THEMAC Resources Group Limited Announces Closing of Going Private Transaction

The most recent news, dated October 22, 2025, announces the closing of the previously announced plan of arrangement with Tulla Resources Group Pty Ltd. Under the arrangement, Tulla has acquired all of the issued and outstanding common shares of THEMAC that it did not already own for CAD $0.08 in cash per share. As a result, THEMAC is now a wholly-owned subsidiary of Tulla. The company's common shares are expected to be delisted from the TSX Venture Exchange on or about October 23, 2025.

This news is the final, procedural step in a going-private transaction that was first announced on July 31, 2025. While the acquisition itself is a material event for the company, this specific press release announcing the closing is a routine confirmation of an expected outcome. The shareholder and court approvals were the key hurdles, and once cleared, this final step was a formality.

The transaction was necessitated by the company's dire financial position. Financial statements from March 2025 showed a shareholder deficiency of over $97 million and loans payable to Tulla exceeding $188 million. The company was not a going concern without Tulla's continued financial support. This gave minority shareholders very little leverage.

A significant operational setback on September 5, 2025, where the company was denied the transfer of key water rights for its Copper Flat project, further crippled its prospects as a standalone public entity. The going-private transaction at $0.08 per share provided the only viable path for minority shareholders to achieve any liquidity. Therefore, this final announcement simply closes the book on a long-struggling public company. The impact is neutral as it was entirely anticipated.

THEMAC Resources Group was a Canadian mining company focused on the acquisition, exploration, and development of mineral properties. Its flagship asset was the 100%-owned Copper Flat Project, a former producing copper-molybdenum-gold-silver mine located in New Mexico, USA. The company's efforts were focused on re-permitting and advancing the project towards a potential restart of production. However, progress was hampered by financial constraints and permitting challenges, culminating in the denial of a critical water rights transfer application in September 2025. The project is subject to a 3.25% net smelter return (NSR) royalty.