McEwen’s power play: 31% stake in next-gen mining analytics

McEwen Mining (NYSE/TSX: MUX) has inked deals to acquire a significant stake in Britannia Mining Solutions, which operates as Paragon Geochemical Laboratories. The company will secure about 31% equity interest on a fully diluted basis in Paragon, a cutting-edge analytical service provider for the mining industry.

Paragon specializes in PhotonAssay technology, which McEwen believes will revolutionize precious and base metal assaying. This innovative method offers rapid, precise, and non-destructive analysis, surpassing traditional fire assay techniques with faster results, better accuracy, and improved environmental safety.

The young and ambitious Paragon currently runs three ISO 17025:2017-accredited laboratories, with plans to expand to eight more sites globally within two years. The company also aims to go public in the near future.

McEwen already utilizes PhotonAssay in its exploration programs at the Fox Complex in Ontario and the Gold Bar Mine Complex in Nevada. This technology enables the company to make quicker data-driven decisions, enhance drilling strategies, and speed up exploration timelines.

To secure this strategic investment, McEwen will purchase shares from both Britannia Life Sciences Inc. and Paragon directly. The total investment of CDN$15.3 million will be paid in McEwen shares, making McEwen the largest shareholder in Paragon.

Ian Ball, McEwen's Vice-Chairman, will join Paragon's board upon its listing, with McEwen gaining the right to nominate an additional board member.

McEwen Mining offers shareholders exposure to growing gold and silver production in the Americas, along with a major copper development project. The company operates mines in Nevada's Cortez Trend, Ontario's Timmins district, and Argentina's Deseado Massif, with potential reactivation of a mine in Mexico.

The company holds a 46.4% stake in the Los Azules copper project in Argentina, valued at US$456 million based on recent financing. This advanced-stage project aims to become one of the world's first regenerative copper mines, targeting carbon neutrality by 2038.

Chairman and Chief Owner Rob McEwen, who has personally invested over US$200 million in the company, stated: "Our investment in Paragon aligns with our commitment to innovation and efficiency in mining. PhotonAssay technology represents a significant leap forward in mineral analysis, and we're excited to be at the forefront of its adoption and deployment across the industry."

More information is posted on www.McewenMining.com and www.ParagongeoChem.com.