Core Viewpoint - The article discusses the rising demand and prices for precious metals, particularly gold and silver, driven by geopolitical risks and economic uncertainty, with predictions for continued growth in the sector through 2026 and beyond [1][4][3]. Industry Overview - Gold and silver prices reached all-time highs as of January 12, with spot gold at $4,630 (up over 1.95%) and silver at $86.50 [1]. - Demand for gold hit record levels in 2025, continuing a bull rally into 2026, alongside increased demand for other industrial metals like copper [2]. - Analysts indicate that precious metals traders perceive more risk compared to stock and bond traders, contributing to the demand for gold and silver as safe-haven assets [3]. Future Projections - JPMorgan forecasts gold prices could reach $5,000 per ounce by the end of 2026, with an average price of $5,055 per ounce projected for that year [4]. - The share of gold in total investor assets under management (AUM) has increased by approximately one percentage point over the last two years, with potential to rise to 4-5% in the coming years [4]. Company Highlights - **Wheaton Precious Metals Corp. (NYSE:WPM)**: - Share price at $124.74 with a market cap of $59.33 billion and an analyst upside of 6.22% [9]. - The stock has increased over 129% in the past year, with 94% of analysts rating it as a Buy [10]. - Analysts expect gold companies to increase margins and generate higher free cash flow in 2026 [12]. - **Perpetua Resources Corp. (NASDAQ:PPTA)**: - Share price at $29.42 with a market cap of $3.59 billion and an analyst upside of 8.77% [13]. - Shares have risen over 107% in the last six months, with a consensus Buy rating from analysts [14]. - The company is advancing the Stibnite project, which is expected to enhance returns and support funding efforts [15][16]. - **McEwen Inc. (NYSE:MUX)**: - Share price at $20.49 with a market cap of $1.12 billion and an analyst upside of 12.25% [19]. - The company received approval for the El Gallo Mine's Phase 1 Mill construction, with expectations for the first gold pour by mid-2027 [20]. - McEwen is also expanding its Gold Bar Mine complex to enhance resources and increase mine life [22].

Core Insights - McEwen Inc. has announced final drill results for the Tartan Mine Project, which will be included in an upcoming Mineral Resource Estimate, expected by the end of February 2026, as the company aims to double production by 2030 [1][6] Exploration Results - Recent drill results from the Western Flank of the Tartan Mine Project include an intercept of 7.5 grams per tonne (gpt) gold over 18.9 metres, expanding gold mineralization beyond previous results [1][2] - Notable previous intercepts include 12.3 gpt gold over 14.0 metres and 8.2 gpt gold over 9.9 metres, indicating strong potential for further resource expansion [2][3] - The ongoing drilling aims to increase the number of ounces per vertical metre, which could enhance annual gold production and reduce costs [3] Resource Expansion - The strike length of the Main Zone has expanded from 100 metres near surface to approximately 150 metres at depth, with additional drill results showing 6.6 gpt gold over 7.0 metres and 4.9 gpt gold over 7.9 metres [3][4] - The company has budgeted $3 million for exploration at Tartan in 2026, with plans to increase this budget if strong results continue [4] Historical Context - The Tartan Mine, located in the Flin Flon Greenstone Belt, has a history of production starting in 1987, yielding approximately 47,000 ounces of gold before shutting down due to market conditions [5] - The last resource estimate in 2017 indicated 240,000 ounces of indicated resources at 6.32 gpt gold and 37,000 ounces of inferred resources at 4.89 gpt gold [5] Strategic Importance - Tartan is viewed as a high-grade gold project with significant growth potential, contributing to the company's goal of doubling production by 2030 [6] - The company aims to leverage existing mine infrastructure to keep capital costs low and develop the mine in phases [6]

Core Insights - McEwen Inc. has announced final drill results for the Tartan Mine Project, which will be included in an upcoming Mineral Resource Estimate, expected by the end of February 2026, as the company aims to double production by 2030 [1][6] Drill Results - Recent drill results include an intercept of 7.5 grams per tonne (gpt) gold over 18.9 metres, expanding gold mineralization along the Western Flank [1][2] - Previous notable results from late 2025 include 12.3 gpt gold over 14.0 metres and 8.2 gpt gold over 9.9 metres [2] - Additional drill results along the Western Flank returned 6.6 gpt gold over 7.0 metres and 4.9 gpt gold over 7.9 metres, expanding mineralization approximately 30 metres further to the west [3] Exploration and Investment - The company is budgeting $3 million for exploration at Tartan in 2026, with plans to increase this budget if strong results continue [4] - Exploration targets include the Eastern Flank of the Main Zone, depth within the Main Zone, the South Zone, and regionally along the Tartan Lake Shear Zone [4] - Since drilling resumed in 2023, 35 of the 39 drill holes (approximately 90%) have intersected potentially economic mineralization at the Main Zone [4] Historical Context - The Tartan Mine, located in the Flin Flon Greenstone Belt, began production in 1987 and produced approximately 47,000 ounces of gold before shutting down [5] - The last NI 43-101 resource estimate in 2017 indicated 240,000 ounces of indicated resources at 6.32 gpt gold and 37,000 ounces of inferred resources at 4.89 gpt gold [5] Strategic Importance - Tartan is viewed as a rare high-grade gold project in Canada with limited exploration from 1989 to 2023, and recent results are expected to drive growth [6] - The updated Mineral Resource Estimate and advancements in engineering and permitting are crucial for moving towards a production decision [6] - The company aims to leverage existing mine infrastructure and high-grade gold to keep capital costs low and develop the mine in phases [6]

