# Pre-Feasibility Study for Grey Fox at Fox Complex - High Returns, Manageable Capital, Mine Life Extended to 2041

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10

Original source: https://money.tmx.com/en/quote/MUX/news/8442509631782485/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita

Publisher: tmx

Original announcement: 2026-06-08T10:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: McEwen Inc.

- Ticker: MUX

- Exchange: TSX

- Region: Ontario

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy

- Extracted: 2026-09-12 14:49:28 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

McEwen Inc. announced the results of a Pre-Feasibility Study \(PFS\) for its 100%-owned Grey Fox Project in Ontario, projecting a 15-year mine life extension to 2041 for the Fox Complex. The PFS outlines strong economics, with a pre-tax NPV\(5%\) of $1.25 billion and an IRR of 70% at a gold price of $4,500/oz, and an initial CAPEX of $181 million. The study also declares a maiden probable reserve for Grey Fox of 9.4 million tonnes at 3.24 g/t gold for 980.3 koz, and updates mineral resources for the entire Fox Complex.

Reasoning: The Pre-Feasibility Study for the Grey Fox Project demonstrates robust economics with high IRR and NPV, manageable capital expenditures, and significantly extends the mine life of the Fox Complex, contributing to increased gold production and declaring substantial reserves.

- Positive factor: High IRR \(70% pre-tax at $4500/oz gold price\)

- Positive factor: Significant NPV \($1.25 billion pre-tax at $4500/oz gold price\)

- Positive factor: Extended mine life by 15 years to 2041 for the Fox Complex

- Positive factor: Manageable initial CAPEX \($181 million\)

- Positive factor: Declaration of significant gold reserves \(980.3 koz probable\)

- Positive factor: Contribution to increased gold production for the Fox Complex

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 23

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("CIL"\)

## Extracted facts

Stored fact records: 23. Some facts used in scoring do not have a stored record.

## Resource Estimates (22)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#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: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:c74adbf4eebf9f4dbbb6

#### Resource Data

- Category: indicated
- Tonnes: 18819000
- Grade: 3.28
- Grade Unit: g/t
- Contained Metal: 1986
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-07-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Grey Fox Indicated Mineral Resource provides a substantial base for the project, with significant tonnage and contained gold at a good grade, underpinning the economic viability presented in the PFS.

- Positive factor: Large indicated resource tonnage and contained gold

- Positive factor: Good grade for underground mining

- Positive factor: Supports PFS and reserve declaration

Evidence · table

> 18,819

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#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
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:79df4a3d1001c3abbe32

#### Resource Data

- Category: inferred
- Tonnes: 5056000
- Grade: 2.69
- Grade Unit: g/t
- Contained Metal: 438
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-07-11

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Grey Fox Inferred Mineral Resource adds to the project's overall scale and provides future exploration upside, though its lower confidence category means it cannot directly support economic studies.

- Positive factor: Adds to overall resource base

- Positive factor: Potential for future conversion to higher confidence categories

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 5,056

Context: Inferred

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-2)

Stroud · gold

#### Identity

- Project: Stroud
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:6e28fefbadfe2e7d2459

#### Resource Data

- Category: inferred
- Tonnes: 1866000
- Grade: 2.8
- Grade Unit: g/t
- Contained Metal: 168
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2026-03-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The maiden Inferred Mineral Resource for the Stroud Property establishes a new resource base for the recently acquired asset, providing future exploration potential for the Fox Complex.

- Positive factor: Maiden resource for the recently acquired Stroud Property

- Positive factor: Adds to the overall Fox Complex resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 1,866

Context: Inferred

#### Tags used in scoring

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.

Why it applies: This is the first formal resource estimate declared for the recently acquired Stroud Property.

Evidence · text

> we have declared a maiden resource at the recently acquired Stroud Property.

**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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-3)

Black Fox · gold

#### Identity

- Project: Black Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:2c59759924da3b591254

#### Resource Data

- Category: measured
- Tonnes: 244000
- Grade: 3.59
- Grade Unit: g/t
- Contained Metal: 28
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Black Fox Measured Mineral Resource provides a high-confidence component to the Fox Complex, supporting mine planning with well-established tonnage and grade.

- Positive factor: Highest confidence category \(Measured\)

- Positive factor: Good grade for underground mining

Evidence · table

> 244

Context: Measured

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-4)

Black Fox · gold

#### Identity

- Project: Black Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:75c642ce3cd6e8bee3c9

#### Resource Data

- Category: indicated
- Tonnes: 141000
- Grade: 3.54
- Grade Unit: g/t
- Contained Metal: 16
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Black Fox Indicated Mineral Resource contributes to the overall confidence and scale of the Fox Complex, with good grades supporting potential future reserve conversion.

