ExGen to Acquire MTB Metals: Overwhelming Shareholder Support Green-Lights Game-Changing Merger

Deal Gets Final Court Approval as MTB Prepares Strategic Combination

A transformative merger in the junior mining sector is now officially locked in. ExGen Resources and MTB Metals announced Dec. 16 that shareholders have decisively backed their previously disclosed plan of arrangement, with both shareholder and optionholder votes exceeding 94% in favor. The Supreme Court of British Columbia issued its final approval the same day, clearing the last major hurdle.

The Numbers Behind the Deal

Under the arrangement, ExGen will acquire all outstanding securities of MTB, with each MTB share converting into 0.286 ExGen common shares. At MTB’s shareholder meeting held Dec. 11, the special resolution received 94.31% support from shareholders voting in person or by proxy, while securityholders cast 94.52% in favor. This overwhelming mandate signals strong investor confidence in the strategic rationale.

Completion is slated for Dec. 19, 2025, pending final TSX Venture Exchange approval and satisfaction of standard closing conditions. Once closed, MTB shares will be delisted from the TSXV, marking the end of its independent trading history.

Two Companies, One Vision

MTB brings substantial exploration assets to the table. The company operates two primary copper-gold projects in British Columbia’s prolific Golden Triangle region. Telegraph spans 350 square kilometers and sits adjacent to multiple porphyry deposits being explored or mined by major operators—compelling evidence suggests similar mineralization exists on MTB’s ground. Southmore, a 50-square-kilometer property, has already yielded impressive surface samples, including 12.7% copper and 29.4 g/t gold grades.

Beyond these flagship projects, MTB holds royalties on four additional Golden Triangle properties, including interests in two former producing mines. This portfolio provides both near-term exploration upside and long-term cash flow potential.

ExGen operates as a project accelerator, funding exploration and development through joint ventures and partnership structures. This approach mitigates technical and financial risks while preserving upside participation in discoveries. The company currently manages a seven-project portfolio across Canada and the US, with plans to build a geographically and commoditively diverse pipeline.

What’s Next for Investors

For MTB investor relations inquiries and additional details, stakeholders should contact the respective company’s investor relations teams. ExGen’s operational expertise combined with MTB’s exploration portfolio creates a streamlined vehicle for advancing mineral discovery in one of North America’s most prolific mining regions.

The combination reflects broader industry trends toward consolidation among junior explorers seeking to reduce dilution, access capital more efficiently, and present a more compelling story to institutional buyers and potential joint venture partners.