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). The transaction, which received shareholder approval on December 5, 2025, and final court approval by the Supreme Court of British Columbia, resulted in McEwen acquiring Canadian Gold. Under the arm's-length arrangement terms, each Canadian Gold common share was exchanged for 0.0225 shares of McEwen common stock.
This acquisition is significant because it provides McEwen with full ownership of the Tartan project, which management believes offers strong exploration, development, and production restart potential. The transaction's completion means 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. For investors, this consolidation represents a strategic move by McEwen to strengthen its asset portfolio in the mining sector.
The business combination matters to the mining industry as it demonstrates continued consolidation in the sector, with larger companies acquiring promising projects to enhance their resource base. McEwen's acquisition of Canadian Gold follows the company's established strategy of building a diversified portfolio of precious and base metal assets across the Americas. The company's shares trade on both the NYSE and TSX under the ticker MUX, and McEwen provides shareholders with exposure to growing gold and silver production alongside a substantial copper development project.
McEwen maintains 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. 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 carbon neutral by 2038. Its Feasibility Study results were announced in a press release dated October 7, 2025, available at https://ibn.fm/Zl7lj.
For stakeholders, this transaction aligns with Chairman and Chief Owner Rob McEwen's objective to build the company's profitability and share value, with eventual plans to implement a dividend policy similar to his approach while building Goldcorp Inc. McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders. The latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX.
The completion of this business combination represents a strategic expansion for McEwen as it continues to develop its mining portfolio across North and South America. The company's gold and silver mines are located in prolific mineral-rich regions including 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 expanding its operational footprint.
