McEwen Announces Planned Retirement of COO & Promotions to Its Senior Leadership Team
Rhea-AI Summary
McEwen (NYSE/TSX: MUX) announced the planned retirement of Chief Operating Officer William Shaver after more than 55 years in mining, including four years at McEwen. He will remain on the board of McEwen Copper, 46.3% owned by McEwen, and the new ramp at the Stock Mine will be named the William Shaver Ramp.
To support its goal of producing 250,000–300,000 GEOs by 2030, McEwen promoted Channa Kumarage to VP Operations, Kevin Bromfield to VP Development Projects and Zahir Jina to VP Permitting, Government Relations and Sustainability.
McEwen highlighted its 46.3% interest in McEwen Copper, last implied at US$456 million, and a 1.25% NSR on the Los Azules project, projected to generate about US$1.4 billion in combined undiscounted pre-tax royalty cash flow based on the 2025 Feasibility Study and a copper price of $6.50/lb.
Positive
- 46.3% interest in McEwen Copper valued at an implied US$456 million in October 2024
- Los Azules 1.25% NSR projected undiscounted pre-tax cash flow of about US$1.4 billion
- Copper price reported as 50% higher since McEwen Copper’s last financing
- Completion of a 2025 Feasibility Study for Los Azules using a $4.35/lb copper price
- McEwen recently acquired 27.3% of Paragon Advanced Labs, expanding exposure to PhotonAssay™ technology
- Chairman Rob McEwen has personally invested over US$290 million and takes a $1 annual salary
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 05 | Q2 earnings results | Neutral | -7.4% | Mixed quarterly results included stronger earnings but reduced Gold Bar guidance and higher costs. |
| Aug 04 | Earnings call notice | Neutral | +5.6% | Conference-call scheduling preceded a positive 24-hour price reaction. |
| Jul 22 | Technical reports filed | Positive | +1.2% | Technical reports detailed mineral reserves, resources, economics, and project-life extensions. |
| Jun 29 | Index inclusion | Positive | -0.3% | McEwen joined the Russell 2000 Index during the June 2026 reconstitution. |
| Jun 26 | Shareholder voting results | Neutral | -0.3% | Shareholders elected directors, ratified the auditor, and approved common-stock issuance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent reactions were mixed: technical-report news aligned positively, while the Q2 results release diverged despite its favorable reported metrics.
Key Terms
ni 43-101 regulatory
nsr financial
feasibility study technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, Aug. 24, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced the planned retirement of Chief Operating Officer William Shaver. Mr. Shaver has dedicated more than 55 years of his career to the mining industry, including the past 4 years at McEwen. In 1980, he co-founded Dynatec Corporation, which became one of the leading contracting and mine operating groups in North America. Bill’s relentless commitment has left its mark on both the industry and the people he has worked with and mentored. Mr. Shaver will continue to serve on the Board of Directors of McEwen Copper, which is
“I have worked with Bill since the construction of the Red Lake Mine at Goldcorp and want to thank him for his service at McEwen. With our newest Stock Mine in Timmins nearing completion and El Gallo in Mexico starting construction, Bill and the Board thought it was the right time to promote the next generation of talent within the Company. The Board also thought it was very appropriate to name the new ramp at the Stock Mine, the William Shaver Ramp, in recognition of his contribution to the growth of the Company,” stated Rob McEwen, Chief Owner.
As a result of Mr. Shaver’s retirement, McEwen has made several promotions to its leadership team. The Company views current production, mine construction and permitting as the three keys to successfully reaching its goal of 250,000-300,000 GEOs by 2030. To that end, McEwen will be making three appointments to address these areas and our Vice-Chairman, Ian Ball, will be working closely with these gentlemen to propel McEwen forward.
Channa Kumarage – Promoted to Vice President, Operations
Mr. Kumarage will be responsible for overseeing the Company’s operating mines. He has held progressive leadership roles within McEwen, including Director of Technical Services, where he was instrumental in bringing the Froome mine at the Fox Complex in Timmins into production and developing the Stock Mine that is nearing completion. He brings over a decade of mining engineering and leadership experience across precious and base metals, with prior roles at Minto Metals Corp., Alamos Gold Inc., and Goldcorp Inc. Mr. Kumarage is a licensed Professional Engineer registered with Professional Engineers Ontario (PEO), a Qualified Person (QP) under NI 43-101, and holds a Bachelor of Applied Science in Mineral Engineering from the University of Toronto.
Kevin Bromfield – Promoted to Vice President, Development Projects
Mr. Bromfield will lead the teams responsible for the engineering and building of Grey Fox (Fox Complex, Timmins), Tartan Mine Project (Flin Flon, Manitoba) and Lookout Mountain/Windfall (Gold Bar Mine Complex, Nevada).
Mr. Bromfield brings a high level of technical expertise in the areas of mine construction, underground development, continuous improvement, alternative material handling systems, ore sorting, and shaft sinking. He holds a B.Sc. in Mining Engineering from Queen’s University and an Executive MBA from the Ivey School of Business.
Zahir Jina – Promoted to Vice President, Permitting, Government Relations and Sustainability
Mr. Jina is an environmental management, engagement and permitting professional with more than 15 years of experience advancing Canadian and international mining projects through provincial, state and federal approval processes, from greenfield or brownfield development to closure. At SLR Consulting, he was a lead author of the Environmental Effects Review for IAMGOLD's Côté Gold Project and worked with regulators on the amended approval conditions for what is now one of Canada's largest gold mines. Prior to joining McEwen, he was Director, Environment at Wyloo, leading regulatory approval strategy and environmental management programs for critical minerals development in northern Ontario, with earlier roles at Treasury Metals, Teck Coal and Anglo American. Mr. Jina is a certified Environmental Professional (EP), Project Management Professional (PMP) and Certified Engineering Technologist (C.E.T.).
ABOUT MCEWEN
McEwen shares trade on both the NYSE and TSX under the ticker MUX.
McEwen provides its 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 of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico.
The Company has a
McEwen also owns a
McEwen also recently purchased
Chairman and Chief Owner Rob McEwen has invested over US
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed are as at the date of this news release and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.
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