Northwire Canada EditionThursday, November 12, 2026
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Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0% Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0%
Drill Results

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

By The Northwire Desk — AI Analysis Jan 20, 2026 · 06:20 MUX · 31.9 McEwen Inc.
Executive Summary

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.

Material Impact
  • 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.
MUX · Price
Company Overview

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).

Read the original news release →

More from McEwen Inc.

Nov 09, 2026 · 22:03

McEwen reports a third-quarter production and cost miss, with an October operational fix requiring verification to confirm the company's recovery trajectory.

Resource Estimate Nov 05, 2026 · 11:44

McEwen exercises Inventus warrants to increase its stake to 12.7 percent in the project.

M&A / Property Nov 05, 2026 · 06:05

McEwen’s high-grade exploration upside is offset by near-term execution risks at its projects.

Drill Results Oct 30, 2026 · 06:30

McEwen monetizes assets to fund growth capex while execution risks persist at the Gold Bar project.

Financings Oct 09, 2026 · 09:00

McEwen uses asset monetization to fund Fox Complex growth, though share-heavy consideration introduces dilution risk.

M&A / Property Oct 07, 2026 · 06:07

McEwen reports high-grade exploration upside at Goliath, offsetting Gold Bar execution hiccups while maintaining a fortress-like balance sheet.

Drill Results