McEwen Inc.
McEwen Inc's Fox Complex in Ontario, Canada -- centered on the Grey Fox deposit, for which a Prefeasibility Study was filed in July 2026 -- anchors the company's North American gold production alongside the Nevada-based Lookout Mountain and Windfall deposits and a minority interest in the producing San José mine in Argentina, which paid McEwen a $49.4 million dividend in 2026. Its McEwen Copper subsidiary is separately advancing project debt financing, including a US$2.4 billion loan package, for the Los Azules copper project in Argentina.
Notable vs. Peers
- Financials score of 4.1/10 is weaker than the peer average of 6.4/10.
- All-in sustaining cost of $2,887/oz is 48% higher than the peer producer average of $1,945/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · McEwen's own Q1 2025 Results press release (published May 8, 2025) states the Stock development (Fox Complex, Timmins, Ontario -- the same asset this miner's existing CONSTRUCTION_DECISION/CONSTRUCTION_START rows, both dated 2025-06-05, are anchored to) 'recently received the final Closure Plan Permit, which enables us to move forward with development and the planned mining operations' -- i.e. the permit predates and directly enabled the June 5, 2025 construction announcement already on file, confirming correct sequencing. Exact grant date not given beyond 'recently' as of the May 8, 2025 report; recorded reached-but-undated. · Source
- Jun 2025 · No separately dated formal 'Board sanctions construction' release distinct from the construction announcement found; dated to McEwen's 'Starting a New Chapter of Growth' release, which announced construction of a new ramp system and portal at the Stock Mine was underway (same convention as the EQX/OGC rows in the Task #430 batch3/6 scripts). · Source
- Jun 2025 · McEwen announced construction of a new ramp system and portal at the Stock Mine (Fox Complex, Timmins) was underway, providing underground access to the mine's West, Main and East gold zones, with gold production targeted from the East zone in H2 2025. · Source
- Reached — date not disclosed · Black Fox (Fox Complex, Timmins) poured first gold in the last week of May 2009 and declared commercial production, per original developer Apollo Gold Corp's SEC filing. McEwen acquired/restarted this already-producing asset later (2018-2020); exact pour day not stated in the source. · Source
- Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine, multi-country portfolio: the Fox Complex/Black Fox (Timmins, Ontario), El Gallo (Sinaloa, Mexico), and the San Jose JV (Santa Cruz, Argentina, operated with Hochschild Mining), each independently developed or acquired at different times; Los Azules (copper, Argentina) remains a development-stage project, not yet producing. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chairman and Chief Owner of McEwen Inc. Founded and led the consolidation (1993-2001) that created Goldcorp Inc., growing its market cap from US$50 million to approximately US$8.5 billion (31% CAGR) before stepping down in 2006 amid a shareholder dispute following the 2005 Wheaton River Minerals merger -- Goldcorp was later absorbed into Newmont (already tracked in this DB, NEM) via a real 2019 merger, long after his departure. Has led McEwen-affiliated gold mining firms since 1990. Owns roughly 14% of McEwen Inc.
Chief Operating Officer of McEwen Inc. Over 50 years of management and executive experience in mine design, construction and operations. Technician Program, Haileybury School of Mines; BSc Mining Engineering, Queen's University; Professional Engineer. Co-founded Dynatec Corporation in 1980, grew it into a major Canadian mine-contracting firm, through its real, completed acquisition by Sherritt International Corporation for approximately C$1.6 billion (14 Jun 2007). Ernst & Young Entrepreneur of the Year, 2013.
Chief Financial Officer of McEwen Inc., since June 2022 (previously CFO of the company, then named McEwen Mining, Mar 2008-Nov 2015 -- his own company's earlier name, not scored as an external prior role). Experienced mining-finance executive. Career: CFO, Mountain Province Diamonds Inc. (Feb 2017-Feb 2022); CFO, Kirkland Lake Gold (2015-2016); Consultant, Barrick Gold (already tracked in this DB, ABX, 2005-2008); Corporate Controller, Goldcorp (2003-2005, absorbed into Newmont, already tracked in this DB, NEM, via a real 2019 merger long after this role).
Vice President, Finance at McEwen Inc., appointed Jan 2023. Over 15 years of finance and accounting experience in mining and (briefly) cannabis. BComm, University of Toronto; CA, Institute of Chartered Accountants of Ontario. Career: CFO, Green Sky Labs Inc. and Liberty Health Sciences (cannabis industry); CFO, Andean Precious Metals Corp.; VP Finance, Orvana Minerals Corp.; Controller, Corona Gold Corporation and Ryan Gold Corp.; career start, Senior Associate, PwC.
