Northwire Canada EditionFriday, July 10, 2026
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Pre-Feasibility Study for Grey Fox at Fox Complex - High Returns, Manageable Capital, Mine Life Extended to 2041

McEwen’s Grey Fox PFS extends mine life by 15 years, delivering a $429 million NPV and a blueprint for 250-300 koz/yr production.

By The Northwire Desk — AI Analysis Jun 08, 2026 · 06:00 MUX · 25.47 McEwen Inc.
Executive Summary
  • McEwen released a Pre-Feasibility Study for the 100%-owned Grey Fox Project within the Fox Complex in Ontario.
  • The PFS declares a maiden Probable Mineral Reserve of 980.3 koz at 3.24 g/t Au (9.4 Mt), representing ~40% of the total 1,986 koz Indicated resource.
  • Grey Fox extends Fox Complex mine life to 2041 and contributes ~43,000 oz Au annually from 2028-2035, rising to ~87,000 oz Au annually from 2035-2041.
  • Base-case economics at $3,000/oz Au: pre-tax NPV5% $429M, 31% IRR, 3.9-year payback; post-tax NPV $282M, 25% IRR. At $4,500/oz Au, pre-tax NPV jumps to $1.25B.
  • Initial capital is $181M, scheduled 2026-2029, and management asserts it will be self-funded from treasury and operating cash flow.
  • The project will use the existing Stock Mill, blending ore from Grey Fox with Stock Mine material, with an estimated 87.5% gold recovery.
  • A $5.0M 2026 exploration budget targets resource conversion and expansion; permitting amendments are underway with a 12-18 month target.
Material Impact
  • The PFS converts a large portion of the known resource into reserves and provides an economic blueprint, but it was widely signaled. The company had telegraphed the study’s timing and the asset’s role in the 2030 production target.
  • The $181M capital requirement is modest relative to the company's market cap and its own cash-generating ability, but self-funding depends on sustained high gold prices and no major operational missteps elsewhere (Stock ramp, San José dividends, Gold Bar).
  • The projected production profile and economics at $3,000 gold are robust, but with spot gold near $4,800, the implied margins are exceptional; the PFS largely confirms what the market already hoped.
  • No new financing, M&A, or transformative strategic signal accompanies the release. It is a positive, de-risking technical step, not a game-changing catalyst.
  • Overall, the release is positive and incremental, not likely to drive a major re-rating by itself.
MUX · Price
Company Overview
  • McEwen Inc. (MUX) owns and operates the Fox Complex (underground, Ontario), the Gold Bar Mine (open pit/leach, Nevada), and a 49% stake in the high-grade San José mine (Argentina).
  • A 46.3% interest in McEwen Copper gives exposure to the world-class Los Azules copper project, with a completed feasibility study (NPV $2.9B) and RIGI approval in Argentina.
  • Development assets include the Fenix (El Gallo) heap leach reprocessing project in Mexico and the Tartan Mine in Manitoba, acquired via the Canadian Gold merger.
  • The company’s 2030 target aims to double production to 250-300 Koz GEOs annually, driven by the ramp-up of existing mines and the addition of Grey Fox, Fenix, and ultimately Los Azules.
Read the original news release →

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