# McEwen Generates Strong Q1 Results & Advances Multi-Asset Growth Strategy; Net Income $33.4M \($0.56 per Share\) vs. Net Loss $6.3M \($0.12 per Share\) in Q1 2025; Internally Funding Key Projects to Double Production by 2030

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef

Original source: https://money.tmx.com/en/quote/MUX/news/6352837200537007/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco

Publisher: tmx

Original announcement: 2026-05-07T02:04:23.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: McEwen Inc.

- Ticker: MUX

- Exchange: TSX

- Region: Unavailable

- Primary commodity: Gold

- Secondary commodities: Silver, Copper

- Document categories: Drill results, Production, Resource update

- Extracted: 2026-09-12 14:55:17 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

McEwen Inc. reported strong Q1 2026 financial results with a net income of $33.4 million, a significant improvement from a net loss in Q1 2025, and increased production across its operations. The company advanced its multi-asset growth strategy, including an updated Mineral Resource Estimate for the Windfall deposit and positive exploration results at its Gold Bar, Fox Complex, and Tartan projects. McEwen aims to double its production by 2030, primarily through internal funding, and is progressing key development projects in Canada, USA, Mexico, and Argentina.

Reasoning: McEwen Inc. reported strong Q1 2026 financial results, including a significant turnaround to net income, alongside increased production and positive updates on its multi-asset growth strategy, featuring new resource estimates and promising exploration results that support its goal to double production by 2030.

- Positive factor: Strong financial performance with net income and increased EBITDA

- Positive factor: Significant increase in Q1 production year-over-year

- Positive factor: Positive resource updates for Windfall and overall Gold Bar Mine Complex

- Positive factor: Good exploration results extending mineralization at multiple projects

- Positive factor: Internal funding strategy to support future production growth

- Positive factor: Progress on key development projects like Stock Mine and El Gallo

- Positive factor: Cost reductions at San José Mine

- Negative factor: Increased costs at Gold Bar Mine Complex due to lower grades and increased waste mining

- Negative factor: Higher AISC at Fox Complex due to development work

- Negative factor: Two contractor fatalities reported

Facts used in scoring: 40

## Classification and evidence

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Windfall Mineral Resource Estimate includes 227,500 gold ounces in the Indicated category, representing a reasonable level of geological confidence.

Evidence · table

> Indicated

Context: 9,402.8

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Windfall Mineral Resource Estimate includes 127,800 gold ounces in the Inferred category, which is a speculative category with lower geological confidence.

Evidence · table

> Inferred

Context: 2,596.4

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The Gold Bar Mine Complex includes 168,000 gold ounces in the Probable Reserves category, indicating demonstrated economic viability.

Evidence · table

> 8,624

Context: Gold Bar Mine

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Gold Bar Mine Complex includes 792,000 gold ounces in the Indicated category, representing a reasonable level of geological confidence for the combined projects.

Evidence · table

> 38,603

Context: Total

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Gold Bar Mine Complex includes 281,000 gold ounces in the Inferred category, which is a speculative category with lower geological confidence for the combined projects.

Evidence · table

> 11,256

Context: Total

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Tartan Mine Project has 308,900 gold ounces in the Indicated category, providing a good level of confidence for the potential mine restart.

Evidence · text

> underground Indicated Resources totalling 308,900 gold ounces \(2,619,000 tonnes at 3.67 gpt Au\)

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Tartan Mine Project has 302,700 gold ounces in the Inferred category, which is a speculative category with lower geological confidence.

Evidence · text

> Inferred Resources totalling 302,700 gold ounces \(2,832,900 tonnes at 3.32 gpt Au\)

**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: The technical content, including resource estimates and reserves, has been reviewed and approved by multiple Qualified Persons as defined by SEC S-K 1300 and NI 43-101.

Evidence · text

> reviewed and approved by William \(Bill\) Shaver, P.Eng., COO of McEwen Inc. and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource estimates and technical information are prepared under the supervision of Qualified Persons as defined by Canadian Securities Administrators National Instrument 43-101.

Evidence · text

> Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The Windfall Mineral Resource Estimate explicitly states an 'Open Pit Au Cut-off Grade: 0.005 oz/ton oxide'.

