06:28 AM EDT, 09/02/2025 (MT Newswires) -- McEwen Inc. ( MUX ) was at last look up more than 7% and at fresh 52 week high levels in US premarket trade Tuesday as it reported that drilling at Fox Complex's Grey Fox Project continues to deliver "attractive" gold grades and widths, saying these results from the Gibson Expansion Zone and Grey Fox South (GFS) support resource growth ahead of an updated resource estimate expected in October 2025.

Among strategic highlights, McEwen cited "consistent high-grade results" and resource growth potential. It said new intercepts illustrate the potential for near-term resource expansion, building on the current Grey Fox resource of 1,538,000 gold ounces at 3.64 g/t Au Indicated and 458,000 gold ounces at 3.30 g/t Au Inferred.

On exploration outlook, McEwen said geological similarities with large regional deposits, such as Canadian Malartic, reinforce Grey Fox's growth potential. It noted an updated Grey Fox resource estimate is scheduled for October 2025.

In a project update, MUX said the updated 3D mineralization model for Grey Fox incorporates recent intercepts and is expected to increase the forthcoming resource estimate. It added with mineralization remaining open and new zones demonstrating strong continuity, Grey Fox has significant potential for further resource growth and contribution to McEwen's Ontario operations. This potential is further supported by geological parallels with major regional deposits, such as Canadian Malartic located near Val d'Or, Quebec, where similar host rocks and depositional environments have yielded large-scale, long-life gold production.

"We are delighted to have four key projects driving our gold mining business in both the near and long term. Exploration drilling on our Fox Complex, specifically Grey Fox, continues to exceed expectations, while underground development at our Stock Mine and Froome West is progressing well. We are also encouraged by the potential of our Nevada projects, where drilling will provide further exploration updates.

Our development work at the Stock Mine and Froome West positions us to increase gold production and lower costs in 2026, while Grey Fox remains our key project for long-term growth. With gold performing exceptionally well, our gold-focused projects and operations put McEwen in a strong position to take advantage of higher prices. Our goal over the next few years is clear: to grow annual output beyond 200,000 gold ounces and reduce production costs, generating stronger margins," said Rob McEwen, CEO and Chief Owner.

MUX was up 4.5% in Canada on Friday, ahead of the Labour Day holiday weekend.