Goliath Significantly Expands Bonanza Zone By 750 Meters and Golden Gate Zone By 600 Meters On High-Grade Gold Surebet Discovery, Remains Open, Golden Triangle, B.C.

McEwen Inc. released a Pre-Feasibility Study (PFS) for its 100%-owned Grey Fox project within the Fox Complex. The study outlines probable mineral reserves of 9.4 Mt @ 3.24 g/t Au (980.3 koz), representing approximately 40% of the total Grey Fox resource. This development extends the mine life to 2041, adding 15 years to the Fox Complex.

Production is planned in two phases, delivering approximately 43,000 oz Au/yr from 2028 to 2035, followed by approximately 87,000 oz Au/yr from 2035 to 2041. The project requires an initial CAPEX of $181M, phased between 2026 and 2029, with sustaining CAPEX of $174M and closure costs of $7M.

Under a base case scenario with gold at $3,000/oz, the project shows a pre-tax NPV(5%) of $429M, an IRR of 31%, and a payback period of 3.9 years. The post-tax NPV is $282M with an IRR of 25%. In an enhanced case with gold at $4,500/oz, the pre-tax NPV rises to $1.25B with an IRR of 70%. Life-of-mine C1 cash costs are estimated at $1,833/oz, with an AISC of $2,212/oz.

Processing will utilize the existing Stock Mill, achieving 87.5% Au recovery, with ore hauled 35 km. Underground mining will employ longhole and cut-and-fill methods. Additionally, the company reported a maiden resource at the Stroud property of 1.9 Mt Inferred @ 2.80 g/t (168 koz). Construction is targeted for spring 2027, with commercial production expected in 2029.

McEwen Inc. (MUX) has released a Preliminary Feasibility Study (PFS) for its Fox Complex, a development that extends the life of the Grey Fox mine by 15 years and supports the company’s objective to double production to 250–300 koz/yr by 2030. The study projects a pre-tax net present value (NPV) of $429 million and an internal rate of return (IRR) of 31% at a gold price of $3,000/oz, figures that would be significantly higher at current spot prices of approximately $4,800/oz. The upfront capital expenditure is modest at $181 million, which the company states is largely self-fundable through existing cash flow and dividends from San José, thereby reducing dilution risk.

Following the June 8 release of the PFS, McEwen’s stock traded near $25 and subsequently softened. This muted market reaction may reflect that investors had already priced in positive expectations given earlier resource growth and company commentary, suggesting the news did not fully surprise the market to the upside.

McEwen Inc. (MUX) is a diversified gold, silver, and copper producer with operations across North and South America. Its primary assets include the Fox Complex in Timmins, Ontario, which encompasses the producing Froome mine, currently guided to produce 16,000 to 19,000 ounces of gold annually, and the Stock Mine, which is expected to begin initial production in the second half of 2026. The complex also includes the Grey Fox project, for which a preliminary feasibility study (PFS) has been completed, contributing to a total resource base exceeding 2.5 million ounces of gold.

In Nevada, the company operates the Gold Bar open-pit heap-leach facility, targeting annual production of 39,000 to 43,000 ounces of gold. Exploration upside remains at the Windfall, Lookout Mountain, and Unity Ridge sites. In Argentina, McEwen holds a 49% stake in the San José Mine, a high-grade underground silver-gold operation that generated $58.2 million in dividends in 2026.

In Mexico, the El Gallo/Fenix project has secured its Phase 1 heap-leach re-processing permit, with construction scheduled to begin in mid-2026 and the first pour expected in mid-2027. The company also holds a 46.3% interest in the Los Azules copper porphyry project in Argentina through McEwen Copper. A feasibility study has been completed for the world-class asset, which carries a net present value (NPV) of $2.9 billion at a copper price of $4.35 per pound. McEwen is seeking a final investment decision (FID) by the end of 2026.

Additionally, McEwen acquired the Tartan Mine in Manitoba in early 2026, which contains 309,000 ounces of indicated resources and presents restart potential. The company also holds a 31% stake in Paragon Geochemical, a developer of PhotonAssay technology. CEO Rob McEwen owns 14% of MUX.