Evidence · text

> Open Pit Au Cut-off Grade: 0.005 oz/ton oxide

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The drillhole WF181 at Windfall returned 9.8 gpt gold over 24.4 meters, which is an exceptionally high grade for an open-pit porphyry target \(exceptional threshold >=1 g/t\).

Evidence · text

> 9.8 gpt gold over 24.4 meters \(RCW\) in drillhole WF181

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The drillhole 25GF-1655 at Grey Fox returned 254.2 gpt gold over 0.8 meters, which is an extremely high grade for an underground target \(exceptional threshold >=15 g/t\).

Evidence · text

> 254.2 gpt gold over 0.8 meters \(TW\) in drillhole 25GF-1655

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: Several drill results at Grey Fox and Stroud explicitly state 'TW' \(True Width\), such as '6.1 gpt gold over 7.3 meters \(TW\)'.

Evidence · text

> 6.1 gpt gold over 7.3 meters \(TW\) in drillhole 25GF-1675

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The release states that 'McEwen Inc. follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials and blanks in the sample stream'.

Evidence · text

> As part of our regular QA/QC program McEwen Inc. follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials and blanks in the sample stream for the monitoring and assessment of laboratory processes and procedures.

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: Drillhole 26GF-1698 at Grey Fox 'Expanded the zone by 85 meters vertically or by 30% and remains open for expansion'.

Evidence · text

> Expanded the zone by 85 meters vertically or by 30% and remains open for expansion

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The company highlights that Golden Lake’s Jewel Ridge and Jewel Ridge West projects 'adjoin McEwen’s Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resources'.

Evidence · text

> Golden Lake’s Jewel Ridge and Jewel Ridge West projects adjoin McEwen’s Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resources at the Gold Bar Mine Complex

**Production Growth**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Consolidated production increased to 30,471 GEOs in Q1 2026 from 24,132 GEOs in Q1 2025, a 26% increase.

Evidence · table

> 30,471

Context: Consolidated Production

**Cost Reduction**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: San José Mine's cash costs per GEO decreased by 8% and AISC per GEO decreased by 11% compared to Q1 2025.

Evidence · table

> $2,365

Context: San José Mine, Argentina \(49%\)

## Extracted facts

Stored fact records: 28. Some facts used in scoring do not have a stored record.

## Drill Results (21)

### WF181

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-7)

Windfall · gold

#### Identity

- Hole ID: WF181
- Project: Windfall
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 9.8
- Grade Unit: g/t
- Intercept: 24.4 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This intercept represents a bonanza-grade result over a significant width, indicating strong mineralization and potential for resource expansion at the Windfall deposit.

- Positive factor: Exceptional gold grade \(9.8 gpt\) for an open-pit target

- Positive factor: Significant intercept length \(24.4 m\)

- Positive factor: Indicates strong mineralization potential at Windfall

- Positive factor: Mineralization is open to the northwest

Evidence · text

> 9.8 gpt gold over 24.4 meters \(RCW\) in drillhole WF181

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### WF181

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-8)

Windfall · gold

#### Identity

- Hole ID: WF181
- Project: Windfall
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 0.9
- Grade Unit: g/t
- Intercept: 25.9 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This intercept, while lower grade than the other from WF181, still shows good width and a grade that supports the open-pit potential of the Windfall deposit.

- Positive factor: Good intercept length \(25.9 m\)

- Positive factor: Grade is above the open-pit porphyry weak threshold \(0.15 g/t\)

- Positive factor: Mineralization is open to the northwest

Evidence · text

> 0.9 gpt gold over 25.9 meters \(RCW\) in drillhole WF181

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### PK 105

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-9)

Trinity Ridge · gold

#### Identity

- Hole ID: PK 105
- Project: Trinity Ridge
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 1.2
- Grade Unit: g/t
- Intercept: 18.3 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill intercept at Trinity Ridge provides good gold grades over a reasonable width, supporting the company's strategy to expand and merge existing open pits.

- Positive factor: Good gold grade \(1.2 gpt\) for an open-pit target

- Positive factor: Solid intercept length \(18.3 m\)

- Positive factor: Supports development plans for merging existing pits

Evidence · text

> 1.2 gpt gold over 18.3 meters \(RCW\) in drillhole PK 105

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### PK 107

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-10)

Trinity Ridge · gold

#### Identity

- Hole ID: PK 107
- Project: Trinity Ridge
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 1.1
- Grade Unit: g/t
- Intercept: 15.2 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill intercept at Trinity Ridge provides good gold grades over a reasonable width, further supporting the company's development plans for the area.

