8-K: McEwen Boosts Gold Resources at Tartan & Grey Fox Projects

McEwen Inc. announced significant increases in gold resources at its Grey Fox Project and promising drill results from the newly acquired Tartan Mine Project, advancing its goal to double production by 2030.

Summary

• McEwen Inc. acquired the Tartan Mine Project on January 5, 2026, through the purchase of Canadian Gold Corp.
• Final drill results from Tartan Mine include 7.5 gpt gold over 18.9 metres, expanding mineralization along the Western Flank.
• The Main Zone at Tartan is widening at depth, with strike length expanding from 100 metres near surface to approximately 150 metres at depth.
• McEwen is budgeting $3 million for Tartan exploration in 2026, with potential for increase.
• The 2025 Mineral Resource Estimate for the Grey Fox Project totals 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces, calculated using a US$3,000 per ounce gold price.
• Indicated Resources at Grey Fox increased by 23% to 1,892,000 gold ounces (19,474,000 tonnes @ 3.02 gpt gold) compared to Year-End 2024.
• Inferred Resources at Grey Fox decreased by 5% to 436,000 gold ounces (5,101,000 tonnes @ 2.66 gpt gold) compared to Year-End 2024, primarily due to conversion to the Indicated category.
• The Grey Fox resource estimate now balances both underground and open pit mining methods.
• McEwen acquired the adjacent Stroud Property in 2024, which contains a historical resource of approximately 270,000 gold ounces, to be validated and incorporated.
• The company is budgeting $5 to $10 million for drilling at Grey Fox in 2026.

Sentiment

Score: 8

Explanation: The filing presents strong positive news with significant resource increases and promising drill results for key projects. The strategic direction towards production growth and cost optimization is clear. While there's a slight decrease in Grey Fox inferred resources and grade, it's explained by conversion and strategic mining approach, not a fundamental issue. The overall outlook is highly favorable for future growth and value creation.

Positives

• Significant drill intercept at Tartan Mine of 7.5 gpt gold over 18.9 metres, expanding mineralization.
• Main Zone at Tartan is widening at depth, increasing strike length from 100m to 150m.
• Approximately 90% of drill holes at Tartan's Main Zone since 2023 have intersected potentially economic mineralization.
• Tartan is identified as an increasingly rare high-grade gold project in Canada with potential to be a lower cost, long-life mine.
• 23% increase in Indicated gold resources at Grey Fox to 1.9 million ounces.
• Incorporation of open pit mining methods at Grey Fox to maximize long-term project value and provide early access to high-return ounces.
• Identification of Gibson Zone and Whiskey Jack at Grey Fox for accelerated underground mining due to existing infrastructure and higher grades.
• Acquisition of Stroud Property adjacent to Grey Fox, adding a historical resource of 270,000 gold ounces for future validation.
• Recent drill results at Grey Fox (e.g., 10.1 gpt gold over 5.8 meters) demonstrate potential for further resource growth.
• Chairman Rob McEwen's personal investment of over US$200 million and $1 annual salary aligns interests with shareholders.
• Company's goal to double production by 2030, with Tartan and Grey Fox as key drivers.

Negatives

• The average gold grade for Grey Fox Indicated Resources decreased by 17% from 3.64 gpt in 2024 to 3.02 gpt in 2025, attributed to a lower cut-off grade due to higher gold prices and the incorporation of open pit mining.
• The average gold grade for Grey Fox Inferred Resources decreased by 19% from 3.30 gpt in 2024 to 2.66 gpt in 2025, attributed to a lower cut-off grade due to higher gold prices and the incorporation of open pit mining.
• Inferred gold resources at Grey Fox decreased by 5% (22,000 ounces) from 458,000 ounces in 2024 to 436,000 ounces in 2025, primarily due to conversion to the Indicated category.

Risks

• Fluctuations in the market price of precious and base metals.
• Mining industry risks.
• Political, economic, social, and security risks associated with foreign operations.
• Ability to receive or receive in a timely manner permits or other approvals required for operations.
• Risks associated with the construction of mining operations and commencement of production and projected costs.
• Risks related to litigation.
• The state of the capital markets.
• Environmental risks and hazards.
• Uncertainty as to calculation of mineral resources and reserves.
• Foreign exchange volatility, controls, and currency risk.
• Actual results and future events could differ materially from forward-looking statements.

