McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced the planned retirement of Chief Operating Officer William Shaver, who has spent more than 55 years in the mining industry, including the past four years with the company. Shaver will continue to serve on the board of McEwen Copper, a subsidiary in which McEwen holds a 46.3% ownership stake. In conjunction with his retirement, the company has promoted Channa Kumarage to vice president of operations, Kevin Bromfield to vice president of development projects, and Zahir Jina to vice president of permitting, government relations and sustainability. These appointments are designed to strengthen the company's focus on production, mine construction, and permitting as it works toward its goal of producing 250,000-300,000 gold equivalent ounces annually by 2030.
The leadership changes come at a pivotal time for McEwen, as the company seeks to optimize its existing operations and advance its development pipeline. McEwen operates gold and silver mines in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district in Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. Additionally, the company is reactivating its gold-silver El Gallo Mine in Mexico. These assets provide a solid foundation for meeting the 2030 production target, but achieving that goal will require efficient execution of development projects and timely permitting.
The promotion of Kumarage, Bromfield, and Jina reflects McEwen's strategic emphasis on operational excellence and project advancement. Kumarage, who will oversee operations, brings extensive experience in mine management and process optimization. Bromfield, leading development projects, will be responsible for advancing key initiatives, including the Los Azules copper project and other growth opportunities. Jina, heading permitting, government relations and sustainability, will play a critical role in navigating regulatory landscapes and ensuring the company meets its environmental and social commitments. These roles are essential for the company to achieve its production ambitions and maintain its reputation as a responsible miner.
McEwen's long-term vision extends beyond gold and silver. The company holds a 46.3% interest in McEwen Copper, which owns the large, advanced-stage Los Azules copper development project in San Juan province, Argentina. According to the latest financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or US$7.67 per share. Los Azules is designed to be one of the world's first regenerative copper mines and aims to be carbon neutral by 2038. The project's feasibility study results were announced in a press release dated October 7, 2025, and it is poised to become a significant source of value for McEwen shareholders.
In addition to its mining assets, McEwen has recently acquired a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units globally. This technology is expected to become the new industry standard for assaying precious and base metals, and Paragon aims to be a leading service provider in this space. This investment positions McEwen at the forefront of innovation in mining technology.
Chairman and Chief Owner Rob McEwen has personally invested over US$250 million in the company and takes a salary of $1 per year, aligning his interests with shareholders. He has a track record of building shareholder value, as demonstrated during his tenure at Goldcorp Inc., and his objective is to build MUX's profitability and share value, ultimately implementing a dividend policy. With these leadership changes and strategic initiatives, McEwen is positioning itself for sustainable growth and long-term value creation.
