McEwen Inc. (NYSE: MUX) (TSX: MUX) announced positive results from the Pre-Feasibility Study for its wholly owned Grey Fox Project near Timmins, Ontario, highlighting the project's potential to significantly increase production at the Fox Complex and extend mine life through 2041. The study, detailed in a press release, outlines a path for the Fox Complex to reach approximately 100,000 ounces of gold production in 2029 and average 87,000 ounces annually from 2028 through 2041, positioning Grey Fox as a key growth driver.
The PFS estimates initial capital expenditures of $181 million and demonstrates strong project economics. At a gold price of $3,000 per ounce, the project shows a post-tax net present value of $282 million and a 25% internal rate of return. At $4,500 per ounce, post-tax NPV increases to $841 million with a 55% IRR and a 2.3-year payback period. Management noted that current precious metals prices are expected to generate sufficient cash flow to largely fund development internally while leveraging existing Fox Complex infrastructure, including the Stock Mill, tailings facilities and workforce.
The Grey Fox Project is part of McEwen's broader strategy to increase total annual production to 250,000-300,000 gold equivalent ounces by 2030. The company's portfolio includes gold and silver mines in Nevada, Ontario, Manitoba, and Argentina, as well as a 46.3% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina. The Los Azules project, designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, recently announced its Feasibility Study results on October 7, 2025.
McEwen also holds a 27.3% stake in Paragon Advanced Labs Inc., a company deploying PhotonAssay units globally. Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. The company's shares trade on both the NYSE and TSX under the ticker MUX.
For more details, the full press release is available at https://ibn.fm/u0vpq. Additional updates and news relating to MUX can be found in the company's newsroom at https://ibn.fm/MUX.
