McEwen (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 will monetize non-core assets while allowing McEwen to focus development at its Fox Complex on Froome, Stock and Grey Fox. Proceeds are intended to support the company’s goal of producing 250,000 to 300,000 gold equivalent ounces annually by 2030 with minimal to no share dilution. The transaction, combined with $13.5 million recently received in connection with a McEwen Copper term loan, is expected to provide approximately $68.5 million in additional capital for growth and development.
McEwen is advancing several 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. To view the full press release, visit https://ibn.fm/2hync.
McEwen shares trade on both the NYSE and TSX under the ticker MUX. McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, 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 has 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 – a region that hosts some of the country’s largest copper deposits. 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 the press release dated October 7, 2025.
McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers. 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.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
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