McEwen Inc. Takes Strategic 31% Stake in Paragon Geochemical
It is Betting on Rapid-Growth Assay Technology
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Image via AndreyPopov from Getty Images
McEwen Inc. is making a significant move into the mining analytics space, announcing it has signed agreements to acquire roughly 31% of Britannia Mining Solutions Inc.—better known as Paragon Geochemical Laboratories—on a fully diluted basis. The deal positions McEwen as Paragon’s largest shareholder and strengthens the mining company’s commitment to next-generation assay technologies.
Paragon, an ISO 17025:2017-accredited laboratory group, has built a reputation around PhotonAssay™, a fast, accurate, and non-destructive method increasingly viewed as a potential successor to traditional fire assay techniques. The company currently operates three laboratories and plans to build eight more in major mining hubs worldwide over the next two years as it prepares to go public.
PhotonAssay™, originally developed to speed and modernize mineral analysis, provides rapid turnaround times and avoids the high-temperature fusion process required for fire assays. According to McEwen, those advantages can help miners make quicker decisions, refine drill targeting, and shorten exploration timelines. The company already uses the technology at its Fox Complex in Ontario and its Gold Bar Mine Complex in Nevada.
“This technology enables faster data-driven decisions, optimizes drilling strategies and accelerates exploration timelines,” the company noted in the announcement.
Under the terms of the transaction, McEwen will purchase 648,002 Paragon shares from Britannia Life Sciences Inc. and 226,286 shares directly from Paragon through a private placement. Both purchases are priced at C$17.50 per share and will be paid in McEwen stock, representing a total investment of C$15.3 million.
As part of the agreement, Ian Ball, Vice-Chairman of McEwen, will join Paragon’s board when the company lists publicly. McEwen will also gain the right to nominate an additional board member.
With the acquisition, McEwen is placing a notable bet on the rapid expansion of PhotonAssay™ and Paragon’s aggressive global buildout — positioning itself at the center of a shift toward faster, cleaner, and more data-driven mineral analysis.
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