07:37 AM EST, 01/29/2025 (MT Newswires) -- McEwen Mining ( MUX ) said on Wednesday that it will acquire a 3.8% stake in Goliath Resources ( GOTRF ) for $10 million in shares.

"The Goliath Resources ( GOTRF ) team has done a terrific job advancing their Surebet high-grade gold discovery in the Golden Triangle of British Columbia and McEwen Mining ( MUX ) is thrilled to make a strategic investment into Goliath Resources ( GOTRF )," said Rob McEwen, chairman and chief owner of McEwen Mining ( MUX ).

McEwen late on Tuesday reported 2024 consolidated production of 135,900 gold equivalent ounces, within the company's guidance range.

The Gold Bar and San Jose operations produced 44,600 gold equivalent ounces and 60,100 gold equivalent ounces, respectively, slightly exceeding the top end of guidance ranges.

At the Fox Complex, McEwen produced 30,150 gold equivalent ounces, which was below guidance due to a stope failure in early 2024.

For 2025, the company expects to produce 120,000 to 140,000 gold equivalent ounces at an all-in sustaining cost of US$1,800 to US$2,000 per gold equivalent ounce.

The Gold Bar mine is forecast to contribute 40,000 to 45,000 gold equivalent ounces, the Fox Complex 30,000 to 35,000 gold equivalent ounces, and San Jose 50,000 to 60,000 gold equivalent ounces.