Group 1 - McEwen Inc. has completed the acquisition of Canadian Gold Corp. under a statutory plan of arrangement, converting each Canadian Gold share into 0.0225 MUX common shares, with Canadian Gold set to be delisted from the TSX Venture on January 7, 2026 [1] - Following the acquisition, McEwen will gain control of the Tartan mine asset in Manitoba, with plans to expand exploration and commence mining operations once full control is established [2] - An updated resource estimate for the Tartan mine is expected to be reported by McEwen in February 2026, which will help redefine development goals [2] Group 2 - McEwen has received an extension for its Environmental Impact Assessment for the El Gallo Mine from the Mexican government, allowing the company to initiate Phase 1 Mill Construction, projected to start in mid-2026 [3] - The Phase 1 construction at El Gallo is expected to produce approximately 20,000 Gold Equivalent Ounces annually after the start of commercial production, with the first gold pour anticipated by mid-2027 [3]

Core Viewpoint - McEwen Inc. and Canadian Gold Corp. have successfully completed a business combination, enhancing McEwen's position in the gold mining sector and providing Canadian Gold shareholders with McEwen shares as part of the arrangement [1][2]. Business Combination Details - The business combination was approved by Canadian Gold shareholders on December 5, 2025, and received final court approval on December 10, 2025 [1]. - The arrangement became effective on January 5, 2026, with Canadian Gold shareholders receiving 0.0225 McEwen shares for each Canadian Gold share held [2]. Delisting and Reporting Changes - Canadian Gold shares are set to be delisted from the TSX Venture Exchange after market close on January 7, 2026, and the company will apply to cease being a reporting issuer [3]. Management Statements - Rob McEwen, Chairman and Chief Owner, expressed optimism about the exploration and development potential of the Tartan project, aiming to enhance shareholder value through accelerated exploration and mine planning [4]. Amending Agreement - An amending agreement was established to address New York Stock Exchange requirements, allowing Rob McEwen to exchange his Canadian Gold shares for subscription receipts instead of McEwen shares [5][6]. - The amendments specifically apply to Mr. McEwen and do not alter the consideration for other Canadian Gold shareholders [7]. Shareholder Information - Canadian Gold shareholders must deposit their share certificates to receive McEwen shares, with instructions provided in the information circular dated October 30, 2025 [9][10]. Company Overview - McEwen operates in the Americas, focusing on gold and silver production, and has a significant interest in the Los Azules copper development project in Argentina, valued at approximately US$456 million [12][13]. - The Los Azules project aims to be a regenerative copper mine and achieve carbon neutrality by 2038 [14].

Core Viewpoint - McEwen Inc. and Canadian Gold Corp. have successfully completed a business combination, enhancing McEwen's position in the gold mining sector and providing Canadian Gold shareholders with McEwen shares as part of the arrangement [1][2]. Business Combination Details - The business combination was approved by Canadian Gold shareholders on December 5, 2025, and received final court approval on December 10, 2025 [1]. - The arrangement became effective on January 5, 2026, with Canadian Gold shareholders receiving 0.0225 McEwen shares for each Canadian Gold share held [2]. Delisting and Reporting Changes - Canadian Gold shares are set to be delisted from the TSX Venture Exchange after market close on January 7, 2026, and the company will apply to cease being a reporting issuer [3]. Management Statements - Rob McEwen, Chairman and Chief Owner, expressed optimism about the exploration and development potential of the Tartan project, aiming to enhance shareholder value [4]. - Immediate priorities include accelerating exploration, initiating mine plan engineering, and advancing production permitting [4]. Amending Agreement - An amending agreement was established to address NYSE requirements, affecting only Rob McEwen's shares, which will now be exchanged for subscription receipts instead of McEwen shares [5][6]. - If shareholder approval is not obtained for the subscription receipts, McEwen will provide cash as consideration [6]. Shareholder Information - Canadian Gold shareholders must deposit their share certificates to receive McEwen shares, with instructions provided in the information circular dated October 30, 2025 [9][10]. Company Overview - McEwen operates in gold and silver production across the Americas, with significant projects in Nevada, Ontario, and Argentina, and is reactivating its El Gallo mine in Mexico [12]. - The company holds a 46.4% interest in McEwen Copper, which is developing the Los Azules copper project, valued at approximately US$456 million [13]. - The Los Azules project aims to be a regenerative copper mine and achieve carbon neutrality by 2038 [14].

