ExGen Resources

What ExGen Resources does

ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF), formerly Boxxer Gold Corp, is a Vancouver-based mineral exploration company operating under a self-styled 'Project Accelerator' model since its 2013 acquisition of Konnex Resources Inc. Rather than running a traditional prospect-generator business, ExGen assembles a core portfolio of advanced-stage exploration projects and funds them through joint ventures, earn-in arrangements, and partnership agreements — historically channeling over C$75 million in partner capital into its projects. The company serves as a project sponsor and minority-interest holder, contracting with major and junior mining companies that carry exploration and development costs in exchange for equity stakes.

ExGen's project portfolio spans six properties in Canada and the United States, plus a South American silver stream. Flagship exposure is a 20% carried interest in the Empire Mine copper-gold-silver open-pit project in Idaho (held via Konnex Resources, 80% Phoenix Copper), where Phoenix funds all of ExGen's construction and operating costs through a loan repaid from future profits and a Pre-Feasibility Study projects $132M after-tax cumulative net cash flow and 40.2% IRR. Other assets include the DOK copper-gold porphyry in BC's Golden Triangle (40% interest plus 2% NSR), the Spark North lithium project in Nevada, the Buena Vista copper-IOCG project in Nevada, the Gordon Lake high-grade gold prospect in NWT, the Boss past-producing copper-gold-silver property in Nevada, the Macrex copper-gold-silver option in BC, and a silver stream on the Andacollo Gold Project in Chile through Sol de Oro.

Monetization is structured around four revenue streams: carried interests (Empire Mine), NSR royalties (DOK, BC properties), equity consideration (1.33M Phoenix Copper shares, Dolly Varden shares acquired through MTB), and silver streaming (Andacollo). The company is pre-revenue at the operating level and funds exploration primarily through equity (non-brokered private placements) and partner-funded work commitments. Leadership is led by CEO and Chairman Jason Riley (since May 2014, prior Konnex Resources president) with CFO Jason Tong (CPA/CA/CFA). In 2025-2026 the company completed the MTB Metals Corp acquisition, signed the Sol de Oro silver stream, and refreshed its board with a director bringing ESG and capital-markets expertise — collectively signaling a strategic pivot toward a hybrid exploration-plus-royalty/streaming model.

Name

ExGen Resources

Legal name

ExGen Resources Inc.

Website

https://exgeninc.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

ExGen Resources is a Vancouver-based junior mineral exploration company operating a 'Project Accelerator' model that funds exploration and development through joint ventures and partnerships. It serves major and junior mining companies by providing advanced-stage project exposure in exchange for carried interests, royalties, and equity consideration.

Ownership category

akta.pro rank

Product category

Mining Exploration Services

NAICS

Other Metal Ore Mining (21229), Copper, Nickel, Lead, and Zinc Mining (212230), Other Financial Vehicles (52599)

SIC

Metal Mining (1000), Mineral Royalty Traders (6795), Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

akta.pro secondary industry

Project & Construction Management (EPCM, Owner’s Engineer, Scheduling/Controls) (IMAKAOAG)

Keywords

• Mineral exploration services
• Mining project development
• Joint venture partnerships
• Mining royalty interests
• Exploration project funding

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Carried Interest - Empire Mine: Phoenix Copper funds all of ExGen's 20% construction and operating costs for the Empire Mine Open Pit Project through a loan to Konnex Resources. The loan is repaid from ExGen's 20% share of profits. ExGen's ownership interest is protected from dilution at 20%.
2. Silver Stream - Chile: Silver stream agreement to purchase silver from the Andacollo Gold Project in Chile through Sol de Oro. Involves cash payments and delivery commitments for silver production.
3. Royalty Interests: ExGen retains 2% NSR royalty on DOK claims and royalties on various Golden Triangle projects. Additional royalty interests in British Columbia.
4. Equity Consideration: Retains equity in joint venture partners (1,330,000 Phoenix shares, Dolly Varden Silver shares from MTB acquisition) and receives share-based consideration in transactions.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

ExGen Resources is a Project Accelerator that funds the exploration and development of mining projects through joint venture and partnership agreements, maintaining a portfolio of advanced-stage copper, gold, silver, and lithium projects in Canada and the United States. The company acquires exploration projects, advances them to increase value, and retains exposure through carried interests, NSR royalties, milestone payments, equity consideration, and silver streaming arrangements. Revenue and upside are derived from carried interests in operating mines, royalty payments, equity stakes in joint venture partners, and silver stream deliveries from third-party mining operations.

Product overview

ExGen Resources is a Project Accelerator that funds exploration and development of mining projects through joint ventures and partnership agreements. The company maintains a portfolio of exploration projects across Canada and the US, including the Empire Mine (20% carried interest in Idaho), DOK Project (40% interest in BC's Golden Triangle), Spark North (lithium in Nevada), Buena Vista (copper in Nevada), Gordon Lake (gold in NWT), Boss (copper-gold-silver in Nevada), and the optioned Macrex Property (copper-gold-silver in BC). The company focuses on reducing technical and financial risks through partnerships while maintaining upside exposure to discoveries and potential cash flow.

