McEwen Inc. (NYSE:MUX) (TSX: MUX) is pleased to announce the results of the Pre-Feasibility Study for its 100%-owned Grey Fox Project, located near Timmins, Ontario. Grey Fox is expected to become a major source of ore for the Fox Complex and play a key role in increasing production. With the addition of Grey Fox, gold production at the Fox Complex is projected to reach ~100,000 gold ounces in 2029 and average ~87,000 gold ounces annually from 2028 through 2041. This production growth is expected to support the Company’s near-term objective of increasing total annual production to 250,000–300,000 gold equivalent ounces by 2030.

Based on current prices of over $4,000 per ounce of gold and over $50 per ounce of silver, management believes that our forecast production will generate sufficient cash flow to self-fund production growth with limited to no share dilution. Grey Fox is expected to benefit from the combination of utilizing the Company’s Stock Mill and tailings facilities, along with its existing workforce.

Grey Fox PFS Highlights

• Grey Fox will extend the Fox Complex mine life by 15 years to 2041, with mine reserves totalling approximately 40% of the current resource, leaving opportunity to further extend the mine life supported by significant exploration upside.
• From 2028 to 2035, Grey Fox is projected to contribute an average of 43,000 gold ounces to annual production for the Fox Complex, with the balance being sourced from the Stock Mine.
• From 2035 to 2040, Grey Fox will become the sole source of production, averaging 87,000 gold ounces per year, and tapering off in 2041. For comparison, the Fox Complex production in 2026 is projected at 16,000–19,000 gold ounces.
• Initial capital expenditures (“CAPEX”) are estimated to be $181 million. Based on current gold prices of over $4,000 per ounce, capital expenditures are expected to be funded primarily internally, from treasury and operating cash flow. CAPEX requirements will be spread out as follows: $17 million in 2026, $60 million in 2027, $80 million in 2028 and $24 million in 2029.
• Cash costs and all-in sustaining costs (“AISC”) per ounce over the life of mine of $1,833 and $2,212, respectively, at a gold price of $3,000 per ounce (base case).
• Cash costs and AISC per ounce over the life of mine of $2,042 and $2,421, respectively, at a gold price of $4,500 per ounce (enhanced case).
• At a gold price of $3,000 per ounce: Pre-tax NPV (5%) of $429 million, IRR of 31%, and payback of 3.9 years; Post-tax NPV (5%) of $282 million, IRR of 25%, and payback of 4.6 years.
• At a gold price of $4,500 per ounce: Pre-tax NPV (5%) increases to $1.25 billion, with an IRR of 70%, and payback of 2 years; Post-tax NPV (5%) increases to $841 million, with IRR of 55% and payback of 2.3 years.

Table 1. Grey Fox PFS Summary Base Case Using a $3,000/oz Gold Price

Table 2. Grey Fox PFS Summary Enhanced Case Using a $4,500/oz Gold Price

Table 3. Grey Fox Life of Mine Capital Cost Summary

Table 4. Operating Costs

Note: Numbers may not sum due to rounding

Mineral Resource Estimate

While the focus of this technical report is the PFS study results and declaration of reserves at Grey Fox, we have also included updates to our assets across the Fox Complex using a gold price of $3,000 per ounce, as well as we have declared a maiden resource at the recently acquired Stroud Property.

Table 5. Grey Fox and Stroud Mineral Resources

Table 6. Total Fox Complex Resources

Grey Fox Mineral Reserve

The Grey Fox Mineral Reserve estimate, prepared by Stantec on March 27, 2026, is based on July 11, 2025 Indicated Mineral Resources. The inclusion of nearly one million ounces in a mineable plan, representing approximately 40% of total Grey Fox resource ounces, highlights the opportunity to further expand the production profile through continued drilling and future resource conversion as the project matures. The 2026 exploration program at Grey Fox is advancing with five drills operating and a planned spend of $5.0M.

Table 7. Grey Fox Mineral Reserve Statement Prepared on March 27, 2026 

Mining at Grey Fox

Mining at Grey Fox will be a combination of two independent underground operations accessed from two portals. The North (Gibson) portal will access Whiskey Jack, Gibson, Contact, and 147 North-East zones, and South portal will access 147 and South zones.

The mineral zones will be mined using a longhole mining method supplemented with cut and fill mining. Ore will be hauled to surface and driven 35 kilometers to McEwen’s operating Stock Mill. Costs have been estimated and subsequently verified against actuals at our nearby Froome Mine.

Mineral Processing

McEwen’s Stock Mill will process both the Grey Fox ores and the Stock Mine mineralised material, which will be blended. Gold Recovery has been estimated at 87.5% based on laboratory testing.

Grey Fox ore will be crushed at site prior to being hauled to the Stock Mill. The Stock Mill recovery process consists of crushing, grinding and a primary Carbon-In-Leach (CIL) circuit followed by refining into doré bars. Work is ongoing to prepare the mill facility for this change in feedstock.

Contribution to the Local Community

The Company will continue to work and share its plans regarding the Grey Fox Project with Indigenous Communities, the Township of Black River – Matheson, City of Timmins and other local stakeholders, along with relevant ministry officials and regulatory authorities. It is anticipated that the Grey Fox Project will create 220 full-time jobs during the 15-year mine life, continuing to meaningfully contribute to the local and regional economy.

Permitting and Environmental

Development at the Grey Fox deposit will require amendments to the current operating permits within the Fox Complex. A Water Permit and Closure Plan amendments will be initiated in the coming weeks.

With the small footprint and existing facilities at the Fox Complex, the Company is targeting receipt of permits for development work at the Grey Fox Mine within 12 to 18 months.

Opportunities

The Company sees several areas where Grey Fox can be further improved:

Next Steps at Grey Fox

Technical Information 

Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., Exploration Manager for McEwen Ontario, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

The technical information related to resource estimates in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen’s Director of Resource Modelling and is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Technical information pertaining to the Grey Fox Project, including reserves, contained in this news release has been prepared under the supervision of Mark Hatton, P.Eng., Sr. Project Manager at Stantec, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

ABOUT MCEWEN

McEwen shares trade on both the NYSE and TSX under the ticker MUX.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project with exciting optionality, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.

The Company has a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$457 million.

The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and Chief Owner Rob McEwen has invested US$290 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.