McEwen to buy Canadian Gold for $53M
McEwen Mining Inc. (NYSE: MUX, TSX: MUX) has announced it will acquire Canadian Gold Corp. in a transaction valued at approximately $53 million, marking a significant step in McEwen’s efforts to expand its resource base and strengthen its position in the Canadian mining sector.
The deal, structured as an all-share transaction, will see Canadian Gold shareholders receive McEwen Mining shares at a premium to the company’s recent trading price. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals and shareholder consent from both parties.
Canadian Gold's flagship asset, the Tartan Lake Project in Manitoba, offers McEwen a high-grade gold opportunity with significant exploration upside. With this acquisition, McEwen Mining aims to bolster its North American portfolio, aligning with its long-term strategy to focus on projects with strong economics and development potential.
“This is a strategic acquisition that enhances our pipeline of high-quality gold assets in Canada,” said Rob McEwen, Executive Chairman of McEwen Mining. “We see great value in Canadian Gold’s assets and are excited about the opportunities this merger will bring to both companies’ shareholders.”
The announcement has sparked interest in the junior mining sector, where consolidation is increasingly seen as a path to unlocking value and managing rising exploration and development costs.
Analysts suggest the deal could lead to increased investment in the underexplored regions of Manitoba and could signal further M&A activity in Canada’s gold sector.
