Cascadia Minerals and Granite Creek Copper have entered into a merger deal intended to establish a premier copper-gold exploration and development entity in Yukon, Canada.
According to the agreement, Cascadia will acquire all outstanding shares of Granite Creek through a share exchange.
Each Granite Creek share will be exchanged for 0.25 Cascadia shares. The ratio values each Granite Creek share at C$0.04 ($0.029) based on Cascadia’s closing price as of 6 June 2025, marking a 48% premium over the former’s recent average trading price.
Granite Creek’s primary focus is the Carmacks Project, situated in the Minto copper district of Yukon Territory, approximately 34km from Carmacks and 40km from the former Minto mine.
The company specialises in exploring copper and gold resources with potential for expansion.
Meanwhile, Cascadia focuses on new copper and gold discoveries in Yukon and British Columbia. Its flagship asset, the Catch Property, has yielded significant mineralisation results, including copper-gold porphyry findings over extensive intervals.
The merger is set for completion around July 2025, pending necessary conditions and approvals. Upon finalisation, Granite Creek’s shares will be removed from the TSX-V listing, and an application will be made to cease its reporting issuer status under Canadian securities regulations.
The combined company is expected to benefit from a robust resource base, highlighted by the Carmacks project’s substantial measured and indicated resources. This includes 651 million pounds of copper and 302 thousand ounces of gold.
The project has demonstrated positive economic potential with a post-tax NPV of C$230.5m ($168.3m) and a post-tax IRR of 29%.
Granite Creek president and CEO Tim Johnston said: “With Cascadia’s board and management’s long history of discovery and development of mineral projects in the Yukon, I have confidence that they are the right team to advance the Carmacks Project and create long term shareholder value.
“This merger is a logical next step for both companies and will result in a combined entity with a robust portfolio of projects that will be positioned for success in these strong copper and gold markets.”
Cascadia plans further drilling in late 2025 to expand the Carmacks resource base, focusing on targets near previous promising drill results that have yet to be followed up. The merger is expected to enhance exploration synergies between the advanced Carmacks project and Cascadia’s exploration portfolio across Yukon’s Stikine Terrane.
According to the parties, shareholders from Granite Creek will gain exposure to Cascadia’s Catch Property, where ongoing drilling aims to test newly discovered high-grade epithermal gold zones and broad copper-gold porphyry mineralisation.
Cascadia president and CEO Graham Downs said: “This transaction is a great opportunity for both Cascadia and Granite Creek shareholders. The Carmacks project provides a strong foundation of road-accessible resources in a safe jurisdiction.”
Post-transaction, Cascadia will have approximately C$2.5m ($1.83m) in cash reserves to fund exploration activities across its properties.
