Treasury Metals and Blackwolf Copper and Gold Ltd Announce Merger to Enhance North American Gold Mining Operations

Treasury Metals Inc. and Blackwolf Copper and Gold Ltd have officially announced their merger under a definitive arrangement agreement effective May 1, 2024. This strategic move aims to consolidate their resources to advance the Goliath Gold Complex Project in Ontario, promising enhanced production capabilities and financial strength. The newly combined entity will also focus on further developing the Niblack Copper-Gold project in Alaska among other exploration projects.

Under the terms of the transaction, Treasury will acquire all outstanding shares of Blackwolf, with Blackwolf shareholders receiving 0.607 shares of Treasury for each share they hold. The merger is expected to close in the third quarter of 2024, pending approvals from shareholders and regulatory bodies. Both companies will benefit from a stronger balance sheet, with a combined cash reserve of over C$10 million, augmented by a planned C$4 million financing initiative.

Leadership from both companies has expressed positive expectations for the merger. Jeremy Wyeth of Treasury will serve as CEO, and Morgan Lekstrom of Blackwolf will take on the role of President in the new setup. The merger not only aims to intensify exploration efforts but also to engage more actively in strategic acquisitions to foster growth and elevate their position in the gold mining industry.