McEwen Inc. Acquires Tartan Mine, Aiming to Double Production by 2030
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 13 2026
0mins
Should l Buy MUX?
Source: Globenewswire
- Resource Update: McEwen completed the acquisition of Tartan Mine on January 5, 2026, with an updated Mineral Resource Estimate expected by the end of February, which will support the company's future production plans targeting a doubling of output by 2030.
- Significant Drill Results: Recent drilling results indicate an expansion of gold mineralization in the Western Flank, with an intercept of 7.5 gpt gold over 18.9 meters, suggesting enhanced potential for high production in the future.
- Increased Exploration Budget: The company plans to allocate $3 million for exploration at Tartan in 2026, with intentions to increase this budget if strong results are achieved in Q1, supporting ongoing resource expansion and development.
- Historical Context and Future Outlook: The Tartan Mine began production in 1987, yielding approximately 47,000 ounces of gold; with the upcoming resource estimate and engineering advancements, McEwen aims to leverage existing infrastructure to minimize capital costs and develop the mine in phases.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to fall
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 24.780
Low
21.00
Averages
22.00
High
23.50
Current: 24.780
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc is a gold and silver mining production and exploration company. The Company is also involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, Los Azules, and Fox West. The San Jose mine is located in the northwest corner of the Deseado Massif region, approximately 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is located in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is located in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is located in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. The Fox West properties are located in the heart of Timmins Gold Camp in northern Ontario, Canada. The Company also holds an interest in Tartan Lake Gold Mine Project, which is located in the province of Manitoba, Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Acquisition Agreement: McEwen Mining has entered into a definitive agreement to acquire all outstanding shares of Golden Lake Exploration through a court-approved plan, further expanding its asset portfolio.
- Shareholder Value Increase: Under the proposed transaction, Golden Lake shareholders will receive 0.003876 McEwen shares for each Golden Lake share, representing an implied offer price of C$0.12 per share, which is a 60% premium over the 20-day volume-weighted average price as of January 26, 2026.
- Asset Integration Advantage: Golden Lake's principal assets include its 100%-owned Jewel Ridge and Jewel Ridge West projects, located adjacent to McEwen's Windfall and Lookout Mountain discoveries, enhancing McEwen's resource consolidation capabilities in Nevada's Eureka Mining District.
- Strategic Implications: This acquisition not only incorporates Golden Lake into McEwen's business landscape but also strengthens its competitive position in the gold mining industry, particularly against the backdrop of rising gold prices, which is expected to provide robust growth momentum for the future.
See More
McEwen Inc. Enters Definitive Agreement to Acquire Golden Lake Exploration
- Transaction Overview: McEwen and Golden Lake signed a Definitive Agreement on January 28, 2026, to acquire all outstanding shares of Golden Lake through a plan of arrangement, which, if completed, will make Golden Lake a wholly-owned subsidiary of McEwen, further integrating its mineral resources in Nevada.
- Asset Integration Benefits: Golden Lake's Jewel Ridge project boasts historical drill results of up to 2.20 gpt gold, and the integration will leverage McEwen's infrastructure and funding to enhance the long-term operational potential of the Gold Bar Mine Complex, thereby strengthening market competitiveness.
- Shareholder Value Enhancement: Golden Lake shareholders will receive compensation equivalent to 0.003876 McEwen shares per Golden Lake share, translating to approximately CDN $0.12 per share, representing a 60% premium to the 20-day volume-weighted average price, thereby increasing liquidity and investment appeal.
- Approval Requirements: The transaction requires the approval of 66⅔% of Golden Lake shareholders at a special meeting expected in March 2026, and if successful, will provide strong support for McEwen's long-term growth strategy.
See More
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- Exploration Budget Recovery: Although exploration budgets have recovered post-2020, the period from 2015 to 2025 has seen a decline in both the number and size of major copper discoveries, limiting the industry's ability to find new deposits that could significantly impact production potential.
- Codelco's Dilemma: As the world's largest copper producer, Codelco requires approximately $5 billion annually in capital expenditures just to maintain flat production levels, facing rising operational complexity and costs due to declining ore grades and deeper mining operations.
- Supply Chain Vulnerability: According to InvAsset data, around 550,000 tons of copper production are projected to be lost or disrupted in 2025 due to labor disputes, geotechnical issues, and weather-related incidents, highlighting the fragility of supply against a backdrop of thin profit margins.
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See More
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- Significant Drilling Results: Since its maiden drill campaign in 2021, Goliath has drilled over 150,000 meters at the Golddigger property, achieving a 100% success rate in intersecting mineralization across all holes, indicating the extensive potential of a 1.8 km² mineralized system.
- High Gold Recovery Rates: The Surebet discovery boasts a gold recovery rate of 92.2%, with 48.8% being free gold, utilizing gravity and flotation methods without cyanide, showcasing superior metallurgy that could reduce extraction costs.
- Infrastructure Advantages: The Golddigger property is strategically located near the communities of Alice Arm and Kitsault, featuring an existing mill site and direct barge access to Prince Rupert, enhancing the project's feasibility and future growth potential.
See More
McEwen Inc. Reports New Drill Results from Gold Bar Mine
- Best Drill Results: McEwen's WF110 drill hole at Windfall returned 5.55 gpt gold over 44.2 meters, indicating the mine's potential for long-term operation and supporting the company's strategic goal to double production by 2030.
- Excellent Continuity: Definition drilling at Windfall shows strong continuity of near-surface oxide gold mineralization along a 1.6-kilometer fault zone, suggesting significant potential for future expansion and boosting investor confidence.
- Resource Estimate Update: The company plans to invest approximately $10 million in exploration at Gold Bar in 2026, which is expected to meaningfully increase the total gold resource, enhancing the overall asset value.
- Clear Development Path: Ongoing development work at Windfall, Lookout Mountain, and Unity Ridge aims to accelerate production decisions, leveraging existing infrastructure to improve capital returns and maintain a competitive edge in the market.
See More
