McEwen Files NI 43-101 Technical Reports: Grey Fox Prefeasibility Study in Ontario and Lookout Mountain and Windfall Mineral Resource Estimate in Nevada
Rhea-AI Summary
McEwen (NYSE/TSX: MUX) filed NI 43-101 technical reports for its Grey Fox project in Ontario and the Lookout Mountain and Windfall deposits in Nevada. The Grey Fox prefeasibility study outlines a 15-year mine life, extending Fox Complex production to 2041, based on Probable Mineral Reserves of 9.41 Mt at 3.24 g/t Au containing 980,300 oz of gold. At a $3,000/oz gold price, Grey Fox shows life-of-mine cash costs of $1,833/oz, AISC of $2,212/oz, post-tax NPV (5%) of $282M, IRR of 24.8% and a 4.6-year payback; at $4,500/oz, NPV (5%) increases to $841M with a 55% IRR. Grey Fox also has additional Indicated and Inferred Mineral Resources.
For Nevada, the new report confirms combined Indicated Mineral Resources of 629,800 oz and Inferred Mineral Resources of 262,000 oz at Lookout Mountain and Windfall, mostly in oxide material constrained by open-pit shells using $3,000/oz gold and considered potentially heap-leachable. McEwen reiterates its goal of reaching 250,000–300,000 gold equivalent oz of annual production by 2030 and highlights its 46.3% interest in the Los Azules copper project and a 27.3% stake in Paragon Advanced Labs.
Positive
- Grey Fox Probable Reserves 9.41 Mt at 3.24 g/t Au (980,300 oz)
- Grey Fox economics at $3,000/oz: NPV(5%) $282M, IRR 24.8%, 4.6-year payback
- Grey Fox enhanced case at $4,500/oz: NPV(5%) $841M, IRR 55%, 2.3-year payback
- Grey Fox mine life 15 years, extending Fox Complex production to 2041
- Nevada Indicated Resources 629,800 oz Au; Inferred 262,000 oz Au
- High oxide component ~89% of Lookout Mountain and 100% of Windfall gold ounces in oxide
Negative
- Grey Fox AISC base case $2,212/oz at $3,000/oz gold price
- Enhanced case cash costs Grey Fox life-of-mine cash costs $2,042/oz at $4,500/oz gold
- Resources not reserves Nevada Mineral Resources lack demonstrated economic viability per NI 43-101
News Market Reaction – MUX
On the day this news was published, MUX gained 1.18%, reflecting a mild positive market reaction. Argus tracked a trough of -6.5% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $13M to the company's valuation, bringing the market cap to $1.12B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 29 | Index inclusion | Positive | -0.3% | Added to the Russell 2000 Index during the June 2026 Russell reconstitution. |
| Jun 26 | Voting results | Neutral | -0.3% | Shareholders elected directors, ratified the auditor, and approved common stock issuance. |
| Jun 08 | Grey Fox PFS | Positive | +0.5% | Study projected a 15-year mine life extension and positive base-case economics. |
| Jun 01 | Annual meeting notice | Neutral | -0.6% | Company scheduled its annual meeting and moderated investor question-and-answer session. |
| May 21 | Dividend receipt | Positive | -0.9% | Company received a $49.4 million dividend from the San José Mine. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The stock had shown limited or negative 24-hour reactions to several recent positive or informational announcements, with only the Grey Fox PFS producing a positive move.
Key Terms
ni 43-101 regulatory
prefeasibility study technical
aisc financial
heap-leach processing technical
mineral resources technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, July 22, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is pleased to announce that it has filed on SEDAR+ technical reports prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for its Grey Fox Project in Ontario, part of the Fox Complex, and its Lookout Mountain and Windfall deposits in Nevada, part of the Gold Bar Mine Complex.
Grey Fox Report
The report for Grey Fox is titled “Grey Fox Project Prefeasibility Study NI 43-101 Technical Report” (the “Grey Fox Report”) and has an effective date of June 8, 2026 and a report date of July 17, 2026. The Grey Fox Report supports the results of the Grey Fox Prefeasibility Study (“PFS”) previously announced by the Company on June 8, 2026. Key results include:
- A 15-year project life for Grey Fox, extending production at the Fox Complex through 2041, supported by Probable Mineral Reserves of 9.41 million tonnes grading 3.24 g/t Au and containing 980,300 gold ounces.
- Production profile: Annual payable gold production projected to average approx. 43,000 ounces during Project Years 2 through 8 and approx. 87,000 ounces during Project Years 9 through 14, before tapering in Project Year 15.
