ExGen Resources Inc.
ExGen Resources Inc. (TSXV: EXG; OTC: BXXRF), Vancouver-headquartered, is a copper-gold-lithium explorer whose principal asset is a 20% equity interest in Konnex Resources Inc., holder of the Empire Mine Project in the Alder Creek district near Mackay, Custer County, Idaho. Phoenix Copper Ltd (AIM:PXC / OTCQX:PXCLF) holds the other 80% and is the operator -- Konnex constructs and operates the project. Empire is a genuine PFS-stage development asset: the Pre-Feasibility Study published 19 Sep 2024 carries an inaugural Proven+Probable reserve of 10,097 kt @ 0.49% Cu / 0.32 g/t Au / 14.34 g/t Ag (109.5 Mlb Cu, 104 koz Au, 4.65 Moz Ag) at an NSR US$22.59/t cut-off, an 8-year open pit, US$62.6m capex, and after-tax NPV-7.5 of US$73.75m at a 40.2% IRR. Under a Carried Interest Agreement signed 17 Dec 2024, Phoenix funds 100% of ExGen's 20% share of construction and operating costs via a loan to Konnex, repaid from ExGen's 20% share of project profits; ExGen also holds 1,330,000 Phoenix shares. Execution risk is high and independent of the study's quality: only US$5m of Phoenix's US$80m NIU Invest SE copper bond was ever drawn, a replacement US$75m LOI did not close, Phoenix disclosed unauthorised payments in February and March 2026, and NIU requisitioned an EGM in April 2026 seeking an independent investigation; permitting (Idaho Department of Lands mine plan and federal NEPA review) remains incomplete. ExGen's directly-held ground is all claim/drill-stage with no current resource estimate: the Telegraph (~350 km2) and Southmore (~50 km2) copper-gold projects and royalties on four Golden Triangle properties in British Columbia, acquired when the MTB Metals Corp. plan of arrangement completed on 19 Dec 2025 (0.286 ExGen shares per MTB share); the MacRex copper-gold property near Port Alberni, British Columbia, 100% since ExGen exercised its option in August 2026; the Gordon Lake gold property in the Northwest Territories; the Buena Vista and Boss copper-gold properties and the Spark North lithium project in Nevada; and, since July 2026, the Spark South lithium project in Nevada (63 claims owned and 234 under option) and options on the Libra and Augusta lithium projects. ExGen also holds a silver stream on the past-producing Andacollo gold mine in Chile.
Lifecycle Milestones
Not yet determined: mill, tailings facility.
Not yet determined: mill, tailings facility, grid power.
Combined view across 11 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)9/10
Idaho: Fraser PPI 2025 is 77.16 of 100 (rank 27 of 68), which maps to 9 on this site's scale. ExGen's directly held and carried-interest projects, including the Empire Mine project in Custer County, Idaho, are in Nevada and Idaho, Tier-1 US jurisdictions; it also holds exposure in Chile.
Infrastructure (40%)7.9/10
Confirmed road access and confirmed grid power at Empire Mine Project, Alder Creek District, Custer County, Idaho, USA; existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Continental (Butte) (Montana Resources, LLP), 253 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Continental (Butte) (Montana Resources, LLP), 253 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
A Non-Executive Director of Phoenix Global Mining Ltd. (AIM: PXC); also Chairman & Chief Executive Officer of ExGen Resources Inc. BCom. Over 15 years of experience in the North American investment and capital markets. Chief Executive Officer of ExGen Resources Inc., which holds a 20% interest in Konnex Resources, and Chairman of Konnex Resources. Also founded EVOS Media Inc. Holds a Bachelor of Commerce from the University of British Columbia.
Chief Financial Officer of ExGen Resources Inc. (CPA, CA, CFA). Two decades of experience in accounting, corporate advisory and strategic planning across technology, healthcare, finance, consumer goods and mining sectors in both private and public company roles.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No institutional or strategic holder is on record, and no open-market insider buying was found. ExGen itself holds a stake in Phoenix Copper Limited (an outbound investment, not backing into ExGen), and is the ACQUIRER (not target) in a pending merger with MTB Metals Corp, so this does not affect the smart-money read on ExGen itself.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
ExGen Resources' principal asset is a 20% interest in Konnex Resources, which holds the Empire copper-gold-silver mine project near Mackay, Idaho; Phoenix Copper holds the other 80% and operates it, and under a December 2024 carried-interest agreement Phoenix funds ExGen's share of construction and operating costs through a loan repaid from ExGen's share of profits. A pre-feasibility study published on 19 September 2024 gives the project an after-tax NPV (7.5%) of US$73.75M, a 40.2% after-tax IRR, an 8-year mine life and capital of US$62.6M on a proven and probable reserve of 10,097 kt at 0.49% copper, and Phoenix has commissioned an update of the reserves and study, expected by the end of 2026. Construction is unfunded: only US$5m of an US$80m copper bond was drawn, Phoenix disclosed unauthorised payments in February and March 2026, and permitting is incomplete. ExGen's own ground, including the Telegraph and Southmore copper-gold projects in British Columbia's Golden Triangle, the MacRex property, Gordon Lake in the Northwest Territories and several Nevada copper-gold and lithium projects, is at an early stage with no resource.