ExGen Resources Completes Acquisition of MTB Metals
ExGen Completes Scale-Enhancing Merger with MTB Metals to Solidify Shift Toward Diversified Royalty Model
The most recent news (December 19, 2025) announces the successful completion of the acquisition of MTB Metals Corp. via a plan of arrangement. ExGen issued 0.286 common shares for each MTB share, resulting in approximately 109,149,808 ExGen shares outstanding. This follows a flurry of activity in late 2025, including a binding LOI (December 17, 2025) to acquire a silver stream on a past-producing gold mine in Chile for US$500,000. The stream entitles ExGen to 33.4% of silver production (dropping to 16.7% after 333,334 oz) at a delivery price of 20% of spot, with a minimum delivery of 4,200 oz/quarter starting Q2 2027. Additionally, the company secured an LOI for lithium properties in Nevada in October 2025.
The completion of the MTB merger is a transformative event that provides ExGen with the "critical mass" required to execute its new strategy as an emerging royalty and carried-interest company. - Strategic Shift: ExGen is moving away from being a pure-play explorer toward a lower-risk model. The 20% carried interest in the Empire Mine (Idaho) and the new silver stream in Chile provide clear paths to cash flow without ExGen bearing the brunt of capital expenditures. - Asset Diversification: The MTB acquisition adds the Telegraph (Copper-Gold) and Southmore projects in BC’s Golden Triangle, significantly expanding the portfolio beyond its previous core focus. - Synergies: Integration of the MTB technical team and the addition of Mark T. Brown to the board provides deeper industry expertise. - Financial Scale: While the merger is dilutive (issuing shares for MTB), the combined entity has a cleaner path to institutional investment than either company had separately.
ExGen Resources is a project accelerator and royalty seeker. Its flagship value driver is a 20% carried interest in the Empire Mine project in Idaho, USA, operated by Phoenix Copper Ltd. The project is a past-producing mine with an open-pit copper-gold-silver plan. ExGen’s interest is "carried," meaning its partner funds development to production. The company also holds a 100% interest in the Spark North/South lithium projects in Nevada and now 100% of the Telegraph and Southmore projects in BC via the MTB merger.