News Summary
The most recent news, dated December 16, 2025, announces that MTB Metals Corp. (“MTB”) has received overwhelming securityholder and court approval for the previously announced plan of arrangement with ExGen Resources Inc. (“ExGen”). Over 94% of votes cast were in favor of the transaction. The merger is expected to close on or about December 19, 2025, subject to final TSX Venture Exchange approval and customary closing conditions. This is the final major step required to complete the merger.
Material Impact
This news is a routine but positive confirmation that the transformative merger with MTB Metals is proceeding as planned. The market has been aware of this transaction since the initial Letter of Intent (LOI) was announced on August 13, 2025, and the definitive agreement was signed on October 17, 2025. Therefore, this final approval, while necessary, was largely anticipated and is unlikely to cause a significant, immediate stock price movement. The positive impact is that it removes the final element of uncertainty regarding the deal’s completion.
Looking at the historical context, ExGen has been strategically repositioning itself over the past year:
– December 2024: The company significantly de-risked its flagship asset, the Empire Mine project, by signing a carried interest agreement with partner Phoenix Copper. This agreement means Phoenix will fund all of ExGen’s 20% share of construction and operating costs, to be repaid from future profits. This removed a major funding overhang and potential dilution risk.
– Q1 2025: ExGen entered the lithium sector by acquiring the Spark North project in Nevada, strategically located next to a significant discovery by Surge Battery Metals. This was followed by securing a Right of First Refusal on the adjacent Spark South property in April 2025.
– June 2025: Positive news flow continued as ExGen’s partner, Phoenix Copper, announced a non-binding LOI for a $75 million bond financing to fund the construction of the Empire Mine, bringing potential cash flow closer to reality.
– August-October 2025: The company announced its plan to merge with MTB Metals, consolidating interests in the Telegraph copper-gold project in British Columbia’s Golden Triangle and creating a more diversified entity. Concurrently, ExGen announced a binding LOI to acquire the Spark South lithium project and two other lithium properties in Nevada, dramatically expanding its footprint in the region.
The latest news of the merger approval is the culmination of this strategy. It solidifies the creation of a new, multi-asset company with a de-risked, near-term production asset (Empire Mine), a large-scale exploration play (Telegraph), and a significant position in the North American lithium space. While the approval itself is procedural, it reaffirms that management is successfully executing its ambitious growth plan.
Catalysts
– Immediate: The formal closing of the MTB merger, expected around December 19, 2025.
– 3-6 Months:
– Closing of the acquisition of the three Nevada lithium properties (Spark South, Libra, Augusta), which is subject to due diligence and exchange acceptance.
– An updated corporate presentation and strategy outline for the combined ExGen-MTB entity.
– Definitive news on the closing of the $75 million bond financing for the Empire Mine by partner Phoenix Copper. This is a critical catalyst.
– Initial exploration plans and budget announcements for the Telegraph copper-gold project and the expanded Nevada lithium portfolio.
– A consolidated balance sheet showing the financial position of the newly merged company.
Materiality Conclusion
The news of the shareholder and court approval is Routine – Positive. The truly material event was the initial announcement of the merger agreement. This news simply confirms the deal is crossing the finish line as expected, removing the last procedural hurdle. It solidifies the company’s strategic transformation, but the information itself was already priced into the stock.
