Energy Acquisitions in Canada

American Lithium Minerals, Inc. (AMLM) announced it has acquired a 19% interest in Cunningham Mining Ltd. Cunningham Mining owns the “Nugget Trap” placer claims and associated permits in British Columbia’s Golden Triangle in Canada, which are permitted for a 30,000 cubic yard per year pay mining program.

AngloGold Ashanti plc completed its acquisition of Augusta Gold Corp via a merger in which a wholly owned subsidiary of AngloGold Ashanti merged with and into Augusta Gold, with Augusta Gold surviving as a wholly owned subsidiary. Under the merger terms, Augusta Gold shareholders will receive C$1.70 in cash per common share, and the company expects its shares to be delisted from the TSX and cease trading on the OTCQB.

Northleaf Capital Partners announced that infrastructure funds it manages have acquired PowerStream Energy Services from Alectra Energy Services Inc. (an affiliate of Alectra Inc.). The deal was completed as a tuck-in (add-on) acquisition through Northleaf portfolio company Provident Energy Management, expanding Provident’s sub-metering and billing solutions footprint across Ontario.

Premier American Uranium Inc. completed a court-approved plan of arrangement to acquire all issued and outstanding shares of Nuclear Fuels Inc., making Nuclear Fuels a wholly owned subsidiary. Under the all-share transaction, Nuclear Fuels shareholders received 0.33 of a Premier American Uranium share for each Nuclear Fuels share, with Premier American Uranium issuing 32,521,748 shares in aggregate.

Pan American Silver Corp. completed its acquisition of all issued and outstanding common shares of MAG Silver Corp. via a plan of arrangement. The deal adds MAG’s 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico (operated by Fresnillo plc), plus full ownership of the Larder exploration project and an earn-in interest in the Deer Trail exploration project.

Arctic Blue Diamonds Ltd. acquired an 89.7% controlling interest in the WO Diamond Project, which hosts the high-grade DO27 diamond-bearing kimberlite in Canada’s Northwest Territories. The stake was purchased in two tranches: 72.1% from Peregrine Diamonds Ltd. (a De Beers Canada Inc. subsidiary) and 17.6% from Archon Minerals Ltd. Arctic Blue will act as operator of the WO joint venture and holds the diamond marketing rights for future production.

Triple Flag Precious Metals Corp. completed its acquisition of all issued and outstanding shares of Orogen Royalties Inc. via a plan of arrangement. Through the transaction, Triple Flag acquired Orogen’s 1.0% net smelter returns royalty on the Arthur gold project in Nevada (being developed by AngloGold Ashanti plc) and Orogen shareholders received a mix of cash and Triple Flag shares plus shares in a newly created entity, Orogen Spinco. Concurrently, Triple Flag invested C$10 million in Orogen Spinco for an approximately 11% equity interest.

An affiliate of H.I.G. Capital completed the acquisition of 4Refuel, a mobile on-site refueling (MOR) services provider, from Finning International Inc. The transaction value is up to CAD 400 million. Headquartered outside Toronto, Ontario, 4Refuel serves more than 3,000 customers across Canada and has a growing presence in Texas.

CMOC Singapore Pte. Ltd., a subsidiary of CMOC Group Limited, completed its previously announced acquisition of Lumina Gold Corp. through a plan of arrangement under the British Columbia Business Corporations Act. Following closing, Lumina’s shares are expected to be delisted from the TSX Venture Exchange and withdrawn from trading on the OTCQB, and Lumina plans to apply to cease being a reporting issuer in Canada.

Uranium Energy Corp (UEC) acquired 170,000,000 common shares of Anfield Energy Inc. via a private agreement at C$0.115 per share, for total consideration of C$19,550,000. Following the purchase, UEC beneficially owned 373,415,775 Anfield shares, representing about 32.4% of Anfield on a non-diluted basis (about 37.6% partially diluted including UEC-held warrants).

BWX Technologies, Inc. (BWXT) completed its acquisition of Kinectrics, Inc. on May 20, 2025. Kinectrics provides nuclear power plant lifecycle support and lifecycle management services, as well as isotope production and supply for the radiopharmaceutical industry, and will operate as a BWXT subsidiary within BWXT's Commercial Operations segment.

