What are the estimated additional ounces and cost per ounce associated with this discovery, and how does that compare to peers in the Nevada region?

Estimated ounces and cost per ounce – The press‑release for McEwen’s Windfall discovery does not disclose a specific “additional ounces” figure or an on‑site cash‑cost estimate. The company only describes the zone as “high‑grade” and says it will be incorporated into the 2025 resource update, which is expected later this year. Until the NI 43‑101 technical report is filed, analysts will have to rely on the grade information that will be released in the next resource statement to back‑solve a cost‑per‑ounce metric.

Comparison to Nevada peers – In the Nevada mining cluster, peer projects such as Barrick’s Goldrush and Newmont’s Carlin operate at all‑in sustaining costs (AISC) in the $900‑$1,200 /oz range, with “high‑grade” veins often delivering cash costs below $800 /oz. If McEwen’s new zone maintains the sub‑5 g/t gold grades that have characterized the broader Windfall resource, the incremental cash cost could comfortably sit under $800 /oz, giving it a cost advantage versus the regional average. Conversely, if the additional ounces are modest (e.g., a few hundred thousand ounces) the impact on the overall project economics will be limited, and the market will likely price the stock on the upside potential of a larger, lower‑cost resource update rather than immediate cost savings.

Trading implication – With the resource update still pending, the stock is likely to trade on a “potential‑upside” narrative. Investors should watch for the 2025 resource announcement (expected Q4 2025) and any disclosed cost curves. A confirmed sub‑$800 /oz cash cost would position Windfall as one of the lower‑cost assets in Nevada, supporting a bullish case and potentially justifying a short‑to‑mid‑term price target of $4‑$5 / share (versus the current ~$2.50 level). Until those figures are public, a cautious approach—maintaining exposure at a modest position or using options to capture upside while limiting downside—may be prudent.