Core Insights - Goliath Resources Limited has reported that strategic investor Rob McEwen has increased his ownership by exercising warrants for total proceeds of $1,214,285, bringing his ownership to 4,445,142 common shares, which is 2.6% of the total shares outstanding [1] - McEwen Inc. holds 5,181,347 common shares and has additional warrants that, if exercised, would increase their ownership to approximately 4.5% of Goliath [2] - The funds from the warrant exercise will enhance Goliath's financial position, as stated by the CEO Roger Rosmus [3] Company Overview - Goliath Resources is focused on precious metals exploration in the Golden Triangle of Northwestern British Columbia, controlling the Golddigger Property, which spans 91,518 hectares [3][10] - The Golddigger Property is strategically located near significant gold mines and geological features, including the Red Line, which is crucial for gold-copper-silver mineralization exploration [3] - Goliath has completed its largest drill campaign to date, totaling 64,364 meters in 2025, and is fully funded for another large drill program in 2026 [10] Geological and Metallurgical Insights - The Surebet discovery within the Golddigger Property shows promising metallurgy with gold recoveries of 92.2% from gravity and flotation methods, including 48.8% free gold [4] - The property is well-positioned for mining operations, with proximity to communities and existing infrastructure, including a permitted mill site and direct barge access to Prince Rupert [5][6] Research and Development - Goliath is a member of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which supports research in the mining sector and has facilitated high-level research on the Surebet Discovery [7][10]

Core Viewpoint - McEwen Inc. has received approval from the Mexican government for the extension of its Environmental Impact Assessment for the El Gallo Mine, enabling the company to commence Phase 1 Mill Construction, targeting mid-2026 for construction start and mid-2027 for the first gold pour [1] Group 1: Project Development - The company has purchased a ball mill, which is already onsite at the El Gallo Mine [1] - Phase 1 is expected to produce approximately 20,000 Gold Equivalent Ounces (GEOs) annually once commercial production is achieved, with production coming from reprocessing material from the historical leach pad [2] - Remaining capital costs to complete construction are estimated at $25 million, with no significant development or exploration costs anticipated, enhancing free cash flow [2] Group 2: Resource Estimates - Historical silver resources for the El Gallo and district satellite deposits total 53.1 million ounces in the Measured and Indicated categories and 31 million ounces in the Inferred category [3] - The resource estimates were calculated using a silver price of $28.50 per ounce and a gold price between $950 and $1,500 per ounce [3] - The company plans to update the resource estimates for El Gallo in 2026 based on currently known resource areas [3] Group 3: Company Overview - McEwen provides shareholders with exposure to a growing base of gold and silver production, along with a significant copper development project in the Americas [5] - The company has a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina, valued at approximately US$456 million [6] - The Los Azules project aims to be one of the world's first regenerative copper mines and carbon neutral by 2038 [7] Group 4: Leadership and Investment - Chairman Rob McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders [9] - His objective is to build McEwen's profitability, share value, and eventually implement a dividend policy, similar to his previous experience with Goldcorp Inc. [9]

Core Insights - The article emphasizes the importance of competitive advantage and strong future prospects in investment decisions [1] - It highlights the significance of good cash flow generation, growing income, healthy margins, solid asset base, and sustainable debt levels as key factors for evaluating companies [1] Group 1: Investment Approach - The focus is on businesses that demonstrate a competitive edge in their respective sectors [1] - Prioritization of companies with excellent future prospects is noted as a critical aspect of the investment strategy [1] Group 2: Financial Metrics - Good cash flow generation is identified as a vital criterion for investment selection [1] - The article mentions the importance of growing income and healthy margins in assessing a company's financial health [1] - A solid asset base and sustainable debt levels are also highlighted as essential factors for long-term investment viability [1]

Group 1 - McEwen Mining (MUX) offers exposure to low-quality gold mines, exploration potential, and a top-tier copper project [1] - The company is characterized as complicated, with a mix of assets that may appeal to certain investors [1] - The investment strategy focuses on long-term compounders and value realization of mispriced assets, aiming to outperform broad market indices [1] Group 2 - The analyst has a beneficial long position in MUX shares through stock ownership or derivatives [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company mentioned [2]