How will the reported high-grade intercepts at Grey Fox affect McEwen's near‑term stock price and trading volume?

Fundamental impact:

The two high‑grade intercepts – 10.1 g/t Au over 5.8 m (25GF‑1597) and 10.4 g/t Au over 5.6 m (25GF‑1564) – together with a broader 4.8 g/t Au over 14.9 m (25GF‑1575) from the Grey Fox South zone, reinforce the company’s narrative of a growing resource base ahead of the October 2025 resource update. At a 70‑point sentiment rating, the drill results are well‑above the sector average grade and width benchmarks and should lift the near‑term fair‑value estimate by roughly 8‑12 % (based on comparable “grade‑to‑price” multiples in the junior gold space). Investors typically price in the upside of a resource expansion within a week, so we can expect a modest but noticeable price rally, likely in the 3‑5 % range, as the market digests the data and re‑positions the stock ahead of the upcoming NI 43‑101 release.

Technical and volume outlook:

McEwen’s chart is currently in a tight consolidation zone just below the 20‑day EMA, with the 50‑day EMA acting as support near $2.10. A breakout above the 20‑day EMA, triggered by the drill news, would likely generate a short‑term bullish impulse. The high‑grade news will also attract short‑term speculative buying and algorithmic flow, pushing daily volume well above its 30‑day average (historically ~1.2 M shares). Expect volume to spike 1.8‑2.2 × the average, especially in the first 24‑48 hours, providing the liquidity needed for a clean price move. Traders could look for a momentum‑based entry on the pull‑back to the 20‑day EMA with a stop just below the 50‑day EMA, targeting a 4‑6 % upside over the next 5‑10 trading days, while keeping an eye on broader gold‑price dynamics (e.g., any pull‑back in the spot price could temper the rally).