ExGen Resources and MTB Metals Enter into Arrangement Agreement to Merge, Creating a Well-Funded Copper, Gold And Lithium Exploration and Development Company
ExGen Resources (TSXV: EXG) and MTB Metals (OTCQB: MBYMF, TSXV: MTB) entered an arrangement agreement dated October 16, 2025 to merge their businesses, creating a consolidated copper, gold and lithium exploration and development company.
Under the deal MTB shareholders will receive 0.286 ExGen share per MTB share and are expected to hold approximately 35% of the combined company. The transaction is subject to MTB shareholder approval, court approval and TSX Venture Exchange acceptance; MTB expects a special meeting in early to mid December 2025. Both companies have initiated NI 43-101 technical reports on flagship projects and the combined assets include a 20% carried interest in the Empire mine and multiple Golden Triangle and Nevada projects.
ExGen Resources (TSXV: EXG) e MTB Metals (OTCQB: MBYMF, TSXV: MTB) hanno stipulato un accordo di disposizione datato 16 ottobre 2025 per fondere i loro attività, creando una società consolidata di esplorazione e sviluppo di rame, oro e litio.
In base all accordo, gli azionisti di MTB riceveranno 0,286 azioni ExGen per ogni azione MTB e possederanno circa il 35% della società combinata. La transazione è soggetta all approvazione degli azionisti di MTB, all approvazione giudiziaria e all accettazione della TSX Venture Exchange; MTB prevede una riunione speciale tra inizio e metà dicembre 2025. Entrambe le aziende hanno avviato rapporti tecnici NI 43-101 sui propri progetti di punta e gli asset combinati includono una partecipazione portatrice del 20% nella miniera Empire e molteplici progetti nel Golden Triangle e in Nevada.
ExGen Resources (TSXV: EXG) y MTB Metals (OTCQB: MBYMF, TSXV: MTB) firmaron un acuerdo de arreglo con fecha 16 de octubre de 2025 para fusionar sus negocios, creando una empresa consolidada de exploración y desarrollo de cobre, oro y litio.
En virtud del acuerdo, los accionistas de MTB recibirán 0.286 acciones de ExGen por cada acción de MTB y se espera que posean aproximadamente el 35% de la empresa combinada. La transacción está sujeta a la aprobación de los accionistas de MTB, aprobación judicial y aceptación de la TSX Venture Exchange; MTB espera una reunión especial a principios o a mediados de diciembre de 2025. Ambas compañías han iniciado informes técnicos NI 43-101 sobre sus proyectos insignia y los activos combinados incluyen un interés arrastrado del 20% en la mina Empire y múltiples proyectos en Golden Triangle y Nevada.
ExGen Resources (TSXV: EXG)와 MTB Metals (OTCQB: MBYMF, TSXV: MTB)은 2025년 10월 16일자 협정에 따라 사업을 합병하여 구리, 금, 리튬 탐사 및 개발을 통합하는 회사로 거듭납니다.
합의에 따라 MTB 주주는 MTB 주당 0.286 ExGen 주식을 받고 합병된 회사의 약 35%를 보유하게 될 것으로 예상됩니다. 거래는 MTB 주주 승인, 법원 승인 및 TSX Venture Exchange의 승인을 조건으로 하며 MTB는 2025년 12월 초~중순에 특별 주주총회를 예상합니다. 양사는 양사의 대표 프로젝트에 대해 NI 43-101 기술 보고서를 시작했으며, 합병 자산에는 Empire 광산의 20%의 현금 보유지와 Golden Triangle 및 Nevada의 다수 프로젝트가 포함됩니다.
ExGen Resources (TSXV : EXG) et MTB Metals (OTCQB : MBYMF, TSXV : MTB) ont conclu un accord d arrangement daté du 16 octobre 2025 pour fusionner leurs activités, créant une société consolidée d Exploration et de développement de cuivre, d or et de lithium.
Dans le cadre de l accord, les actionnaires de MTB recevront 0,286 action ExGen par action MTB et détiendront environ 35 % de la société combinée. La transaction est soumise à l approbation des actionnaires de MTB, à l approbation judiciaire et à l acceptation par la TSX Venture Exchange; MTB prévoit une assemblée spéciale entre début et milieu décembre 2025. Les deux sociétés ont déjà lancé des rapports techniques NI 43-101 sur leurs projets phares, et les actifs combinés comprennent une participation portée à 20 % dans la mine Empire et plusieurs projets dans le Golden Triangle et au Nevada.
