2025 Year-End Resource Estimate - Grey Fox Project: +23% Indicated to 1.9 Million Gold Ounces; Inferred 436,000 Gold Ounces; Upcoming Prefeasibility Study in Q2 2026

Rhea-AI Summary

McEwen (NYSE: MUX) reported a 2025 Year-End Mineral Resource Estimate for the Grey Fox Project totaling 1.89M Indicated oz (19.47 Mt @ 3.02 g/t) and 436k Inferred oz (5.10 Mt @ 2.66 g/t) using US$3,000/oz. Indicated ounces rose +23% vs. 2024. The estimate uses combined open pit and underground shells with OP cut-off 0.4 g/t and UG cut-off 1.35 g/t; effective date 11-Jul-2025.

Near-term catalysts include a Q2 2026 Pre-Feasibility Study (PFS), potential early underground mining at Gibson and Whiskey Jack, validation and future incorporation of the adjacent Stroud historical ~270k oz resource, and a planned $5–$10M 2026 drill program.

Positive

• Indicated resource increased by +23% to 1,892,000 oz
• PFS scheduled for Q2 2026 to evaluate staged UG and OP development
• Gibson zone contains 393,000 Indicated oz near existing ramp and portal
• Whiskey Jack contains 122,000 Indicated oz at higher grade (5.16 g/t)
• Company budgeting $5–$10M drilling at Grey Fox in 2026

Negative

• Average grade declined ~17% in Indicated category versus 2024 (3.64 g/t to 3.02 g/t)
• Inferred ounces fell 5% to 436,000 oz compared with 2024
• Resource reported at a US$3,000/oz gold price and are not Mineral Reserves (no demonstrated economic viability)
• Open pit inclusion and lower cut-offs reduced overall reported grades

News Market Reaction – MUX

+7.27%

7 alerts

+7.27% News Effect

+7.3% Peak in 24 hr

+$91M Valuation Impact

$1.34B Market Cap

1.2x Rel. Volume

On the day this news was published, MUX gained 7.27%, reflecting a notable positive market reaction. Argus tracked a peak move of +7.3% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $91M to the company's valuation, bringing the market cap to $1.34B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Indicated resource: 1.9 million gold ounces Inferred resource: 436,000 gold ounces Indicated increase: +23% +5 more

8 metrics

Indicated resource 1.9 million gold ounces Grey Fox 2025 Year-End Mineral Resource Estimate

Inferred resource 436,000 gold ounces Grey Fox 2025 Year-End Mineral Resource Estimate

Indicated increase +23% 2025 Indicated resource vs Year-End 2024 at Grey Fox

Drilling budget 2026 $5 to $10 million Planned Grey Fox drilling program in 2026

High-grade intercept 10.1 gpt gold over 5.8 meters Drillhole 25GF-1597, received after 2025 resource cut-off

OP Indicated ounces 404,000 oz gold Open pit Indicated resource at Grey Fox, cut-off 0.4 g/t Au

Stroud historical resource approximately 270,000 gold ounces Historical, non–NI 43-101 compliant estimate adjacent to Grey Fox

Effective date 11 July 2025 Effective date of Grey Fox 2025 Mineral Resource Estimate

Market Reality Check

Price: $24.20 Vol: Volume 1,311,376 is close...

normal vol

$24.20 Last Close

Volume Volume 1,311,376 is close to 20-day average 1,292,891, indicating typical trading activity ahead of this update. normal

Technical Price 22.83 is trading above the 200-day MA at 13.43, reflecting a pre-news uptrend.

Peers on Argus

MUX gained 2.19% while peers were mixed: ASM +7.81%, USAS +5.85%, ITRG +1.97%, M...

MUX gained 2.19% while peers were mixed: ASM +7.81%, USAS +5.85%, ITRG +1.97%, MTA +0.12%, SLSR -1.78%, suggesting a stock-specific move rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Jan 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 13	Exploration update	Positive	-0.1%	Strong Tartan Mine drill results to support upcoming resource estimate and growth plans.
Jan 06	M&A completion	Positive	+5.0%	Closing of Canadian Gold arrangement and share-exchange structure for CEO holdings.
Dec 16	Permitting milestone	Positive	+1.8%	Key permit extension enabling El Gallo mill construction and initial production timeline.
Dec 08	Exploration results	Positive	-3.2%	Strong 2025 exploration at Gold Bar targeting mine life extension and higher output.
Dec 04	Exploration results	Positive	-0.4%	High‑grade Froome West drill results pointing to potential mine life extension at Fox.

