McEwen Inc. (NASDAQ: MUX) and Canadian Gold Corp. (TSXV: CGC) completed their statutory plan of arrangement on January 5 2026, with Canadian Gold shareholders receiving 0.0225 McEwen common shares for each Canadian Gold share held. The exchange ratio represents a 96.7 % premium to Canadian Gold’s closing price before the letter of intent and was priced at C$0.60 per Canadian Gold share. Canadian Gold shares will be delisted from the TSX Venture Exchange by the close of trading on January 7 2026.
The acquisition brings the Tartan Lake Gold Mine Project in Manitoba into McEwen’s asset base. Tartan is a high‑grade, former‑producing mine that already has infrastructure and significant exploration potential. By adding Tartan, McEwen expands its gold production mix, gains a proven asset with a strong resource base, and positions itself to accelerate exploration, initiate mine‑plan engineering, and advance permitting for a potential restart. The deal also complements McEwen’s ongoing Los Azules copper development in Argentina, which is expected to produce 327 million pounds of copper cathode annually over a 21‑year life and is slated to begin production in 2030.
Management highlighted the strategic fit of Tartan with McEwen’s portfolio. Chairman and Chief Owner Rob McEwen said the Tartan project “will significantly contribute to shareholder value” and that the company will focus on accelerating exploration, updating the resource estimate by the end of February, and moving toward a mine‑restart timeline. The acquisition is expected to generate synergies through shared infrastructure, cost efficiencies, and a broadened geographic footprint, strengthening McEwen’s competitive position in North America.
McEwen’s long‑term strategy has already attracted strong investor confidence, reflected in the company’s robust performance over the past year. The completion of the Canadian Gold transaction aligns with that trajectory, reinforcing McEwen’s focus on high‑grade, near‑term production assets while maintaining momentum on its large‑scale copper project in Argentina.
Looking ahead, McEwen plans to update the Tartan resource estimate in February and pursue permitting to restart the mine. The company will also continue to advance Los Azules, with construction expected to begin in 2026 and first copper production targeted for 2030. The combined portfolio positions McEwen to deliver diversified commodity exposure and sustained growth opportunities.
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