ExGen Resources (TSXV: EXG) und MTB Metals (OTCQB: MBYMF, TSXV: MTB) haben eine Vereinbarung vom 16. Oktober 2025 getroffen, um ihre Geschäfte zu fusionieren und so ein konsolidiertes Unternehmen für Exploration und Entwicklung von Kupfer, Gold und Lithium zu schaffen.
Im Rahmen des Deals erhalten MTB-Aktionäre 0,286 ExGen-Aktien pro MTB-Aktie und werden voraussichtlich ca. 35% des kombinierten Unternehmens halten. Die Transaktion bedarf der Zustimmung der MTB-Aktionäre, der gerichtlichen Genehmigung und der Annahme durch die TSX Venture Exchange; MTB rechnet mit einer Sondersitzung von Anfang bis Mitte Dezember 2025. Beide Unternehmen haben bereits NI 43-101-Technikberichte zu ihren Leitthemen gestartet, und die kombinierten Vermögenswerte umfassen eine 20%-Carry-Beteiligung an der Empire-Mine sowie mehrere Projekte im Golden Triangle und in Nevada.
ExGen Resources (TSXV: EXG) و MTB Metals (OTCQB: MBYMF, TSXV: MTB) أبرمتا اتفاق ترتيب بتاريخ 16 أكتوبر 2025 لدمج أعمالهما، مما سيكوِّن شركة موحّدة للاستكشاف والتطوير في مجالات النحاس والذهب والليثيوم.
بموجب الصفقة سيحصل مساهمو MTB على 0.286 سهم ExGen مقابل كل سهم MTB ومن المتوقع أن يمتلكوا نحو 35% من الشركة المدمجة. الصفقة رهينة بموافقة مساهمي MTB، والموافقة القضائية، وقبول TSX Venture Exchange؛ وتتوقع MTB اجتماعاً خاصاً في أواخر ديسمبر 2025 أو بدايته. كما بدأت كلتا الشركتين تقارير تقنية وفقًا لـ NI 43-101 عن مشاريعهما الرائدة، وتضم الأصول المدمجة نسبة حيازة بخيار 20% في منجم Empire وعدة مشروعات في Golden Triangle ونيفادا.
ExGen Resources (TSXV: EXG) 与 MTB Metals (OTCQB: MBYMF, TSXV: MTB) 已签署一项日期为 2025 年 10 月 16 日的安排协议，以合并其业务，组建一个铜、金和锂勘探与开发的综合公司。
在交易中，MTB 的股东将获得 每股 MTB 0.286 股 ExGen，预计将持有合并后公司约 35% 的股权。交易需获得 MTB 股东批准、法院批准及 TSX Venture Exchange 的接受；MTB 预计于 2025 年 12 月初至中旬举行特别会议。两家公司已就旗舰项目启动了 NI 43-101 技术报告，合并后的资产包括 Empire 矿的 20% 携带权益，以及 Golden Triangle 和内华达的多个项目。
- Exchange ratio set at 0.286 ExGen share per MTB share
- MTB shareholders to hold ~35% of combined company
- Empire 20% carried interest provides near-term development exposure
- Both companies initiated NI 43-101 reports on flagship projects
- MTB holds $3.2M+ in Dolly Varden shares
- Transaction requires shareholder, court and TSX-V approvals
- No assurance the Proposed Transaction will be completed as proposed
- Special meeting timing risk: early to mid December 2025
- Trading in MTB and ExGen securities described as highly speculative
Vancouver, British Columbia--(Newsfile Corp. - October 17, 2025) - ExGen Resources Inc. (TSXV: EXG) (OTC Pink: BXXRF) ("ExGen", the "Company") and MTB Metals Corp. (TSXV: MTB) (OTCQB: MBYMF) (FSE: E8H) ("MTB"): ExGen and MTB are pleased to announce that they have entered into an Arrangement Agreement dated October 16, 2025 (the "Arrangement"). The Arrangement sets terms and conditions between ExGen and MTB pursuant to which ExGen and MTB will combine their operations, business, assets and properties (the "Proposed Transaction"). The Proposed Transaction will be subject to approval by MTB shareholders, the court, and the TSX Venture Exchange (the "TSX-V"), and other closing conditions customary in transactions of this nature. The Proposed Transaction will be an Arm's Length Transaction for both companies under the policies of the TSX-V. There are no finders fees.
TERMS OF THE PROPOSED TRANSACTION
Under the Proposed Transaction, ExGen would acquire all the issued and outstanding securities of MTB, on the basis of 0.286 of an ExGen share for each MTB share, with the result that the current securityholders of MTB will become securityholders of ExGen and will hold approximately
Signing of the Arrangement Agreement advances the proposed transaction from the 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 ("NI 43-101") reports on their flagship projects.
