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

On January 6, 2026, McEwen Inc. (MUX) and Canadian Gold Corp. (CGC) announced the successful closing of their previously announced statutory plan of arrangement. Effective January 5, 2026, McEwen Inc. acquired all issued and outstanding shares of CGC. CGC shareholders (excluding Rob McEwen) received 0.0225 of a McEwen common share for each CGC share held. Rob McEwen, the "Chief Owner," received subscription receipts for his holdings to comply with NYSE ownership limits, which will convert to shares upon MUX shareholder approval or be settled in cash. CGC is expected to be delisted from the TSX Venture Exchange on January 7, 2026. Rob McEwen emphasized immediate priorities: accelerating exploration at the Tartan project, initiating mine plan engineering, and advancing production permitting. An updated resource estimate is promised by the end of February 2026.

This is the ultimate material event for Canadian Gold Corp. as it ceases to exist as an independent reporting issuer. - Shareholder Realization: Shareholders who held through the 2025 volatility have realized a significant premium (96% relative to the pre-LOI price). However, they are now subject to the equity risk and dilution of the larger McEwen Inc. entity. - Asset Consolidation: The Tartan Mine, which CGC spent $12.7 million developing since 2012, is now fully integrated into MUX. This removes the "junior developer" financing risk for the project but ties its development to MUX’s capital allocation priorities. - Executive Control: The transaction effectively consolidates Rob McEwen’s fragmented holdings. By moving the asset into MUX, he leverages a larger technical team and deeper pockets. The "Material - Game Changer" rating is justified as the company’s corporate identity has been completely subsumed.

• Flagship Project: Tartan Mine (100% interest), located near Flin Flon, Manitoba.
• Status: Former producing mine (1987-1989) with significant existing infrastructure, including a ramp to 320m and road/power access.
• Resource: 2017 estimate showed 240,000 oz Au Indicated (6.32 g/t) and 37,000 oz Au Inferred (4.89 g/t).
• Expansion: Throughout 2025, the company expanded the Tartan shear zone strike length from 8km to 29.5km through options with Hudbay and Searchlight Resources.