McEwen to divest Ontario assets for $55 million in cash‑and‑stock transaction
McEwen Inc. entered a definitive purchase agreement with Dome Mine Ltd., a subsidiary of Discovery Mining, to transfer its Fuller property and a 60 % interest in the Paymaster joint‑venture in Timmins, Ontario. The consideration totals US$55 million, composed of US$5 million in cash and US$50 million in Discovery common shares, subject to TSX and other customary approvals. McEwen said the proceeds will be used to fund its existing operations and development projects, supporting its target of 250,000‑300,000 gold‑equivalent ounces per year by 2030.
Why it matters
The company expects the US$55 million injection to increase capital available for growth projects without issuing new equity, which could improve its cash flow and production outlook. Discovery gains additional land adjacent to its Dome Mine, enhancing its capacity to expand processing and tailings facilities.
Key facts
- 1McEwen and its subsidiaries signed an asset purchase agreement with Dome Mine Ltd. for the Fuller property and a 60 % interest in the Paymaster joint‑venture. globenewswire.com
- 2The total purchase price is US$55 million, consisting of US$5 million cash and US$50 million in Discovery common shares. globenewswire.com
- 3The transaction is pending approval from the Toronto Stock Exchange and other customary closing conditions. globenewswire.com
- 4McEwen plans to allocate the proceeds to operations and development projects to reach 250,000‑300,000 gold‑equivalent ounces annually by 2030. globenewswire.com
- 5Discovery Mining expects the acquired assets to support future processing and tailings infrastructure for its Dome Mine. thewhig.com
- 6The deal is expected to close in October 2026, subject to regulatory approvals. thewhig.com
Summary written by AlphAI AI Desk from 15 of 15 sources. Not investment advice. Figures are as stated by the linked sources.