MUX McEwen Inc.
Price Chart
Executive Summary
McEwen Inc. released a Pre-Feasibility Study for its 100%-owned Grey Fox gold project, projecting a 15-year mine life and average annual production of ~87,000 ounces from 2028-2041. The PFS shows robust economics with a post-tax NPV(5%) of $282M and IRR of 25% at a $3,000/oz gold base case, and $841M NPV with 55% IRR at $4,500/oz. This is a material de-risking event that extends Fox Complex life and supports the company's 2030 production target of 250,000-300,000 GEOs, though initial CAPEX of $181M and permitting timelines (12-18 months) introduce execution risk.
Actionable Insight
The PFS significantly de-risks Grey Fox and extends mine life, but production ramp-up is back-loaded (2029+) with permitting and construction milestones over the next 12-18 months. Monitor permitting progress, gold price trajectory (current ~$4,000/oz supports economics), and the company's ability to self-fund CAPEX without dilution. The 2026 exploration spend of $5M with five drills running could further expand resources and improve economics.
Key Facts
- Grey Fox PFS extends Fox Complex mine life by 15 years to 2041 with 980,300 oz probable reserves at 3.24 g/t gold
- Post-tax NPV(5%) of $282M and IRR of 24.8% at $3,000/oz gold base case; $841M NPV and 55.1% IRR at $4,500/oz enhanced case
- Initial CAPEX of $181M spread over 2026-2029 ($17M, $60M, $80M, $24M) expected to be funded internally from treasury and operating cash flow
- Fox Complex 2026 production projected at only 16,000-19,000 gold ounces, with Grey Fox commercial production targeted for 2029
- Life-of-mine AISC of $2,212/oz at $3,000/oz gold and $2,421/oz at $4,500/oz gold
- Permitting amendments targeted within 12-18 months; construction target Spring 2027 with underground development starting Q3 2027
Financial Impact
Post-tax NPV(5%) of $282M-$841M depending on gold price scenario; initial CAPEX $181M; LOM EBITDA $902M-$2,130M
Risk Factors
- Permitting delays beyond the 12-18 month target could push back construction and commercial production
- Gold price volatility — economics are highly sensitive to gold price (NPV ranges from $282M at $3,000/oz to $841M at $4,500/oz)
- Execution risk on $181M initial CAPEX and underground development at Grey Fox
- Current Fox Complex production is very low (16,000-19,000 oz in 2026) — cash flow generation may be insufficient to fully self-fund CAPEX without dilution
- Grade and recovery assumptions (87.5% recovery, 3.24 g/t feed grade) may not be achieved in practice
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3307888 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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Press Release
| $18.27 awaiting T+1 | awaiting T+1 | — | $17.79 (−2.60%) |
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Jun 2, 2026
7d ago
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8-K / DEFA14A
| $20.85 $21.16 | ▲ +1.49% | ▲ +1.09% | $17.79 (−14.68%) |
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May 22, 2026
18d ago
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8-K
| $22.02 $21.05 | ▼ −4.41% | ▼ −4.42% | $17.79 (−19.21%) |
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May 14, 2026
26d ago
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Press Release
| $22.81 $22.04 | ▼ −3.38% | ▼ −3.31% | $17.79 (−22.01%) |
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May 8, 2026
4w ago
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8-K
| $24.23 $25.07 | ▲ +3.47% | ▲ +3.23% | $17.79 (−26.58%) |
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May 7, 2026
4w ago
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Press Release
| $23.38 $24.23 | ▲ +3.64% | ▲ +2.81% | $17.79 (−23.91%) |
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May 5, 2026
5w ago
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8-K
| $22.82 $23.38 | ▲ +2.45% | ▲ +2.79% | $17.79 (−22.04%) |
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May 4, 2026
5w ago
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Press Release
| $21.15 $22.82 | ▲ +7.90% | ▲ +6.51% | $17.79 (−15.89%) |
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May 4, 2026
5w ago
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Press Release
| $20.40 $21.15 | ▲ +3.68% | ▲ +2.88% | $17.79 (−12.79%) |
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May 1, 2026
5w ago
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Press Release
| $21.30 $20.40 | ▼ −4.23% | ▼ −3.88% | $17.79 (−16.48%) |
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