01:20 PM EDT, 08/13/2025 (MT Newswires) -- ExGen Resources ( BXXRF ) on Wednesday said it agree to acquire MTB Metals ( MBYMF ) for shares as they reached an non-binding of intent for the deal.

ExGen will acquire all the shares of MTB, at a ratio of 0.286 ExGen shares for each MTB share, with the current securityholders of MTB becoming securityholders of ExGen. The transaction requires approval from MTB shareholders,

as well as court and exchange approvals.

Under the terms, if an agreement is not reached within 60 day following the LOI signing, either company may terminate the LOI on written notice to the other.

"This merger combines MTB's exposure to copper and gold projects with ExGen's carried interest in the development-stage Empire copper mine.," MTB chief executive Lawrence Roulston said.

ExGen Metals last traded Tuesday, closing at $0.10 on the TSX Venture Exchange, while MTB Metals ( MBYMF ) shares were last seen unchanged at $0.03.