McEwen Inc. and Canadian Gold Corp. Announce Closing of Arrangement

Rhea-AI Summary

McEwen (NYSE/TSX:MUX) and Canadian Gold (TSX-V:CGC) completed their previously announced statutory plan of arrangement, effective Jan 5, 2026 at 8:00 a.m. Vancouver time.

Under the Arrangement each Canadian Gold share is being exchanged for 0.0225 McEwen shares. Canadian Gold shares are expected to be delisted from the TSX Venture Exchange effective close of market on Jan 7, 2026, and Canadian Gold will apply to cease reporting issuer status.

An Amending Agreement changes all Canadian Gold shares held by Rob McEwen to subscription receipts that convert to McEwen shares only upon shareholder approval at McEwen's next annual meeting; if not approved, those receipts will be satisfied in cash. McEwen said it expects an updated resource estimate by end of February 2026 and will accelerate exploration and permitting at Tartan.

Positive

• Exchange ratio of 0.0225 McEwen share per Canadian Gold share
• Arrangement became effective Jan 5, 2026
• Canadian Gold slated to be delisted on Jan 7, 2026
• Updated resource estimate expected by end of February 2026

Negative

• Rob McEwen's consideration converted to subscription receipts pending shareholder approval
• Subscription receipts will be cashed if shareholder approval is not obtained

News Market Reaction

+5.00%

32 alerts

+5.00% News Effect

-7.6% Trough in 24 hr 31 min

+$54M Valuation Impact

$1.13B Market Cap

0.3x Rel. Volume

On the day this news was published, MUX gained 5.00%, reflecting a notable positive market reaction. Argus tracked a trough of -7.6% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $54M to the company's valuation, bringing the market cap to $1.13B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Share exchange ratio: 0.0225 McEwen Shares per Canadian Gold Share Effective time: 8:00 a.m. Vancouver time Shareholder approval date: December 5, 2025 +4 more

7 metrics

Share exchange ratio 0.0225 McEwen Shares per Canadian Gold Share Consideration under the Arrangement Agreement

Effective time 8:00 a.m. Vancouver time Arrangement effective on January 5, 2026

Shareholder approval date December 5, 2025 Canadian Gold shareholders approved the Arrangement

Court approval date December 10, 2025 British Columbia Supreme Court final order for Arrangement

Delisting date January 7, 2026 Canadian Gold shares expected to be delisted from TSX-V

McEwen stake cap 1% of newly issued McEwen Shares Original cap for Mr. McEwen’s share consideration

Circular date October 30, 2025 Canadian Gold management information circular for the Arrangement

Market Reality Check

Price: $25.26 Vol: Volume 1,569,852 is 25% a...

normal vol

$25.26 Last Close

Volume Volume 1,569,852 is 25% above 20-day average of 1,260,026, indicating elevated interest pre-deal close. normal

Technical Price $19.60 is trading above 200-day MA of $12.82 and 21.22% below the 52-week high of $24.88.

Peers on Argus

MUX gained 4.93% while peers were mixed: ASM -1.14%, ITRG -1.26%, USAS -4.45%, S...

MUX gained 4.93% while peers were mixed: ASM -1.14%, ITRG -1.26%, USAS -4.45%, SLSR +1.63%, MTA +3.06%. The move appears stock-specific rather than a broad gold-sector shift.

Historical Context

5 past events · Latest: Dec 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 16	Project permitting	Positive	+1.8%	El Gallo EIA extension enabling Phase 1 mill construction and future gold pour.
Dec 08	Exploration update	Positive	-3.2%	Strong Gold Bar drill results and resource growth plans for mine life extension.
Dec 04	Exploration update	Positive	-0.4%	High‑grade Froome Mine drilling and plans for updated resource by Feb 2026.
Nov 06	Earnings release	Negative	-10.0%	Q3 results with lower revenue, guidance cut, and higher cost outlook.
Nov 03	Earnings call	Neutral	-4.8%	Announcement of Q3 2025 results conference call and Q&A session details.

Pattern Detected

Operational and exploration positives have not consistently produced gains; some strong project updates saw negative or muted next-day reactions, while clearly tougher earnings were followed by a larger drop.

Recent Company History

Over the past few months, McEwen has focused on advancing multiple assets. In Q3 2025, it reported revenue of $50.5M, adjusted EBITDA of $11.8M, and outlined plans to reach 250,000–300,000 GEOs by 2030, though guidance and cost metrics were revised. Subsequent releases in December 2025 highlighted exploration success at Gold Bar and Froome and permitting progress at El Gallo. Today’s arrangement closing adds corporate M&A execution alongside these development milestones.

Market Pulse Summary

The stock moved +5.0% in the session following this news. A strong positive reaction aligns with McE...