- Base case at
$3,000 per ounce gold: Life-of-Mine cash costs of$1,833 per ounce and all-in sustaining costs (“AISC”) of$2,212 per ounce; post-tax NPV (5% ) of$282 million , IRR of24.8% and payback of 4.6 years. - Enhanced case at
$4,500 per ounce gold: Life-of-Mine cash costs of$2,042 per ounce and AISC of$2,421 per ounce; post-tax NPV (5% ) of$841 million , IRR of55% and payback of 2.3 years. - Mineral Resources (exclusive of Reserves): Additional 9.68 million tonnes at 2.25 g/t Au for 701,000 gold ounces Indicated and 4.70 million tonnes at 2.57 g/t Au for 388,000 gold ounces Inferred.
Lookout Mountain and Windfall Report
The report for Lookout Mountain and Windfall is titled “NI 43-101 Technical Report on the Mineral Resources Estimate for the Lookout Mountain and Windfall Deposits, Eureka, Nevada, USA” (the “Lookout Mountain and Windfall Report”) and has an effective date of May 4, 2026 and a report date of July 2, 2026.
The report supports the Mineral Resource estimates previously announced on March 12, 2026 for Lookout Mountain and May 6, 2026 for Windfall. Key results include:
- Together, the two deposits contain 629,800 gold ounces in Indicated Mineral Resources and 262,000 gold ounces in Inferred Mineral Resources.
- Lookout Mountain: Indicated Mineral Resources of 19.57 million tonnes at 0.64 g/t Au, containing 402,300 gold ounces, and Inferred Mineral Resources of 7.29 million tonnes at 0.57 g/t Au, containing 134,200 gold ounces.
- Windfall: Indicated Mineral Resources of 9.40 million tonnes at 0.75 g/t Au, containing 227,500 gold ounces, and Inferred Mineral Resources of 2.60 million tonnes at 1.53 g/t Au, containing 127,800 gold ounces.
- Approx.
89% of Lookout Mountain’s contained gold ounces and100% of Windfall’s contained gold ounces are in oxide mineralization. Both estimates are constrained by optimized open pits using a gold price of$3,000 per ounce, and the oxide material is considered potentially amenable to heap-leach processing.
All dollar figures in this news release are in US dollars unless otherwise specified.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The technical reports are available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s Filings and Technical Reports page.
Qualified Persons and Technical Information
The Grey Fox Report was prepared by the following Qualified Persons, as defined by NI 43-101: Mark Hatton, P.Eng., Stantec Consulting Ltd.; Carson Cybolsky, P.Geo., McEwen Inc.; Sean Farrell, P.Geo., McEwen Inc.; Luke Willis, P.Geo., McEwen Inc.; Gerd Wiatzka, P.Eng., Arcadis; Niel Morrison, P.Eng., DRA Global Ltd.; and Sheldon Smith, MES, P.Geo., Stantec Consulting Ltd.
The Grey Fox Report was prepared with contributions from McEwen Inc., Stantec Consulting Ltd., Arcadis and DRA Global Ltd.
The Lookout Mountain and Windfall Report was prepared by the following Qualified Persons, as defined by NI 43-101: Michael C. Baumann, SME-RM, CPG, McEwen Mining Nevada Inc.; Barry Carlson, P.E., P.Eng., SME-RM, SLR International Corporation; Gary P. Edmondo, CPG, McEwen Mining Nevada Inc.; and Robert L. Kastelic, MSc, CPG, McEwen Mining Nevada Inc.
ABOUT MCEWEN
McEwen is a diversified gold, silver and copper company trading on the NYSE and TSX under the ticker symbol MUX.
The Company provides shareholders with exposure to a growing base of gold and silver production in prolific mineral-rich regions throughout the Americas, including the Cortez Trend in Nevada, USA; the Timmins district of Ontario and Flin Flon in Manitoba, Canada; and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also advancing the reactivation of its El Gallo gold and silver mine in Mexico. The Company’s near-term objective is to increase total annual production to 250,000–300,000 gold equivalent ounces by 2030.
In addition, McEwen provides exposure to copper through its
Los Azules is being developed with the goal of becoming one of the world’s first regenerative copper mines and achieving carbon neutrality by 2038. The Feasibility Study released on October 7, 2025 highlights the project’s strong economics and focus on environmental stewardship.
McEwen also holds a
Chairman and Chief Owner Rob McEwen has invested US
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, 2025, 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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