09:01 AM EDT, 10/17/2025 (MT Newswires) -- ExGen Resources ( BXXRF ) and MTB Metals ( MBYMF ) said Friday that they agreed to merge into a company focused on developing copper, gold and lithium assets.

Under the terms, ExGen will acquire all the issued and outstanding securities of MTB on the basis of 0.286 of an ExGen share for each MTB share.

As a result, the current securityholders of MTB will become securityholders of ExGen and will hold about 35% of the combined company.

The deal will consolidate the DOK property interest with the balance of MTB's Telegraph copper-gold project in British Columbia. The merger will also provide exposure for MTB's shareholders to ExGen's 20% carried interest in the Empire copper-gold project in Idaho, as well as to ExGen's other copper and lithium projects.

"The combined company will have a strong balance sheet, providing a solid basis for an evolving business plan in which exploration expenditures will be funded by others," MTB chief executive officer Lawrence Roulston said.

"The proposed transaction provides our shareholders with incredible leverage to both near-term production potential and a new porphyry discovery, and in a time of rising copper and gold prices," ExGen CEO Jason Riley said.