The deal is now complete: As gold explorer Goliath Resources (TSXV GOT / WKN A2P063) announces, the issuance of 5,181,347 units of the company – consisting of one share and half a warrant – to gold and silver producer McEwen Mining has concluded. The set price was 1.93 CAD per Goliath share, for which the company received a total of 868,056 common shares of McEwen Mining at an assumed price of 11.52 CAD per share. As a result, the larger company now holds approximately 5.4% and Chairman Rob McEwen personally holds about 3.9% of Goliath – on a partially diluted basis.

Rob McEwen’s rationale for his company’s investment in the explorer led by CEO Roger Rosmus is simple. Since becoming a Goliath shareholder in 2023, the mining multimillionaire says, the Surebet discovery has consistently impressed him. The past drilling campaign (2024) was particularly impressive, as Goliath encountered visible gold in 92% of the drill holes. New, high-grade gold discoveries like Surebet are extremely rare. Mr. McEwen now hopes that Goliath can continue this great streak of success with the next round of drilling.

Roger Rosmus, founder and CEO of Goliath, is understandably delighted to have completed the strategic investment from McEwen Mining, with Mr. McEwen and his company now becoming important, strategic cornerstone investors in Goliath. The validation of the Surebet discovery by a member of the Canadian Mining Hall of Fame – due to his success with Goldcorp – is extremely significant, according to Mr. Rosmus.

Interestingly, in addition to the financing, Goliath, Mr. McEwen, and McEwen Mining also entered into a standstill agreement, which among other things stipulates that McEwen and Mr. McEwen will not acquire, offer to acquire, or agree to acquire any shares of the company to obtain an interest of more than 9.9% of the outstanding and issued shares, or acquire other assets or liabilities of Goliath, without the company’s prior written consent. This agreement is valid for a period of two years.