McEwen Inc. (NYSE: MUX) (TSX: MUX) has reported a substantial increase in mineral resources at its Grey Fox Project in Timmins, Ontario, with the year-end 2025 estimate showing 1.9 million indicated gold ounces and 436,000 inferred gold ounces. The calculation was made using a gold price of $3,000 per ounce, representing a 23% growth in indicated resources compared to the previous year-end 2024 estimate. This development is significant as it strengthens the resource base for the Fox Complex at a time when the company aims to double its production by 2030.
The updated mineral resource estimate incorporates both underground and open-pit mining scenarios ahead of a pre-feasibility study scheduled for the second quarter of 2026. According to the company, the Grey Fox Project is expected to play a key role in transitioning the Fox Complex into a long-life mining operation. The resource estimate also highlights potential for further growth through several factors, including the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts.
McEwen's broader portfolio includes exposure to gold and silver production across multiple regions in the Americas, including the Cortez Trend in Nevada, the Timmins district of Ontario, and the Deseado Massif in Santa Cruz province, Argentina. The company is also considering reactivating a gold and silver mine in Mexico. Additionally, McEwen holds a 46.4% interest in McEwen Copper, which owns the 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.
The Los Azules copper project is designed to be one of the world's first regenerative copper mines and aims to achieve carbon neutrality by 2038. Feasibility Study results for this project were announced in a press release dated October 7, 2025. Chairman and Chief Owner Rob McEwen, who has invested over US$200 million personally and takes a symbolic salary of $1 per year, has stated his objective to build the company's profitability, share value, and eventually implement a dividend policy. His previous success includes building Goldcorp Inc., where he implemented similar strategies.
For investors seeking additional information, the latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX. The announcement was disseminated through MiningNewsWire, a specialized communications platform focused on developments in the global mining and resources sectors, which is part of the Dynamic Brand Portfolio at IBN that provides various distribution and corporate communications solutions.