- Positive factor: Good gold grade \(1.1 gpt\) for an open-pit target

- Positive factor: Solid intercept length \(15.2 m\)

- Positive factor: Supports development plans for merging existing pits

Evidence · text

> 1.1 gpt gold over 15.2 meters \(RCW\) in drillhole PK 107

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### PK 110

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-11)

Trinity Ridge · gold

#### Identity

- Hole ID: PK 110
- Project: Trinity Ridge
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 1
- Grade Unit: g/t
- Intercept: 35.1 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This intercept at Trinity Ridge shows good gold grade over a substantial width, providing strong support for the planned expansion and merging of open pits.

- Positive factor: Good gold grade \(1.0 gpt\) for an open-pit target

- Positive factor: Excellent intercept length \(35.1 m\)

- Positive factor: Strongly supports development plans for merging existing pits

Evidence · text

> 1.0 gpt gold over 35.1 meters \(RCW\) in drillhole PK 110

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### PK 115

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-12)

Trinity Ridge · gold

#### Identity

- Hole ID: PK 115
- Project: Trinity Ridge
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 1.9
- Grade Unit: g/t
- Intercept: 41.1 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This intercept at Trinity Ridge is a very strong result with high gold grade over an exceptional width, significantly bolstering the development plans for the area.

- Positive factor: Strong gold grade \(1.9 gpt\) for an open-pit target

- Positive factor: Exceptional intercept length \(41.1 m\)

- Positive factor: Provides significant support for development plans

Evidence · text

> 1.9 gpt gold over 41.1 meters \(RCW\) in drillhole PK 115

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### RG053

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-13)

Trinity Ridge · gold

#### Identity

- Hole ID: RG053
- Project: Trinity Ridge
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: MUX

#### Geometry

- Grade: 1.7
- Grade Unit: g/t
- Intercept: 21.3 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill intercept at Trinity Ridge shows strong gold grades over a good width, providing further positive support for the planned pit expansion.

- Positive factor: Strong gold grade \(1.7 gpt\) for an open-pit target

- Positive factor: Good intercept length \(21.3 m\)

- Positive factor: Supports development plans for merging existing pits

Evidence · text

> 1.7 gpt gold over 21.3 meters \(RCW\) in drillhole RG053

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1675

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-14)

Grey Fox · gold

#### Identity

- Hole ID: 25GF-1675
- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 6.1
- Grade Unit: g/t
- Intercept: 7.3 m
- True Width: 7.3 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This infill drill result at Grey Fox confirms high-grade mineralization with good continuity and true width, supporting accelerated mining due to its proximity to existing infrastructure.

- Positive factor: High gold grade \(6.1 gpt\) for an underground target

- Positive factor: True width disclosed, increasing confidence in geometry

- Positive factor: Demonstrates good continuity with higher grades in an infill hole

- Positive factor: Located near existing underground infrastructure

Evidence · text

> 6.1 gpt gold over 7.3 meters \(TW\) in drillhole 25GF-1675

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 7.3

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1611

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-15)

Grey Fox · gold

#### Identity

- Hole ID: 25GF-1611
- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 5.3
- Grade Unit: g/t
- Intercept: 7.3 m
- True Width: 7.3 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result from an expansion zone at Grey Fox shows high-grade gold over a good true width, suggesting potential for extending the resource beyond current limits.

- Positive factor: High gold grade \(5.3 gpt\) for an underground target

- Positive factor: True width disclosed

- Positive factor: Located in an expansion zone, indicating potential for resource growth

Evidence · text

> 5.3 gpt gold over 7.3 meters \(TW\) in drillhole 25GF-1611

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 7.3

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1655

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-16)

Grey Fox · gold

#### Identity

- Hole ID: 25GF-1655
- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 254.2
- Grade Unit: g/t
- Intercept: 0.8 m
- True Width: 0.8 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This bonanza-grade intercept, despite its narrow width, indicates very high-grade mineralization near existing infrastructure at Grey Fox, with potential for expansion.

