McEwen Inc.'s Grey Fox Pre-Feasibility Study Shows Strong Economics and Extended Mine Life

McEwen Inc. (NYSE: MUX) (TSX: MUX) announced positive results from the Pre-Feasibility Study (PFS) for its wholly owned Grey Fox Project near Timmins, Ontario. The study highlights the project's potential to significantly increase production at the Fox Complex and extend mine life through 2041. 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, supporting McEwen's 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, including a post-tax net present value (NPV) of $282 million and a 25% internal rate of return (IRR) at a gold price of $3,000 per ounce. 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 said 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.

The Grey Fox project is a key growth driver for McEwen, which also holds a 46.3% interest in McEwen Copper, owner of the Los Azules copper project in Argentina. The Los Azules project is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, with its feasibility study results announced in a press release dated October 7, 2025. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a company deploying PhotonAssay units for precious and base metals assaying.

McEwen shares trade on both the NYSE and TSX under the ticker MUX. 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.

The latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX.