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Financings

Rob McEwen A Cornerstone Strategic Investor Increases Direct Ownership In Goliath Resources Limited

Strategic Investee Endorsement and Mine Permitting Provide Support Following Material Q3 Guidance Reductions.

By The Northwire Desk — AI Analysis Dec 18, 2025 · 06:18 MUX · 26.34 McEwen Inc.
Executive Summary

The most recent news (December 18, 2025) confirms that Rob McEwen, Chairman and CEO of McEwen Inc. (MUX), has exercised warrants in Goliath Resources Limited (GOT), providing $1,214,285 USD in capital. This exercise increases McEwen's direct ownership in GOT, an exploration-stage company where McEwen Inc. also maintains a strategic equity position (approximately 3.7% to 5.4%). Additionally, MUX announced on December 16, 2025, that it secured a key environmental permit for the El Gallo mine in Mexico. This permit allows Phase 1 mill construction to begin in mid-2026, with the first gold pour targeted for mid-2027.

Material Impact

The warrant exercise in Goliath Resources is a non-material but positive signal for MUX shareholders. It demonstrates the CEO’s continued conviction in MUX’s "ecosystem" of investments, which includes high-grade grassroots discoveries in the Golden Triangle. However, this does not directly improve MUX’s consolidated balance sheet.

The El Gallo permitting news is more fundamental. It provides a concrete timeline for returning the Mexican asset to production, with an expected 20,000 GEOs annually starting in 2027. This helps address the long-term production pipeline. Nevertheless, these positive developments must be weighed against the material negative impact of the Q3 2025 results released in November, which revealed a significant guidance reduction for 2025 consolidated production and a sharp increase in cash costs at the Gold Bar and Fox Complex operations.

MUX · Price
Company Overview

McEwen Inc. is a diversified gold and silver producer with operations in Nevada (Gold Bar), Ontario (Fox Complex), and Argentina (49% of San José). - Flagship Development Asset: Los Azules (46.4% owned) in San Juan, Argentina. A 2025 Feasibility Study confirmed an after-tax NPV of $2.9 billion (at $4.35/lb copper) and a 21-year mine life. - Gold Growth: Transitioning from the Froome Mine to the Stock Mine (Ontario) and developing the Grey Fox deposit to double production by 2030.

Read the original news release →

More from McEwen Inc.

Jul 22, 2026 · 12:12

McEwen’s Grey Fox PFS extends mine life to 2041 amid Argentine exposure and execution risks.

Resource Estimate Jul 15, 2026 · 06:15

McEwen’s Grey Fox PFS extends Fox Complex mine life to 2041 with a $429m pre-tax NPV and 31% IRR at $3,000/oz Au.

Drill Results Jun 17, 2026 · 06:30

McEwen advances a multi-asset growth strategy featuring a generational copper option alongside its high-grade gold production operations.

Drill Results Jun 08, 2026 · 06:00

McEwen’s Grey Fox PFS extends mine life by 15 years, delivering a $429 million NPV and a blueprint for 250-300 koz/yr production.

Technical Study May 27, 2026 · 07:27

McEwen Mining Cash Flow Beat Validates Growth Strategy While Los Azules Financing Looms

Drill Results May 21, 2026 · 06:00

San José dividend windfall reinforces McEwen’s cash‑self‑funding model but doesn’t alter the central thesis.

Production / Operations