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 4.5/10 is weaker than the peer average of 6.5/10.
- All-in sustaining cost of $2,887/oz AuEq is 25% higher than the peer producer average of $2,305/oz AuEq.
- Trading within 6% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Jun 2025 · Source
- Jun 2025 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · 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.
Combined view across 8 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 24.8%Fox Complex (Grey Fox), Ontario, Canada
- 15 yrsFox Complex (Grey Fox), Ontario, Canada
Jurisdiction (40%, counts 50% here)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. McEwen's flagship is the Fox Complex in Ontario. Its portfolio also spans Nevada, a minority interest in Mexico's San José mine and the Los Azules copper project in Argentina, which carries materially higher macroeconomic and currency risk; this single flagship-based score does not capture them.
Infrastructure (40%, counts 50% here)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Fox Complex (Grey Fox), Ontario, Canada.
Nearby producing mine (20%)Not counted: would not raise the score
Macassa (Agnico Eagle Mines Limited) is 47 km away and would score 8.2/10 on its own, but that is below what this company's other researched inputs already give it. A nearby producing mine can only raise this score, never lower it, so it isn't counted here.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:5.3/10
Nearest producing mine: Macassa (Agnico Eagle Mines Limited), 47 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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 via a 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.; also a director of SPC Nickel Corp. 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 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, and previously from Mar 2008 to Nov 2015, when the company was named McEwen Mining. Experienced mining-finance executive. Career: CFO, Mountain Province Diamonds Inc. (Feb 2017-Feb 2022); CFO, Kirkland Lake Gold (2015-2016); Consultant, Barrick Gold (2005-2008); Corporate Controller, Goldcorp (2003-2005).
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).
Managing Director of McEwen Copper. 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).
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
McEwen produces gold from the Fox Complex in Timmins, Ontario, and the Gold Bar mine complex in Nevada, holds 49% of the San José mine in Argentina (operated by Hochschild Mining) and is developing the El Gallo project in Sinaloa, Mexico; its McEwen Copper subsidiary is arranging project financing, including a US$2.4B loan package, for the Los Azules copper project in Argentina. In 2026 it bought Canadian Gold Corp., owner of the past-producing Tartan mine near Flin Flon, Manitoba, and Golden Lake Exploration, adding the Jewel Ridge and Jewel Ridge West exploration targets next to Gold Bar. Company-wide attributable measured and indicated gold resources are 4,021,000 oz, plus 1,498,900 oz inferred: the FY2025 10-K statement at 31 December 2025, with Grey Fox at the Fox Complex the largest deposit at 1,892,000 oz, plus Tartan's 308,900 oz. The Grey Fox pre-feasibility study, filed in July 2026, shows a post-tax NPV5% of US$282M and a 24.8% IRR at US$3,000/oz gold and adds 15 years of mine life, with Fox Complex output projected to rise from under 20,000 oz in 2026 to about 87,000 oz a year from 2028 to 2041. Consolidated all-in sustaining cost in Q1 2026 was US$2,887 per gold-equivalent ounce sold, and San José paid McEwen a US$49.4M dividend in 2026.
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.