Goliath Reports 10 High-Grade Holes Up To 7.28 g/t Au Over 8.00 Meters Within 5.85 g/t Au Over 10.00 Meters In RIRG Dyke (417m - 427m downhole and 500m Above Valley Floor) At The 1.8 Km2 Surebet Discovery That Remains Open, Golddigger Property, Golden Tri
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The most recent news, dated December 2, 2025, reports additional assay results from Goliath Resources Limited's 2025 drill program at its 100% controlled Surebet Discovery on the Golddigger Property in British Columbia's Golden Triangle. Goliath Resources is a company in which McEwen Inc. (MUX) holds a strategic investment.
Highlights from Goliath's drilling include: - 10 high-grade holes with intercepts such as 7.28 g/t Au over 8.00 meters within 5.85 g/t Au over 10.00 meters in an Eocene-aged RIRG Dyke (GD-25-383). - Other significant intercepts include 15.13 g/t Au over 3.00 meters (GD-25-311, Bonanza Zone) and 5.66 g/t Au over 5.05 meters (GD-25-370, Bonanza Zone). - Goliath has completed 64,364 meters of drilling across 110 holes in 2025, exceeding the planned 40,000 meters. - 100% of holes intersected quartz-sulphide mineralization, and 76% of 2025 holes contain visible gold (VG-NE). - Assays are pending for 70 holes, with 55 of them containing visible gold. - The Surebet discovery area remains open, spanning 1.8 km². - Quotes from Dr. Quinton Hennigh and Goliath's CEO Roger Rosmus emphasize the consistency, scale, high grades, and expanding nature of the lode system, with potential for bulk mining.
This news is directly from Goliath Resources Limited, not McEwen Inc.'s own operations. McEwen Inc. holds approximately 3.7% of Goliath Resources (as per March 10, 2025 news). While the drilling results for Goliath are unequivocally positive, demonstrating consistent high-grade gold intersections and expansion of the Surebet system, the direct material impact on McEwen Inc. is limited given its minority equity stake.
For McEwen Inc., this represents a positive development in its investment portfolio. The continued exploration success at Surebet likely increases the intrinsic value of McEwen's stake in Goliath. However, McEwen Inc.'s primary focus remains on its producing gold and silver mines (Fox Complex, Gold Bar, San José) and the Los Azules copper development. These operational and major development projects have a much larger and more direct impact on McEwen Inc.'s financial performance and valuation.
The latest Q3 2025 results for McEwen Inc. (November 6, 2025) reported operational challenges, production below guidance, and higher costs, leading to a net loss. While positive news from an investee is welcome, it does not fundamentally alter the near-term operational challenges McEwen Inc. is facing or its larger strategic priorities, such as the major capital requirements for Los Azules or the ramp-up of Stock Mine.
Therefore, this news is assessed as "Routine - Positive" for McEwen Inc. It confirms the ongoing positive trajectory of one of its investments but does not represent a significant, game-changing event for McEwen Inc. itself. It is in line with the repeated positive exploration updates from Goliath that McEwen has benefited from indirectly as an investor.
McEwen Inc. (formerly McEwen Mining Inc.) is a gold and silver producer with a significant, large-scale copper development project. Its strategy is to combine gold and silver production with a massive copper deposit and exploration upside.
Flagship Projects: 1. Los Azules Copper Project (Argentina): This is McEwen Inc.'s most significant development asset, with a 46.4% ownership stake through its subsidiary, McEwen Copper Inc. A Feasibility Study (October 7, 2025) confirmed robust economics, including a $2.9 billion after-tax NPV(8%) and a 19.8% after-tax IRR, based on a copper price of $4.35/lb. The project aims to produce 204,800 tonnes of pure copper cathodes annually in its first five years. It has received key regulatory approvals, including the Environmental Impact Assessment (EIA) and acceptance into Argentina's Large Investment Incentive Regime (RIGI), offering significant legal, fiscal, and customs stability for 30 years. The project emphasizes strong ESG performance, targeting carbon neutrality by 2038 and significantly lower water consumption. Construction is targeted for late 2026/early 2027, subject to financing, with first copper production in 2030. McEwen is exploring an IPO for McEwen Copper to fund this project. 2. Fox Complex (Timmins, Ontario, Canada): A 100%-owned gold producing asset. It includes the Grey Fox deposit, which saw a significant increase in its indicated (32% to 1.54M oz Au) and inferred (95% to 458K oz Au) resources as of December 31, 2024. The Stock Mine, also part of the Fox Complex, is undergoing ramp system construction to access lower-cost gold production, with commercial production anticipated by mid-2026. The goal is to increase annual gold production at the Fox Complex to 60,000 ounces by 2027 and potentially 120,000-150,000 ounces by 2030. 3. Gold Bar Mine Complex (Nevada, USA): A 100%-owned gold producing operation. Exploration drilling at the Windfall project within the complex (acquired via Timberline Resources in August 2024) has shown promising near-surface oxide gold mineralization. The company aims to extend the mine life beyond 2029 and advance Windfall and Lookout Mountain towards production decisions. 4. San José Mine (Argentina): A 49%-owned joint venture gold and silver producing mine. It contributes significantly to McEwen Inc.'s attributable production.