ExGen Resources and MTB Metals sign merger letter of intent

ExGen Resources Inc. (OTC: BXXRF) and MTB Metals Corp. (OTCQB: MBYMF) have entered into a non-binding letter of intent dated August 12, 2025, to merge their operations and create a combined exploration and development company focused on copper, gold and lithium projects.

Under the proposed transaction, ExGen would acquire all outstanding securities of MTB at an exchange ratio of 0.286 ExGen shares for each MTB share. The transaction requires approval from MTB shareholders, court approval, and TSX Venture Exchange acceptance, among other standard closing conditions.

The companies have 60 days from signing the letter of intent to finalize a definitive agreement, with either party able to terminate on written notice if no agreement is reached by the deadline. Both companies agreed to deal exclusively with each other regarding the transaction during this period.

The merger would combine MTB's Telegraph copper-gold project in British Columbia's Golden Triangle with ExGen's 20% carried interest in the Empire copper-gold project in Idaho. ExGen currently holds the DOK claims, representing 27% of MTB's Telegraph project, and would retain a 40% interest after MTB's earn-in.

MTB's Telegraph property spans 350 square kilometers near four porphyry deposits being developed by major mining companies including Teck and Newmont. The company also owns the 50-square-kilometer Southmore property and holds royalties on four Golden Triangle projects.

ExGen's portfolio includes the Empire Mine project in Idaho, where a 2025 pre-feasibility study outlined an open pit mine plan, along with lithium and gold projects in Nevada and the Northwest Territories.

Lawrence Roulston, CEO of MTB, stated the merger would create a company with a strong balance sheet where high-risk exploration expenditures would be funded by others. Jason Riley, CEO of ExGen, said the transaction would position the combined company as a leading royalty and carried interest company.

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