McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced agreements to acquire an approximately 31% equity interest in Britannia Mining Solutions Inc., operating as Paragon Geochemical Laboratories Inc., a provider of advanced analytical services for the mining sector. The transaction, valued at CDN$15.3 million, will be completed through the purchase of 648,002 Paragon shares from Britannia Life Sciences Inc. and 226,286 shares via a private placement, both at CDN$17.50 per share and payable in McEwen stock.
Paragon is recognized for its use of PhotonAssay, a rapid, accurate, and non-destructive technology for assaying precious and base metals that offers significant advantages over traditional fire assays. McEwen already employs PhotonAssay in its exploration programs at the Fox Complex in Ontario and the Gold Bar Mine Complex in Nevada. This strategic investment is expected to further the adoption of PhotonAssay technology across the mining industry, potentially reducing turnaround times and improving assay accuracy.
“We are excited to partner with Paragon to advance the use of this innovative technology,” said a McEwen spokesperson. The acquisition aligns with McEwen’s commitment to operational efficiency and technological advancement in mineral exploration and production. For more details on the announcement, visit https://ibn.fm/bot3U.
McEwen provides its shareholders with exposure to gold, copper, and silver in the Americas through its three mines located in the USA, Canada, and Argentina, and its large advanced-stage copper development project in Argentina. The company also has a gold and silver mine on care and maintenance in Mexico. Its Los Azules copper project aims to become one of the world’s first regenerative copper mines and is committed to carbon neutrality by 2038.
McEwen’s shares are publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “MUX.” The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX.