Future Outlook

The company aims to double production by 2030, with the Tartan Mine and Grey Fox Project serving as key growth drivers. An updated Mineral Resource Estimate for Tartan is expected by the end of February 2026, followed by a Pre-Feasibility Study for Grey Fox in Q2 2026. These studies will advance engineering and permitting towards production decisions, leveraging existing infrastructure to keep capital costs low and develop mines in phases. Exploration budgets for both projects in 2026 indicate continued resource expansion efforts.

Management Comments

• We believe the recent results, combined with our planned investment into exploration, will allow Tartan to become one of the Company's key growth drivers as we move towards our goal of doubling production by 2030.
• Tartan has the potential to become a lower cost, long-life mine.
• This year will be important as we publish the updated Mineral Resource Estimate and advance engineering and permitting to move towards a production decision.
• By leveraging existing mine infrastructure and the high-grade gold at Tartan, the Company aims to keep capital costs low and develop the mine in phases.
• Grey Fox will be an important part of the Company's goal of doubling production by 2030, as we continue the Fox Complex's transition into a long-life mining operation.
• This project approach will allow the Company to maximize long-term project value, while providing early access to high-return gold ounces through existing ramp and underground infrastructure.
• Chairman and Chief Owner Rob McEwen has invested over US$200 million personally and takes a salary of $1 per year, aligning his interests with shareholders.
• His objective is to build MUX's profitability, share value and eventually implement a dividend policy, as he did while building Goldcorp Inc.

Industry Context

The announcements highlight McEwen Inc.'s strategic focus on expanding its gold production base in the Americas, particularly in high-grade regions of Canada. The acquisition of Tartan and the significant resource growth at Grey Fox position the company to capitalize on favorable gold market conditions. The emphasis on balancing open pit and underground mining, leveraging existing infrastructure, and targeting lower production costs aligns with broader industry trends towards optimizing project economics and sustainability. The company's diversified portfolio, including a large copper development project (Los Azules) and an investment in advanced assay technology (Paragon Advanced Labs), suggests a forward-looking strategy beyond traditional gold mining, aiming for long-term value creation and operational efficiency.

Comparison to Industry Standards

• Tartan is described as an "increasingly rare high-grade gold project in Canada," suggesting it stands out in a market where such projects are becoming scarce.
• The company's goal of doubling production by 2030 is an ambitious growth target, which, if achieved, would place it among growing mid-tier producers.
• The Los Azules copper project is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, setting a high standard for environmental responsibility compared to many existing and developing projects globally.
• The investment in Paragon Advanced Labs Inc. and its PhotonAssay technology indicates an early adoption of what the company believes will be a new industry standard for assaying, potentially offering a competitive advantage in efficiency and accuracy.

Stakeholder Impact

• Shareholders: Potential for increased share value due to resource growth, production targets, and Chairman Rob McEwen's commitment to building profitability and eventually implementing a dividend policy.
• Employees: Potential for job creation and stability with the advancement of Tartan and Grey Fox towards production.
• Local Communities: Potential for economic benefits in regions like Flin Flon, Manitoba, and Timmins, Ontario, through mining operations.
• Creditors/Investors: Improved confidence in the company's growth trajectory and asset base.

Next Steps

• Release of updated Mineral Resource Estimate for Tartan Mine Project by end of February 2026.
• Develop future plans for Tartan based on the updated resource estimate.
• Advance engineering and permitting for Tartan towards a production decision.
• Publish Pre-Feasibility Study (PFS) for Grey Fox Project in Q2 2026.
• Validate and incorporate the historical resource estimate for the Stroud Project into future Fox Complex resource updates.
• Continue exploration drilling at Tartan and Grey Fox in 2026.
• Review scenarios for open pit mining development at Grey Fox to balance production with capital requirements and maximize long-term value.
• Potentially reach agreements with adjacent owners to expand open pit resources at Grey Fox.

Key Dates

Recommendation

The significant 23% increase in Indicated gold resources at Grey Fox, coupled with highly promising high-grade drill results at the newly acquired Tartan Mine, provides a strong foundation for future production growth. The company's clear strategy to double production by 2030, optimize project economics through phased development, and leverage existing infrastructure suggests a well-managed path to increased profitability. The Chairman's substantial personal investment and commitment to shareholder value further bolster confidence. These developments indicate substantial upside potential for the stock.

Keywords

Gold Exploration, Mineral Resources, Tartan Mine, Grey Fox Project, McEwen Inc., MUX, Mining, Manitoba, Ontario, Drill Results, Resource Estimate, Pre-Feasibility Study, Gold Production, Copper Development, Los Azules, PhotonAssay