Pattern Detected

Recent positive operational news often saw muted or mixed immediate price responses, with both aligned and divergent moves.

Recent Company History

This announcement adds another step in McEwen’s Fox Complex build-out, following recent drilling success at the newly acquired Tartan Mine (Jan 13, 2026) and completion of the Canadian Gold arrangement (Jan 5, 2026). Earlier, the company secured a key permit extension for El Gallo (Dec 23, 2025 8-K) and highlighted successful exploration at Gold Bar and Froome West in December 2025. The new Grey Fox resource growth and upcoming Q2 2026 PFS fit into a pattern of advancing multiple assets toward McEwen’s stated production growth goals.

Market Pulse Summary

The stock moved +7.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +7.3% in the session following this news. A strong positive reaction aligns with the clear growth in Grey Fox resources, including 1.9 million Indicated ounces and a +23% increase versus 2024. The stock had already been trading above its 200-day MA, so enthusiasm fit an existing uptrend. However, prior news sometimes saw divergences between positive drilling or permitting updates and price moves, indicating sentiment can shift quickly as investors digest capital needs for the planned Q2 2026 PFS and future development.

Key Terms

mineral resource estimate, indicated resources, inferred resources, cut-off grade, +4 more

8 terms

mineral resource estimate technical

"report its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

indicated resources technical

"Indicated Resources: 1,892,000 gold ounces (19,474,000 tonnes @ 3.02 gpt gold)"

Indicated resources are quantities of a mineral deposit estimated with a reasonable level of geological confidence based on systematic sampling and analysis; they sit between rough guesses and fully proven amounts. Investors care because these estimates give a clearer sense of how much extractable material a project might contain and help assess potential value, while still requiring more work (drilling, testing) before the amounts can be treated as almost certain.

inferred resources technical

"Inferred Resources: 436,000 gold ounces (5,101,000 tonnes @ 2.66 gpt gold)"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

cut-off grade technical

"Open Pit (OP): Cut-off Grade 0.4 g/t Au"

The cut-off grade is the minimum concentration of a mineral in rock that makes extraction and processing economically worthwhile; material below that level is treated as waste. It sets the boundary between ore and waste and directly affects reported reserves, projected mine life, and expected profits. Think of it like deciding which fruit on a tree is worth picking after accounting for the time and cost to harvest — raising or lowering that threshold can change how much “good” product a project appears to have.

g/t technical

"Quantity ('000 t) | Gold Grade (g/t) | Contained Gold (oz)"

g/t stands for grams per tonne, a measure of how many grams of a metal—most often gold or other precious metals—are contained in one metric tonne of rock or ore. Investors use it to judge how “rich” a mineral deposit is: higher g/t means more metal per amount of material to process, which can make mining cheaper and projects more likely to be profitable—like measuring teaspoons of sugar per cake to gauge sweetness value.

pre-feasibility study (pfs) technical

"upcoming Pre-Feasibility Study (PFS). The PFS is scheduled to be published"

A pre-feasibility study (PFS) is an early but structured assessment of a proposed project that estimates its likely costs, revenues, timeline and main technical risks to see if the idea can work economically. It is more detailed than a concept note but less detailed than a full feasibility study, so investors use it as a reality check and to decide whether to commit more time or money. Think of it as a rough blueprint and budget estimate that helps weigh potential returns and key uncertainties before deeper investment.

ni 43-101 regulatory

"defined by Canadian Securities Administrators National Instrument 43-101 "Standards"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

qualified person regulatory

"who is a Qualified Person as defined by Canadian Securities Administrators"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

TORONTO, Jan. 20, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is pleased to report its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project, part of the Fox Complex in Timmins, Ontario. The 2025 Mineral Resource Estimate at Grey Fox now totals 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces (calculated using a US$3,000 per ounce gold price), with good potential to increase the size of the resource through: 1) The recently acquired adjacent Stroud Property that contains a historical resource (Fig. 1), 2) New drill results received after the resource estimate cut-off date and 3) Optimization of the mine and plant design. Grey Fox will be an important part of the Company’s goal of doubling production by 2030, as we continue the Fox Complex’s transition into a long-life mining operation.

Grey Fox was previously envisioned as an underground project. The Company is now balancing both underground and open pit mining methods for calculating the Mineral Resource Estimate, consistent with the phased development mine plan that will be contained in the upcoming Pre-Feasibility Study (PFS). The PFS is scheduled to be published in Q2 2026. This project approach will allow the Company to maximize long-term project value, while providing early access to high-return gold ounces through existing ramp and underground infrastructure (Fig. 2).

