# McEwen Files NI 43-101 Technical Reports: Grey Fox Prefeasibility Study in Ontario and Lookout Mountain and Windfall Mineral Resource Estimate in Nevada Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57 Original source: https://money.tmx.com/en/quote/MUX/news/4515045913445849/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari Publisher: tmx Original announcement: 2026-07-22T16:12:04.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: McEwen Inc. - Ticker: MUX - Exchange: TSX - Region: Nevada - Primary commodity: Gold - Secondary commodities: Silver, Copper - Document categories: Resource update, Other - Extracted: 2026-09-12 14:35:27 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary McEwen Inc. has filed NI 43-101 technical reports for the Grey Fox Project in Ontario and the Lookout Mountain and Windfall deposits in Nevada. The filings support previously announced results, including Probable Reserves at Grey Fox and significant gold mineral resources in Nevada. Reasoning: The filing of NI 43-101 technical reports formalizes previously announced PFS and MRE results for multiple key projects. - Positive factor: Probable Reserves at Grey Fox - Positive factor: Significant gold resources in Nevada - Positive factor: Oxide mineralization amenable to heap leach - Negative factor: Low novelty as reports support previously announced results Facts used in scoring: 7 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports on technical reports supporting previously announced mineral resource estimates. Evidence · text > The report supports the Mineral Resource estimates previously announced **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are named for both the Grey Fox and Lookout Mountain/Windfall reports. Evidence · text > The Grey Fox Report was prepared by the following Qualified Persons ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-0) Grey Fox · gold #### Identity - Project: Grey Fox - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: MUX #### Resource scope - Estimate type: reserve - Resource group id: resource:b6a3c19c311172b20340 #### Resource Data - Category: probable - Tonnes: 9410000 - Grade: 3.24 - Grade Unit: g/t - Contained Metal: 980300 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Probable reserves at Grey Fox with 3.24 g/t Au. - Positive factor: Strong grade and tonnage for reserves - Negative factor: Supports previously announced results Evidence · text > Probable Mineral Reserves of 9.41 million tonnes grading 3.24 g/t Au and containing 980,300 gold ounces #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-1) Grey Fox · gold #### Identity - Project: Grey Fox - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:bc35bbeeea58b56394e4 #### Resource Data - Category: indicated - Tonnes: 9680000 - Grade: 2.25 - Grade Unit: g/t - Contained Metal: 701000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Indicated resource at Grey Fox. - Positive factor: Significant indicated resource - Negative factor: Supports previously announced results Evidence · text > 9.68 million tonnes at 2.25 g/t Au for 701,000 gold ounces Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-2) Grey Fox · gold #### Identity - Project: Grey Fox - Commodity: gold - Region: canada\_on - Reported Region: Ontario - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:bb4d88529f0f25248059 #### Resource Data - Category: inferred - Tonnes: 4700000 - Grade: 2.57 - Grade Unit: g/t - Contained Metal: 388000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Inferred resource at Grey Fox. - Positive factor: Good grade for inferred resource - Negative factor: Supports previously announced results Evidence · text > 4.70 million tonnes at 2.57 g/t Au for 388,000 gold ounces Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-3) Lookout Mountain · gold #### Identity - Project: Lookout Mountain - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:1648a9cef5e7b8141a9e #### Resource Data - Category: indicated - Tonnes: 19570000 - Grade: 0.64 - Grade Unit: g/t - Contained Metal: 402300 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Indicated resource at Lookout Mountain. - Positive factor: Large indicated resource - Negative factor: Supports previously announced results Evidence · text > Indicated Mineral Resources of 19.57 million tonnes at 0.64 g/t Au, containing 402,300 gold ounces #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-4) Lookout Mountain · gold #### Identity - Project: Lookout Mountain - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:5748d7b55f7a8b619bd5 #### Resource Data - Category: inferred - Tonnes: 7290000 - Grade: 0.57 - Grade Unit: g/t - Contained Metal: 134200 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Inferred resource at Lookout Mountain. - Negative factor: Supports previously announced results Evidence · text > Inferred Mineral Resources of 7.29 million tonnes at 0.57 g/t Au, containing 134,200 gold ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-5) Windfall · gold #### Identity - Project: Windfall - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:33834289346db367ecb3 #### Resource Data - Category: indicated - Tonnes: 9400000 - Grade: 0.75 - Grade Unit: g/t - Contained Metal: 227500 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Indicated resource at Windfall. - Positive factor: Solid indicated resource - Negative factor: Supports previously announced results Evidence · text > Indicated Mineral Resources of 9.40 million tonnes at 0.75 g/t Au, containing 227,500 gold ounces #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-files-ni-43-101-technical-reports-grey-fox-prefeasibility-study-in-ontari--002febfe-7390-4479-859f-400fc64a0b57#fact-resource-facts-6) Windfall · gold #### Identity - Project: Windfall - Commodity: gold - Region: usa\_nv - Reported Region: Nevada - Ticker: MUX #### Resource scope - Estimate type: resource - Resource group id: resource:0ba53c482199ccab58f9 #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 1.53 - Grade Unit: g/t - Contained Metal: 127800 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-22T00:00:00.000Z Reasoning: Inferred resource at Windfall. - Positive factor: High grade for inferred resource - Negative factor: Supports previously announced results Evidence · text > Inferred Mineral Resources of 2.60 million tonnes at 1.53 g/t Au, containing 127,800 gold ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.