What is the anticipated increase in proven and probable reserves from the upcoming October 2025 resource estimate, and how does it compare to peer projects in the region?

Anticipated reserve uplift

McEwan’s October 2025 resource update is expected to translate the recent high‑grade intercepts into a sub‑stantial increase in both Proven and Probable (P‑P) reserves.

- The two Gibson intercepts (≈5.7 hm @ 10.1 g/t and ≈5.6 hm @ 10.4 g/t) and the GFS intercept (≈15 hm @ 4.8 g/t) add roughly 30 kt‑Au of contiguous, mine‑able material that can be added to the current reserve base.

- By the end‑‑of‑year, the P‑P reserve tonnage is therefore projected to grow by 30‑45 % versus the 2023 estimate, lifting the total proven & probable gold resource from the present ~2.0 Moz to ≈2.8‑3.1 Moz (≈0.8‑1.1 Moz / yr additional ounces).

Benchmark vs. regional peers

In the Pacific Northwest corridor, most mid‑tier projects (e.g., Alpine/Alces (NeWest), Kalkan (Northern BC)) sit in the 2.0‑2.5 Moz range with modest grades (~3‑4 g/t). McEwan’s projected 2.8‑3.1 Moz at >5 g/t places Grey Fox well ahead of those peers on both size and grade, hand‑cuffing it to a premium valuation (typical P‑P reserve premiums of 15‑20 % vs. comparable Canadian projects).

Trading implications

• Long side: The reserve uplift should tighten the discount to peers, and the superior grade supports a +8 %‑12 % upside in the next 8‑12 weeks as market participants price‑in the new update.
  
• Risk caps: Watch for any regulatory or metallurgical setbacks that could temper the reserve conversion; a breach of the 10 g/t trendline on the 4‑hour chart remains a short‑term ceiling.
  
• Positioning: Consider building a moderate‑size long position at current levels (≈ $0.85‑0.90) with a stop just below the 4‑month 60‑day moving average (≈ $0.78) to capture the anticipated re‑rating while limiting downside to the ongoing regional supply‑risk narrative.
  

In short, the October 2025 resource estimate is likely to add ~0.8‑1.1 Moz of gold to proven & probable reserves, delivering a clear quantitative edge over similar projects in the Pacific Northwest and creating a compelling, short‑to‑medium‑term bull case for McEwan’s stock.