Goliath Intersects Several High-Grade Holes Including 19.13 g/t Au Over 6.10 Meters, Drilling Significantly Expands Extent Of Gold Mineralization In All 5 Main Zones That Remain Open
McEwen Scales Grey Fox Indicated Resource by 23% as Los Azules RIGI Approval Derisks Massive Copper Option
The most recent news (January 20, 2026) reports a significant resource update for the Grey Fox Project within the Fox Complex in Timmins, Ontario. Indicated resources increased by 23% compared to 2024, now totaling 1.9 million gold ounces at an average grade of 3.02 g/t. Inferred resources stand at 436,000 ounces at 2.66 g/t. The company utilized a gold price assumption of $3,000/oz for the estimate. Simultaneously, strategic investment partner Goliath Resources (in which McEwen Inc. holds a ~5.4% stake) reported high-grade intercepts at its Surebet discovery, including 19.13 g/t Au over 6.10 meters, suggesting additional NAV value through McEwen's equity portfolio.
- Resource Growth: The 23% increase in Indicated ounces at Grey Fox is a material de-risking event for the Fox Complex. It provides the necessary scale to support the company's objective of doubling production by 2030. However, the use of a $3,000 gold price for resource calculation is aggressive compared to industry peers who typically use more conservative long-term averages.
- Project Pipeline: The scheduling of a Pre-Feasibility Study (PFS) for Grey Fox in Q2 2026 establishes a clear timeline for the project's transition from exploration to development.
- Portfolio Valuation: Strong drill results from Goliath Resources enhance the value of McEwen’s marketable securities ($24.1M as of Q3 2025), providing a buffer to the balance sheet.
- Operational Pivot: Historical news from 2025 shows a difficult Q1 and Q3 with production misses at Gold Bar and Fox. The recent resource growth suggests management is successfully shifting focus toward higher-quality, long-term assets to offset short-term variability at the aging Froome mine.
McEwen Inc. is a gold and silver producer with a significant copper development asset. - Flagship Project (Gold): The Fox Complex in Timmins, Canada. It currently relies on the Froome mine but is transitioning to the Stock mine (2026) and Grey Fox (PFS 2026). - Flagship Project (Copper): Los Azules in San Juan, Argentina. Held through McEwen Copper (46.4% ownership). It is one of the world's largest undeveloped copper deposits with a $2.9B after-tax NPV8%. - Other Assets: Gold Bar Mine (Nevada) and a 49% interest in the San José Mine (Argentina).