Pre-Feasibility Study for Grey Fox at Fox Complex — High Returns, Manageable Capital, Mine Life Extended to 2041
Rhea-AI Summary
McEwen (NYSE: MUX) released a Pre-Feasibility Study for its 100%-owned Grey Fox project at the Fox Complex near Timmins, Ontario.
Grey Fox is expected to extend Fox Complex mine life 15 years to 2041, support projected complex output of ~100,000 oz in 2029 and ~87,000 oz annually from 2028–2041, and contribute to a broader 250,000–300,000 GEOs production objective by 2030.
The PFS outlines initial CAPEX of $181M, life-of-mine AISC of $2,212/oz in the $3,000/oz base case, and post-tax NPV (5%) of $282M with 24.8% IRR, rising to $841M NPV and 55.1% IRR in a $4,500/oz scenario.
AI-generated analysis. Not financial advice.
Positive
- Fox Complex mine life extended 15 years to 2041 via Grey Fox
- Grey Fox reserve of 980 koz at 3.24 g/t supports long-term output
- Initial CAPEX of $181M vs base-case post-tax NPV (5%) of $282M
- Enhanced case post-tax NPV (5%) of $841M and 55.1% IRR at $4,500/oz gold
- Projected average Fox Complex production ~87,000 oz/year from 2028–2041
- Use of existing Stock Mill and workforce expected to limit new infrastructure spend
Negative
- Initial Grey Fox CAPEX projected at $181M plus $174M sustaining capital
- Life-of-mine AISC estimated at $2,212/oz in the $3,000/oz base case
- Permits still required; development approvals targeted in 12–18 months
- Project cash flows and NPVs are sensitive to assumed $3,000–$4,500/oz gold prices
Key Figures
Market Reality Check
Peers on Argus
MUX fell 13.61% while several precious-metals peers such as ASM, SLSR, MTA, and USAS also traded lower between -4.37% and -12.92%. However, momentum data show a mixed tape with one peer up and one down, suggesting MUX’s move is more stock-specific than a clean sector-wide rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 01 | Annual meeting Q&A | Neutral | -0.6% | Announcement of 2026 Annual Meeting and live Bullpen Q&A session. |
| May 21 | Dividend from San José | Positive | -0.9% | Receipt of $49.4M dividend from San José, boosting 2026 liquidity. |
| May 14 | Los Azules financing | Positive | -8.2% | Appointment of Societe Generale to advise on Los Azules project debt. |
| May 06 | Q1 2026 results | Positive | +2.5% | Strong Q1 turnaround with higher revenue, net income, and growth plan. |
| May 04 | Tartan NI 43-101 | Positive | +3.7% | Filing of NI 43-101 report supporting Tartan Mine resources. |
Recent history shows that even clearly positive or strategic news often met with flat-to-negative next-day moves, indicating a tendency toward muted or contrarian reactions.
Over the last month, McEwen has reported stronger Q1 2026 financials, technical report filings, a sizeable dividend from San José, and steps toward financing Los Azules. Positive items like Q1 earnings on May 6 and the Tartan technical report on May 4 saw modest gains, but other constructive updates, including the San José dividend on May 21, were followed by declines. Today’s Grey Fox PFS, which supports long mine life and higher Fox Complex output, fits into this broader growth-focused narrative.
Market Pulse Summary
This announcement outlines a detailed Grey Fox PFS that extends Fox Complex mine life to 2041, with a 15-year plan, initial CAPEX of $181M, and pre-tax NPVs up to $1,254M under higher gold-price assumptions. It ties directly into McEwen’s stated goal of reaching 250,000–300,000 GEOs by 2030. Investors may monitor permitting progress, CAPEX timing, execution against the 2027–2029 build schedule, and how these plans integrate with other Fox Complex assets.
Key Terms
pre-feasibility study technical
all-in sustaining costs financial
npv (5%) financial
irr financial
2014 cim definition standards regulatory
ni 43-101 regulatory
cut-off grade technical
carbon-in-leach (cil) technical
AI-generated analysis. Not financial advice.