Highlights of the 2025 Grey Fox Resource

• Indicated Resources: 1,892,000 gold ounces (19,474,000 tonnes @ 3.02 gpt gold)
• Inferred Resources: 436,000 gold ounces (5,101,000 tonnes @ 2.66 gpt gold)
• +23% increase in the Indicated Resource versus Year-End 2024
• Recently acquired Stroud Property with historical resource estimate of approx. 270,000 gold ounces, to be validated and incorporated in future updates (see Stroud Project section below for more details on the historical resource)
• New drill results received after resource cut-off, including 10.1 gpt gold over 5.8 meters
• PFS to be released in Q2 2026. The study will look to accelerate underground mining using existing ramp and infrastructure, while maximizing the long-term value through the incorporation of open pit mining
• Potential to further expand and optimize open pit resources with future land agreements
  
  

Early Underground Mining at Grey Fox

The team at McEwen has identified two areas at Grey Fox where underground mining could be accelerated: 1) Gibson Zone, located near existing underground infrastructure, and 2) Whiskey Jack, which contains higher-grade gold areas (Fig. 1 & 2).

Gibson Zone is near existing underground infrastructure, including a ramp and portal from surface and contains Indicated Resources of 393,000 gold ounces (4.5 million tonnes @ 2.72 gpt gold) and Inferred Resources of 297,000 gold ounces (3.6 million tonnes @ 2.59 gpt gold).

Whiskey Jack, while smaller, is the highest-grade zone at Grey Fox and contains Indicated Resources of 122,000 gold ounces (735,000 tonnes @ 5.16 gpt gold) and Inferred Resources of 5,000 gold ounces (27,000 tonnes @ 5.84 gpt gold).

Both zones present opportunities for accelerated mining and high returns on capital. The Company will be detailing these opportunities in its pending PFS.

Open Pit Mining at Grey Fox

The PFS will also consider open pit mining. Ahead of the release of this study, McEwen is reviewing several scenarios to develop a plan that balances production with initial capital requirements, long-term value maximization, along with scheduling and permitting. The 2025 Mineral Resource Estimate and pending PFS will only consider the open pit mineralization that can be accessed by limiting the pit size to the area contained within the Company’s mineral claims (Fig. 1). Should the Company be able to reach an agreement with the adjacent owner and layback the open pit, there is an opportunity for additional resources to be included in future updates.

Stroud Project – Adjacent to Grey Fox Resource

The Stroud Project adjoins Grey Fox to the south and was acquired by McEwen in 2024 (Fig. 1). The project contains a historical, unpublished resource estimate of approximately 270,000 gold ounces. This resource does not conform to NI 43-101 guidelines and should not be considered current. In 2025, the Company successfully completed over 6,000 meters of drilling at Stroud to verify the historical resource. The Company anticipates publishing a Mineral Resource Estimate for Stroud with the next resource update for the Fox Complex.

Recent Drill Results Demonstrate Potential to Further Grow Resource

Additional drill results, such as 10.1 gpt gold over 5.8 meters from drillhole 25GF-1597, 5.2 gpt gold over 5.4 meters from drillhole 25GF-1599 and 23.8 gpt gold over 1.6 meters from drillhole 25GF-1605 (news release dated September 2^nd, 2025), which were received after the cut-off for the 2025 Mineral Resource Estimate, highlight the potential to grow the resource with additional drilling. The Company is budgeting $5 to $10 million for drilling at Grey Fox in 2026.

Fig. 1 Plan View Geology Map for the Fox Complex Eastern Properties, Which Includes Grey Fox

Table 1. 2025 Mineral Resource Estimate for the Grey Fox Deposit (Variable Cut-off Grades)

Classification	Quantity ('000 t)	Gold Grade (g/t)	Contained Gold (oz)
Open Pit (OP): Cut-off Grade 0.4 g/t Au
Indicated	4,932	2.55	404,000
Inferred	243	2.75	22,000
Underground (UG): Cut-off Grade 1.35 g/t Au
Indicated	14,541	3.18	1,487,000
Inferred	4,858	2.65	415,000
Total OP + UG
Indicated	19,474	3.02	1,892,000
Inferred	5,101	2.66	436,000

• Effective date of the Mineral Resource estimate is 11 July 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo., an employee of McEwen Inc.
• Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
• Reasonable Prospects for Eventual Economic Extraction (RPEEE) were demonstrated using an optimized resource pit shell for the open pit portion and MSO stope shapes for the underground portion.
• Mineral Resources are reported above economic cut-off grades of 0.4 g/t gold for the open-pit portion and 1.35 g/t gold for the assumed underground extraction methods and based on mining costs of $3.38/t (OP) and $67.72/t (UG), process cost of $30.77/t, G&A cost of $16.60/t, metallurgical recovery of 90%, variable royalty NSRs, dilution of 15 % (UG) and 8% (OP) and a gold price of US$3,000/oz.
• Figures may not sum due to rounding.
  
