McEwen Inc. Amends 10-K to Include Strong Financials for 49% Owned Minera Santa Cruz S.A., Revealing $119M in Dividends
MUX sits 93% above its 52-week low of $8.95.
Summary
McEwen Inc. filed an amended annual report to include the strong financial results of its 49% owned subsidiary, Minera Santa Cruz S.A., which reported significant profit growth, a substantial cash position, and declared $119 million in dividends for early 2026.
Key Events · Financing and Capital Events · MUX
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Inclusion of Minera Santa Cruz S.A. Financials
McEwen Inc. filed an amended 10-K to include the financial statements of its 49% owned equity investee, Minera Santa Cruz S.A. (MSC), as required by SEC Rule 3-09.
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Strong Subsidiary Performance
MSC reported a net profit of $97.6 million for the year ended December 31, 2025, a significant increase from $35.8 million in 2024 and a turnaround from a loss in 2023. Revenue also grew substantially to $436.5 million in 2025.
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Significant Cash Position & Impairment Reversal
MSC's cash and cash equivalents surged to $149.1 million by year-end 2025. The company also recorded a $14.2 million impairment reversal on its mining assets due to higher gold and silver prices and a lower discount rate, indicating an improved outlook.
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Substantial Dividend Distributions
MSC approved and paid total dividends of $119 million to its shareholders in early 2026 ($17.8 million in February and $101.2 million in May), providing a significant cash inflow to McEwen Inc.
Analysis · MUX · Energy & Transportation
This amendment provides critical financial transparency for McEwen Inc.'s 49% equity stake in Minera Santa Cruz S.A. The disclosed financials reveal a highly profitable and cash-generative subsidiary, with net income nearly tripling in 2025 and a substantial increase in cash reserves. The $14.2 million impairment reversal on MSC's mining assets is a strong positive signal regarding the underlying value and future prospects of these operations, driven by favorable commodity prices. Crucially, the subsequent event disclosure of $119 million in dividend distributions from MSC to its shareholders in early 2026 represents a material cash inflow for McEwen Inc., significantly bolstering its financial position and demonstrating the tangible value of this investment. This filing paints a very positive picture for McEwen Inc.'s stake in MSC.
At the time of this filing, MUX was trading at $17.26 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1B. The 52-week trading range was $8.95 to $29.70. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.