TORONTO, June 08, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE, TSX: MUX) (“McEwen” or the “Company”) is pleased to announce the results of the Pre-Feasibility Study (“PFS”) for its
Based on current prices of over
Grey Fox PFS Highlights
- Grey Fox will extend the Fox Complex mine life by 15 years to 2041, with mine reserves totalling approximately
40% of the current resource, leaving opportunity to further extend the mine life supported by significant exploration upside. - From 2028 to 2035, Grey Fox is projected to contribute an average of 43,000 gold ounces to annual production for the Fox Complex, with the balance being sourced from the Stock Mine.
- From 2035 to 2040, Grey Fox will become the sole source of production, averaging 87,000 gold ounces per year, and tapering off in 2041. For comparison, the Fox Complex production in 2026 is projected at 16,000–19,000 gold ounces.
- Initial capital expenditures (“CAPEX”) are estimated to be
$181 million . Based on current gold prices of over$4,000 per ounce, capital expenditures are expected to be funded primarily internally, from treasury and operating cash flow. CAPEX requirements will be spread out as follows:$17 million in 2026,$60 million in 2027,$80 million in 2028 and$24 million in 2029. - Cash costs and all-in sustaining costs (“AISC”) per ounce over the life of mine of
$1,833 and$2,212 , respectively, at a gold price of$3,000 per ounce (base case). - Cash costs and AISC per ounce over the life of mine of
$2,042 and$2,421 , respectively, at a gold price of$4,500 per ounce (enhanced case). - At a gold price of
$3,000 per ounce: Pre-tax NPV (5% ) of$429 million , IRR of31% , and payback of 3.9 years; Post-tax NPV (5% ) of$282 million , IRR of25% , and payback of 4.6 years. - At a gold price of
$4,500 per ounce: Pre-tax NPV (5% ) increases to$1.25 billion , with an IRR of70% , and payback of 2 years; Post-tax NPV (5% ) increases to$841 million , with IRR of55% and payback of 2.3 years.
Table 1. Grey Fox PFS Summary Base Case Using a
| Production | ||
| Mine Life | years | 15 |
| Total Material Mined | kt | 9,406 |
| Process Feed Average Gold Grade | g/t | 3.24 |
| Average Annual Plant Production (First 8 Yrs) | oz | 43,175 |
| Average Annual Plant Production (Last 6 Yrs) | oz | 90,701 |
| Total Net Revenue LOM | $M | |
| Average Annual Net Revenue | $M | |
| EBITDA LOM | $M | |
| Average Annual EBITDA | $M | |
| Operating Cost per Ounce | ||
| LOM C1 Cost | $/oz | |
| LOM AISC Cost | $/oz | |
| Capital Cost | ||
| Initial CAPEX | $M | |
| Sustaining CAPEX | $M | |
| Closure Cost | $M | |
| Pre-Tax Economics | ||
| NPV ( | $M | |
| IRR | % | 30.7 |
| Payback | years | 3.9 |
| Pre-Tax NPV ( | - | 2.4 |
| Post-Tax Economics | ||
| NPV ( | $M | |
| IRR | % | 24.8 |
| Payback | years | 4.6 |
| Post-Tax NPV ( | - | 1.6 |
Table 2. Grey Fox PFS Summary Enhanced Case Using a
| Production | ||
| Mine Life | years | 15 |
| Total Material Mined | kt | 9,406 |
| Process Feed Average Gold Grade | g/t | 3.24 |
| Average Annual Plant Production (First 8 Yrs) | oz | 43,175 |
| Average Annual Plant Production (Last 6 Yrs) | oz | 90,701 |
| Total Net Revenue LOM | $M | |
| Average Annual Net Revenue | $M | |
| EBITDA LOM | $M | |
| Average Annual EBITDA | $M | |
| Operating Cost per Ounce | ||
| LOM C1 Cost | $/oz | |
| LOM AISC Cost | $/oz | |
| Capital Cost | ||
| Initial CAPEX | $M | |
| Sustaining CAPEX | $M | |
| Closure Cost | $M | |
| Pre-Tax Economics | ||
| NPV ( | $M | |
| IRR | % | 70.0 |
| Payback | years | 2.0 |
| Pre-Tax NPV ( | - | 6.9 |
| Post-Tax Economics | ||
| NPV ( | $M | |
| IRR | % | 55.1 |
| Payback | years | 2.3 |
| Post-Tax NPV ( | - | 4.7 |
Table 3. Grey Fox Life of Mine Capital Cost Summary
| Initial CAPEX ($M) | ||
| Detailed Engineering | ||
| Physical Procurement | ||
| Construction | ||
