McEwen Inc. (MUX:TSX; MUX:NYSE), a cornerstone investor in Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) has increased its exposure to the company through the exercise of warrants by its founder, Rob McEwen. The transaction generated proceeds of US$1,214,285 for Goliath and raised McEwen's direct holdings to 4,445,142 common shares, representing 2.6% of Goliath's issued and outstanding shares.
In addition to Rob McEwen's direct stake, McEwen Inc. holds 5,181,347 common shares and 2,590,673 warrants in Goliath Resources. The warrants are priced at US$2.50 and expire on March 10, 2026. If exercised in full, McEwen Inc.'s ownership would increase to 7,772,020 shares, or approximately 4.5% of the company.
Goliath's CEO, Roger Rosmus, commented on the support from long-term shareholders, stating in the news release: "We want to thank the continued support of all our cornerstone strategic and long-term investors, specifically Rob McEwen, for the exercise of his warrants. The funds received of US$1,214,285 will further enhance and strengthen Goliath's already healthy financial position."
Gold Passes US$4,500 as Exploration Momentum Builds
Gold prices reached new record highs in late December, reinforcing investor interest across the precious metals sector and driving renewed attention toward exploration-stage companies. On December 21, Bloomberg reported that spot gold surpassed US$4,383 per ounce during Asian trading, supported by heightened geopolitical uncertainty and expectations for monetary policy easing. The move was further underpinned by ongoing central bank purchases and continued inflows into gold-backed exchange-traded funds.
A December 24 commentary by Bloomberg's Ven Ram pointed to seasonal demand from China and India, as well as bullish institutional forecasts, as contributing to the surge. Some banks had set near-term targets approaching US$5,000 per ounce, although Ram noted that gold's historical inflation-adjusted return averages closer to 3.5% annually.
ROTH Capital Partners reiterated its Buy rating based on expected production growth and improved asset visibility.
The rally continued through year-end, with gold growing to over US$4,500 per ounce in 2025, marking its strongest annual gain since 1979. According to The Guardian on December 28, the December move was driven by growing expectations that the U.S. Federal Reserve may begin cutting interest rates in 2026. Investors reportedly turned to gold as a hedge against both inflation and currency risk. The article also noted that analysts have likened the current environment to a "debasement trade," in which capital rotates into hard assets amid broader economic instability.
In a year-end reflection on the state of global markets and monetary policy, Matthew Piepenburg argued that 2025's record-setting gold prices reflected more than short-term catalysts. Writing on December 31, he described gold's strength as part of a broader shift away from paper currencies amid unsustainable debt levels, central bank interventions, and weakening confidence in fiat systems. "Real money will have more power than paper money," he wrote, adding that the recent performance of gold and silver marked not just a bull market, but a turning point in the global financial order. Piepenburg suggested that while price forecasts may vary, the long-term case for precious metals remains rooted in history, fiscal trends, and monetary instability.
Analysis Points to Continued Upside for McEwen Inc.
On November 7, Alliance Global Partners maintained its Buy rating and increased its target price to US$22.00 per share. Analyst Jake Sekelsky acknowledged that McEwen's third-quarter results were below expectations, primarily due to lower-than-forecast production and elevated operating costs at the Fox Complex and Gold Bar mines. However, he stated that the root causes were identified and expected to be addressed, and that management continued to reiterate plans for significant production growth across the portfolio.
Sekelsky highlighted two major milestones at the Los Azules copper project during the quarter: a positive feasibility study and acceptance into Argentina's Large Investment Incentive Regime (RIGI). "With the Feasibility Study now in hand, we view receipt of the project's water concession as one of the few remaining hurdles prior to a construction decision," he wrote. Alliance based its valuation on a net asset value analysis of McEwen's three producing assets using an 8% discount rate and viewed the continued de-risking of Los Azules as a key driver of shareholder value.
On December 17, Roth Capital Partners increased its 12-month price target for McEwen Inc. from US$21.00 to US$23.00 following the announcement that the company had received an extension of its environmental permit for the El Gallo mine in Mexico. According to analyst Joe Reagor, the updated permit allowed McEwen to move forward with construction of the Fenix project, which was modeled to begin production by mid-2027.
"Even after increasing cost assumptions from the 2020 feasibility study, adding the mine to our model had a material positive benefit," he wrote. Reagor also stated that the firm's prior valuation of the asset had been too conservative and acknowledged that current metals prices provided further upside. Roth's revised valuation included a US$410 million net present value for McEwen's operating and development-stage assets and a 30% NAV premium, resulting in a rounded price target of US$23.00 per share. The firm reiterated its Buy rating based on expected production growth and improved asset visibility.
On December 30, Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter expressed optimism about McEwen Inc., calling it "one of the greatest copper projects on earth." He cited a delay in the anticipated IPO of McEwen Copper but noted that he had extended his call options into February and May 2026 in anticipation of the offering. Lin said the company was positioned to benefit from a strong copper market and suggested that "the stock can easily reach 30 and beyond," reflecting his confidence in both the asset quality and market conditions surrounding the Los Azules project.
Strategic Capital and Sector Positioning Support Growth Path
The added investment in Goliath aligns with McEwen Inc.'s broader strategic focus on advancing high-potential gold, silver, and copper assets. According to its November 2025 corporate presentation, McEwen Inc. operates producing assets and development projects across North and South America, including 100% ownership of mines in Canada, Nevada, and Mexico, as well as a 49% stake in a producing mine in Argentina.
Streetwise Ownership Overview*McEwen Inc. also holds a 46.4% interest in McEwen Copper, the private company advancing the Los Azules copper project in Argentina. To date, McEwen Copper has raised US$453 million in private funding, with Rio Tinto Plc's (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS) Nuton and automaker Stellantis as key strategic shareholders. McEwen Inc. reported a market capitalization of US$969 million in November 2025, and Rob McEwen personally owns 15% of the company.
Ownership and Share Structure1
In terms of ownership and share structure of McEwen Inc., 14 strategic entities own 15.61%. Of these, Rob McEwen's company, 2190303 Ontario Inc., is the largest insider shareholder with 15.02%. More than 100 institutions hold 45.13%. The Top 3 are Mirae Asset Global Investments (USA) LLC with 3.6%, State Street Investment Management US with 3.23% and Van Eck Associates Corp. with 3.04%. The rest is with retail investors.
McEwen Inc. has 54.8M shares outstanding and a market cap of US$939.79M. Its 52-week range is US$6.38–24.88/share.
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Important Disclosures:
- Goliath Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of McEwen Inc. and Rio Tinto Plc.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
