McEwen Inc. (NYSE: MUX) (TSX: MUX) announced a definitive agreement to sell its Fuller property, its 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. Combined with $13.5 million recently received in connection with a McEwen Copper term loan, the transaction is expected to provide approximately $68.5 million in additional capital for growth and development.
This divestiture matters because it strengthens McEwen’s balance sheet without diluting shareholders, a key priority for management. The company 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. These initiatives are part of McEwen’s broader strategy to expand its gold and silver production base while progressing its large copper development project. For more details, see the press release dated October 7, 2025 on the Los Azules feasibility study.
McEwen shares trade on both the NYSE and TSX under the ticker MUX. The company provides 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. Its gold and silver mines are in prolific mineral-rich regions, including the Cortez Trend in Nevada, 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 holds 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. 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 project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038.
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. The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
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