| Project Indirects | ||
| Capitalized OPEX | ||
| Contingency | ||
| Total | ||
| Sustaining ($M) | ||
| Physical Procurement | ||
| Construction | ||
| Total | ||
Table 4. Operating Costs
| Cost Centre | $M/Yr (LOM Avg) | $/T Processed (LOM Avg) | ||
| Mining | ||||
| Processing | ||||
| Tailings | ||||
| Water Treatment Plant | ||||
| Total Site Operating Costs | $97 | $149 | ||
Note: Numbers may not sum due to rounding
Mineral Resource Estimate
While the focus of this technical report is the PFS study results and declaration of reserves at Grey Fox, we have also included updates to our assets across the Fox Complex using a gold price of
Table 5. Grey Fox and Stroud Mineral Resources
| Classification | Tonnes (kt) | Au Grade (g/t) | Contained Au (koz) |
| Grey Fox Mineral Resource Statement, July 11, 2025 | |||
| Indicated | 18,819 | 3.28 | 1,986 |
| Inferred | 5,056 | 2.69 | 438 |
| Stroud Mineral Resource Statement, March 26, 2026 | |||
| Indicated | - | - | - |
| Inferred | 1,866 | 2.80 | 168 |
| Notes: | |
| (1) | Effective date of the Mineral Resource estimate for Grey Fox is July 11, 2025. Effective date of the Mineral Resource estimate for Stroud is March 26, 2026. The QP for the estimates is Mr. Carson Cybolsky, P.Geo, an employee of McEwen |
| (2) | Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability |
| (3) | Resources are reported inclusive of reserves reported in Table 7 |
| (4) | Mineral Resources are reported above an economic cut-off grade of 1.35 g/t gold assuming underground extraction methods and based on a mining cost of |
| (5) | Figures may not sum due to rounding |
Table 6. Total Fox Complex Resources
| Fox Complex Updated Mineral Resources | ||||
| Deposit | Classification | Tonnes | Au Grade | Contained Au |
| (kt) | (g/t) | (koz) | ||
| Grey Fox | Indicated | 18,819 | 3.28 | 1,986 |
| Inferred | 5,056 | 2.69 | 438 | |
| Stroud | Inferred | 1,866 | 2.80 | 168 |
| Black Fox | Measured | 244 | 3.59 | 28 |
| Indicated | 141 | 3.54 | 16 | |
| Inferred | 385 | 2.90 | 36 | |
| Froome | Measured | 212 | 2.45 | 17 |
| Indicated | 440 | 2.94 | 42 | |
| Inferred | 302 | 2.93 | 28 | |
| Stock Project - West & Main Zones | Indicated | 3,179 | 2.63 | 268 |
| Inferred | 2,468 | 2.31 | 184 | |
| Stock Project - East Zone | Indicated | 1,790 | 2.12 | 122 |
| Inferred | 1,350 | 2.02 | 87 | |
| Fuller | Indicated | 2,184 | 3.14 | 221 |
| Inferred | 1,625 | 2.19 | 114 | |
| Davidson Tisdale | Measured | 198 | 6.44 | 41 |
| Indicated | 95 | 5.80 | 18 | |
| Inferred | 200 | 3.44 | 22 | |
| Total Fox Complex | Measured | 654 | 4.09 | 86 |
| Indicated | 26,648 | 3.12 | 2,673 | |
| Inferred | 13,252 | 2.53 | 1,077 | |
| Notes: | |
| (1) | Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability |
| (2) | Figures may not sum due to rounding. |
| Black Fox | |
| (3) | Effective date of the Black Fox Mineral Resource estimate is 31 December 2025. Informing sample database cut-off date for Black Fox is 2 October 2024 and mining depletion date is up to and includes 31 December 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo, an employee of McEwen. |
| (4) | Mineral Resources for Black Fox are reported above an economic cut-off grade 1.35 g/t gold assuming underground extraction methods and based on a mining cost of |
| Froome | |
| (5) | Effective date of the Froome Mineral Resource estimate is 31 December 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo, an employee of McEwen. |
| (6) | Mineral Resources for Froome are reported above an economic cut-off grade of 1.35 g/t gold assuming underground extraction methods and based on a mining cost of |
| Stock Project - West & Main Zones | |
| (7) | Effective date of the Stock West & Main Mineral Resource estimate is 31 December 2025. Drillhole database cut-off date is 23 October 2023 and the effective depletion date is 31 December 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo, an employee of McEwen |
