Mining Press Roundup: McEwen's Grey Fox Adds 15 Years to Ontario Gold Complex

McEwen Mining released a pre-feasibility study today showing its Grey Fox project could extend the company's Ontario mine complex through 2041, with annual gold production averaging 87,000 ounces from 2028 onward. The announcement marks a major milestone for the Timmins-based operation, positioning Grey Fox as the cornerstone of McEwen's plan to scale production to 250,000-300,000 gold-equivalent ounces by 2030. Initial capital expenditures are estimated at $181 million , with the company planning to fund development primarily from internal cash flow given current gold prices above $4,000 per ounce.

McEwen Mining: Grey Fox Pre-Feasibility Extends Mine Life to 2041

According to McEwen's announcement, the Grey Fox Project is expected to become a major source of ore for the Fox Complex and play a key role in increasing production.

With the addition of Grey Fox, gold production at the Fox Complex is projected to reach approximately 100,000 gold ounces in 2029 and average approximately 87,000 gold ounces annually from 2028 through 2041.

The company stated that mining at Grey Fox will be a combination of two independent underground operations accessed from two portals, with the North (Gibson) portal accessing Whiskey Jack, Gibson, Contact, and 147 North-East zones, and the South portal accessing 147 and South zones.

Ore will be hauled to surface and driven 35 kilometers to McEwen's operating Stock Mill.

Grey Fox holds gold resources of 1.9 million ounces Indicated (average grade 3.02 g/t Au) and 436,000 ounces Inferred (average grade 2.66 g/t Au) as of December 2025.

The study projects cash costs and all-in sustaining costs per ounce over the life of mine of $1,833 and $2,212, respectively, at a gold price of $3,000 per ounce (base case), with cash costs and AISC per ounce of $2,042 and $2,421, respectively, at a gold price of $4,500 per ounce.

The project benefits from its location in the Abitibi Greenstone Belt, one of the world's most prolific gold districts, and proximity to existing infrastructure at the Fox Complex.

GoGold Resources: Los Ricos South Receives Final Permits for Construction

GoGold Resources announced today that the Mexican Federal Environmental Department (SEMARNAT) has granted all permits and approvals required to construct the Los Ricos South bulk tonnage underground mine located in Jalisco State, Mexico, and the company's board of directors has approved a construction decision to begin construction of the project, which is anticipated to take 24 months from commencement until first pour.

Initial capital costs were estimated at US$227 million over a roughly two-year build , according to the company's 2025 feasibility study. Over the first five years, the mine is expected to produce an average of 7.3 million silver-equivalent ounces annually, with total mine life estimated at 15 years and total life of mine production estimated at 80 million silver equivalent ounces.

Brad Langille, President and CEO, stated: "We are deeply grateful and committed to Mexico and the people of Jalisco for their partnership and trust as we advance this project, and we remain fully committed to creating long-term value for the country and its communities."

Under a base case of US$26.80 per ounce silver, US$2,330 per ounce gold and US$4.00 per pound copper, the study pegged the after-tax net present value at US$355 million using a 5% discount rate, with an after-tax internal rate of return of 28%. The approval comes as silver traded at $68.17 per ounce today, according to market data, well above the feasibility study's base case assumptions.

Eldorado Gold: McIlvenna Bay Produces First Copper Concentrate

Eldorado Gold produced its first copper concentrate at the 100%-owned McIlvenna Bay project in Saskatchewan on June 7, 2026, following wet and hot commissioning, with the plant ramping toward 4,900 tpd nameplate capacity and commercial production targeted for Q3 2026.

George Burns, Chief Executive Officer, stated: "Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining. This project is a compelling example of Canada's ability to advance critical mineral assets responsibly and with conviction. McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project in Greece, will transform Eldorado into a high-margin, free cash flow generating business."

McIlvenna Bay is expected to produce 41 million lb. of copper, 20,000 oz. of gold, 444,000 oz. of silver and 54 million lb. of zinc on average annually over its projected 18-year mine life, according to Foran's 2025 feasibility study.

The company acquired the project through its purchase of Foran Mining Corporation, which closed on April 14, 2026.

The project strengthens Canada's position as a supplier of critical minerals, with copper trading at $82.09 in the COPX copper miners ETF today, up 1.8% according to market data.

US Elemental: McDermitt Lithium Project Eyes Nasdaq Listing

US Elemental and Constellation Acquisition Corp. I announced that they have filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission in connection with their proposed business combination, marking an important milestone toward the closing of the proposed business combination and anticipated listing of US Elemental Inc. on Nasdaq under the ticker symbol "ULIT."