BENEFITS OF THE PROPOSED TRANSACTION
- The Proposed Transaction would create a well-funded exploration and development company with a strong balance sheet, a stronger combined management and technical team and assets in multiple favorable jurisdictions.
- Consolidation of the DOK property interest with the balance of MTB's Telegraph copper-gold project in the fertile Golden Triangle of British Columbia.
- Exposure for MTB's shareholders to ExGen's
20% carried interest in the Empire copper-gold development-stage mine in Idaho as well as to ExGen's other copper and lithium projects.
Lawrence Roulston, CEO of MTB, commented, "This merger combines MTB's exposure to copper and gold projects with ExGen's carried interest in the development-stage Empire copper mine. The Empire interest offers a clear path to near-term cash flow. The combined company will have a strong balance sheet, providing a solid basis for an evolving business plan in which exploration expenditures will be funded by others. We intend to continue to expand our portfolio of royalties and carried interests as well as continuing a highly selective exploration program aimed at acquiring high potential prospects with potential to quickly unlock value."
Jason Riley, CEO of ExGen, commented, "Over the past few years, ExGen has actively sought the right transactions to expand our portfolio as we believed the metal and resource markets were due for a rebound. Now, together with MTB, our combined companies' will be ideally positioned with the right assets, the right technical and management team, and a rising metals market. The Proposed Transaction provides our 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. We look forward to providing further updates on a number of potential catalysts across our portfolio throughout the rest of this year."
ASSETS OF EXGEN
Empire Mine: ExGen holds an effective
Dok Project, BC: ExGen holds the Dok claims, representing
Spark North Lithium Project, Nevada: 2300 acres of unpatented claims in Elko County, Nevada, directly north of Surge Battery Metals Inc's (TSXV: NILI) Nevada North Lithium Project.
Buena Vista Copper Project, Nevada: a copper and gold project with field work in 2011 and 2012 identifying extensive areas of copper mineralization and two large areas of chargeability (2).
Gordon Lake Project, NWT: A high-grade gold exploration prospect in the NWT.
Boss Project, Nevada: a past-producing gold mine in Nevada. A 2013 43-101 Technical Report identified an 8 km by 6 km area that hosts copper gold mineralization and evidence of a copper-gold porphyry system (3).
Macrex Project, BC: a 5,115 acres copper, gold, and silver project located in the Alberni Mining District of British Columbia, approximately 20 km from Port Alberni.
- National Instrument 43-101 Technical Report: Updated Mineral Resource Estimate for the Empire Mine Project Custer County, Idaho USA, prepared by Hard Rock Consulting LLC., authors: Jeff Choquette, P.E., State of Montana, J. J. Brown, P.G., SME-RM, and Richard A. Schwering, P.G., SME-RM. Report dated November 25, 2020.
- GEOLOGICAL ASSESSMENT and EXPLORATION PROPOSAL (2013/14) for the BUENA VISTA PROJECT Copper Kettle Mining District Lovelock Area, prepared by Phil Van Angeren P.Geol. Report dated April 25, 2013.
- Geological Assessment and Exploration Proposal (2013/2014) for the Boss Project, Goodsprings Mining District" dated September 26, 2013 was prepared by Mr. P Van Angren, P.Geol. Report dated September 26, 2013.
ASSETS OF MTB
Telegraph: 350 square kilometer consolidated land package in the vicinity of 4 notable porphyry deposits being advanced by major mining companies: Galore (Teck/Newmont), Schaft (Teck), Saddle (Newmont) and the operating Red Chris copper-gold mine (Newmont). The property hosts multiple district-scale porphyry copper-gold targets with compelling evidence of fertile copper-gold porphyry systems. Early drilling successes on the Dok trend have outlined a copper-gold bearing porphyry system over 3.3 km and the zone remains open in all directions. MTB has an option with ExGen to earn a
Southmore: 50 square kilometers,
Royalties: MTB has royalties on 4 projects in the Golden Triangle, encompassing gold, silver and copper, including two past-producing mines.
MTB also holds 480,072 shares of Dolly Varden Silver Corp (NYSE: DVS), presently valued at over
FURTHER DETAILS AND NEXT STEPS
MTB will now seek an interim court order regarding the arrangement and will then hold a special meeting of MTB shareholders, following which MTB will seek a final court order to approve the plan of arrangement. It is anticipated that the special meeting of MTB shareholders will be held in early to mid December.
QUALIFIED PERSONS
Mr. Andrew Wilkins, PGeo. is the Responsible Officer for Lithos Geological Inc. and is the Qualified Person (QP) as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release in so far as it relates to MTB. Mr. Wilkins is a geological consultant with Lithos Geological Inc. He has been QP for MTB and managing MTB's exploration programs since 2018. Lithos Geological Inc. has a permit to practice #1004267 with the Association of Professional Engineers and Geoscientists of British Columbia.
