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Home > News > McEwen to dramatically bump...

McEwen to dramatically bump gold production at Fox Complex east of Timmins

May 9, 2025


McEwen Mining plans to more than triple output at its Black Fox complex near Timmins, Ontario, charting a path to 60,000 ounces a year by 2027 and up to 150,000 ounces by 2030, subject to timely permits.

"The transition from Froome to Stock, followed by Grey Fox, marks the next phase in Black Fox’s evolution," said CEO Rob McEwen. "Our exploration success and recent financing give us the runway to push annual production well beyond today’s levels."

The company has already secured a C$110 million convertible note financing to fund portal development at the Stock mine, where first ore is slated for 2026. With Stock online, McEwen will pivot to Grey Fox, now the focus of a pre‑feasibility study due later this year. Grey Fox’s indicated resources recently climbed 32 % to 1.54 million ounces at 3.64 g/t gold, while inferred ounces nearly doubled.

Black Fox Q1 production slipped to 5,520 gold‑equivalent ounces as Froome nears the end of its mine life and winter weather hampered output. Cash costs rose to US $2,061 per ounce and AISC to US $2,504 per ounce on lower sales. Management expects unit costs to ease as output rises through the year and maintains 2025 guidance of 30,000–35,000 oz for the complex.

Advancing the growth plan, McEwen has:

  • Stock portal – C$3.9 million spent in Q1; closure plan permit in hand.

  • Grey Fox drilling – 15,200 m completed; highlights include 12.4 g/t over 10.7 m and 4.0 g/t over 30.1 m.

  • Exploration budget – C$2.3 million invested at Black Fox in Q1, with ongoing deep‑drill targets.

Company‑wide, McEwen produced 24,131 GEOs in Q1 and reaffirmed full‑year guidance of 120,000–140,000 GEOs. Net loss narrowed to US $3.9 million from US $20.4 million a year earlier, helped by a 31 % jump in realized gold prices and lower expenditures at the Los Azules copper subsidiary.

Liquidity has strengthened to US $68.5 million in cash and US $61.1 million in working capital, while total debt stands at US $130 million following the convertible note issue. The capped‑call structure raises the conversion price from US $11.25 to US $17.30, limiting dilution.

By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.



Tags: Northern Ontario / Operational Updates / Gold / All Articles