- Positive factor: Extremely high gold grade \(254.2 gpt\)

- Positive factor: True width disclosed

- Positive factor: Located near existing infrastructure and remains open for expansion

- Negative factor: Narrow intercept length \(0.8 m\)

Evidence · text

> 254.2 gpt gold over 0.8 meters \(TW\) in drillhole 25GF-1655

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 0.8

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 26GF-1698

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-17)

Grey Fox · gold

#### Identity

- Hole ID: 26GF-1698
- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 11.9
- Grade Unit: g/t
- Intercept: 5.7 m
- True Width: 5.7 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Grey Fox shows very high-grade gold over a good true width, significantly expanding the known mineralization and indicating further growth potential.

- Positive factor: Very high gold grade \(11.9 gpt\) for an underground target

- Positive factor: True width disclosed

- Positive factor: Expanded the zone significantly \(85 meters vertically or 30%\)

- Positive factor: Zone remains open for expansion

Evidence · text

> 11.9 gpt gold over 5.7 meters \(TW\) in drillhole 26GF-1698

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 5.7

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1653

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-18)

Stroud · gold

#### Identity

- Hole ID: 25GF-1653
- Project: Stroud
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 12.6
- Grade Unit: g/t
- Intercept: 5.9 m
- True Width: 5.9 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Stroud confirms very high-grade gold mineralization over a good true width, validating historical data and supporting the upcoming resource update.

- Positive factor: Very high gold grade \(12.6 gpt\)

- Positive factor: True width disclosed

- Positive factor: Confirms historical drilling, supporting resource update

Evidence · text

> 12.6 gpt gold over 5.9 meters TW in drillhole 25GF-1653

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 5.9

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1643

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-19)

Stroud · gold

#### Identity

- Hole ID: 25GF-1643
- Project: Stroud
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 5
- Grade Unit: g/t
- Intercept: 13.4 m
- True Width: 13.4 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Stroud shows high-grade gold over a significant true width, confirming historical data and contributing positively to the resource update.

- Positive factor: High gold grade \(5.0 gpt\)

- Positive factor: Significant true width \(13.4 m\)

- Positive factor: Confirms historical drilling, supporting resource update

Evidence · text

> 5.0 gpt gold over 13.4 meters TW in drillhole 25GF-1643

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 13.4

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### 25GF-1664

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-20)

Stroud · gold

#### Identity

- Hole ID: 25GF-1664
- Project: Stroud
- Commodity: gold
- Region: canada\_on
- Reported Region: canada\_on
- Ticker: MUX

#### Geometry

- Grade: 4.4
- Grade Unit: g/t
- Intercept: 11.6 m
- True Width: 11.6 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Stroud shows good gold grade over a significant true width, further confirming historical data for the upcoming resource update.

- Positive factor: Good gold grade \(4.4 gpt\)

- Positive factor: Significant true width \(11.6 m\)

- Positive factor: Confirms historical drilling, supporting resource update

Evidence · text

> 4.4 gpt gold over 11.6 meters TW in drillhole 25GF-1664

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 11.6

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ26-52

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-21)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ26-52
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 4.9
- Grade Unit: g/t
- Intercept: 20 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows high-grade gold over a significant width, expanding the mineralization at depth and indicating further growth potential beyond the recent MRE.

- Positive factor: High gold grade \(4.9 gpt\) for an underground target

- Positive factor: Significant intercept length \(20.0 m\)

- Positive factor: Expanded mineralization approximately 80 meters to the west at depth

Evidence · text

> 4.9 gpt gold over 20.0 meters \(CW\) in drillhole TLMZ26-52

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ26-52W3

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-22)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ26-52W3
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 9.6
- Grade Unit: g/t
- Intercept: 11.9 m

#### Classification

- Sample Type: drill

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows very high-grade gold over a good width, contributing to the expansion of mineralization along the western flank.

- Positive factor: Very high gold grade \(9.6 gpt\) for an underground target

- Positive factor: Good intercept length \(11.9 m\)

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 9.6 gpt gold over 11.9 meters \(CW\) in drillhole TLMZ26-52W3

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ26-52W1

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-23)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ26-52W1
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 6.4
- Grade Unit: g/t
- Intercept: 13.8 m

#### Classification

- Sample Type: drill

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows high-grade gold over a good width, further contributing to the expansion of mineralization along the western flank.

