McEwen Inc. (NYSE: MUX) (TSX: MUX) has reported a substantial increase in mineral resources at its Grey Fox Project in Timmins, Ontario, with the year-end 2025 estimate showing 1.9 million indicated gold ounces and 436,000 inferred gold ounces calculated at a $3,000 per ounce gold price. This represents a 23% increase in indicated resources compared to the previous year-end 2024 estimate, positioning the project as a key component in the company's strategic growth plans.
The updated resource estimate incorporates both underground and open-pit mining scenarios ahead of a pre-feasibility study scheduled for the second quarter of 2026. According to the company, the Grey Fox Project within the Fox Complex demonstrates potential for further growth through several factors including the recently acquired Stroud Property, new drill results received after the resource cutoff date, and ongoing mine and plant optimization efforts. The full details of the resource estimate are available in the company's press release.
This resource expansion is particularly significant as McEwen aims to double its production by 2030 while transitioning the Fox Complex into a long-life mining operation. The Grey Fox Project's development timeline aligns with broader industry trends toward securing long-term, sustainable mining operations in established mining districts like Timmins, which has been a prolific gold-producing region for decades.
The company's broader portfolio includes additional assets across the Americas, with gold and silver mines located in Nevada's Cortez Trend, Ontario's Timmins district, and Argentina's Santa Cruz province. McEwen also holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina's San Juan province. According to the company, the Los Azules project is designed to be one of the world's first regenerative copper mines and aims for carbon neutrality by 2038, with feasibility study results announced in October 2025.
For investors and industry observers, the Grey Fox resource update provides tangible evidence of McEwen's progress toward its production goals. The 23% increase in indicated resources at a time when gold prices remain elevated creates potential for improved project economics and enhanced shareholder value. The company maintains additional information in its newsroom for those tracking developments.
The mining sector continues to face challenges related to declining ore grades and increasing development costs, making resource expansions at established projects particularly valuable. McEwen's approach of focusing on the Fox Complex's transition to long-life operations reflects a strategic response to these industry challenges, potentially offering more stable production profiles and reduced development risk compared to greenfield projects.
As the company moves toward its pre-feasibility study in 2026, the Grey Fox Project's development will be closely watched by market participants evaluating McEwen's ability to execute on its growth strategy. The resource increase comes at a critical juncture for the company as it balances development across multiple projects while navigating the capital requirements and technical challenges inherent in advancing mining operations.
