---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-109426"
form_type: "8-K"
ticker: "MUX"
cik: "0000314203"
company_name: "McEwen Inc."
filed_at: "2023-10-16T23:59:59+00:00"
generated_at: "2026-06-09T23:40:30.056087+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# McEwen Copper closes $120M Stellantis investment and $10M Nuton investment; implied valuation ~$800M

## Summary
- Stellantis invested ARS 42B (~$120M USD) for 1.9M shares of McEwen Copper; closed Oct 10, 2023.
- Nuton to invest $10M: private placement of 152,615 shares + secondary purchase of 232,000 shares from McEwen Mining.
- McEwen Mining retains 47.7% ownership; Stellantis 19.4%, Nuton 14.5% on fully diluted basis.
- Proceeds to advance Los Azules copper project in Argentina and for general corporate purposes.
- IRA amended: carbon neutrality commitment not contingent on Stellantis ownership; CCCPRA provides minimum 10,000 t/yr copper cathode offtake.

## SEC filing metadata
- accession: 0001104659-23-109426
- form_type: 8-K
- ticker: MUX
- cik: 0000314203
- company_name: McEwen Inc.
- filed_at: 2023-10-16T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/tm2328271d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-109426
- JSON: https://secwatch.observer/filing/0001104659-23-109426.json
- Plain text: https://secwatch.observer/filing/0001104659-23-109426.txt

## Key facts
- Material Agreements
  McEwen Inc. entered into Private Placement Subscription Agreement with Stellantis valued at $119,976,004.80 (gross proceeds) (effective 2023-10-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Stellantis
  - Value: $119,976,004.80 (gross proceeds)
  - Effective: 2023-10-10
  source text: On October 11, 2023, and McEwen Copper Inc. “ McEwen Copper ”), a privately-held Alberta, Canada subsidiary of McEwen Mining Inc. (the “ Company ”), announced consummated agreements pursuant to which a single investor purchased 1,900,000 shares of McEwen Copper common stock from that entity for gross proceeds of ARS $42,000,000 ($119,976,004.80 at a deemed USD/ARS exchange rate of 350.07) (the “ Stellantis Private Placement ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- Material Agreements
  McEwen Inc. entered into Nuton Secondary Transaction with Nuton LLC valued at Purchase of 232,000 shares from the Company (effective 2023-10-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Nuton LLC
  - Value: Purchase of 232,000 shares from the Company
  - Effective: 2023-10-10
  source text: Additionally, in a separate but related transaction Nuton has also agreed to purchase 232,000 shares of McEwen Copper common stock from the Company in a secondary sale (the “ Nuton Secondary Transaction ” and together with the Nuton Private Placement, the “ Nuton Transactions ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- Material Agreements
  McEwen Inc. entered into Nuton Private Placement with Nuton LLC valued at $10 million for 152,615 shares (effective 2023-10-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Nuton LLC
  - Value: $10 million for 152,615 shares
  - Effective: 2023-10-10
  source text: On October 10, 2023, McEwen Copper entered into a binding agreement with Nuton LLC, a current shareholder of McEwen Copper and subsidiary of Rio Tinto (“ Nuton ”), pursuant to which Nuton agreed to invest $10 million to acquire 152,615 shares of McEwen Copper common stock from McEwen Copper (the “ Nuton Private Placement ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- Material Agreements
  McEwen Inc. amended Amendment No. 1 to Copper Cathodes and Concentrates Purchase Rights Agreement with Stellantis valued at Minimum 10,000 tonne per annum copper cathode offtake (effective 2023-10-10).
  - Action: amendment
  - Agreement: equity purchase
  - Counterparty: Stellantis
  - Value: Minimum 10,000 tonne per annum copper cathode offtake
  - Effective: 2023-10-10
  source text: In connection with the Stellantis Private Placement, the McEwen Parties entered into Amendment No. 1, dated October 10, 2023 (the “ CCCPRA Amendment ”), to that certain Copper Cathodes and Concentrates Purchase Rights Agreement, dated February 24, 2023 (the “ CCCPRA ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- Material Agreements
  McEwen Inc. amended Amendment No. 2 to Investor Rights Agreement with Stellantis valued at Carbon Neutral Commitment by 2038 not contingent on minimum ownership (effective 2023-10-10).
  - Action: amendment
  - Agreement: equity purchase
  - Counterparty: Stellantis
  - Value: Carbon Neutral Commitment by 2038 not contingent on minimum ownership
  - Effective: 2023-10-10
  source text: In connection with the Stellantis Private Placement, the Company, McEwen Copper, Minera Andes Inc., a subsidiary of the Company, Robert McEwen (collectively, the Company, McEwen Copper, Minera Andes and Mr. McEwen are referred to as the “ McEwen Parties ”) and Stellantis agreed to Amendment No. 2, dated October 10, 2023 (the “ IRA Amendment ”), to that certain Investor Rights Agreement, dated February 24, 2023 (the “ IRA ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm
- Material Agreements
  McEwen Inc. amended Amendment No. 2 to Nuton Collaboration Agreement with Nuton LLC valued at Extended exclusivity over copper heap leach technologies until February 1, 2025 (effective 2023-10-10).
  - Action: amendment
  - Agreement: license
  - Counterparty: Nuton LLC
  - Value: Extended exclusivity over copper heap leach technologies until February 1, 2025
  - Effective: 2023-10-10
  source text: In connection with the Nuton Transactions, McEwen Copper and certain of its affiliates agreed to amend the Nuton Collaboration Agreement, dated August 30, 2022, as amended by Amendment No. 1 to the Nuton Collaboration Agreement, dated March 9, 2023, to extend the period of exclusivity over novel, trade secret or patented copper heap leach technologies until February 1, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/314203/000110465923109426/0001104659-23-109426-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.