fewer ounces, not lower prices. - The net loss was $36.7 million, or $0.60 per share, against $0.5 million, or $0.01 per share, in Q3 2025; gross profit fell to $4.0 million from $7.8 million. - The company says Gold Bar's problems came from poor management oversight, and that new operating procedures cut its estimated all-in sustaining cost (AISC) to $2,873 per ounce in October from $3,520 in Q3. - In October McEwen sold its Fuller and Paymaster properties in Timmins for $55.0 million, of which $50.0 million was paid in Discovery Mining shares and $5.0 million in cash. ## Why did McEwen lose money in Q3 2026? Fewer ounces, higher costs and accounting items, in the company's telling. Gross margin shrank with lower gold production, and McEwen attributes most of the change in net income to three items: $8.1 million more spent on advanced projects and exploration, $7.3 million less in unrealized gains on marketable securities, and a $14.3 million difference in mostly non-cash income and mining tax expense. Each of its three producing operations had a different problem, according to the release: | Operation | What went wrong in Q3, per McEwen | What it reports since | |---|---|---| | Gold Bar Complex, Nevada | Production issues from Q2 continued; the company cites poor management oversight | Average daily gold output of 108 ounces in October (estimated), against 68 in Q3 | | Fox Complex, Timmins | Costs rose from finishing all remaining development at Froome and processing a low-grade stockpile | October cash cost of $2,531 and AISC of $2,618 per GEO expected, against $2,911 and $3,725 in Q3 | | San José, Argentina (49% owned) | Record snowfall pushed the plant to lower-grade ore with lower recoveries | Better results expected in Q4; inflation and a strong peso still weigh on unit costs | ## What does McEwen say happened at Gold Bar? McEwen says production fell short because of poor management oversight, and that this was why it changed its leadership team in late August. From mid-August it brought in new operating procedures: more definition drilling in the pit, more gold recovery test work and new grade control. Because heap-leached ore takes 45 to 60 days to yield gold doré, the company says the effect showed only from late Q3. The release does not name who left. The only executive change McEwen reported on Form 8-K in that window was the [retirement of Chief Operating Officer William Shaver](https://www.sec.gov/Archives/edgar/data/314203/000110465926101630/tm2624008d1_8k.htm) on August 24, 2026, which the filing said was not the result of any disagreement with the company. The release does not say whether that is the change it means. ## Can Gold Bar still meet its 2026 guidance? McEwen reaffirmed Gold Bar guidance of 30,000 to 33,000 GEOs at an AISC of $2,900 to $3,200 for 2026. Its [Form 10-Q](https://www.sec.gov/Archives/edgar/data/314203/000110465926124571/mux-20260930x10q.htm) shows Gold Bar produced 19,941 GEOs in the first nine months, so the mine needs roughly 10,100 to 13,100 GEOs in the fourth quarter. October's 3,353 GEOs, if repeated for three months, would land near the bottom of that range. Company-wide, McEwen kept full-year production guidance of 109,000 to 120,000 GEOs, including its 49% share of San José. ## What does the release leave out? It gives no figure for the cost of the Gold Bar problems, and no name or role for the leaders it replaced. It counts $50.0 million of Discovery Mining shares in its "good financial position" without saying whether they can be sold freely or how a fall in Discovery's price would affect it. The October cost and production figures for Gold Bar and Fox are estimates, not reviewed results, and the San José figures come from the mine's operator and are unaudited, as McEwen notes. ## What should finance leaders take from it? Our analysis: McEwen's release is a case study in explaining a miss. It names a cause, says what changed and gives a monthly data point after the quarter to show the fix working, which is the pattern finance leaders use to [keep credibility when the outlook changes](https://cfodrive.com/qa/earn-credibility-in-investor-updates-when-the-outlook-changes/). The gap is that the August filing and the November release describe the same period in different terms, one as a retirement without disagreement and the other as a leadership change prompted by poor oversight, and readers are left to connect them. [Clear accountability](https://cfodrive.com/qa/how-finance-leaders-build-accountability-without-slowing-decisions/) in disclosures means the two documents should be easy to reconcile. The asset sale is the other lesson. Most of the $55.0 million price arrived as another miner's stock, so the liquidity it adds depends on that share price and on any lock-up, neither of which the release gives. Treating such consideration apart from cash keeps a balance-sheet summary honest. ## Frequently asked questions ### What were McEwen's Q3 2026 results? McEwen reported revenue of $43.6 million, gross profit of $4.0 million and a net loss of $36.7 million, or $0.60 per share, for the quarter ended September 30, 2026. ### Why did McEwen's revenue fall in Q3 2026? It sold 10,689 GEOs against 14,968 a year earlier. A 19% higher realized price of $4,151 per GEO did not make up for the lower volume. ### What happened at McEwen's Gold Bar mine? McEwen says production issues from Q2 continued into Q3 because of poor management oversight, which led it to change its leadership team in late August and introduce new drilling, recovery testing and grade control procedures. ### How much cash does McEwen have? McEwen ended Q3 with $49.1 million in cash and $10.4 million in marketable securities, plus $50.0 million in Discovery Mining shares and $5.0 million in cash received after the quarter. Its debt principal was $130.0 million. ### What is McEwen's 2026 production guidance? McEwen kept full-year guidance of 109,000 to 120,000 GEOs, including its 49% share of the San José mine, with Gold Bar expected to produce 30,000 to 33,000 GEOs. ## Sources - [McEwen Q3 Financial Results – Quarter of Transition](https://www.globenewswire.com/news-release/2026/11/10/3399131/37420/en/mcewen-q3-financial-results-quarter-of-transition.html): press release from McEwen via GlobeNewswire, 9 November 2026. - [McEwen Inc. Form 10-Q for the quarter ended September 30, 2026](https://www.sec.gov/Archives/edgar/data/314203/000110465926124571/mux-20260930x10q.htm): the company's quarterly report filed with the SEC on 9 November 2026, with Gold Bar's nine-month production. - [McEwen Inc. Form 8-K on the retirement of its Chief Operating Officer](https://www.sec.gov/Archives/edgar/data/314203/000110465926101630/tm2624008d1_8k.htm): the company's current report filed with the SEC on 26 August 2026.