Analysis

The stock moved +5.0% in the session following this news. A strong positive reaction aligns with McEwen’s role as the acquirer, since Canadian Gold shareholders receive McEwen stock at a fixed ratio of 0.0225 shares per Canadian Gold share. Past news showed mixed reactions to operational updates, so sustained gains would likely depend on how efficiently McEwen integrates the Tartan asset and delivers on the planned resource update and mine restart steps.

Key Terms

statutory plan of arrangement, Business Corporations Act (British Columbia), subscription receipts, reporting issuer, +1 more

5 terms

statutory plan of arrangement regulatory

"business combination between McEwen and Canadian Gold by way of statutory plan of arrangement"

A statutory plan of arrangement is a formal, court‑approved legal process companies use to reorganize, merge, buy or change the rights of shareholders and creditors. Think of it like a referee‑backed roadmap that stakeholders vote on and a judge signs off so the deal can bind everyone, even those who disagree; investors care because it can change ownership, share value, voting rights and timelines for receiving cash or new securities.

Business Corporations Act (British Columbia) regulatory

"The Arrangement was completed under the Business Corporations Act (British Columbia)"

A provincial law that sets the rules for forming, managing and winding up corporations registered in British Columbia, including how directors and shareholders must act, what information companies must disclose, and how disputes are handled. Investors care because it provides a predictable rulebook — like referees and play-by-play rules in a game — that protects shareholder rights, clarifies management duties and disclosure obligations, and therefore affects a company’s legal risk and investment value.

subscription receipts financial

"will be exchanged on closing for subscription receipts of McEwen, rather than McEwen Shares"

Subscription receipts are temporary securities sold to investors that act like a receipt for future shares or cash once certain conditions in a financing or acquisition are met; until those conditions are satisfied, the funds are held in trust. Think of them as a ticket you buy today that will convert into the actual product later or get you a refund if the event doesn’t happen. They matter to investors because they provide a way to participate in a deal now while limiting immediate ownership changes and risk until the outcome is confirmed.

reporting issuer regulatory

"Canadian Gold will submit an application to cease to be a reporting issuer under applicable Canadian securities laws"

A reporting issuer is a company or investment fund legally required to provide regular, public financial and corporate updates to securities regulators and investors. For investors it matters because those routine filings act like a business’s recurring health reports—offering consistent, official information to assess performance, risks and value so people can make informed buy, sell or compare decisions.

TSX Venture Exchange financial

"shares of Canadian Gold are expected to be delisted from the TSX Venture Exchange"

A junior stock exchange in Canada where smaller, early-stage companies list shares to raise capital and gain public visibility. Think of it as a farmers’ market for young businesses: it offers investors a chance to buy into fast-growing but higher-risk ventures, with looser listing rules and typically lower liquidity than major exchanges. It matters because performance and financing on this exchange can signal growth prospects or risk for investors.

AI-generated analysis. Not financial advice.

TORONTO and FLIN FLON, Manitoba, Jan. 06, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (“McEwen”) (NYSE/TSX:MUX) and Canadian Gold Corp. (“Canadian Gold”) (TSX-V:CGC) are pleased to announce the completion of the previously announced business combination between McEwen and Canadian Gold by way of statutory plan of arrangement (the “Arrangement”). Shareholders of Canadian Gold approved the Arrangement on December 5, 2025 and a final order approving the Arrangement was issued by the British Columbia Supreme Court on December 10, 2025, as amended by a further order of the British Columbia Supreme Court according to the Amending Agreement described below.

The Arrangement was completed under the Business Corporations Act (British Columbia) and was deemed to become effective at 8:00 a.m. Vancouver time on January 5, 2026. Under the terms of the Arrangement Agreement, which was negotiated at arms-length, each holder of the common shares of Canadian Gold (each, a “Canadian Gold Share”) will receive 0.0225 McEwen common shares (each, a “McEwen Share”) for each Canadian Gold Share held.

The shares of Canadian Gold are expected to be delisted from the TSX Venture Exchange effective as of the close of market on January 7, 2026. Canadian Gold will submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate its public reporting requirements.

“On behalf of our Board of Directors and our management, I welcome Canadian Gold shareholders to McEwen. This is an exciting time for gold investors, and we see strong exploration and development potential of Tartan, which we believe will significantly contribute to shareholder value. Our immediate priorities are to accelerate and expand the scope of exploration, initiate mine plan engineering and advance production permitting to enable us to timely restart the mine. We also expect to publish an updated resource estimate by the end of February,” said Rob McEwen, Chairman and Chief Owner.

