McEwen Inc. (NYSE: MUX) (TSX: MUX) announced a definitive agreement to sell its Fuller property, a 60% interest in the Paymaster property, and a surface rights parcel in Timmins, Ontario, to Dome Mine Ltd., a subsidiary of Discovery Mining Ltd., for $55 million. The transaction includes $5 million in cash and $50 million in Discovery common shares, subject to customary closing conditions and regulatory approval. The sale, disclosed in a press release, allows McEwen to monetize non-core assets and focus on developing its Fox Complex, which includes the Froome, Stock, and Grey Fox deposits.
The proceeds are intended to support McEwen's goal of producing 250,000 to 300,000 gold equivalent ounces annually by 2030 with minimal to no share dilution. Combined with $13.5 million recently received from a McEwen Copper term loan, the transaction is expected to provide approximately $68.5 million in additional capital for growth and development. This funding comes as McEwen advances several key projects, including the Stock Mine, targeted for initial production in the fourth quarter of 2026, and El Gallo in Mexico, where construction began in September 2026 and production is targeted for the second half of 2027.
McEwen shares trade on both the NYSE and TSX under the ticker MUX, providing shareholders with exposure to a growing base of gold and silver production in the Americas, plus a large copper development project. The company's gold and silver mines are located in prolific mineral-rich regions: the Cortez Trend in Nevada, USA; the Timmins district of Ontario; Flin Flon in Manitoba; and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico. The company holds a 46.3% 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 (US$7.67 per share). The Los Azules copper 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.
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units worldwide, a technology the company believes is poised to become the new industry standard for assaying precious and base metals. Chairman and Chief Owner Rob McEwen has invested over US$250 million personally 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 MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
For investors, the asset sale reduces McEwen's exposure to non-core properties while providing capital to advance its pipeline of gold, silver, and copper projects. The deal underscores the company's strategy to grow production without diluting shareholders, a key consideration in the mining sector where equity issuance is common. The latest news and updates relating to MUX are available in the company's newsroom at https://ibn.fm/MUX.
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