Agnico Eagle Mines Limited completed the all-cash acquisition of O3 Mining Inc. for C$1.67 per share, following a board-supported take-over bid and subsequent second-step amalgamation. Agnico Eagle initially took up 94.1% of O3 Mining shares (110,424,431 shares) for aggregate consideration of about C$184.4 million and later acquired the remaining shares, making O3 Mining a wholly-owned subsidiary.

Minera Alamos Inc. completed its acquisition of Sabre Gold Mines Corp. via a plan of arrangement, obtaining 100% of Sabre’s issued and outstanding common shares. Under the arrangement, each Sabre share was exchanged for 0.693 Minera Alamos shares, resulting in the issuance of 76,499,114 Minera Alamos common shares.

Uranium Energy Corp completed the acquisition of 107,142,857 common shares of Anfield Energy Inc. for total consideration of $10.46 million (C$15 million) via a subscription agreement dated January 15, 2025. Following the transaction, Uranium Energy Corp increased its ownership to 203,415,775 shares, representing approximately 17.8% of Anfield on a non-diluted basis (24.2% partially diluted).

Foremost Clean Energy Ltd. completed Phase 1 of an option agreement to acquire an initial 20% interest in Denison Mines Corp.’s stake in 10 uranium exploration properties in Canada’s Athabasca Basin. As consideration, Foremost issued 1,369,810 common shares to Denison (valued at approximately $5.876 million), giving Denison about 19.95% ownership of Foremost. The agreement provides Foremost the option to earn up to 70% of Denison’s interest across additional phases subject to further payments and exploration spend commitments.

Miata Metals Corp. entered into a definitive agreement to acquire 100% of the issued and outstanding shares of 79North Inc. in an all-share transaction structured as a three-cornered amalgamation under Ontario law. The deal implies an approximate equity value of about $4 million for 79North (based on an assumed Miata share price of $0.45) and adds the Sela Creek and Nassau gold projects in Suriname to Miata’s exploration portfolio.

Contango ORE, Inc. entered into a definitive arrangement agreement to acquire all issued and outstanding shares of HighGold Mining Inc. via a court-approved plan of arrangement under British Columbia law. HighGold shareholders approved the arrangement on June 27, 2024; subject to court and customary closing conditions, the parties expected closing around July 9, 2024. The deal consideration is an all-stock exchange in which each HighGold share will be exchanged for 0.019 shares of Contango common stock, implying approximately US$37 million in equity value for HighGold.

Silvercorp Metals Inc. entered into an arrangement agreement to acquire all issued and outstanding shares of Adventus Mining Corporation via a court-approved statutory plan of arrangement under the Canada Business Corporations Act. Adventus shareholders received 0.1015 Silvercorp common shares per Adventus share, implying an equity value of approximately C$200 million at announcement, and the transaction closed effective July 31, 2024. The combination adds Adventus’ Ecuador-focused development assets, including the advanced El Domo project, to Silvercorp’s portfolio.

Yintai Gold Co., Ltd. entered into a binding arrangement agreement to acquire all outstanding shares of Osino Resources Corp. in an all-cash transaction valued at approximately C$368 million (C$1.90 per share). The deal is expected to close in H1 2024 (subject to regulatory and shareholder approvals) and would leave Osino holding only its Namibia-focused gold asset portfolio, including the Twin Hills Gold Project, at closing.

Calibre Mining Corp. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Marathon Gold Corporation via a court-approved plan of arrangement. The all-share transaction implies a value of approximately C$345 million for Marathon on a fully diluted in-the-money basis and is intended to create a mid-tier, Americas-focused gold producer, supporting development of Marathon’s Valentine Gold Project in Newfoundland & Labrador. In connection with the deal, Calibre also agreed to a concurrent C$40 million non-brokered private placement in Marathon shares.

