Operations · Timmins, Ontario
Fox Complex
The Fox Complex mines gold on the Destor-Porcupine Fault near Timmins, Ontario
Q2 2026 results, Aug 5, 2026; Grey Fox PFS release, Jun 8, 2026; release, Oct 9, 2026.
Gold and silverCopper
Timmins, Ontario
McEwen plans 20,000 to 23,000 gold equivalent ounces here in 2026
The Fox Complex produced 12,785 GEO in the first half of 2026. Cash costs are planned at US$2,200-2,400 and all-in sustaining costs at US$2,650-2,850 per GEO.
Q2 2026 results, Aug 5, 2026, guidance revised Aug 5, 2026.
The Stock Mine starts producing in Q4 2026
Commercial production is expected in Q1 2027. Its mine life can be extended to 8.5 years from the previously disclosed 6 years.
release, Oct 9, 2026; Q2 2026 results, Aug 5, 2026. Forward-looking; see the cautionary statement.
Grey Fox adds 980,300 ounces of reserves and runs the complex to 2041
Initial capital is US$181 million. Construction is planned for H1 2027 and commercial production for 2029. From 2028 to 2035, Grey Fox is projected to contribute an average of 43,000 gold ounces a year; from 2035 to 2040 it becomes the sole source of production, averaging 87,000 gold ounces a year.
Grey Fox Prefeasibility Study (Grey Fox PFS release, Jun 8, 2026); Probable reserve as of Mar 27, 2026. Forward-looking; see the cautionary statement.
Grey Fox’s after-tax NPV (5%) is US$282 million at US$3,000 gold and US$841 million at US$4,500
| Gold price | After-tax NPV (5%) | After-tax IRR | Payback | Pre-tax NPV (5%) | Pre-tax IRR |
|---|---|---|---|---|---|
| US$3,000 an ounce | US$282 million | 25% | 4.6 years | US$429 million | 31% |
| US$4,500 an ounce | US$841 million | 55% | 2.3 years | US$1.25 billion | 70% |
Grey Fox PFS release, Jun 8, 2026. Capital US$181 million.
Resources and reserves
| Deposit | Category | Grade | Contained |
|---|---|---|---|
| Grey Fox | Probable reserve (Mar 27, 2026) | 3.24 g/t | 980,300 oz |
| Froome | Measured and Indicated | 2.78 g/t | 58,000 oz |
| Froome | Inferred | 2.93 g/t | 28,000 oz |
| Grey Fox | Indicated | 2.25 g/t | 701,000 oz |
| Grey Fox | Inferred | 2.57 g/t | 388,000 oz |
| Stock West and Main | Indicated | 2.63 g/t | 268,000 oz |
| Stock West and Main | Inferred | 2.31 g/t | 184,000 oz |
| Stock East | Indicated | 2.12 g/t | 122,000 oz |
| Stock East | Inferred | 2.02 g/t | 87,000 oz |
| Black Fox | Measured and Indicated | 3.57 g/t | 44,000 oz |
| Black Fox | Inferred | 2.90 g/t | 36,000 oz |
| Davidson Tisdale | Measured and Indicated | 6.23 g/t | 59,000 oz |
| Davidson Tisdale | Inferred | 3.44 g/t | 22,000 oz |
| Stroud | Inferred | 2.80 g/t | 168,000 oz |
| Total Ontario | Measured and Indicated | 2.44 g/t | 1,252,000 oz |
| Total Ontario | Inferred | 2.52 g/t | 913,000 oz |
Resources as of Dec 31, 2025 (S-K 1300), exclusive of reserves: McEwen’s Reserves and Resources page. Reserve: Grey Fox PFS release, Jun 8, 2026.
Qualified persons: Channa Kumarage, P.Eng., Vice President, Operations (technical contents, including reserves) and Luke Willis, P.Geo., Director of Resource Modelling (resources), both Qualified Persons as defined by SEC S-K 1300 and NI 43-101 (presentation, Sept 2026, slide 2). Resources are exclusive of reserves. See the cautionary statement.
Photos: McEwen Inc.