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 arrangement, each Canadian Gold common share was exchanged for 0.0225 shares of McEwen common stock. The transaction received shareholder approval on December 5, 2025, and final court approval from 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 will seek to cease being a reporting issuer under applicable Canadian securities laws. McEwen gains full ownership of the Tartan project, which management believes offers strong exploration, development, and production restart potential. This acquisition expands McEwen's asset base in the Americas, where the company already maintains gold and silver mines in Nevada's Cortez Trend, Ontario's Timmins district, and Argentina's Santa Cruz province. The company is also considering reactivating a gold and silver mine in Mexico.
McEwen holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in San Juan province, Argentina. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million. The Los Azules project is designed to be one of the world's first regenerative copper mines and aims to achieve carbon neutrality by 2038. Feasibility Study results for the project were announced in a press release dated October 7, 2025, available at https://ibn.fm/u1trt.
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. His objective is to build McEwen's profitability, share value, and eventually implement a dividend policy, similar to his approach while building Goldcorp Inc. McEwen 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.
The latest news and updates relating to McEwen Inc. are available in the company's newsroom at https://ibn.fm/MUX. This business combination represents a strategic consolidation within the mining sector, providing McEwen with enhanced resource diversification and development opportunities. The acquisition of the Tartan project could potentially increase the company's production capacity and resource base, positioning it for future growth in the competitive precious metals market. For investors, this transaction may signal McEwen's commitment to expanding its operational footprint and leveraging synergies across its portfolio of mining assets.
