Name of the Project
Grey Fox project.

Location
Near Timmins, Ontario, Canada.

Project Owner/s
Gold and silver producer McEwen Inc (100%).

Project Description
Grey Fox is a planned underground gold mine and future major source of ore for the Fox Complex. The June 2026 prefeasibility study (PFS) extends the Fox Complex mine life by 15 years to 2041, with significant potential for further extensions through exploration and future resource conversion.

The project has a probable mineral reserve of 9.406-million tonnes grading 3.24 g/t gold containing 980 300 oz. This represents about 40% of the current Grey Fox mineral resource, which comprises an indicated resource of 18.819-million tonnes grading 3.28 g/t gold containing 1.986-million ounces, and an inferred resource of 5.056-million tonnes grading 2.69 g/t gold containing 438 000 oz. Mining will comprise two independent underground operations accessed through two portals.

The North, or Gibson, portal will access the Whiskey Jack, Gibson, Contact and 147 North-East zones, while the South portal will access the 147 and South zones. Longhole mining will be supplemented by cut-and-fill mining.

Ore will be crushed at the mine and transported about 35 km to McEwen's operating Stock Mill, where it will be blended with Stock mine material. Processing will comprise crushing, grinding, carbon-in-leach treatment and refining into doré bars.

Gold recovery is estimated at 87.5%. From 2028 to 2035, Grey Fox is projected to contribute an average of about 43 000 oz/y of gold to Fox Complex production.

From 2035 to 2040, it is expected to become the complex's sole source of production, averaging about 87 000 oz/y, before production tapers in 2041.

Potential Job Creation
The project is expected to create 220 full-time jobs over its 15-year mine life.

Net Present Value/Internal Rate of Return
At a gold price of $3 000/oz, the project has a pretax net present value (NPV), at a 5% discount rate, of $429-million and an internal rate of return (IRR) of 31%, with a payback period of 3.9 years. The corresponding post-tax NPV is $282-million, with an IRR of 25% and a payback period of 4.6 years. 

At a gold price of $4 500/oz, the pretax NPV increases to $1.25-billion, with an IRR of 70% and a payback period of two years. The corresponding post-tax NPV is $841-million, with an IRR of 55% and a payback period of 2.3 years.

Capital Expenditure
Initial capital expenditure is estimated at $181-million comprising $17-million in 2026, $60-million in 2027, $80-million in 2028 and $24-million in 2029.

Planned Start/End Date
Detailed engineering and long-lead procurement are the next planned activities. Construction is targeted to start in the spring of 2027, with underground development expected to begin in the third quarter of 2027. Commercial production is expected in 2029, and production is planned to continue until 2041.

Latest Developments
The 2026 Grey Fox exploration programme is under way, with five drill rigs and planned expenditure of $5-million. McEwen is assessing opportunities to optimise the early mining areas, incorporate new mineralisation, streamline the combined processing of Grey Fox and Stock mine ore, and reduce initial capital expenditure.

Key Contracts, Suppliers and Consultants
Stantec (mineral reserve estimate and technical information supporting the PFS).

Contact Details for Project Information
McEwen Inc., tel +1 647 258 0395 or email info@mcewenmining.com.