ExGen Resources Completes Acquisition of MTB Metals
MTB Metals absorbed into ExGen Resources to pivot from pure exploration toward royalty and carried-interest model.
On December 19, 2025, ExGen Resources Inc. (EXG) and MTB Metals Corp. (MTB) announced the successful completion of their previously announced plan of arrangement. Under the terms of the agreement, ExGen acquired all issued and outstanding common shares of MTB. MTB shareholders received 0.286 of a common share of ExGen for each MTB share held. MTB options and warrants have been adjusted to become exercisable for ExGen shares based on the same exchange ratio. Following the close, MTB will be delisted from the TSX Venture Exchange (expected December 23, 2025) and will cease to be a reporting issuer. Mark T. Brown, a former MTB director, has joined the ExGen board.
- Corporate Structure: This is the final step in the dissolution of MTB as a standalone entity. Shareholders are now stakeholders in a larger, diversified vehicle (ExGen) that focuses on a hybrid model of exploration and royalties.
- Asset Portfolio: The deal consolidates the Telegraph project in British Columbia. Previously, MTB held an option to earn into the Dok claims (part of Telegraph) from ExGen. The merger eliminates the option-payment friction and gives the combined entity 100% control.
- Strategic Pivot: The merger shifts the investment profile from a high-risk Golden Triangle explorer to a company with a 20% carried interest in a development-stage asset (the Empire Mine in Idaho) and a portfolio of royalties.
- Financial Health: MTB was in a precarious financial position prior to the merger, having recently taken a $500,000 loan at a predatory interest rate of 1.5% per month (18% annually). This merger likely provides the necessary breathing room to manage that debt through ExGen's allegedly stronger balance sheet.
MTB Metals was primarily focused on the Golden Triangle of British Columbia. Its flagship was the Telegraph project, a 350 sq km property targeting district-scale copper-gold porphyry systems. The project is located near major deposits like Galore Creek and Red Chris. The company also held the Southmore project and a portfolio of royalties and shares in Dolly Varden Silver, acquired through the sale of non-core assets in mid-2025.