Published: July 31, 2025 |

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McEwen and Canadian Gold Corp. have entered into a binding letter of intent where McEwen would acquire all of the issued and outstanding securities of Canadian Gold by way of plan of arrangement. If the proposed transaction is completed, Canadian Gold would become a wholly-owned subsidiary of McEwen.

Canadian Gold’s principal asset is its 100 percent interest in the Tartan Mine, located in Manitoba, Canada. The Tartan Mine is a high-grade former producing mine with existing infrastructure and high exploration potential. The mine has access to a skilled workforce, inexpensive renewable power, and a supportive mining and taxation environment. Canadian Gold also holds a 100 percent interest in greenfield exploration properties in the Hammond Reef and Malartic South projects, which are adjacent to some of Canada’s largest gold mines and development projects in Ontario and Quebec.

“I am enthusiastic about the Tartan Mine for several reasons. First, it is a high-grade gold deposit with strong exploration potential in Canada. Second, the existing infrastructure, including the mine ramp, roads, and power, provides an opportunity to restart operations within a relatively short timeframe. Third, Manitoba stands out as one of the world’s premier mining jurisdictions, offering a skilled workforce, low-cost renewable energy, and attractive mining tax credits,” said Rob McEwen, chairman and chief owner of McEwen.

Additionally, the Tartan Mine shares many similarities with our Fox Complex, enabling us to leverage our internal expertise and resources to maximize its potential,” added McEwen.

“I’d like to thank Rob McEwen, McEwen Inc., and all our shareholders for the support of Canadian Gold Corp. over the past several years. We believe that this acquisition by McEwen is a fantastic result for our shareholders as we will benefit from a broader portfolio of high-quality assets,” said Peter Shippen, chairman of Canadian Gold.

The LOI provides for the parties to enter into a definitive arrangement agreement setting out the final terms and conditions of the proposed transaction.

The proposed transaction was approved by the board of directors of both McEwen and Canadian Gold, based on the recommendation of their respective special committees comprised of independent and disinterested directors. These special committees reached their decisions after consulting with their independent legal and financial advisors.

McEwen provides its shareholders with exposure to gold, copper, and silver in the Americas by way of its three mines located in the USA, Canada, and Argentina and its large advanced-stage copper development project in Argentina. It also has a gold and silver mine on care and maintenance in Mexico. Its Los Azules copper project aims to become one of the world’s first regenerative copper mines and is committed to carbon neutrality by 2038.

Canadian Gold Corp. is a Canadian-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The company also holds a 100 percent interest in greenfield exploration properties in Ontario and Quebec adjacent to some of Canada’s largest gold mines and development projects, specifically, the Canadian Malartic Mine, Hemlo Mine, and Hammond Reef Project.

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