- Positive factor: Good grade for underground mining

- Positive factor: Reasonable geological confidence

Evidence · table

> 141

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-5)

Black Fox · gold

#### Identity

- Project: Black Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:394d91d83755c99972b6

#### Resource Data

- Category: inferred
- Tonnes: 385000
- Grade: 2.9
- Grade Unit: g/t
- Contained Metal: 36
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Black Fox Inferred Mineral Resource provides additional potential for the Fox Complex, though its lower confidence category requires further drilling for upgrade.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 385

Context: Inferred

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-6)

Froome · gold

#### Identity

- Project: Froome
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:65526da0935d7574cf19

#### Resource Data

- Category: measured
- Tonnes: 212000
- Grade: 2.45
- Grade Unit: g/t
- Contained Metal: 17
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Froome Measured Mineral Resource provides a high-confidence component to the Fox Complex, supporting detailed mine planning and operational continuity.

- Positive factor: Highest confidence category \(Measured\)

- Positive factor: Contributes to high-confidence resource base

Evidence · table

> 212

Context: Measured

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-7)

Froome · gold

#### Identity

- Project: Froome
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:a2f3b1d44f0f5d31e80a

#### Resource Data

- Category: indicated
- Tonnes: 440000
- Grade: 2.94
- Grade Unit: g/t
- Contained Metal: 42
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Froome Indicated Mineral Resource adds to the overall confidence and scale of the Fox Complex, providing a solid base for future mine planning and potential reserve conversion.

- Positive factor: Reasonable geological confidence

- Positive factor: Good grade for underground mining

Evidence · table

> 440

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-8)

Froome · gold

#### Identity

- Project: Froome
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:ac53155a4d448e2f65f5

#### Resource Data

- Category: inferred
- Tonnes: 302000
- Grade: 2.93
- Grade Unit: g/t
- Contained Metal: 28
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Froome Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence and support future development.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 302

Context: Inferred

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-9)

Stock Project - West & Main Zones · gold

#### Identity

- Project: Stock Project - West & Main Zones
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:346ea56cfee22ab2a383

#### Resource Data

- Category: indicated
- Tonnes: 3179000
- Grade: 2.63
- Grade Unit: g/t
- Contained Metal: 268
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Stock Project West & Main Zones Indicated Mineral Resource provides a substantial contribution to the Fox Complex, with good tonnage and grade supporting future development.

- Positive factor: Reasonable geological confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 3,179

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-10)

Stock Project - West & Main Zones · gold

#### Identity

- Project: Stock Project - West & Main Zones
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:f03842cb9de1b42d55c9

#### Resource Data

- Category: inferred
- Tonnes: 2468000
- Grade: 2.31
- Grade Unit: g/t
- Contained Metal: 184
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Stock Project West & Main Zones Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further work to upgrade confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 2,468

Context: Inferred

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-11)

Stock Project - East Zone · gold

#### Identity

- Project: Stock Project - East Zone
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:402b36cd110d7d8f2f83

#### Resource Data

- Category: indicated
- Tonnes: 1790000
- Grade: 2.12
- Grade Unit: g/t
- Contained Metal: 122
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Stock Project East Zone Indicated Mineral Resource adds to the Fox Complex's resource base, providing a component with reasonable geological confidence for future evaluation.

- Positive factor: Reasonable geological confidence

- Positive factor: Contributes to the overall resource base

Evidence · table

> 1,790

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-12)

Stock Project - East Zone · gold

#### Identity

- Project: Stock Project - East Zone
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo
- Resource group id: resource:4b8ff6ca8d25f0d21287

#### Resource Data

- Category: inferred
- Tonnes: 1350000
- Grade: 2.02
- Grade Unit: g/t
- Contained Metal: 87
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Stock Project East Zone Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 1,350

Context: Inferred

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-13)

Fuller · gold

#### Identity

- Project: Fuller
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Luke Willis, P.Geo
- Resource group id: resource:5bbee871629677d0e6f4

#### Resource Data

- Category: indicated
- Tonnes: 2184000
- Grade: 3.14
- Grade Unit: g/t
- Contained Metal: 221
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-04-09

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Fuller Indicated Mineral Resource provides a substantial contribution to the Fox Complex, with good grade and contained gold at a reasonable confidence level.

- Positive factor: Reasonable geological confidence

- Positive factor: Good grade for underground mining

- Positive factor: Significant contained gold

Evidence · table

> 2,184

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-14)

Fuller · gold

#### Identity

- Project: Fuller
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Luke Willis, P.Geo
- Resource group id: resource:e6c8ecd80b056f762bc4

#### Resource Data

- Category: inferred
- Tonnes: 1625000
- Grade: 2.19
- Grade Unit: g/t
- Contained Metal: 114
- Contained Unit: koz
- Cutoff Grade: 1.35
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-04-09

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Fuller Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 1,625

Context: Inferred

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-15)

Davidson Tisdale · gold

#### Identity

- Project: Davidson Tisdale
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Luke Willis, P.Geo
- Resource group id: resource:e3711cb65e484786a8eb

#### Resource Data

- Category: measured
- Tonnes: 198000
- Grade: 6.44
- Grade Unit: g/t
- Contained Metal: 41
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-04-09

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Davidson Tisdale Measured Mineral Resource is a high-quality component of the Fox Complex, featuring very high grades at the highest confidence level, supporting potential high-value production.