| (8) | Mineral Resources for Stock West & Main are reported above an economic cut-off grade of 1.30 g/t gold assuming underground extraction methods and based on a mining cost of |
| Stock Project - East Zone | |
| (9) | Effective date of the Stock East Mineral Resource estimate is 31 December 2025. Drillhole database cut-off date is 20 May 2024 and the effective depletion date is 31 December 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo, an employee of McEwen |
| (10) | Mineral Resources for Stock East are reported above an economic cut-off grade of 1.30 g/t gold assuming underground extraction methods and based on a mining cost of |
| Fuller | |
| (11) | Effective date of the Fuller Mineral Resource estimate is 9 April 2026. The QP for the estimate is Mr. Luke Willis, P.Geo, an employee of McEwen |
| (12) | Mineral Resources for Fuller are reported above an economic cut-off grade of 1.35 g/t gold assuming underground extraction methods and based on a mining cost of |
| Davidson Tisdale | |
| (13) | Effective date of the Davidson Tisdale Mineral Resource estimate is 9 April 2026. The QP for the estimate is Mr. Luke Willis, P.Geo, an employee of McEwen |
| (14) | Mineral Resources for Davidson Tisdale are reported above an economic cut-off grade of 1.30 g/t gold assuming underground extraction methods and based on a mining cost of |
Grey Fox Mineral Reserve
The Grey Fox Mineral Reserve estimate, prepared by Stantec on March 27, 2026, is based on July 11, 2025 Indicated Mineral Resources. The inclusion of nearly one million ounces in a mineable plan, representing approximately
Table 7. Grey Fox Mineral Reserve Statement Prepared on March 27, 2026
| Classification | Ore Tonnes (kt) | Au (g/t) | Gold Ounces (koz) |
| Proven | - | - | - |
| Probable | 9,405.8 | 3.24 | 980.3 |
| Total Reserve | 9,405.8 | 3.24 | 980.3 |
| Notes: | |
| (1) | CIM definitions were followed for the Mineral Reserve |
| (2) | Mineral reserve includes longitudinal stopes, overhand cut and fill stoping, ore development, as well as marginal longitudinal stopes, and marginal development all factored with external dilution (including host waste rock and estimated backfill tonnes) and mining recovery. |
| (3) | Longitudinal stopes were estimated at an undiluted cut-off value of 2.40 g/t. |
| (4) | Marginal longitudinal stopes were estimated at an undiluted cut-off value of 2.00 g/t. |
| (5) | Cut and fill stopes were estimated at an undiluted cut-off value of 2.70 g/t. |
| (6) | A minimum mining width of 3.0 m was applied for all stoping. |
| (7) | Total dilution is |
| (8) | Total mineable recovery is |
| (9) | Some numbers may not sum due to rounding. |
Mining at Grey Fox
Mining at Grey Fox will be a combination of two independent underground operations accessed from two portals. The North (Gibson) portal will access Whiskey Jack, Gibson, Contact, and 147 North-East zones, and South portal will access 147 and South zones.
The mineral zones will be mined using a longhole mining method supplemented with cut and fill mining. Ore will be hauled to surface and driven 35 kilometers to McEwen’s operating Stock Mill. Costs have been estimated and subsequently verified against actuals at our nearby Froome Mine.
Mineral Processing
McEwen’s Stock Mill will process both the Grey Fox ores and the Stock Mine mineralised material, which will be blended. Gold Recovery has been estimated at
Grey Fox ore will be crushed at site prior to being hauled to the Stock Mill. The Stock Mill recovery process consists of crushing, grinding and a primary Carbon-In-Leach (CIL) circuit followed by refining into doré bars. Work is ongoing to prepare the mill facility for this change in feedstock.
