McEwen Inc. (NYSE:MUX) Plans to Begin Construction at El Gallo Mine in Mid-2026

McEwen Inc. (NYSE:MUX) is one of the 10 Best Precious Metal Stocks to Buy After the U.S. Venezuela Mission.

On December 16, McEwen Inc. (NYSE:MUX) announced that the Mexican government had granted the extension of the Environmental Impact Assessment for the El Gallo Mine. McEwen can now initiate the Phase 1 Mill construction following this approval, while the company plans to begin the construction in mid-2026. The management anticipates the first gold pour by mid-2027, with the Phase 1 projected to produce approximately 20,000 gold Equivalent Ounces annually once commercial production begins.

In addition to this, the company has also purchased the ball mill located on the site. McEwen has already started work on Phase 2, which focuses on the project’s in-situ silver deposits. This can increase El Gallo’s life well over the initial 10 years contemplated under Phase 1.

In other news, on December 8, McEwen reported that it is expanding its three major areas at its Gold Bar Mine complex in the Eureka Mining District of Nevada. The goal is to enhance resources and increase mine life, leading to higher annual gold production at Lookout Mountain, Windfall, and Unity Ridge. McEwen expects that the integration of these areas into the mine plan can potentially transform the Gold Bar Mine complex into a long-life asset.

McEwen Inc. (NYSE:MUX) is a development-stage gold and silver mining company with operations in the U.S., Canada, Mexico, and Argentina. The company is engaged in the exploration, development, and production of gold and silver deposits, as well as copper deposits.

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Disclosure: None. This article is originally published at Insider Monkey.