- Positive factor: Highest confidence category \(Measured\)

- Positive factor: Very high grade for underground mining

Evidence · table

> 198

Context: Measured

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-16)

Davidson Tisdale · gold

#### Identity

- Project: Davidson Tisdale
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Luke Willis, P.Geo
- Resource group id: resource:c48e82b9158a9b76c212

#### Resource Data

- Category: indicated
- Tonnes: 95000
- Grade: 5.8
- Grade Unit: g/t
- Contained Metal: 18
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-04-09

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Davidson Tisdale Indicated Mineral Resource features very high grades at a reasonable confidence level, contributing a high-quality component to the Fox Complex.

- Positive factor: Very high grade for underground mining

- Positive factor: Reasonable geological confidence

Evidence · table

> 95

Context: Indicated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-17)

Davidson Tisdale · gold

#### Identity

- Project: Davidson Tisdale
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Luke Willis, P.Geo
- Resource group id: resource:f71580d43ac6dc434ca8

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 3.44
- Grade Unit: g/t
- Contained Metal: 22
- Contained Unit: koz
- Cutoff Grade: 1.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-04-09

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The Davidson Tisdale Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 200

Context: Inferred

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-18)

Fox Complex \(Total\) · gold

#### Identity

- Project: Fox Complex \(Total\)
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id: resource:fce96fae9d9ab3d8c643

#### Resource Data

- Category: measured
- Tonnes: 654000
- Grade: 4.09
- Grade Unit: g/t
- Contained Metal: 86
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The total Measured Mineral Resource for the Fox Complex represents a high-confidence, high-grade component of the overall resource base, supporting long-term mine planning.

- Positive factor: High confidence category \(Measured\)

- Positive factor: Good overall grade for the complex

Evidence · table

> 654

Context: Measured

#### Tags used in scoring

**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/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-19)

Fox Complex \(Total\) · gold

#### Identity

- Project: Fox Complex \(Total\)
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id: resource:6a08c57947455fdeb01a

#### Resource Data

- Category: indicated
- Tonnes: 26648000
- Grade: 3.12
- Grade Unit: g/t
- Contained Metal: 2673
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The total Indicated Mineral Resource for the Fox Complex represents a very substantial and high-quality resource base, providing significant potential for future reserve conversion and long-term production.

- Positive factor: Very large indicated resource tonnage and contained gold

- Positive factor: Good overall grade for the complex

- Positive factor: Provides a strong base for future reserve conversion

Evidence · table

> 26,648

Context: Indicated

#### Tags used in scoring

**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/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-20)

Fox Complex \(Total\) · gold

#### Identity

- Project: Fox Complex \(Total\)
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id: resource:99adc8078c76e5fca256

#### Resource Data

- Category: inferred
- Tonnes: 13252000
- Grade: 2.53
- Grade Unit: g/t
- Contained Metal: 1077
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The total Inferred Mineral Resource for the Fox Complex represents substantial future potential, offering significant exploration upside for the complex, though requiring further drilling to upgrade confidence.

- Positive factor: Significant overall inferred resource tonnage and contained gold

- Positive factor: Provides future exploration upside for the complex

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 13,252

Context: Inferred

#### Tags used in scoring

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-resource-facts-21)

Grey Fox · gold

#### Identity

- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Mark Hatton, P.Eng.
- Resource group id: resource:542186c99ca7f87c121c

#### Resource Data

- Category: probable
- Tonnes: 9405800
- Grade: 3.24
- Grade Unit: g/t
- Contained Metal: 980.3
- Contained Unit: koz
- Cutoff Grade: 2
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The declaration of a substantial Probable Mineral Reserve for Grey Fox is a key positive outcome of the PFS, providing a robust foundation for the project's economic viability and future production.

- Positive factor: Declaration of significant probable reserves

- Positive factor: High contained gold ounces

- Positive factor: Good grade for underground mining

- Positive factor: Forms the basis for the PFS economics

Evidence · table

> 3.24

Context: 9,405.8

## Metallurgical Results (1)

### laboratory testing

[Link to this fact](https://atlas-extractions.minestarters.com/news/pre-feasibility-study-for-grey-fox-at-fox-complex-high-returns-manageable-capita--5eff5f86-a6ff-42df-a9e5-44a0f4f66f10#fact-metallurgical-facts-22)

Grey Fox · gold

#### Identity

- Project: Grey Fox
- Commodity: gold
- Region: canada\_on
- Reported Region: Ontario
- Ticker: MUX

#### Test Work

- Program Status: detailed
- Test Type: laboratory testing
- Processing Route: crushing, grinding, primary Carbon-In-Leach \(CIL\) circuit

#### Recovery

- Recovery: 87.5 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-06-08T00:00:00.000Z

Reasoning: The estimated gold recovery of 87.5% via the CIL circuit is a solid result for the Grey Fox project, providing confidence in the metallurgical assumptions underpinning the PFS economics.

- Positive factor: Good gold recovery for the CIL process

- Positive factor: Supports the economic assumptions of the PFS

Evidence · text

> Gold Recovery has been estimated at 87.5% based on laboratory testing.

## 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.