McEwen Inc. (NYSE: MUX) (TSX: MUX) has released its year-end 2025 mineral resource estimate for the Grey Fox Project, part of the Fox Complex in Timmins, Ontario. The updated estimate reports 1.9 million indicated gold ounces and 436,000 inferred gold ounces, calculated using a gold price of $3,000 per ounce. This represents a 23% increase in indicated resources compared to the year-end 2024 estimate, reflecting ongoing exploration success and resource growth.
The Grey Fox resource estimate incorporates both underground and open-pit mining scenarios, setting the stage for a pre-feasibility study scheduled for the second quarter of 2026. The study will evaluate the economic viability of developing Grey Fox as a long-life mining operation. McEwen highlighted that the project has potential for further resource growth through the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts.
The Grey Fox Project is expected to play a critical role in McEwen's objective of doubling production by 2030. As the Fox Complex transitions into a long-life mining operation, Grey Fox will contribute to the company's overall gold production growth strategy. The company's portfolio also includes the Gold Bar mine in Nevada, the San José mine in Argentina (49% interest), and a 46.4% interest in McEwen Copper, which owns the advanced-stage Los Azules copper project in Argentina. McEwen Copper's feasibility study results were announced in a press release dated October 7, 2025.
Chairman and Chief Owner Rob McEwen has invested over US$200 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 eventually implement a dividend policy, as he did while building Goldcorp Inc.
The updated mineral resource estimate underscores the company's focus on expanding its gold asset base in the Timmins district. The Grey Fox Project's proximity to existing infrastructure at the Fox Complex offers potential cost advantages and operational synergies. With the pre-feasibility study approaching, McEwen is positioning Grey Fox to become a cornerstone asset in its production growth plans.