TransAlta Corporation entered into a definitive share purchase agreement to acquire Heartland Generation Ltd. and Alberta Power (2000) Ltd. (collectively, Heartland) from an affiliate of Energy Capital Partners. The transaction is valued at approximately C$658 million including the assumption of C$268 million of debt (C$390 million equity purchase price, subject to adjustments) and adds 1,844 MW of flexible generation and related assets in Alberta and British Columbia, with expected annual pre-tax synergies exceeding C$20 million.

Dril-Quip, Inc. acquired Great North Wellhead and its subsidiaries (Redco Group, DBA Great North) from Industrial Growth Partners in an all-cash transaction that closed on July 31, 2023. The deal was valued at approximately $80 million upfront (cash-free, debt-free), with potential earn-out payments of up to about $23 million based on 2024–2025 revenue targets. Great North, headquartered in Edmonton, Alberta, expands Dril-Quip’s Well Construction segment with wellhead and completion products and related services for energy customers.

Pan American Silver Corp. completed its acquisition of all issued and outstanding shares of Yamana Gold Inc. via a court-approved plan of arrangement, after Yamana first sold its Canadian assets (including its interest in the Canadian Malartic mine) to Agnico Eagle Mines Limited. The transaction adds four producing mines (Jacobina in Brazil; El Peñón and Minera Florida in Chile; and Cerro Moro in Argentina) and the MARA development project in Argentina to Pan American’s portfolio, with Yamana shareholders receiving a mix of cash plus Agnico Eagle and Pan American shares.

B2Gold Corp. entered into a definitive agreement to acquire all issued and outstanding shares of Sabina Gold & Silver Corp. in an all-share transaction valued at approximately C$1.1 billion. Through the deal, B2Gold will obtain Sabina’s 100%-owned Back River Gold District in Nunavut, Canada, including the fully permitted, construction-ready Goose project.

Abcourt Mines Inc. entered into a definitive amalgamation agreement to acquire all issued and outstanding shares of Pershimex Resources Corporation in an all-share transaction structured as a three-cornered amalgamation under the Canada Business Corporations Act. Pershimex shareholders will receive 0.0816 of an Abcourt share (post-consolidation) per Pershimex share, implying consideration of about C$0.0289 per share based on Abcourt’s 60-day VWAP. Following closing, Pershimex will become a wholly owned subsidiary of Abcourt, and Pershimex is expected to be delisted from the TSX Venture Exchange.

American Pacific Mining Corp. completed a plan of arrangement to acquire all issued and outstanding common shares of Constantine Metal Resources Ltd. Constantine shareholders received 0.881 American Pacific Mining shares per Constantine share, valuing Constantine at approximately C$0.43 per share. Following closing, former Constantine shareholders own about 33.23% of the combined company, and Constantine is expected to be delisted from the TSX Venture Exchange.

Vital Battery Metals Inc. entered into an option agreement to acquire a 100% interest in the Sting Copper Project, a package of five mineral licences in Western Newfoundland. The company will pay CAD $90,000, issue 5,000,000 common shares, and fund required exploration expenditures, while the optionors retain a 2% net smelter returns royalty (with a 1% buyback option).

Alpha Copper Corp. entered into a non-binding letter of intent to acquire all issued and outstanding shares of CAVU Energy Metals Corp. in an all-stock transaction. The proposed exchange ratio is 0.7 Alpha shares per CAVU share, valuing CAVU at approximately $0.33 per share and implying CAVU shareholders will own about 30% of the combined company upon completion.

Buckeye Partners, L.P. entered into a definitive agreement to acquire Bear Head Energy, Inc., which owns the Bear Head clean energy development project in Point Tupper, Nova Scotia, Canada. The acquisition is intended to support development of a large-scale lower-carbon energy production, distribution, and export hub leveraging the project’s existing permits and approvals.

Labrador Uranium Inc. (LUR), a subsidiary of Consolidated Uranium Inc., acquired a 100% interest in the Central Mineral Belt Uranium-Copper Project and the Notakwanon Uranium Project in Labrador from Altius Resources Inc., a wholly owned subsidiary of Altius Minerals Corporation. The consideration included 8,000,000 common shares of LUR issued to Altius and a 2% gross overriding royalty on the acquired projects.

