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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

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TORONTO, Jan. 20, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) i...

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AI Summary

McEwen Inc. announced a substantial Year-End 2025 Mineral Resource Estimate for the Grey Fox Project, totaling 1.9 million Indicated gold ounces. The upcoming Pre-Feasibility Study in Q2 2026 aims to detail a dual mining approach, fostering potential resource growth through new acquisitions and drill results.

Sentiment Rationale

The strong increase in indicated resources and the strategic direction towards PFS are likely to enhance investor confidence, similar to MUX's previous resource announcements that positively impacted share prices.

Trading Thesis

Buy MUX due to strong resource growth prospects; target price increase in 6-12 months.

Market-Moving

  • PFS release in Q2 2026 could significantly alter MUX's valuation.
  • Positive drill results may drive immediate price rallies in MUX shares.
  • Resource increases at Grey Fox could attract analyst upgrades and investor interest.
  • Strategic acquisitions like Stroud may enhance MUX's operational capacity.

Key Facts

  • 2025 Mineral Resource Estimate reports 1.9M Indicated gold ounces.
  • Potential resource increase from Stroud Property and new drill results.
  • Grey Fox project advances towards dual mining methods: underground and open pit.
  • PFS due in Q2 2026 to detail phased development and mining plans.
  • Recent drill results indicate strong potential for resource growth.

Companies Mentioned

  • Rob McEwen (MUX): Key figure in McEwen's direction and strategic vision.
  • McEwen Copper (MUX): Significant long-term value from the Los Azules project.
  • Paragon Advanced Labs Inc. (N/A): New technology may play a pivotal role in MUX’s assay processes.

Corporate Developments

This fits in 'Corporate Developments' as it marks significant resource updates and strategic planning affecting MUX's growth trajectory.

McEwen Inc. Reports Significant Increase in Gold Resources at Grey Fox Project

On January 20, 2026, McEwen Inc. (NYSE/TSX: MUX) announced its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project, part of the company's Fox Complex located in Timmins, Ontario. The latest report reveals a total of 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces, calculated based on a gold price of US$3,000 per ounce. This update indicates a robust potential for resource expansion, driven by recent acquisitions and ongoing exploration efforts.

Key Highlights of the 2025 Grey Fox Resource

  • Indicated Resources: 1,892,000 gold ounces (19,474,000 tonnes at 3.02 gpt gold)
  • Inferred Resources: 436,000 gold ounces (5,101,000 tonnes at 2.66 gpt gold)
  • +23% increase in Indicated Resources compared to Year-End 2024
  • Stroud Property acquisition holding a historical resource of approximately 270,000 gold ounces
  • New drill results, including 10.1 gpt gold over 5.8 meters
  • Upcoming Pre-Feasibility Study (PFS) expected in Q2 2026

Resource Expansion and Mining Strategy

The potential for resource growth at the Grey Fox Project is supported by three critical factors: the recent acquisition of the adjacent Stroud Property, new drilling data received post cut-off for the resource estimate, and ongoing optimization of both mine and plant designs. The Grey Fox Project plays a pivotal role in McEwen's ambition to double production by 2030, transitioning the Fox Complex into a long-lasting mining operation.

Previously envisioned only as an underground project, the current strategy balances underground and open-pit mining methodologies. This dual approach aligns with the phased development plan outlined in the forthcoming PFS, enhancing long-term project viability.

Initial Underground Mining Opportunities

The McEwen team has pinpointed two areas—Gibson Zone and Whiskey Jack—where accelerated underground mining could yield significant returns. The Gibson Zone, located near existing underground infrastructure, contains:

  • Indicated Resources: 393,000 gold ounces (4.5 million tonnes at 2.72 gpt gold)
  • Inferred Resources: 297,000 gold ounces (3.6 million tonnes at 2.59 gpt gold)

The Whiskey Jack zone, noted for being the highest-grade area within Grey Fox, holds:

  • Indicated Resources: 122,000 gold ounces (735,000 tonnes at 5.16 gpt gold)
  • Inferred Resources: 5,000 gold ounces (27,000 tonnes at 5.84 gpt gold)

Open Pit Mining Considerations

As part of the PFS, McEwen is exploring various scenarios for developing an open pit mining plan that aligns production timelines with initial capital requirements. The current 2025 Mineral Resource Estimate focuses on open pit resources accessible within the Company’s mineral claims, leaving room for expansion if agreements with adjacent landowners can be struck.

Stroud Project and Future Updates

Adjacent to Grey Fox, the Stroud Project was acquired by McEwen in 2024 and includes a historical resource estimate of approximately 270,000 gold ounces. Although this estimate does not conform to NI 43-101 guidelines and is considered non-current, the Company completed over 6,000 meters of drilling in 2025 to validate its potential. A new Mineral Resource Estimate for the Stroud Project is anticipated during the next Fox Complex resource update.

Additional Drilling and Future Outlook

Recent drill results underscore the potential for further growth at Grey Fox, with notable findings of 10.1 gpt gold over 5.8 meters among others. McEwen has allocated a budget of $5 to $10 million for drilling activities at Grey Fox in 2026, signaling ongoing commitment to resource exploration and enhancement.

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