McEwen Inc. (NYSE: MUX) (TSX: MUX) has completed its business combination with Canadian Gold Corp. through a statutory plan of arrangement under British Columbia law. The transaction, which received shareholder approval on December 5, 2025, and final court approval from the Supreme Court of British Columbia, involved exchanging each Canadian Gold common share for 0.0225 shares of McEwen common stock. This acquisition is significant because it consolidates McEwen's position in the mining sector by adding a promising asset to its portfolio while removing a competitor from the public markets.
As a direct result of this transaction, Canadian Gold is expected to be delisted from the TSX Venture Exchange and will seek to cease being a reporting issuer under Canadian securities laws. The most immediate impact for investors and the industry is McEwen's gain of full ownership of the Tartan project. Management believes this project offers strong potential for exploration, development, and production restart, which could contribute to McEwen's future production growth and resource base. The completion details were outlined in the full press release available at https://ibn.fm/u1trt.
This business combination matters because it enhances McEwen's asset diversity and operational scale. The company already provides shareholders with exposure to gold and silver production in key regions like Nevada's Cortez Trend, Ontario's Timmins district, and Argentina's Deseado Massif, and is considering reactivating a mine in Mexico. Furthermore, McEwen holds a 46.4% interest in McEwen Copper, which owns the advanced-stage Los Azules copper project in Argentina. According to the last financing round, McEwen's stake in this copper project has an implied value of US$456 million, highlighting the strategic importance of its diversified holdings.
The Los Azules project is particularly notable for its environmental design goals, aiming to be one of the world's first regenerative copper mines and achieve carbon neutrality by 2038. Feasibility Study results for this project were announced in a https://ibn.fm/MUX press release dated October 7, 2025. This focus on sustainability could position McEwen favorably in a market increasingly attentive to environmental, social, and governance (ESG) factors, potentially affecting its long-term valuation and access to capital.
Leadership alignment is another critical aspect of this story. Chairman and Chief Owner Rob McEwen has personally invested over US$200 million in the company and takes an annual salary of $1, which aligns his interests directly with shareholders. His track record includes building Goldcorp Inc. and implementing a dividend policy, and his current objective is to increase McEwen's profitability and share value. This governance structure may reassure investors about the strategic direction following the Canadian Gold acquisition.
For the mining industry, this transaction reflects ongoing consolidation as companies seek to bolster their resource bases and streamline operations. The delisting of Canadian Gold reduces the number of publicly traded junior miners, potentially affecting market liquidity and investor choice in the sector. For McEwen shareholders, the immediate implication is increased exposure to the Tartan project's potential, while the broader impact includes a strengthened portfolio that spans precious and base metals across politically stable jurisdictions in the Americas. This could enhance McEwen's resilience to commodity price fluctuations and operational risks, making it a more compelling investment in the natural resources space.