US Elemental will hold the McDermitt Lithium Project, one of the largest lithium resources in the United States, with approximately 21.5 million tonnes of lithium carbonate equivalent (LCE).

The project is situated at the northern end of the McDermitt Caldera—a mineral-rich geological formation that hosts one of the world's largest known accumulations of lithium mineralization.

The transaction is expected to close during the second half of 2026, pending the necessary approvals from regulators and shareholders.

The transaction carries an implied value of US$571m and represents a strategic move to transition a massive domestic resource into the hands of US-based investors.

The announcement comes as the LIT lithium ETF traded at $77.59 today, down 0.9% according to market data, reflecting ongoing volatility in battery metals markets despite strong long-term demand fundamentals for domestic lithium supply.

Almonty Industries: $700M Convertible Note Offering Sparks Selloff

On June 4, 2026, Almonty Industries announced a proposed private offering of $700 million in convertible senior notes due 2031, with an option for initial purchasers to buy up to an additional $100 million.

Shares of the tungsten miner tumbled 18.43% on Friday to close at C$23.45, after the company unveiled the convertible note offering.

According to the company, the remaining proceeds are earmarked to refinance existing debt and liabilities and for working capital and general corporate purposes, with the financing expected to strengthen its balance sheet and support expansion of its tungsten operations.

The offering comes amid Almonty's continued ramp-up of its tungsten mining operations in South Korea, part of the company's broader strategy of becoming a reliable supplier of the critical mineral for the Western market, with its flagship mine, Sangdong, beginning operations in December and being advanced towards commercial production.

At full capacity, Sangdong is expected to supply approximately 40% of global tungsten demand outside China, the company has said. Despite the share price decline, the company maintains strong year-to-date gains as tungsten's strategic importance grows amid Western efforts to diversify critical mineral supply chains away from Chinese sources.

Ivanhoe Mines: Kipushi Sets Monthly Zinc Production Record

Ivanhoe Mines announced that the Kipushi Mine in the Democratic Republic of the Congo achieved a monthly production record of 25,677 tonnes of zinc in concentrate in May, with the production record 12% higher than the previous record of 22,968 tonnes of zinc set in January 2026, and year-to-date zinc production totaling approximately 110,000 tonnes of zinc.

During the month, the concentrators milled a record 72,003 tonnes of ore at an average recovery of 93%, with an average plant feed grade of 36.2% zinc.

The concentrator production record achieved in May is equivalent to an annualized rate of 308,000 tonnes of zinc in concentrate.

At this production rate, the Kipushi mine would elevate its status and become the world's fourth-largest zinc producer this year, Ivanhoe said.

The results come amid a surprisingly strong zinc market, with prices hovering near four-year highs despite analysts projecting a significant supply surplus following a surge in global mine production in 2025, with the base metal trading close to $3,630/t in London, a level last seen in June 2022.

The record production underscores the DRC's growing importance in global base metals supply chains and demonstrates Ivanhoe's operational excellence at one of the world's highest-grade zinc deposits.

What It Means

Today's announcements paint a picture of an industry executing on major development milestones despite volatile commodity markets. Three themes stand out: Canada is delivering on critical minerals, with both Eldorado's copper-zinc project and McEwen's gold expansion demonstrating the country's ability to advance large-scale mining projects through permitting and into production. Mexico continues to attract mining investment, with GoGold's permit approval showing that the new administration is moving projects forward after years of regulatory uncertainty.

The financing landscape remains bifurcated. McEwen plans to self-fund Grey Fox development from operating cash flow at current gold prices above $4,000 per ounce, while Almonty's $700 million convertible note offering—though triggering an 18% selloff—reflects strong institutional appetite for critical minerals exposure, particularly tungsten's strategic importance to Western defense supply chains.

Silver demand has been consistently outpacing supply for the last six years, with the Silver Institute projecting a 46.3Moz deficit , according to industry data. This structural deficit supports GoGold's Los Ricos South economics even as solar manufacturers reduce silver intensity per panel. Meanwhile, base metals producers like Ivanhoe are capitalizing on tight zinc markets, with Kipushi's record output positioning it among the world's top four zinc mines.

The common thread: miners with shovel-ready projects, strong balance sheets, and exposure to critical minerals are finding capital and advancing toward production. For junior miners still in the exploration or pre-feasibility stage, today's announcements set a high bar for execution and financial discipline.

This roundup covers press releases published on June 8, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.