McEwen Inc. (NYSE: MUX) (TSX: MUX) has entered 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 deal, announced by McEwen (NYSE: MUX) (TSX: MUX), includes $5 million in cash and $50 million in Discovery common shares, subject to customary closing conditions and regulatory approval.
The transaction allows McEwen to monetize non-core assets while focusing development on its Fox Complex, which includes the Froome, Stock, and Grey Fox deposits. 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 from a McEwen Copper term loan, the sale 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. The company also holds a 46.3% interest in McEwen Copper, which owns the large, long-life 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; its feasibility study results were announced in a press release dated October 7, 2025.
For investors, the sale reduces exposure to non-core Ontario assets and strengthens McEwen's balance sheet without issuing additional shares, which could support the stock price. The additional capital is expected to accelerate development at the Fox Complex and El Gallo, potentially leading to increased production and cash flow. The company's shares trade on both the NYSE and TSX under the ticker MUX, and the latest news and updates are available in the company's newsroom at https://ibn.fm/MUX. To view the full press release, visit https://ibn.fm/2hync.
McEwen 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. The gold and silver mines are in prolific mineral-rich regions: 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. 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.
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