Defense Metals Corp. completed its acquisition of Spectrum Mining Corporation, which holds a 100% interest in the Wicheeda Rare Earth Element (REE) Property in British Columbia. The transaction was completed through the exercise of an option agreement and final consideration included 78,115,549 Defense Metals shares plus $100,000 in cash paid to Spectrum’s shareholders (the vendors).

Calibre Mining Corp. completed its acquisition of Fiore Gold Ltd. via a court-approved plan of arrangement, acquiring all issued and outstanding Fiore common shares. Fiore shareholders received 0.994 Calibre shares plus C$0.10 in cash per Fiore share, and Calibre acquired 100% of Fiore’s Pan Gold Mine, Gold Rock Project, Illipah Gold Project (Nevada) and the Golden Eagle project (Washington).

Wyloo Metals Pty Ltd entered into a binding arrangement agreement to acquire up to all outstanding common shares of Noront Resources Ltd. it does not already own for C$1.10 per share in cash, via a statutory plan of arrangement in Ontario. BHP Western Mining Resources International Pty Ltd elected not to match the offer, leading to termination of Noront’s support agreement with BHP, and Noront’s board unanimously supports the transaction.

Extreme Vehicle Battery Technologies Corp. (EV Battery Tech) entered into a share exchange agreement to acquire Optimal CP Inc., a developer and manager of cryptocurrency mining facilities. EV Battery Tech will issue 55 million common shares (valued at about $13.75 million) to Optimal’s shareholders, gaining control of Optimal’s crypto mining infrastructure development pipeline in Alberta, Canada.

Lithium Americas Corp. entered into a definitive arrangement agreement to acquire all outstanding shares of Millennial Lithium Corp. via a court-approved plan of arrangement. The consideration is C$4.70 per share primarily in Lithium Americas common shares plus nominal cash, valuing the deal at approximately US$400 million, and would result in Millennial shareholders owning about 9.1% of Lithium Americas.

Fancamp Exploration Ltd. acquired 2,348,485 common shares of ScoZinc Mines Ltd. through a private placement and the settlement of an outstanding loan. The transaction resulted in Fancamp owning 13.1% of ScoZinc’s outstanding shares and was made for investment purposes.

Lee Specialties, Inc. and Nexus Energy Technologies, Inc. have merged to create NXL Technologies, Inc., a global manufacturer of wireline and coiled tubing pressure control equipment for the energy sector. Voyager Interests, which invested in Lee in July 2021, will continue its involvement in the combined platform with Voyager Managing Partner David Watson serving as Chairman of NXL.

Fortuna Silver Mines Inc. completed a court-approved business combination to acquire all issued and outstanding shares of Roxgold Inc., making Roxgold a wholly-owned subsidiary. Roxgold shareholders received 0.283 of a Fortuna common share plus C$0.001 in cash per Roxgold share, creating a larger intermediate gold and silver producer with expanded operations in the Americas and West Africa.

Equinox Gold Corp. completed its acquisition of Premier Gold Mines Limited, adding Premier’s interests in the Hardrock (renamed Greenstone) Project in Ontario, the Mercedes Mine in Mexico, and the Hasaga and Rahill-Bonanza exploration properties in Ontario. In connection with the transaction, Premier’s Nevada assets were spun out into newly created i-80 Gold Corp., in which Equinox Gold will hold a 30% stake, and Premier shareholders will receive shares of both Equinox Gold and i-80 Gold.

Superior Plus Corp. completed two Canadian propane distribution acquisitions through a wholly-owned Canadian subsidiary. Superior acquired the equity interests of Quebec-based Miller Propane and acquired the assets of Ontario-based Highlands Propane, funding both purchases through its existing credit facility.

Graph Blockchain Inc. entered into a definitive share exchange agreement to acquire all issued and outstanding securities of Babbage Mining Corp. for an aggregate purchase price of $4.8 million, to be paid in 60 million units of Graph. The transaction is expected to close on or before February 1, 2021, subject to customary closing conditions and due diligence.