Differentiator

Problem solved

Functional benefit

Products and services

• Empire Mine A copper, gold, and silver project in Idaho where ExGen holds a 20% carried interest through its ownership of Konnex Resources Inc. Phoenix Copper funds all of ExGen's construction and operating costs. Currently in permitting and pre-feasibility stage with a projected $132M after-tax cumulative net cash flow and 40.2% after-tax IRR over an 8-year initial open pit life of mine.
• DOK Project A copper and gold porphyry project in British Columbia's Golden Triangle where ExGen holds a 40% interest plus a 2% NSR royalty. Drilling has returned 0.26% Cu, 0.11 g/t Au, and 1.79 g/t Ag over 106.85 meters. Available for joint venture partnership.
• Spark North A lithium exploration project in Elko County, Nevada covering 2,300 acres with no prior exploration history. Acquired by ExGen through a purchase agreement signed January 28, 2025, and closed March 14, 2025. Adjacent to Surge Battery Metals' Nevada North Lithium Project.
• Buena Vista A copper exploration project in Nevada covering 1,145 acres, with potential for iron-oxide-copper-gold (IOCG-style) mineralization. Available for joint venture partnership.
• Gordon Lake A high-grade gold exploration prospect in Northwest Territories with historical resource estimates and shear zone hosted mineralization. Available for joint venture partnership.
• Boss A past-producing copper, gold, and silver project in Nevada covering 120 acres. Available for option to third parties.
• Macrex Property A copper, gold, and silver property optioned in Alberni Mining District, British Columbia covering approximately 5,115 acres (2,070 hectares). ExGen optioned the property on July 29, 2025, to earn 100% interest by completing $1,500,000 in exploration work, paying $700,000 over 5 years, with a $3,000,000 bonus payment upon NI 43-101 resource publication.
• Andacollo Silver Stream Silver stream agreement with Sol de Oro Mining Ltd. for the purchase of silver from the Andacollo Gold Project in Chile. Involves cash payments and delivery commitments for silver production from the past-producing gold mine.

Quantifiable outcome

• Over $75M in partner capital historically funded exploration programs
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered secondary and core.

• Sol de Oro Mining Ltd.secondaryStrategic or Co-development Partner · 23 December 2025Silver stream agreement with Sol de Oro for the purchase of silver from the Andacollo Gold Project in Chile. ExGen is acquiring a silver stream involving cash payments and delivery commitments for silver production from the past-producing gold mine.
• MTB Metals Corp.coreStrategic or Co-development Partner · 13 August 2025Completed acquisition of MTB Metals Corp in December 2025 through court-approved plan of arrangement. ExGen acquired all MTB securities on basis of 0.286 ExGen shares per MTB share. MTB brought Telegraph copper-gold project (350 sq km in Golden Triangle), Southmore property, and royalties on 4 Golden Triangle projects. MTB also held 486,072 Dolly Varden Silver shares.
• Private Individual (Macrex Optionor)secondaryStrategic or Co-development Partner · 29 July 2025Option agreement to earn 100% interest in Macrex property in Alberni Mining District, BC. ExGen must complete $1,500,000 exploration work and pay $700,000 over 5 years, with $3,000,000 bonus payment upon NI 43-101 resource publication.
• Konnex Resources, Inc.coreOthersJoint venture entity holding the Empire Mine leases and claims. ExGen holds 20% and Phoenix Copper holds 80%. Konnex constructs and operates the Empire Mine Open Pit Project. ExGen's ownership interest is protected from dilution under the carried interest agreement.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Franco-Nevada Corporation: Largest gold-focused royalty and streaming company globally with a diversified portfolio across mining stages and jurisdictions. Broad incumbent benchmark for the royalty/streaming business model ExGen is aspiring to build.
• Wheaton Precious Metals Corp. The world's largest precious metals streaming company, providing upfront financing to miners in exchange for delivery of silver, gold, and other metals. Represents the broad incumbent archetype for ExGen's evolving silver stream strategy and royalty model.

Direct peers

• Metalla Royalty & Streaming Ltd. Precious metals royalty and streaming company with a portfolio of streamed and royalty interests in development and producing assets. Comparable to ExGen's evolving royalty/silver-stream strategy and project accelerator approach.
• Dolly Varden Silver Corporation: High-grade silver developer operating in BC's Golden Triangle, directly comparable to ExGen on commodity (silver), jurisdiction (British Columbia), and project stage. ExGen holds Dolly Varden shares indirectly via the MTB Metals acquisition, indicating close district overlap.
• Gold Royalty Corp: Royalty-focused company providing upfront capital to gold and silver developers in exchange for NSR royalties. Directly comparable to ExGen's Project Accelerator model and royalty book, with a broader and more mature royalty portfolio.
• Surge Battery Metals: Nevada North Lithium Project operator whose discovery is directly adjacent to ExGen's Spark North lithium project in Elko County, Nevada. Highly comparable on commodity (lithium), jurisdiction, and exploration-stage profile, and an explicit proximity reference point for ExGen.
• Vox Royalty Corp: Royalty and streaming company that acquires precious and base metal royalties globally. Most directly comparable business model to ExGen's emerging royalty/streaming book (silver stream on Andacollo, NSR royalties on DOK and other Golden Triangle projects).
• Elemental Royalties Corp: Specialized royalty company providing upfront capital to mine developers in exchange for royalty interests. Closely mirrors ExGen's combination of project accelerator activity and royalty acquisition strategy across base and precious metals.
• Phoenix Copper Limited: AIM-listed operator and 80% owner of Konnex Resources, holding the Empire Mine project in Idaho — the same asset where ExGen holds a 20% carried interest. Closest comparable on commodity (copper-gold-silver), jurisdiction (Idaho), and development stage.

Emerging players

• Bessor Minerals Inc. BC-focused junior explorer with a portfolio of base and precious metal projects, formerly led by ExGen director Kieran Downes. Comparable scale, stage, and BC-focused exploration portfolio to ExGen's junior mining peer set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/exgenresources
• Instagraminstagram.com/exgenresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ExGen Resources