Contribution to the Local Community
The Company will continue to work and share its plans regarding the Grey Fox Project with Indigenous Communities, the Township of Black River - Matheson, City of Timmins and other local stakeholders, along with relevant ministry officials and regulatory authorities. It is anticipated that the Grey Fox Project will create 220 full-time jobs during the 15-year mine life, continuing to meaningfully contribute to the local and regional economy.
Permitting and Environmental
Development at the Grey Fox deposit will require amendments to the current operating permits within the Fox Complex. A Water Permit and Closure Plan amendments will be initiated in the coming weeks.
With the small footprint and existing facilities at the Fox Complex, the Company is targeting receipt of permits for development work at the Grey Fox Mine within 12 to 18 months.
Opportunities
The Company sees several areas where Grey Fox can be further improved:
| 1) | Optimizing early mining area to increase cash flow, |
| 2) | Incorporating new mineralization recently added by exploration following the cutoff date of the resource model used in the PFS, |
| 3) | Streamlining the combined processing of Grey Fox and Stock Mine material, |
| 4) | Examining opportunities to reduce initial CAPEX. |
Next Steps at Grey Fox
| 1) | Complete detailed engineering and initiate long-lead purchases; | |
| 2) | Submit Water Permit and Closure Plan Amendment following collaboration with our Impact Benefit Agreement (IBA) partners the Apitipi Anicinapek Nation (AAN); | |
| 3) | Construction target date – Spring 2027; | |
| 4) | Begin underground development – Q3 2027; | |
| 5) | Commercial production expected to be reached in 2029. | |
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."
The 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 and is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Technical information pertaining to the Grey Fox Project, including reserves, contained in this news release has been prepared under the supervision of Mark Hatton, P.Eng., Sr. Project Manager at Stantec, 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 with exciting optionality, 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 and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.
The Company has a
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
Chairman and Chief Owner Rob McEwen has invested US
| Glossary of Terms, Units and Abbreviations | |
| AISC | - All-In Sustaining Cost (C1 + sustaining capital + royalties + taxes) |
| B | - billion |
| CAPEX | - Capital Expenditures |
| C1 Costs | - Direct cash costs of production |
| EIA | - Environmental Impact Assessment |
| GEO | - Gold Equivalent Ounce |
| IRR | - Internal Rate of Return (rate at which NPV = 0) |
| ktpa | - 1,000 tonnes per annum |
| km | - kilometer |
| LOM | - Life of Mine |
| m | - meter |
| M | - million |
| MW | - megawatt (1,000,000 watts) |
| NPV ( | - Net Present Value (present value of future cash flows discounted at |
| NSR | - Net Smelter Return, a royalty based on a percentage of metal produced based on the metal sale proceeds less the cost of refining at an off-site refinery (Metal Price × Payable Metal Content) − (Treatment Charges + Refining Charges + Penalties + Transport/ Insurance/ Marketing Costs) |
| OPEX | - Operating Expenditures |
| oz | - troy ounce (31.1 grams) |
| PFS | - Pre-Feasibility Study |
| $ | - All $ figures in this press release represent US dollars, unless otherwise specified |
| t | - tonne (1,000 kg) |
| yr(s) | - year(s) |
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.
| Want News Fast? Subscribe to our email list: https://www.mcewenmining.com/contact-us/#section=followUs and receive news as it happens!! |
| WEB SITE | SOCIAL MEDIA | |||||
| www.mcewenmining.com | McEwen | Facebook: | facebook.com/mceweninc | |||
| LinkedIn: | linkedin.com/company/mceweninc | |||||
| CONTACT INFORMATION | X: | X.com/mceweninc | ||||
| 150 King Street West | Instagram: | instagram.com/mceweninc | ||||
| Suite 2800, PO Box 24 | ||||||
| Toronto, ON, Canada | McEwen Copper | Facebook: | facebook.com/ mcewencopper | |||
| M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
| X: | X.com/mcewencopper | |||||
| Investor Relations | Instagram: | instagram.com/mcewencopper | ||||
| (866)-441-0690 - Toll free line | ||||||
| (647)-258-0395 | Rob McEwen | Facebook: | facebook.com/mcewenrob | |||
| Mihaela Iancu ext. 2006 | LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | ||||
| info@mcewenmining.com | X: | X.com/robmcewenmux | ||||
