McEwen Inc. (NYSE: MUX) (TSX: MUX) has filed technical reports for three gold projects, providing detailed support for prefeasibility and mineral resource estimates previously announced. The reports, filed on SEDAR+, cover the Grey Fox Project in Ontario and the Lookout Mountain and Windfall deposits in Nevada, and are available through the company’s SEDAR+ filings.
The Grey Fox technical report outlines a 15-year mine life with probable mineral reserves of 980,300 contained gold ounces. The project shows a post-tax net present value of $282 million at a gold price of $3,000 per ounce, increasing to $841 million at $4,500 gold. These figures highlight the project’s sensitivity to gold prices and its potential for robust returns in a rising gold market.
For the Lookout Mountain and Windfall deposits, the technical report confirms combined indicated mineral resources of 629,800 gold ounces and inferred resources of 262,000 gold ounces. Notably, most of these ounces are in oxide mineralization, which is considered potentially amenable to heap-leach processing—a lower-cost extraction method. This could improve the economic viability of these projects, especially in the current high gold price environment.
The filings come as McEwen continues to advance its portfolio of gold, silver, and copper assets in the Americas. The company’s gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.
In addition to its precious metals operations, McEwen holds a 46.3% interest in McEwen Copper, which owns the 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 aims to be 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 globally. The company believes this technology 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.
The technical reports provide investors with a clearer picture of McEwen’s project pipeline and the potential value embedded in its gold assets. With gold prices remaining elevated, the company’s Nevada and Ontario projects could become increasingly attractive for development.