General Counsel and Secretary of McEwen Inc. since 21 May 2015. Senior attorney, corporate and government advisor and international entrepreneur with over 20 years' experience closing international deals across public and private sectors. LLM (Tax), Osgoode Hall Law School; LLB, Dalhousie Law School; BA, University of Toronto; CFA Charterholder. Career: Partner, McMillan LLP and Miller Thomson LLP (Toronto law firms). Concurrently Director, Legal Affairs at Echelon Wealth Partners Inc. and Principal of her own firm, REVlaw -- both read as ongoing/concurrent with her McEwen tenure in every source found this pass, so left bio-only, not scored, to avoid the overextension-penalty risk of a still-current external role.
Managing Director of McEwen Copper. 20+ years of international experience, primarily with major mining companies including Barrick Gold (already tracked in this DB, ABX) and Trafigura, extensive project-development and operations experience in Argentina. Played a key role in the turnaround, mine-life extension and Shandong Gold strategic partnership at Barrick's Veladero mine before joining McEwen Copper 17 Feb 2022 (VP of Andes Corporacion Minera SA, overall direction of the Los Azules project). Led Los Azules through the 2023 PEA, the 2024 Environmental Permit for Construction and Operation, and a robust 2025 Feasibility Study with approval under Argentina's RIGI investment-incentive regime.
Vice President, Corporate Development at McEwen Inc., with the company since 2005. Led the Gold Bar project from exploration through permitting and has worked on numerous M&A and financing transactions. Began his mining career at Goldcorp in 2002 while completing his degree at Queen's University (2001-2005), before joining McEwen.
Vice-Chairman of McEwen Inc., appointed 11 Sep 2025 -- a newly created executive position to support the company's growth strategy, focused on medium- to long-term growth, doubling production by 2030, exploration and capital allocation. Previously an independent director of McEwen since 2022. Career: President and CEO, Abitibi Royalties, Inc. (2014-2021), a gold royalty company generating a 74% share-price CAGR during his tenure, through its real, completed acquisition by Gold Royalty Corp. for approximately CAD 320 million (Nov 2021). Earlier, spent 10.5 years working for Rob McEwen at Goldcorp and then McEwen Mining (this company's own predecessor name), serving as President overseeing production, construction and exploration across North and South America -- not scored as an external prior company, since it is the same company he now sits on the board of. [Task #513 batch10: Ian Ball was entirely absent from this DB prior to this pass -- no Person record existed for him at all (confirmed via a direct name-contains query before creating this record). Identity-guard-verified as a genuinely new Person, not a duplicate.]
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The informed money here is not on McEwen's share register -- it is one level down, in McEwen Copper. Nuton, a Rio Tinto venture, holds 17.2% of that subsidiary and has put in more than US$100M in successive tranches, and Stellantis holds 18.3% after investing roughly US$275M to secure copper at source. McEwen Inc itself still owns 46.4%. On McEwen's own register the picture is thinner: about forty holders, overwhelmingly index funds, sector ETFs and market makers -- led by State Street Corp (5.63%) and the SPDR S&P Metals & Mining ETF (5.40%), both passive -- with only small dedicated precious-metals funds such as AuAg Silver Bullet and Evli Silver and Gold. Five insiders sold in the second half of 2025, including founder and chairman Rob McEwen, and none bought.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
McEwen Inc.'s Pre-Feasibility Study for the Grey Fox deposit at the Fox Complex, Ontario (announced 8 Jun 2026, NI 43-101 technical report filed 22 Jul 2026): Probable Mineral Reserve of 9.41 Mt at 3.24 g/t gold for 980,300 oz. 15-year project life extending Fox Complex production to 2041. Base case at $3,000/oz gold: LOM cash cost $1,833/oz, AISC $2,212/oz, post-tax NPV5% of $282M, IRR 24.8%, 4.6-year payback. Enhanced case at $4,500/oz gold: NPV5% $841M, IRR 55%. Additional (non-reserve) resources: 701 koz Indicated + 388 koz Inferred. These figures are for Grey Fox specifically -- McEwen Inc. also holds Lookout Mountain/Windfall (Nevada), a minority interest in the producing San José mine (Argentina), and the McEwen Copper subsidiary (Los Azules, Argentina), none of which are covered by these figures.
Q1 2026 10-Q balance sheet: 'Long-term debt, net of issuance costs' $123,367,000 and 'Long-term debt, current portion' $3,000,000 (Note 10), consisting of $110.0M in aggregate principal of 5.25% convertible senior unsecured notes due 2030 and a $20.0M term loan.