- Positive factor: High gold grade \(6.4 gpt\) for an underground target

- Positive factor: Good intercept length \(13.8 m\)

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 6.4 gpt gold over 13.8 meters \(CW\) in drillhole TLMZ26-52W1

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ26-52

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-24)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ26-52
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 5
- Grade Unit: g/t
- Intercept: 6.4 m

#### Classification

- Sample Type: drill

#### Location

- Location: West Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows high-grade gold, contributing to the expansion of mineralization along the western flank.

- Positive factor: High gold grade \(5.0 gpt\) for an underground target

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 5.0 gpt gold over 6.4 meters \(CW\) in drillhole TLMZ26-52

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ25-51W4

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-25)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ25-51W4
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 4.8
- Grade Unit: g/t
- Intercept: 7.9 m

#### Classification

- Sample Type: drill

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows high-grade gold, contributing to the expansion of mineralization along the western flank.

- Positive factor: High gold grade \(4.8 gpt\) for an underground target

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 4.8 gpt gold over 7.9 meters \(CW\) in drillhole TLMZ25-51W4

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ26-52W2

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-26)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ26-52W2
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 4.4
- Grade Unit: g/t
- Intercept: 5 m

#### Classification

- Sample Type: drill

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows high-grade gold, contributing to the expansion of mineralization along the western flank.

- Positive factor: High gold grade \(4.4 gpt\) for an underground target

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 4.4 gpt gold over 5.0 meters \(CW\) in drillhole TLMZ26-52W2

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

### TLMZ25-51W5

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-drill-facts-27)

Tartan Mine · gold

#### Identity

- Hole ID: TLMZ25-51W5
- Project: Tartan Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: canada\_mb
- Ticker: MUX

#### Geometry

- Grade: 3
- Grade Unit: g/t
- Intercept: 7.6 m

#### Classification

- Sample Type: drill

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: This drill result at Tartan shows good gold grade, contributing to the expansion of mineralization along the western flank.

- Positive factor: Good gold grade \(3.0 gpt\) for an underground target

- Positive factor: Contributes to expansion along the western flank

Evidence · text

> 3.0 gpt gold over 7.6 meters \(CW\) in drillhole TLMZ25-51W5

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**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

## Resource Estimates (7)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-0)

Windfall · gold

#### Identity

- Project: Windfall
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael Baumann
- Resource group id: resource:bc52eb42600593e1f000
- Material type: oxide

#### Resource Data

- Category: indicated
- Tonnes: 9402800
- Grade: 0.75
- Grade Unit: g/t
- Contained Metal: 227500
- Contained Unit: oz
- Cutoff Grade: 0.005
- Cutoff Unit: oz/ton gold

#### Prior Estimate

- Resource Date: 2026-02-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The new Indicated resource for Windfall adds significant gold ounces to the Gold Bar Mine Complex, supporting the company's growth strategy with a clear path to processing via heap leaching.

- Positive factor: New resource estimate for Windfall deposit

- Positive factor: Indicated category provides good confidence

- Positive factor: Open-pit mining method suggests lower operating costs

- Positive factor: Oxide mineralization amenable to heap leaching

Evidence · table

> Indicated

Context: 9,402.8

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-1)

Windfall · gold

#### Identity

- Project: Windfall
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael Baumann
- Resource group id: resource:571e669c598be4497332
- Material type: oxide

#### Resource Data

- Category: inferred
- Tonnes: 2596400
- Grade: 1.53
- Grade Unit: g/t
- Contained Metal: 127800
- Contained Unit: oz
- Cutoff Grade: 0.005
- Cutoff Unit: oz/ton gold

#### Prior Estimate

- Resource Date: 2026-02-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The Inferred resource for Windfall adds additional gold ounces with a higher grade, indicating good exploration potential, though with lower confidence due to its category.

