06:50 AM EDT, 06/06/2025 (MT Newswires) -- McEwen Mining ( MUX ) overnight Thursday said it broke ground at its Fox Complex's Stock Mine, located along the Destor-Porcupine fault, with construction of the ramp system now underway to provide access to future lower-cost-per-ounce gold production.

"As we transition production from the Froome Mine to the Stock Mine, the timing is ideal for bringing Stock Mine into production," said McEwen Mining ( MUX ) Chief Executive Rob McEwen.

"Moreover, it is important to understand that the Stock Mine will help us increase our near-term gold production and decrease our cost per ounce for three reasons: One, it will eliminate the onerous metal stream from prior owners on the Froome mine, which obligated us to sell 8% of our production at $605 per ounce; Two, the Stock material is softer than that currently processed from Froome, which will enable greater mill throughput and gold output; and Three, with the mill on site, we eliminate the cost of hauling material 35 kilometers from Froome," continued McEwen.

U.S.-listed shares of the company fell nearly 2% to $9.10 in pre-market trading.