McEwen Inc. (NYSE: MUX) (TSX: MUX) has released its year-end 2025 mineral resource estimate for the Grey Fox Project within the Fox Complex in Timmins, Ontario, reporting 1.9 million indicated gold ounces and 436,000 inferred gold ounces. The estimate was calculated using a gold price of $3,000 per ounce and reflects a 23% increase in indicated resources compared to the year-end 2024 figures. This substantial growth underscores the project's expanding economic potential and its strategic importance within McEwen's broader portfolio.
The updated resource estimate incorporates evaluations for both underground and open-pit mining scenarios. This technical work precedes a pre-feasibility study scheduled for the second quarter of 2026. The company highlighted several factors with potential to drive further resource growth, including the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts. According to the company, Grey Fox is expected to play a key role in its objective of doubling production by 2030 as the Fox Complex transitions into a long-life mining operation.
McEwen's broader corporate strategy involves providing shareholders with exposure to a growing base of gold and silver production in the Americas, alongside a significant copper development project. The company holds a 46.4% interest in McEwen Copper, which owns the advanced-stage Los Azules copper development project in Argentina. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million. Details on the Los Azules project were announced in a press release dated October 7, 2025.
The implications of the updated Grey Fox resource are significant for the mining industry and investors. A 23% year-over-year increase in indicated ounces at a major project demonstrates successful exploration and resource definition, which can enhance project economics and attract further investment. For McEwen, this progress directly supports its stated production growth target, potentially improving its market valuation and operational profile. The focus on the Fox Complex as a long-life operation also suggests future stability in cash flow generation from the region.
Chairman and Chief Owner Rob McEwen, who has invested over US$200 million personally in the company, aligns his interests with shareholders by taking a symbolic annual salary of $1. His stated objective is to build the company's profitability and share value, with an eventual goal of implementing a dividend policy. The latest resource update from Grey Fox represents a concrete step toward that objective by adding substantial, high-confidence ounces to the company's asset base. The full press release containing the resource details is available for review.
