McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has released its year-end 2025 mineral resource estimate for the Grey Fox Project, part of the Fox Complex in Timmins, Ontario. The updated estimate reports 1.9 million indicated gold ounces and 436,000 inferred gold ounces, calculated using a gold price of $3,000 per ounce. This represents a 23% increase in indicated resources compared with the year-end 2024 estimate, driven by new drilling and updated geologic modeling.
The Grey Fox resource estimate incorporates both underground and open-pit mining scenarios, positioning the project for a pre-feasibility study scheduled for completion in the second quarter of 2026. McEwen highlighted that the resource growth potential remains strong, supported by the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts. The company expects Grey Fox to play a key role in its objective of doubling production by 2030 as the Fox Complex transitions into a long-life mining operation.
McEwen Mining is focused on building a portfolio of gold, silver, and copper assets in the Americas. The company’s gold and silver operations are located in prolific mining regions, including the Cortez Trend in Nevada, the Timmins district in Ontario, and the Deseado Massif in Argentina. McEwen is also considering reactivating a gold and silver mine in Mexico. Additionally, the company holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper project in Argentina. The Los Azules project is designed to be one of the world’s first regenerative copper mines and aims to achieve carbon neutrality by 2038. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.
Chairman and Chief Owner Rob McEwen has invested over US$200 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value, and eventually implement a dividend policy, as he did while building Goldcorp Inc.
For more details on the Grey Fox resource estimate, see the full press release at https://ibn.fm/Bc8Na. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
