12:04 PM EST, 11/03/2025 (MT Newswires) -- (Updates shares.)

McEwen (MUX.TO, MUX) on Monday said it agreed to acquire a 31% equity interest in Britannia Mining Solutions, which operates under the name Paragon Geochemical Laboratories.

Paragon provides advanced analytical services to the mining industry and is recognized for its deployment of PhotonAssay, which is used for assaying precious and base metals.

Advantages of PhotonAssay over traditional fire assay techniques include faster turnaround times, improved accuracy and enhanced environmental safety, the companies said.

Paragon is a geochemical laboratory serving mining clients across North America. It currently operates three laboratories, with eight additional sites to be built in key mining regions around the world over the next two years.

McEwen employs PhotonAssay in its exploration programs at the Fox Complex in Ontario and the Gold Bar Mine Complex in Nevada.

Under the agreements, McEwen will acquire 648,002 shares of Paragon from Britannia Life Sciences and 226,286 shares from Paragon via a private placement, both at a deemed price of C$17.50 per Paragon share and payable in shares of McEwen, a total investment of $15.3 million.

At deal completion, McEwen will become Paragon's largest shareholder. McEwen Vice Chairman Ian Ball will join Paragon's board at the time of listing, and McEwen will have the right to nominate one additional board member.

McEwen's share were last seen down $0.66 to $25.02 on the Toronto Stock Exchange.

Price: 25.02, Change: -0.66, Percent Change: -2.57