McEwen Mining (NYSE:MUX) announced a significant expansion of the gold resource at its Grey Fox project in Ontario, marking a key milestone for the company’s broader Fox Complex.
The Year-End 2025 Mineral Resource Estimate shows Indicated resources have grown to 1.89 million ounces, a 23% increase compared to the previous year.
The updated estimate, which also includes 436,000 Inferred ounces, was calculated using a gold price of $3,000 per ounce, reflecting the record highs seen in the bullion market.
The resource growth stems from a strategic shift in the project’s development model.
While Grey Fox was previously envisioned primarily as an underground mine, the company is now balancing both underground and open-pit methods.
This approach is designed to maximize long-term project value while providing early access to high-return gold through existing underground infrastructure.
Management is specifically looking at the Gibson and Whiskey Jack zones for potential early underground mining to accelerate the production timeline.
Near-term catalysts for the project are building momentum as the company enters 2026.
A Pre-Feasibility Study is on track for release in the second quarter of this year, which will outline the phased development and production economics for the combined mining approach.