Cascadia and Yukon-focused Granite Creek Copper announce merger

Cascadia Minerals Ltd. [CAM-TSXV] and Granite Creek Copper Ltd. [GCX-TSXV, GCXXF-OTCQB] have agreed to a merger that will create a leading Yukon copper-gold exploration and development company.

Under the agreement, Cascadia will acquire 100% of the issued and outstanding shares of Granite Creek via a share exchange arrangement where shareholders of Granite Creek will receive 0.25 shares of Cascadia for each Granite Creek share held, representing a value of $0.04 per Granite Creek share based on the closing price on June 6, 2025.

In connection with the transaction, Cascadia is undertaking a concurrent non-brokered private placement to raise gross proceeds of $2.25 million via the sale of up to 14.3 million subscription receipts priced at 14 cents each for gross proceeds of $2.0 million, and up to 1.78 units priced at 14 cents each for gross proceeds of up to $250,000. Cascadia is also providing Granite Creek with a bridge loan of $375,000 to cover certain transaction costs. In connection with the transaction, Granite Creek intends to settle $521,000 of debt owed to TruePoint Exploration Inc. and a Carmacks North royalty holder in exchange for Granite Creek shares.

On Monday, Granite Creek shares were unchanged at $0.03 and trade in a 52-week range of $0.045 and $0.01. Cascadia eased 12.5% or $0.02 to 14 cents. The shares trade in a  52-week range of 47.5 cents and $0.08.

Granite Creek is primarily engaged in copper and gold exploration and development of the Carmacks Project, located 34 kilometres northwest of Carmacks in central Yukon, and 40 kilometres from the past-producing Minto mine.

The road accessible Carmacks project holds a high-grade measured and indicated resource containing 651 million pounds of copper and 302,000 ounccs of gold (36.3 million tonnes grading 0.81% copper, 0.26 g/t gold and 3.23 g/t silver and 0.01% molybdenum, or 1.07% copper equivalent), with a 2023 preliminary economic assessment demonstrating positive economic potential.

Cascadia’s flagship Catch Property in the Yukon hosts a brand-new copper-gold porphyry discovery where the inaugural drill results returned broad intervals of mneralization, including 116.60 metres of 0.31% copper with 0.30 g/t gold. Catch exhibits extensive high-grade copper and gold mineralization across a 5.0 kilometre-long trend, with rock samples returning peak values of 3.88% copper, 1,065 g/t gold and 267 g/t silver.

In addition to Catch, Cascadia is conducting exploration at its Macks and Milner properties, recently staked Catch analogues within Yukon’s Stikine Terrane, which have additional copper porphyry targets.

Cascadia said it is well positioned to grow the Carmacks Project resource with a resource expansion drill program planned for the fall of 2025 to test numerous targets, including near 2021 diamond drill hole CRM21-011, which returned 105.52 metres of 0.96% copper and 0.18 g/t gold and 4.06 g/t silver (1.18% copper equivalent) and has not been followed up.

The Cascadia shares provide Granite Creek shareholders with a premium of 48%, based on the company’s five-day volume weighted average of $0.027 as of June 6, 2025, the last trading day before the deal was announced.