MTB Metals Stock Price, News & Analysis

MTB METALS CORP (OTCQB: MBYMF), historically listed on the TSX Venture Exchange under the symbol MTB and on the Frankfurt Stock Exchange, was a mineral exploration company focused on copper-gold and precious/base metal projects in the Golden Triangle region of northern British Columbia, Canada. According to company disclosures, MTB advanced multiple exploration-stage assets with an emphasis on large-scale porphyry copper-gold systems and held interests and royalties across several projects in this prolific mining district.

In December 2025, ExGen Resources Inc. announced the completion of a court-approved plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which ExGen acquired all of the issued and outstanding securities of MTB Metals Corp. MTB shareholders received ExGen common shares based on a fixed exchange ratio, and ExGen indicated that MTB shares were expected to be delisted from the TSX Venture Exchange and that an application would be made for MTB to cease to be a reporting issuer. As a result, MBYMF represents a former public vehicle whose underlying assets and projects have been combined with ExGen.

Historical focus and key projects

Company disclosures describe MTB as advancing two primary copper-gold projects in the Golden Triangle of northern British Columbia:

• Telegraph – A large, consolidated land package described as approximately 344–350 square kilometres, located in the vicinity of several notable porphyry deposits and operating mines in the region. MTB reported multiple district-scale porphyry copper-gold targets on the property and early drilling along the Dok Trend that outlined a copper-gold bearing porphyry system over several kilometres, remaining open in all directions. Field work, soil geochemistry, induced polarization (IP) geophysics and initial drilling were used to define targets and demonstrate the presence of a porphyry hydrothermal system.
• Southmore – A roughly 50 square kilometre property in the Golden Triangle hosting several significant copper and gold occurrences. Company releases highlight surface samples with high copper and gold values and describe a mix of structurally controlled mineralization, bedded massive sulphides and skarn-style mineralization with evidence of underlying porphyry potential.

In addition to these two core copper-gold projects, MTB reported that it held royalties on four projects in the Golden Triangle, including interests related to past-producing mines. Earlier disclosures also describe working interests or royalties in projects such as American Creek, BA, Theia and Red Cliff, along with ownership of shares in Dolly Varden Silver Corp., providing MTB with exposure to silver, gold, copper and other metals in the same regional belt.

Golden Triangle exploration context

MTB positioned its portfolio within the Golden Triangle, an area of northern British Columbia known for large porphyry copper-gold systems and high-grade precious metal deposits. Company materials repeatedly note that the Telegraph project lies in the same geological setting as several notable porphyry deposits and an operating copper-gold mine being advanced or operated by major mining companies. MTB’s work programs at Telegraph combined geological mapping, soil geochemistry, IP surveys and diamond drilling to identify and begin testing porphyry targets along trends such as Dok and Red Creek.

At Southmore, MTB reported consolidating a land position in an area surrounded by some of the largest deposits in the Golden Triangle and undertaking airborne geophysics and field work that confirmed multiple zones of gold and copper mineralization. Across its portfolio, the company emphasized early-stage exploration, target generation and, in some cases, joint venture or option structures with partners.

Corporate combination with ExGen Resources

On October 17, 2025, ExGen Resources Inc. and MTB Metals Corp. announced an arrangement agreement setting out terms for a combination of their operations, business, assets and properties. Under the transaction, ExGen agreed to acquire all of the issued and outstanding securities of MTB, with MTB securityholders receiving ExGen shares based on a specified exchange ratio and holding a significant minority interest in the combined company.

Subsequent news releases report that MTB securityholders approved the arrangement at a special meeting, the Supreme Court of British Columbia granted a final order approving the transaction, and on December 19, 2025 ExGen and MTB announced completion of the plan of arrangement. ExGen stated that, following completion, all MTB shares were acquired, replacement options were issued for former MTB options, and MTB warrants became exercisable into ExGen shares on an adjusted basis. ExGen also indicated that MTB shares were expected to be delisted from the TSX Venture Exchange around late December 2025 and that ExGen intended to apply for MTB to cease to be a reporting issuer.

Following the transaction, ExGen described the combined business as an exploration and development company with projects in Canada and the United States, and referred to the integration of MTB’s team and shareholders into ExGen. MTB’s Telegraph property and related interests, including options and royalties, were identified as part of the asset base to be consolidated within ExGen’s portfolio.

Historical asset portfolio and royalties

Prior to the sale of certain non-core assets and the combination with ExGen, MTB reported a broader portfolio of projects in the Golden Triangle, including:

• American Creek project – Centered on the historic Mountain Boy silver mine, with multiple silver, gold and copper occurrences and historical drilling that encountered high silver grades.
• BA property – A silver-lead-zinc project where extensive drilling outlined a substantial mineralized zone, with additional high-grade silver targets and a copper-bearing zone referred to as George Copper.
• Red Cliff – A past-producing gold and copper mine in which MTB held a 35% interest, with drilling by a joint venture partner testing zones such as Montrose and reporting high-grade gold intercepts.
• Theia – A project adjacent to a major silver project, where work by MTB and previous explorers outlined a silver-bearing mineralized trend and additional copper-rich zones.

In a May 2025 transaction, MTB announced the sale of interests in four exploration properties, including American Creek, Theia, BA and Red Cliff, to Dolly Varden Silver Corporation in exchange for Dolly Varden shares and net smelter return royalties on most of the transferred properties. MTB stated that this transaction would allow it to focus on Telegraph while retaining upside exposure through royalties.

Status of MTB METALS CORP (MBYMF)

Based on the completed plan of arrangement described in the December 19, 2025 news release, MTB METALS CORP is now a former standalone public company whose securities have been acquired by ExGen Resources Inc. The same release states that MTB shares were expected to be delisted from the TSX Venture Exchange and that ExGen intended to apply for MTB to cease to be a reporting issuer. Investors researching the historical MBYMF symbol are therefore looking at a company that has been acquired, with its projects and interests now forming part of ExGen’s asset base.

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