McEwen Inc. (NYSE: MUX) (TSX: MUX) has announced the planned retirement of Chief Operating Officer William Shaver, who has spent over 55 years in the mining industry, including the last four years with the company. Shaver will remain on the board of McEwen Copper, a subsidiary that is 46.3% owned by McEwen. In conjunction with his retirement, the company has promoted Channa Kumarage to vice president of operations, Kevin Bromfield to vice president of development projects, and Zahir Jina to vice president of permitting, government relations and sustainability. These appointments are strategically focused on production, mine construction, and permitting as McEwen works toward its goal of producing 250,000-300,000 gold equivalent ounces annually by 2030.
The leadership transition comes at a critical time for the company, which is actively advancing its portfolio of gold, silver, and copper assets across the Americas. McEwen's gold and silver operations are located in prolific mining regions, including the Cortez Trend in Nevada, the Timmins district in Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz, Argentina. The company is also reactivating its gold-silver El Gallo Mine in Mexico. These operations form the foundation of McEwen's production growth strategy, which aims to significantly increase output over the next several years.
In addition to its precious metals operations, McEwen holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina. The Los Azules project is designed to be one of the world's first regenerative copper mines and aims to be carbon neutral by 2038. The feasibility study results for the project were announced in an October 7, 2025 press release. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million, or US$7.67 per share.
McEwen has also recently acquired a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units globally. This technology is poised to become a new industry standard for assaying precious and base metals, with Paragon aiming to be a leading service provider in this space. This investment aligns with McEwen's commitment to innovation and efficiency in its operations.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally in the company and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability and share value, ultimately implementing a dividend policy as he did while building Goldcorp Inc.
The promotions of Kumarage, Bromfield, and Jina are effective immediately, and they will report directly to the CEO. These changes are expected to bring fresh leadership and operational expertise to the company, ensuring continuity and momentum as McEwen advances its key projects. The company's focus on production, mine construction, and permitting is intended to de-risk its growth pipeline and deliver on its 2030 production targets, which would represent a significant increase from current levels.
For more information about McEwen and its projects, visit the company's newsroom at https://ibn.fm/MUX. The full press release is available at https://ibn.fm/58acL.
