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 at a gold price of $3,000 per ounce. This represents a 23% increase in indicated resources compared to the year-end 2024 estimate, reflecting continued exploration success and project optimization.
The resource estimate incorporates both underground and open-pit mining scenarios, setting the stage for a pre-feasibility study scheduled for completion in Q2 2026. The study is expected to further define the project's economic viability and development pathway. According to the company, the increase in resources highlights potential for further growth through the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts.
McEwen emphasized that Grey Fox is expected to play a key role in the company's objective of doubling production by 2030. The Fox Complex is transitioning into a long-life mining operation, with Grey Fox contributing to this strategy. The company also noted that the updated resource estimate strengthens the project's foundation for future development.
In addition to the Grey Fox results, McEwen highlighted its broader asset portfolio. The company holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina. The Los Azules project is designed to be one of the world's first regenerative copper mines and aims for carbon neutrality by 2038. The feasibility study results for Los Azules 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 stated objective is to build MUX's profitability, share value, and eventually implement a dividend policy, as he did while building Goldcorp Inc.
McEwen shares trade on both the NYSE and TSX under the ticker MUX. The company provides shareholders with exposure to a growing base of gold and silver production in addition to the large copper development project, all in the Americas. The gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district in Ontario, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also considering reactivating a gold and silver mine in Mexico.
The latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX.
