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McEwen agrees to sell two Ontario gold properties for $55M
The deal provides $55 million in cash and stock and supports McEwen’s plan to scale production toward up to 300,000 gold-equivalent ounces annually by 2030.
McEwen has agreed to sell two non-core gold properties in Ontario, Canada, to Discovery Mining for $55 million in cash and stock, according to Mining.com. The transaction is meant to redirect capital as McEwen builds out its expanding mine portfolio.
The properties include Lexam VG Gold’s wholly owned Fuller property, McEwen’s 60% interest in the Paymaster property, and surface rights held by VG Holdings. Fuller covers about 210 hectares and Paymaster spans 179 hectares, with Discovery already holding the remaining 40% interest in Paymaster through a joint venture via its Dome Mine subsidiary.
Mining.com reports the divestment comes as McEwen prepares to bring new mines into production across its portfolio. The company targets 250,000 to 300,000 gold-equivalent ounces annually by 2030 while limiting shareholder dilution and plans to reinvest proceeds across operating mines and development projects, with Ontario operations continuing to focus on the Froome, Stock and Grey Fox properties.
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