Canadian Gold Corp. shareholders approved a statutory plan of arrangement to merge with McEwen Inc. on December 5 2025, with 99.998 % of votes cast in favor. The plan exchanges each Canadian Gold share for 0.0225 McEwen shares, creating a combined company that will own the Tartan Mine in Flin Flon, Manitoba.
The merger aligns with McEwen’s strategy to expand its Canadian gold footprint and to restart operations at a high‑grade, former‑producing asset that already has a mill and infrastructure in place. By adding the Tartan Mine, McEwen will diversify its portfolio of gold, silver, and copper projects and position itself to accelerate production growth toward its 2030 goal of doubling output.
McEwen’s Q3 2025 results showed revenue of $50.5 million, a net loss of $0.5 million, and an adjusted EBITDA of $11.8 million, underscoring the company’s focus on cost discipline while investing in growth. Canadian Gold’s most recent quarterly filing reported a net loss of CAD 1.22 million, but the company has produced encouraging drilling results that support a potential mine restart.
The deal carries a 26 % premium over Canadian Gold’s trading price at the time of the initial letter of intent on July 28 2025, and a 96.7 % premium over the closing price before the LOI announcement. While a precise monetary value is not disclosed, the exchange ratio and premium levels indicate a substantial valuation of Canadian Gold’s assets relative to its market price.
Regulatory approval is currently conditional: the TSX Venture Exchange has granted provisional approval, and a court approval is pending. The parties expect the transaction to close on or about January 5 2026, subject to the remaining approvals.
Rob McEwen, chairman of McEwen Inc., highlighted the Tartan Mine’s high‑grade gold deposit and the advantage of existing infrastructure, noting that a restart could occur within a relatively short timeframe. The merger is expected to create synergies through shared operations and to enhance shareholder value by combining complementary assets and expertise.
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