McEwen signs LoI to acquire Canadian Gold

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Canadian Gold share, valuing the latter at C$0.35 ($0.25) each, a 26% premium over the 30-day volume-weighted average price as of 25 July 2025.Canadian Gold shareholders will own around 8.2% of the combined entity.Canadian Gold's key asset, the Tartan Mine in Manitoba, Canada, is a high-grade former producing mine with significant exploration potential and existing infrastructure.Canadian Gold also possesses 100% interests in the Hammond Reef and Malartic South exploration properties in Ontario and Quebec. These are adjacent to some of Canada’s largest gold mines.McEwen chairman and chief owner Rob McEwen said: "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 time frame. 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.“Additionally, the Tartan Mine shares many similarities with our Fox Complex, enabling us to leverage our internal expertise and resources to maximise its potential."The Tartan Mine is expected to recommence production within two to three years, with substantial exploration potential bolstered by Canadian Gold's recent optioning of the adjacent Tartan West property.The proposed transaction is subject to a court-approved plan of arrangement, shareholder approvals and regulatory consents, including approval from both the Toronto and New York stock exchange.Shareholder votes are expected by the end of 2025, with a special meeting for Canadian Gold shareholders. The arrangement agreement will include customary provisions, deal protection and the ability for Canadian Gold to consider superior proposals."McEwen signs LoI to acquire Canadian Gold" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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