McEwen Inc. said it has agreed to sell its Fuller property, its 60% interest in the Paymaster property, and a surface-rights parcel in Timmins, Ontario for US$55 million.
The deal is structured as US$5 million in cash and US$50 million in Discovery Mining shares. McEwen said the transaction will bring in capital from non-core assets while it keeps its focus on the Fox complex’s core projects, including Froome, Stock and Grey Fox.
The properties being sold are part of McEwen’s broader Fox Complex land position. Fuller covers about 210 hectares, while Paymaster covers about 179 hectares. After closing, Discovery will own 100% of Paymaster, consolidating the joint venture stake McEwen currently holds.
The company also said it recently received US$13.5 million tied to the closing of McEwen Copper’s US$240 million term loan announced in August 2026. McEwen assigned a pre-existing US$13.5 million loan receivable to new third-party lenders for cash, and incentive share purchase warrants previously issued by McEwen Copper were cancelled.
Together, the asset sale and the copper loan-related transaction are expected to provide about US$68.5 million of additional capital.
McEwen said the new cash will support its growth plan, including bringing the Stock mine into production in Q4 2026 and commercial production in Q1 2027, starting construction at El Gallo in Mexico in September 2026, and targeting production there in H2 2027. The market has reacted to these announcements by moving the company's shares -2.07% to a price of $17.51. For the full picture, make sure to review McEwen's 8-K report.
