McEwen Inc. Completes Acquisition of Golden Lake Exploration: What Investors Need to Know

Key Points from the Announcement

• Business Combination Completed: McEwen Inc. (NYSE/TSX: MUX) and Golden Lake Exploration Inc. (CSE: GLM, OTCQB: GOLXF) have officially completed their previously announced business combination by way of a statutory plan of arrangement.
• Strategic Asset Acquisition: Golden Lake’s principal assets – the Jewel Ridge and Jewel Ridge West projects in Nevada – are now part of McEwen’s Gold Bar Mine Complex. These properties are adjacent to McEwen’s Windfall and Lookout Mountain discoveries, which are significant for future exploration and development.
• Important Drill Results: Historic drilling at Jewel Ridge returned impressive intercepts, such as 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over 56.39 meters, and 2.37 gpt gold over 67.57 meters. These are in proximity to McEwen’s Windfall deposit, which itself recently produced 5.55 gpt gold over 44.2 meters – highlighting the combined district’s gold potential.
• Exchange Ratio for Shareholders: Each Golden Lake common share was exchanged for 0.003876 McEwen common shares. Outstanding Golden Lake warrants were cashlessly exercised and cancelled, with holders receiving Golden Lake shares for their in-the-money value. All outstanding convertible notes were also converted into Golden Lake shares based on principal and accrued interest.
• Delisting and Reporting Cessation: Golden Lake shares are expected to be delisted from the Canadian Securities Exchange (CSE) as of market close on April 30, 2026. Golden Lake will also apply to cease being a reporting issuer under Canadian securities laws.
• Post-Acquisition Steps for Shareholders: Golden Lake shareholders must submit their share certificates or DRS advices with a completed Letter of Transmittal to receive their McEwen shares. Shareholders holding via brokers should consult them for instructions.

Details for Shareholders and Potential Impact on Share Value

The acquisition brings together highly prospective gold assets in Nevada, with the potential to extend the life and resource base of McEwen’s Gold Bar Mine Complex. This is significant for investors as it positions McEwen for potential resource growth, operational synergies, and enhanced exploration upside. The drill results from both companies’ properties suggest robust gold mineralization, which could positively impact McEwen’s resource estimates, future production profiles, and, ultimately, its share price.

The arrangement also simplifies Golden Lake’s corporate structure by eliminating its public listing, while providing its shareholders with exposure to McEwen’s diverse portfolio, including gold, silver, and a substantial copper development project.

About McEwen Inc.

McEwen is a diversified precious metals company with gold and silver mines in top-tier mining jurisdictions, including Nevada (Cortez Trend), Ontario (Timmins), Manitoba (Flin Flon), and Argentina (Deseado Massif). The company is also restarting its El Gallo Mine in Mexico and owns 46.3% of McEwen Copper, which controls the advanced-stage Los Azules copper project in Argentina. Recent financing values McEwen’s stake in McEwen Copper at approximately US\$456 million.

Notably, Los Azules is targeting to become one of the world’s first regenerative copper mines, aiming for carbon neutrality by 2038. The project’s feasibility study was released in October 2025, further highlighting its advancement and significance.

McEwen has also acquired a 27.3% stake in Paragon Advanced Labs Inc., a public company deploying PhotonAssay™ units globally—a technology that could become the new industry standard for assaying precious and base metals.

Chairman and Chief Owner Rob McEwen has invested over US\$250 million personally in the company and draws a symbolic salary of \$1 per year, aligning his interests with shareholders. He is recognized for his track record in building value, as exemplified by his history with Goldcorp Inc.

Potential Share Price Drivers and Considerations

• Resource Expansion and Mine Life: The integration of Golden Lake’s assets could materially expand the Gold Bar Mine Complex’s resource base, which may boost McEwen’s valuation if subsequent exploration confirms significant new resources.
• Operational Synergies: Leveraging McEwen’s established infrastructure in Nevada should lower development and exploration costs at the newly acquired properties, improving overall project economics.
• Strategic Copper Exposure: With a substantial stake in the Los Azules copper project and a focus on sustainability, McEwen offers investors a unique combination of precious and base metals exposure with an ESG angle.
• Innovative Technology Adoption: The investment in PhotonAssay™ technology via Paragon Advanced Labs could provide operational advantages and potential future revenue streams.
• Shareholder Value Alignment: Rob McEwen’s significant personal investment and minimal salary underscore management’s alignment with shareholder interests.

Next Steps for Shareholders

Registered Golden Lake shareholders should promptly submit their share certificates and completed Letter of Transmittal to receive McEwen shares. Those holding shares through brokers should contact their broker for instructions. Full details and required forms are available on Golden Lake’s SEDAR+ profile.

Contact Information

For further information, investors can visit www.mcewenmining.com or contact the company directly. McEwen is active on social media platforms including Facebook, LinkedIn, X (Twitter), and Instagram.

Disclaimer

This article contains forward-looking statements, including expectations for exploration success, project development, and share price impacts. These statements involve risks and uncertainties. Investors are advised to review McEwen’s filings with the U.S. Securities and Exchange Commission and Canadian securities regulators for a discussion of risk factors. Neither McEwen nor Golden Lake undertakes any obligation to update forward-looking statements except as required by law. This article is for informational purposes only and does not constitute investment advice.

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