ExGen Resources Inc. [EXG-TSXV, BXXRF-OTC] and MTB Metals Corp. [MTB-TSXV, MBYMF-OTCQB, M9U-Frankfurt] have agreed to merge their operations in a move that will create a well-funded copper, gold and lithium exploration and development company.
Key benefits of the proposed transaction include the consolidation of ExGen’s DOK property interest with the balance of MTB’s Telegraph copper-gold project in British Columbia’s Golden Triangle region.
Under the proposed transaction, ExGen would acquire all the issued and outstanding shares of MTB, on the basis of 0.286 of an ExGen share for each MTB share. Signing of the arrangement agreement advances the proposed transaction from a letter of intent that was announced on August 13, 2025. In addition to setting definitive terms and conditions, both companies have now initiated work on National Instrument 43-101 reports on their flagship projects.
ExGen shares advanced on the news, rising 4.5% or $0.005 to 11.5 cents. The shares trade in a 52-week range of 12.5 cents and $0.05. MTB was unchanged at $0.03 and trades in a 52-week range of $0.035 and $0.01.
MTB is advancing two copper-gold projects in the Golden Triangle area. They include the Telegraph project, a 350-square kilometre property located in the vicinity of four notable porphyry deposits (Galore Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) / Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX], Schaft Teck, Saddle Newmont, and the operating Red Chris copper-gold mine Newmont) which are all being explored or mined by major mining companies. Field work by MTB, together with earlier results, provides compelling evidence for the presence of one or more porphyries similar to the others in the area.
MTB’s Southmore project is a 50 square kilometre property hosting several significant copper and gold occurrences. Surface samples include a sample with 12.7% copper with 29.4 g/t gold. The company’s portfolio also includes royalties on four Golden Triangle, including two past producing mines, plus 480,072 shares of Dolly Varden Silver Corp. [DV-TSXV, DVS-NYSE].
ExGen holds an effective 20% carried interest in the Empire Mine project in Idaho, where a 2020 NI-43-101 resource calculation outlined an open pit mine plan. Sulphide veins underlying the open pit area were historically mined from underground. A 2021 drill hole encountered 8.4% copper along with significant values of gold, silver, and zinc over 0.5 metres.
ExGen assets also include the Dok Project, representing 27% of the area of MTB’s Telegraph project, as well as the Spark North Lithium Project in Nevada.
“This merger combines MTB’s exposure to copper and gold projects with ExGen’s carried interest in the development stage Empire copper mine,’’ said MTB CEO Lawrence Roulston. “The Empire interest offers a clear path to near-term cash flow,’’ he said.
ExGen CEO Jason Riley said the proposed transaction provides shareholders with “incredible leverage to both near-term production potential and a new porphyry discovery, and in a time of rising copper and gold prices.’’