Kieran Downes, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, and a director of ExGen, has reviewed and verified the technical information provided in this release, in so far as they relate to ExGen.
OTHER INFORMATION
Completion of the Proposed Transaction is subject to a number of conditions and contingencies being satisfied, waived or removed by one or both of ExGen and MTB, including the approval of MTB's shareholders together with any requisite disinterested shareholder approvals, court approval and acceptance of the TSXV. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the MTB management information circular to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of MTB and ExGen should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release.
ABOUT MTB METALS CORP.
MTB is advancing two copper-gold projects in the prolific Golden Triangle of northern British Columbia.
Telegraph: 350 square kilometre property located in the vicinity of 4 notable porphyry deposits 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.
Southmore: 50 square kilometer property hosts several significant copper and gold occurrences. Surface samples include a sample with
MTB also holds royalties on four projects in the Golden Triangle, including two past producing mines and it holds 480,072 shares of Dolly Varden Silver.
On behalf of the Board of Directors of MTB:
Lawrence Roulston
President & CEO
For further information on MTB:
Caroline Klukowski, Investor Relations
mtbmetals@fluidpr.com
ABOUT EXGEN RESOURCES INC.
ExGen is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 7 projects in Canada and the US.
On behalf of the Board of Directors of ExGen:
Jason Riley
President & CEO
Tel: 604.688.2641
For further information on ExGen:
Jason Tong
Chief Financial Officer
jason@catapultgroup.ca
Tel: 604.889.7827
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. In particular, this news release contains forward-looking information in relation to: the Proposed Transaction and the potential completion of the Proposed Transaction, the potential business upon the completion of the Proposed Transaction being a copper, gold and lithium exploration and development company, the potential benefits of the Proposed Transaction to ExGen and MTB shareholders, including the potential creation of a well funded exploration and development company, the potential conditions and satisfaction of those conditions for the completion of the Proposed Transaction, and the potential benefits of the Proposed Transaction to ExGen and MTB shareholders, the potential for near term cash flow from the Empire project, the potential funding of the resulting issuer's high-risk exploration expenditures by others, the potential expansion of the resulting issuer's project portfolio of royalties and carried interests, the potential identification of high potential projects, the potential of the DOK property, the potential development of the Golden Triangle, the stronger combined management and technical team, the belief that the metal and resources markets are due for a rebound and that the metals markets are rising, the potential of the resulting issuer to create a near-term production asset and a new porphyry discovery, the potential of the resulting issuer's combined projects and the provision by ExGen of further updates on a number of potential catalysts across ExGen's portfolio throughout the rest of this year. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. In the forward looking information contained in this news release, ExGen and MTB have made numerous assumptions, based upon practices and methodologies which are consistent with the mineral industry. In addition, ExGen and MTB have assumed: the satisfaction of any conditions to the Proposed Transaction set in the Arrangement Agreement, including, without limitation, the acceptance of the Proposed Transaction by the TSX-V and typical closing conditions; the receipt of all required approvals for the Proposed Transaction, including TSX-V acceptance, court and any board approvals or third party consents; and market acceptance of the Proposed Transaction. While ExGen and MTB consider these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause ExGen's and MTB's observations, actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; volatility of commodity prices; competition; accidents and other risks inherent in the mining industry; delay or failure to receive board of directors, third party or regulatory approvals; competition; changes in legislation, including environmental legislation, affecting ExGen or MTB; the early stage development of ExGen and MTB and their projects; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; the possibility that the analytical results from future core sampling does not return significant grades of mineralization; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineralization; there is no certainty that any work programs will result in significant or successful exploration of ExGen's and MTB's projects or development of such projects into a producing mine; uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing; uncertainty as to timely availability of permits and other governmental approvals; ExGen and MTB may not be able to comply with their ongoing obligations regarding their properties and projects; lack of insurance; currency fluctuations; changes in project parameters as plans continue to be refined; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in ExGen's and MTB's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although ExGen and MTB have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. ExGen and MTB do not undertake to update any forward-looking information except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270797
FAQ
What are the merger terms between ExGen and MTB (MBYMF) announced October 16, 2025?
When will MTB (MBYMF) shareholders vote on the proposed ExGen arrangement?
What approvals does the ExGen–MTB (MBYMF) merger require before closing?
How does the merger affect MTB (MBYMF) exposure to the Empire mine?
Will there be technical reports after the ExGen–MTB (MBYMF) agreement?
What cash or liquid assets does MTB bring to the combined company (MBYMF)?
