Has signed an agreement to sell its Fuller property, a 60% interest in the Paymaster property and a Timmins, Ontario, surface-rights parcel to Dome Mine Ltd., a subsidiary of Discovery Mining, for US$55 million.
The share amount will be calculated using Discovery’s five-day volume-weighted average price before closing, converted from U.S.
Fuller covers about 210 hectares and Paymaster about 179 hectares. Discovery already owns the remaining 40% of Paymaster through a joint venture, so the transaction would give it complete ownership of both properties. Closing remains subject to customary conditions, including Toronto Stock Exchange approval for the share issuance and the resolution of an existing royalty on Fuller.
For Discovery, the properties are adjacent to its Dome mine and would expand its land position in the Timmins camp.
McEwen said it intends to direct the proceeds toward operating mines and development projects as it pursues annual production of 250,000 to 300,000 gold-equivalent ounces by 2030 with minimal or no share dilution. Its remaining Fox Complex focus in Ontario is Froome, Stock and Grey Fox. Stock is expected to enter production in the fourth quarter of 2026 and commercial production in the first quarter of 2027.
The company also plans surface work and equipment purchases at Grey Fox, Tartan and the Gold Bar Complex in Nevada. Construction at El Gallo in Mexico began in September 2026, with production targeted for the second half of 2027.