Stock Track | McEwen Mining Soars 5.98% Pre-market on Strategic Acquisition of Stake in Advanced Assay Technology Company

Stock Track11-10

McEwen Mining (MUX) shares surged 5.98% in pre-market trading on Monday, following the company's announcement of a strategic investment in Paragon Geochemical Laboratories. The move signals McEwen's expansion into advanced mining technologies and has been well-received by investors.

According to a recent statement, McEwen Inc. has agreed to acquire approximately 31% equity interest in Britannia Mining Solutions Inc., which operates as Paragon Geochemical Laboratories Inc. The investment, valued at CDN$15.3 million, will be paid in McEwen shares, making the company the largest shareholder in Paragon. This strategic move gives McEwen access to Paragon's advanced PhotonAssay™ technology, known for its rapid, accurate, and non-destructive assaying capabilities for precious and base metals.

The deal also grants McEwen the right to nominate two members to Paragon's board, potentially increasing its influence in the company's future direction. Investors appear to be optimistic about this strategic acquisition, viewing it as a positive step towards enhancing McEwen's technological capabilities in the mining sector and potentially improving its operational efficiency and profitability in the long term.

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