Canaccord Genuity initiates coverage on McEwen with a Buy rating and $25 PT.

Canaccord Genuity initiates coverage on McEwen with a Buy rating and $25 PT.

McEwen Mining (NYSE: MUX), a leading gold and silver mining company, announced on September 12, 2025, that it has agreed to acquire Canadian Gold (OTCQB: STRRF), owner of the past-producing Tartan Lake gold mine in Manitoba, in an all-stock transaction that values each Canadian Gold share at C$0.60 a Seeking Alpha report. Under the deal terms, each Canadian Gold shareholder will receive 0.0225 McEwen common shares for each Canadian Gold share held. Upon completion of the transaction, existing McEwen and Canadian Gold shareholders will own approximately 92% and 8% of the combined company, respectively.

Canadian Gold's principal asset is its 100% interest in the Tartan Lake gold mine project, a high-grade gold project and former producing mine with existing infrastructure and significant exploration potential. McEwen noted that the potential development of the Tartan Lake mine has many similarities to its Fox Complex, including ramp access, mining method, and proposed process plant design, which could leverage the company's internal skills, the Seeking Alpha report added.

Adding to the positive developments for McEwen, Canaccord Genuity initiated coverage on the company with a Buy rating and a price target of $25 per share on September 12, 2025, according to a Nasdaq article. The upgrade comes on the heels of an upward trend in earnings estimates, which has been one of the most powerful forces impacting stock prices. Over the past three months, the Zacks Consensus Estimate for McEwen has increased by 766.7%, positioning it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, the Nasdaq article notes.

The acquisition of Canadian Gold and the positive earnings outlook are likely to drive McEwen's stock price higher in the near term. Investors should monitor the progress of the acquisition and the company's earnings reports to gauge the impact on its stock performance.