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. According to the study, 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 (NPV) of $282 million and a 25% internal rate of return (IRR) 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 noted that 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 Project is part of McEwen’s broader strategy to grow its gold and silver production base. The company also holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million (US$7.67 per share). The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in a press release dated October 7, 2025.
Additionally, McEwen recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world, a technology that the company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.
The company’s shares trade on both the NYSE and TSX under the ticker MUX. Chairman and Chief Owner Rob McEwen has invested over US$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.
For more information, the full press release is available at https://ibn.fm/u0vpq. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