Amending Agreement

McEwen and Canadian Gold have also entered into an amending agreement to the arrangement agreement (the “Amending Agreement”) in order to address certain requirements of the New York Stock Exchange (the "NYSE"). Pursuant to the Amending Agreement, all Canadian Gold Shares held by Mr. Rob McEwen will be exchanged on closing for subscription receipts of McEwen, rather than McEwen Shares.

Under the original arrangement agreement, Mr. McEwen was to receive for his Canadian Gold Shares up to 1% of newly issued McEwen Shares, with the balance of the consideration to be paid in subscription receipts. In accordance with the Amending Agreement, all Canadian Gold shares held by Mr. McEwen will now be exchanged solely for subscription receipts, which will convert into McEwen Shares upon receipt of shareholder approval at a meeting of McEwen shareholders. Such shareholder approval is expected to be sought at the next annual meeting of McEwen shareholders. If this approval is not obtained, McEwen will satisfy the consideration for such subscription receipts in cash, in accordance with the terms of the Amending Agreement.

The amendments apply only to Mr. McEwen and do not affect the consideration to be received by other Canadian Gold shareholders.

Information for Canadian Gold Shareholders

Certificates formerly representing Canadian Gold Shares now represent only the right to receive McEwen Shares to which the holders are entitled pursuant to the Arrangement.

In order to receive their McEwen Shares, registered shareholders of Canadian Gold must deposit their share certificates or DRS advice(s) with a completed Letter of Transmittal, as set forth in the information circular of Canadian Gold dated October 30, 2025. The Letter of Transmittal was mailed to registered shareholders together with the meeting materials for the Canadian Gold meeting and it is also available on Canadian Gold's SEDAR+ profile on www.sedarplus.ca.

Canadian Gold shareholders who own their shares through a broker or other intermediary should contact such broker or other intermediary regarding their receipt of McEwen Shares under the Arrangement. Further information regarding the Arrangement, including instructions on how to exchange Canadian Gold Shares for McEwen Shares, is set out in the management information circular of Canadian Gold dated October 30, 2025, a copy of which is available on the profile of Canadian Gold on SEDAR+ at www.sedarplus.ca.

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, 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 46.4% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper 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 the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and Chief Owner Rob McEwen has invested over US$200 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 eventually implement a dividend policy, as he did while building Goldcorp Inc.

McEwen Contact Info and Social Media:

WEB SITE		SOCIAL MEDIA
www.mcewenmining.com		McEwen	Facebook:	facebook.com/mceweninc
			LinkedIn:	linkedin.com/company/mceweninc
CONTACT INFORMATION			X:	X.com/mceweninc
150 King Street West			Instagram:	instagram.com/mceweninc
Suite 2800, PO Box 24
Toronto, ON, Canada		McEwen Copper	Facebook:	facebook.com/ mcewencopper
M5H 1J9			LinkedIn:	linkedin.com/company/mcewencopper
			X:	X.com/mcewencopper
Relationship with Investors:			Instagram:	instagram.com/mcewencopper
(866)-441-0690 - Toll free line
(647)-258-0395		Rob McEwen	Facebook:	facebook.com/mcewenrob
Mihaela Iancu ext. 320			LinkedIn:	linkedin.com/in/robert-mcewen-646ab24
info@mcewenmining.com			X:	X.com/robmcewenmux

Neither the NYSE, TSX or TSX-V have 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 and Canadian Gold.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, statements regarding: the timing of delisting of shares of Canadian Gold from the TSX Venture Exchange, exploration and development potential of Tartan, plans to accelerate and expand the scope of exploration, timing of mine plan engineering and production permitting to potentially restart the mine, the timing of publishing of an updated resource estimate, goals to have Los Azules copper become one of the world's first regenerative copper mines and achieve carbon neutrality by 2038, and the objectives for McEwen. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, 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 McEwen.

McEwen and Canadian Gold expressly disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

FAQ

What is the McEwen (MUX) exchange ratio for Canadian Gold (CGC) shares?

Each Canadian Gold share is being exchanged for 0.0225 McEwen shares under the Arrangement.

When did the McEwen and Canadian Gold arrangement become effective?

The Arrangement was deemed effective at 8:00 a.m. Vancouver time on January 5, 2026.

When will Canadian Gold (CGC) be delisted from the TSX Venture Exchange?

Canadian Gold shares are expected to be delisted effective close of market on January 7, 2026.

What change did the Amending Agreement make for Rob McEwen's CGC shares?

All CGC shares held by Rob McEwen were exchanged for subscription receipts, which convert to McEwen shares upon shareholder approval.

What happens if McEwen shareholders do not approve conversion of the subscription receipts?

If approval is not obtained, McEwen will satisfy the subscription receipts in cash per the Amending Agreement.

Will McEwen publish an updated resource estimate for Tartan and when?

McEwen expects to publish an updated resource estimate by the end of February 2026.