McEwen Inc. (NYSE: MUX) (TSX: MUX) has completed its business combination with Canadian Gold Corp. 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 from the Supreme Court of British Columbia, involved the exchange of each Canadian Gold common share for 0.0225 shares of McEwen common stock.
As a result of the combination, Canadian Gold is expected to be delisted from the TSX Venture Exchange and to cease being a reporting issuer under applicable Canadian securities laws. The strategic move provides McEwen with full ownership of the Tartan project, which company management believes offers strong potential for exploration, development, and production restart. This acquisition represents a significant expansion of McEwen's asset base in North America.
The transaction strengthens McEwen's position as a diversified mining company with exposure to growing gold and silver production alongside a substantial copper development project, all located in the Americas. The company's gold and silver mines operate in prolific mineral-rich regions including the Cortez Trend in Nevada, the Timmins district of Ontario, 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.
A key component of McEwen's portfolio is its 46.4% interest in McEwen Copper, which owns the 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 aims to achieve carbon neutrality by 2038. Feasibility Study results for this significant project were announced in a press release dated October 7, 2025.
Leadership alignment remains a distinctive feature of McEwen's corporate structure, with Chairman and Chief Owner Rob McEwen having invested over US$200 million personally and accepting a salary of $1 per year. This structure aligns his interests directly with shareholders. McEwen's objective is to build the company's profitability and share value, with eventual implementation of a dividend policy similar to his approach while building Goldcorp Inc.
The completion of this business combination represents a strategic consolidation in the mining sector, providing McEwen with enhanced resource diversification and development potential. For industry observers and investors, the transaction demonstrates continued consolidation among mid-tier mining companies seeking to optimize asset portfolios and strengthen operational capabilities across multiple jurisdictions. The full details of the transaction are available in the company's official announcement.
