McEwen Mining (NYSE: MUX) (TSX: MUX) released positive results from the Pre-Feasibility Study (PFS) for its wholly owned Grey Fox Project near Timmins, Ontario, positioning it as a key growth driver for the Fox Complex. The study indicates that Grey Fox could significantly increase production and extend the complex’s mine life through 2041.
According to the PFS, with Grey Fox contributing to production, the Fox Complex is projected to reach approximately 100,000 ounces of gold production in 2029 and average 87,000 ounces annually from 2028 through 2041. This aligns with McEwen’s broader goal of increasing total annual production to 250,000-300,000 gold equivalent ounces by 2030.
The study estimates initial capital expenditures of $181 million and outlines strong project economics. At a gold price of $3,000 per ounce, the post-tax net present value (NPV) is $282 million with a 25% internal rate of return (IRR). At a gold price of $4,500 per ounce, post-tax NPV increases to $841 million with a 55% IRR and a 2.3-year payback period. Management noted that current precious metals prices are expected to generate sufficient cash flow to largely fund development internally while leveraging existing Fox Complex infrastructure, including the Stock Mill, tailings facilities and workforce.
McEwen Mining shares trade on both the NYSE and TSX under the ticker MUX. The company provides shareholders with exposure to a growing base of gold and silver production in addition to a large copper development project, all in the Americas. Its gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, USA, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. The company is also reactivating its gold-silver El Gallo Mine in Mexico.
McEwen holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million (US$7.67 per share). The Los Azules 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 a press release dated October 7, 2025.
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units worldwide, a technology that the company believes is poised to become the new industry standard for assaying precious and base metals.
Chairman and Chief Owner Rob McEwen has invested over US$250 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 ultimately implement a dividend policy, as he did while building Goldcorp Inc.
