# 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

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/2025-year-end-resource-estimate-grey-fox-project-23-indicated-to-1-9-million-gol--8a8097aa-ac62-4e36-b9c3-5ffab78ec82b

Original source: https://finance.yahoo.com/news/2025-end-estimate-grey-fox-110000444.html

Publisher: yahoo\_press

Original announcement: 2026-01-20T11:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: McEwen Inc.

- Ticker: MUX

- Exchange: TSX

- Region: Ontario

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-08-21 03:06:23 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

McEwen Inc. has reported its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project in Ontario. The update features 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces, with a Prefeasibility Study planned for Q2 2026.

Reasoning: The resource estimate shows a substantial Indicated gold resource of 1.9 Moz, supporting an upcoming PFS.

- Positive factor: Significant Indicated resource growth

- Positive factor: Large contained gold ounces

Facts used in scoring: 2

## Classification and evidence

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The report explicitly states 1.9 million Indicated gold ounces.

Evidence · text

> 1.9 million Indicated gold ounces

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The report explicitly states 436,000 Inferred gold ounces.

Evidence · text

> 436,000 Inferred gold ounces

## Extracted facts

Stored fact records: 2. Some facts used in scoring do not have a stored record.

## Resource Estimates (2)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/2025-year-end-resource-estimate-grey-fox-project-23-indicated-to-1-9-million-gol--8a8097aa-ac62-4e36-b9c3-5ffab78ec82b#fact-resource-facts-0)

gold

#### Identity

- Commodity: gold
- Ticker: MUX

#### Resource Data

- Category: indicated
- Contained Metal: 1900000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-20T00:00:00.000Z

Reasoning: 1.9 million ounces of indicated gold is a significant resource scale.

- Positive factor: Large indicated resource

Evidence · text

> 1.9 million Indicated gold ounces

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/2025-year-end-resource-estimate-grey-fox-project-23-indicated-to-1-9-million-gol--8a8097aa-ac62-4e36-b9c3-5ffab78ec82b#fact-resource-facts-1)

gold

#### Identity

- Commodity: gold
- Ticker: MUX

#### Resource Data

- Category: inferred
- Contained Metal: 436000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-20T00:00:00.000Z

Reasoning: 436,000 ounces of inferred gold adds significant upside potential.

- Positive factor: Significant inferred component

Evidence · text

> 436,000 Inferred gold ounces

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.