McEwen Inc. (NYSE: MUX) (TSX: MUX) and Canadian Gold Corp. have completed their previously disclosed business combination through a statutory plan of arrangement under the Business Corporations Act (British Columbia). Under the terms of the arm’s-length arrangement, each Canadian Gold common share was exchanged for 0.0225 shares of McEwen common stock. The transaction followed shareholder approval on December 5, 2025, and final court approval by the Supreme Court of British Columbia.
As a result of the transaction, Canadian Gold is expected to be delisted from the TSX Venture Exchange and to seek to cease being a reporting issuer under applicable Canadian securities laws. The completion of the arrangement provides McEwen with full ownership of the Tartan project, which management believes offers strong exploration, development, and production restart potential. This acquisition represents a strategic expansion of McEwen’s asset base in mineral-rich regions.
McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all located in the Americas. The company’s gold and silver mines are situated in prolific mineral-rich regions: the Cortez Trend in Nevada, USA; the Timmins district of Ontario, Canada; and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also considering reactivating a gold and silver mine in Mexico. Further details about the company’s operations and strategic direction can be found in its official newsroom at https://ibn.fm/MUX.
The company holds a 46.4% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. This region hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million. The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and aims to be carbon neutral by 2038. Its Feasibility Study results were announced in a press release dated October 7, 2025, accessible via https://ibn.fm/Zl7lj.
Chairman and Chief Owner Rob McEwen has invested over US$200 million personally in the company and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build McEwen’s profitability, share value, and eventually implement a dividend policy, as he did while building Goldcorp Inc.
The business combination underscores McEwen’s strategy to consolidate assets and enhance its project pipeline. The acquisition of the Tartan project adds to the company’s portfolio of exploration and development assets, potentially increasing its resource base and future production capabilities. For investors and industry observers, this transaction highlights ongoing consolidation in the mining sector and the focus on acquiring projects with restart potential in established mining jurisdictions.
The implications of this announcement extend to shareholders of both companies, as the exchange ratio determines the value received by Canadian Gold shareholders. For McEwen, the transaction may lead to increased operational synergies and a strengthened balance sheet through the integration of the Tartan project. The move aligns with broader industry trends where larger mining companies acquire junior explorers to secure resource growth and development opportunities.
