McEwen Inc. (NYSE: MUX) (TSX: MUX) announced positive results from the Pre-Feasibility Study (PFS) for its wholly owned Grey Fox Project near Timmins, Ontario, highlighting the project’s potential to significantly increase production at the Fox Complex and extend mine life through 2041. With Grey Fox contributing to production, the Fox Complex is projected to reach approximately 100,000 ounces of gold production in 2029 and average 87,000 ounces annually from 2028 through 2041, supporting McEwen’s goal of increasing total annual production to 250,000-300,000 gold equivalent ounces by 2030.
The study estimates initial capital expenditures of $181 million and outlines strong project economics, including a post-tax net present value of $282 million and a 25% internal rate of return at a gold price of $3,000 per ounce. At a gold price of $4,500 per ounce, post-tax NPV increases to $841 million with a 55% IRR and a 2.3-year payback period. Management said current precious metals prices are expected to generate sufficient cash flow to largely fund development internally while leveraging existing Fox Complex infrastructure, including the Stock Mill, tailings facilities and workforce.
The Grey Fox PFS positions the project as a key growth driver for McEwen’s mining operations. The company already operates gold and silver mines in prolific regions including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico. Beyond gold and silver, McEwen holds a 46.3% interest in McEwen Copper, which owns the advanced-stage Los Azules copper development project in Argentina, designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. The Los Azules feasibility study results were announced in October 2025, and the implied value of McEwen’s ownership interest is $456 million.
Additionally, McEwen recently purchased 27.3% of Paragon Advanced Labs Inc., a company deploying PhotonAssay units globally, a technology poised to become the new industry standard for assaying precious and base metals. Chairman and Chief Owner Rob McEwen has invested over $250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
The implications of the Grey Fox PFS are significant for McEwen and the broader mining industry. For McEwen, the project provides a clear pathway to achieving its 2030 production target of 250,000-300,000 gold equivalent ounces annually, leveraging existing infrastructure to minimize capital outlay. For the industry, the study demonstrates that even in a higher-cost environment, projects with robust economics can be advanced, especially with gold prices above $3,000 per ounce. The Fox Complex’s extended life through 2041 also ensures long-term employment and economic benefits for the Timmins region.
For more details, the full press release is available at https://ibn.fm/u0vpq. Latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