  

Fig. 2 Open Pit (Grey) and Underground Resources (Red), Including Historical Portal and Ramp (Blue)

Table 2. Grey Fox Resources: 2022 PEA, 2024 & 2025 Resource Comparison

Resource Classification	Quantity (‘000 t)					Grade (gpt Au)					Contained Gold (‘000 oz)
	2022 PEA	2024 YE	2025 YE	2025 vs 2024 % Change		2022 PEA	2024 YE	2025 YE	2025 vs 2024 % Change		2022 PEA	2024 YE	2025 YE	2025 vs 2024 % Change
Indicated	7,566	13,135	19,474	+48%		4.80	3.64	3.02	-17%		1,168	1,538	1,892	+23%
Inferred	1,685	4,319	5,101	+18%		4.35	3.30	2.66	-19%		236	458	436	-5%

Grey Fox is comprised of six gold zones (Gibson, Whiskey Jack, Contact, 147, 147 NE & Grey Fox South), ranging from approximately 25 meters to 800 meters below surface (see also the press release dated February 3^rd, 2025). The decrease in resource grade reflects the lower cut-off due to higher gold prices and the incorporation of open pit mining. The slight decrease in Inferred resource ounces is the result of conversion to the Indicated category. Since the 2024 Mineral Resource Estimate⁽¹⁾ McEwen has completed over 64,000 meters of additional drilling.

⁽¹⁾: For reference, the resource estimates cited in this press release were published as follows:

• 2017 Fox Complex Acquisition: “NI 43-101 Technical Report for the Black Fox Complex, Canada.” - April 6, 2018
• 2022 PEA: “NI 43-101 Technical Report on the Preliminary Economic Assessment of the Fox Complex, Ontario, Canada” - January 26, 2022
• 2024 Resource: Company 10-K 2024 Report - March 18, 2025
• 2025 Resource: this press release - January 20, 2026
  
  

Technical Information

Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., Exploration Manager for McEwen Ontario, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Technical information related to resource estimates in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen’s Director of Resource Modelling, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Technical information related to mine planning and engineering in this news release has been reviewed and approved by Kevin Bromfield, P.Eng., McEwen’s Project Director for Grey Fox, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

ABOUT MCEWEN

McEwen shares trade on both the NYSE and TSX under the ticker MUX.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, the Cortez Trend in Nevada, USA, the Timmins district of Ontario, Flin Flon in Manitoba and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.

The Company has a 46.4% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

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.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, are as at the date of this news release, and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.

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	CONTACT INFORMATION			X:	X.com/mceweninc
	150 King Street West			Instagram:	instagram.com/mceweninc
	Suite 2800, PO Box 24
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	Relationship with Investors:			Instagram:	instagram.com/mcewencopper
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	info@mcewenmining.com			X:	X.com/robmcewenmux

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1bf2057-c985-4308-a06c-a8afbf5ebaec

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FAQ

What did McEwen (MUX) announce for the 2025 Grey Fox resource on January 20, 2026?

McEwen reported 1.892M Indicated oz and 436k Inferred oz at Grey Fox, effective 11-Jul-2025, using a US$3,000/oz gold price.

When will McEwen publish the Grey Fox Pre-Feasibility Study (PFS) for MUX?

The company scheduled the Grey Fox PFS for publication in Q2 2026.

How did the 2025 Grey Fox Indicated resource change versus 2024 for MUX?

Indicated contained gold increased by +23% to 1,892,000 oz versus Year-End 2024.

What zones could enable early underground production at Grey Fox for MUX?

The Gibson zone (near existing ramp) and Whiskey Jack (higher-grade) are identified for potential accelerated underground mining.

What is McEwen budgeting for drilling at Grey Fox in 2026 (MUX)?

McEwen is budgeting approximately $5–$10 million for drilling at Grey Fox in 2026.

Will the Stroud historical resource be included in future MUX resource updates?

Stroud contains an unpublished historical estimate of ~270,000 oz that the company plans to validate and incorporate in a future resource update.