- Positive factor: New resource estimate for Windfall deposit

- Positive factor: Higher grade than indicated resource, suggesting potential for future upgrades

- Positive factor: Open-pit mining method and oxide mineralization

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> Inferred

Context: 2,596.4

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-2)

Gold Bar Mine Complex · gold

#### Identity

- Project: Gold Bar Mine Complex
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: MUX

#### Resource scope

- Estimate type: reserve
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: William \(Bill\) Shaver, Michael Baumann, Robert Kastelic
- Resource group id: resource:aca770e6e5f103cfa96d

#### Resource Data

- Category: probable
- Tonnes: 8624000
- Grade: 0.61
- Grade Unit: g/t
- Contained Metal: 168000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-02-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The Probable Reserves for the Gold Bar Mine Complex confirm a portion of the resource is economically viable, providing a solid foundation for future production.

- Positive factor: Probable Reserves indicate economic viability

- Positive factor: Contributes to the overall long-life asset strategy for Gold Bar Mine Complex

Evidence · table

> 8,624

Context: Gold Bar Mine

#### 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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-3)

Gold Bar Mine Complex · gold

#### Identity

- Project: Gold Bar Mine Complex
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: William \(Bill\) Shaver, Michael Baumann, Robert Kastelic
- Resource group id: resource:7a05117bc92eb042ebdf

#### Resource Data

- Category: indicated
- Tonnes: 38603000
- Grade: 0.64
- Grade Unit: g/t
- Contained Metal: 792000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-02-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The substantial Indicated Resources for the Gold Bar Mine Complex provide a strong foundation for the company's production growth targets and long-term mine life.

- Positive factor: Significant Indicated Resources for the entire complex

- Positive factor: High confidence category for future mine planning

- Positive factor: Supports the long-life asset strategy

Evidence · table

> 38,603

Context: Total

#### 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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-4)

Gold Bar Mine Complex · gold

#### Identity

- Project: Gold Bar Mine Complex
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: William \(Bill\) Shaver, Michael Baumann, Robert Kastelic
- Resource group id: resource:bc5e82fa3f17fe088a0f

#### Resource Data

- Category: inferred
- Tonnes: 11256000
- Grade: 0.78
- Grade Unit: g/t
- Contained Metal: 281000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-02-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The Inferred Resources contribute to the overall scale of the Gold Bar Mine Complex, offering future exploration and conversion potential, though with lower confidence.

- Positive factor: Adds to the overall resource base of the complex

- Positive factor: Higher grade than the Indicated resource, indicating potential for future upgrades

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 11,256

Context: Total

#### 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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-5)

Tartan Mine Project · gold

#### Identity

- Project: Tartan Mine Project
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba, Canada
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Luke Willis, William \(Bill\) Shaver
- Resource group id: resource:e10d9aed2c43ced740ba

#### Resource Data

- Category: indicated
- Tonnes: 2619000
- Grade: 3.67
- Grade Unit: g/t
- Contained Metal: 308900
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-03-23

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The new Indicated Resource at Tartan provides a solid base for the potential restart of the mine, with a good grade for an underground operation.

- Positive factor: New Indicated Resource estimate for Tartan Mine Project

- Positive factor: Underground mining method with good grade for this type

- Positive factor: Forms the foundation for a potential mine restart

Evidence · text

> underground Indicated Resources totalling 308,900 gold ounces \(2,619,000 tonnes at 3.67 gpt Au\)

#### 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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mcewen-generates-strong-q1-results-advances-multi-asset-growth-strategy-net-inco--bc0c0743-c08e-4378-ab61-f57ba4b313ef#fact-resource-facts-6)

Tartan Mine Project · gold

#### Identity

- Project: Tartan Mine Project
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba, Canada
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: sec\_sk1300, ni\_43\_101
- QP Signed: Yes
- Qualified person names: Luke Willis, William \(Bill\) Shaver
- Resource group id: resource:ee9ad30ded7a3b4de9ff

#### Resource Data

- Category: inferred
- Tonnes: 2832900
- Grade: 3.32
- Grade Unit: g/t
- Contained Metal: 302700
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-03-23

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-07T00:00:00.000Z

Reasoning: The Inferred Resource at Tartan adds to the project's potential, with mineralization open for expansion, but requires further drilling to upgrade confidence.

- Positive factor: New Inferred Resource estimate for Tartan Mine Project

- Positive factor: Adds significant gold ounces to the project

- Positive factor: Mineralization is open for expansion

- Negative factor: Inferred category has lower geological confidence

Evidence · text

> Inferred Resources totalling 302,700 gold ounces \(2,832,900 tonnes at 3.32 gpt Au\)

#### 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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

## 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.