June 9, 2025 - Vancouver, BC – Granite Creek Copper Ltd. (“Granite Creek”) (TSX-V:GCX) and Cascadia Minerals Ltd. (“Cascadia”) (TSX-V:CAM) are pleased to announce that they have entered into a definitive arrangement agreement dated June 8, 2025 (the “Agreement”) whereby Cascadia will acquire 100% of the issued and outstanding shares of Granite Creek for consideration payable in shares of Cascadia (the “Transaction”). The consideration will consist of 0.25 common shares in the capital of Cascadia for each one Granite Creek common share held. The Cascadia shares to be received by Granite Creek shareholders represent a value of $0.04 per Granite Creek share held based on Cascadia’s closing price ending June 6, 2025.
The Cascadia shares provide Granite Creek shareholders with a premium of 48% based on Granite Creek’s 5-day volume-weighted average trading price of $0.027 as of June 6, 2025, the last trading day prior to announcement of the Agreement.
Granite Creek is primarily engaged in copper and gold exploration and development of the Carmacks Project, located 34 km northwest of Carmacks in central Yukon, and 40 km from the past-producing Minto mine.
All references to $ in this news release are to Canadian dollars unless otherwise indicated.
Transaction Highlights:
- Strong Resource Base. The road-accessible Carmacks Project hosts a high-grade Measured and Indicated Resource1 containing 651 Mlbs of copper and 302 koz of gold (36.3 million tonnes2 grading 0.81 % copper, 0.26 g/t gold, and 3.23 g/t silver and 0.01% molybdenum, or 1.07% copper equivalent3) with a 2023 PEA demonstrating positive economic potential ($230.5 M Post-Tax NPV(5%) and 29% Post-Tax IRR)4.
- Expansion Potential. Cascadia is well positioned to grow the Carmacks Project resource, with a resource expansion drill program planned for fall 2025 to test numerous targets, including near 2021 diamond drill hole CRM21-0115,6 which returned 105.52 m of 0.96% copper with 0.18 g/t gold and 4.06 g/t silver (1.18% copper equivalent3) and has not seen follow-up.
- Exploration Synergies. The combined company will be a leading Yukon copper-gold explorer and developer, combining Granite Creek’s advanced Carmacks Project with Cascadia’s portfolio of copper-gold exploration projects across Yukon’s Stikine Terrane, providing shareholders a robust pipeline of projects from greenfield discoveries to brownfield expansion and development.
- Benefits to Shareholders. Granite Creek shareholders will receive exposure to Cascadia’s discovery-stage Catch Property, where drilling is underway to test a new high-grade epithermal gold discovery (1,065 g/t gold in outcrop7) and extensive copper-gold porphyry mineralization.
- Well Financed. Upon completion of the Transaction Cascadia will have a total cash balance of approximately $2.5 million, which will be used to fund ongoing work on the combined property portfolio.
- Experienced Team. The Cascadia team brings extensive and proven Yukon exploration experience, including comprehensive geology, engineering, metallurgy, finance, capital markets, community engagement, governance and sustainability backgrounds.
- Streamlined Overhead. The Transaction will provide efficiencies and remove duplicative costs by optimizing resources of the combined company and providing for more efficient advancement of the assets as a single portfolio with a focus on delivering maximum value for shareholders.
Graham Downs, President and CEO of Cascadia, commented: “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. Our team is confident in the exploration potential around the main deposits and throughout the property. We look forward to building on the systematic work Granite Creek has conducted in recent years by growing near-deposit resources and exploring along trend toward the nearby Minto deposit to the north. Planning is already underway for a fall drill program at Carmacks, while work advances in parallel at our Catch Property and other discovery-stage Yukon Stikine projects. The Cascadia team has a demonstrated track record of advancing district-scale projects and making meaningful discoveries, and we look forward to bringing this experience to the Carmacks Project as well.”
Tim Johnston, President and CEO of Granite Creek, commented: “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. I look forward to remaining involved with Cascadia and moving the Carmacks Project forward towards development.”
Carmacks Project Overview
The 177 km2 Carmacks Project is located 34 km northwest of the town of Carmacks, within the Traditional Territory of the Little Salmon Carmacks First Nation and the Selkirk First Nation. It is 35 km southeast of the past producing Minto Copper-Gold Mine, which is currently being acquired by the Selkirk First Nation8. It is road-accessible, with grid power located within 12 km of the property.
Figure 1: Carmacks Property Location
The Carmacks Project is located within the Minto Copper Belt, a 180 km x 60 km belt of intrusion-related copper-gold-silver deposits. This belt is within the Stikine Terrane, which extends into Yukon from British Columbia, and is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well-endowed with copper-gold-molybdenum porphyries including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.
