McEwen Inc. (NYSE: MUX) (TSX: MUX) announced the completion of its business combination with Golden Lake Exploration Inc. (CSE: GLM) (OTCQB: GOLXF), a transaction that adds the Jewel Ridge projects in Nevada to McEwen’s Gold Bar Mine Complex. The deal, structured as a statutory plan of arrangement, saw Golden Lake shareholders receive 0.003876 McEwen shares for each share held. Golden Lake shares are expected to be delisted, and the company will cease reporting obligations.
The acquisition aligns with McEwen’s strategy to expand exploration and extend the mine life of its Gold Bar Mine Complex. The Jewel Ridge projects are located in the prolific Cortez Trend in Nevada, a region known for significant gold deposits. This move strengthens McEwen’s position in the Americas, where it already operates gold and silver mines in the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Argentina. The company is also reactivating its gold-silver El Gallo Mine in Mexico.
McEwen’s portfolio includes a 46.3% interest in McEwen Copper, which owns the advanced-stage Los Azules copper development project in San Juan province, Argentina. 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. Its Feasibility Study results were announced in a press release dated October 7, 2025. 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).
In addition to its mining assets, McEwen recently purchased 27.3% of Paragon Advanced Labs Inc., a public company deploying PhotonAssay units worldwide. This technology is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be a leading service provider.
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. A recipient of the Order of Canada and a member of the Canadian Mining Hall of Fame, McEwen’s 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 acquisition of Golden Lake’s Jewel Ridge projects provides McEwen with additional exploration upside in Nevada, potentially extending the life of the Gold Bar Mine Complex and creating long-term value. The transaction underscores McEwen’s commitment to growth through strategic acquisitions in prolific mining regions. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
