Copper Explorer Merges for Major Yukon Breakthrough

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Cascadia Minerals Ltd. (TSXV: CAM; OTCQB: CAMNF) has completed its acquisition of Granite Creek Copper Ltd. (GCX:TSX.V; GCXXF:OTCQB) through a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The transaction, effective August 13, 2025, results in the full integration of Granite Creek into Cascadia, consolidating a broad range of copper-gold and epithermal gold projects across the Yukon's Stikine Terrane.

The combination brings together Granite Creek's advanced-stage Carmacks copper-gold project with Cascadia's portfolio of discovery-stage assets. As part of the transaction, each Granite Creek shareholder received CA$0.25 of a Cascadia common share per Granite Creek share held. Cascadia issued a total of 53,070,848 common shares to former Granite Creek shareholders. In addition, 3,747,500 stock options and 11,036,291 warrants were adjusted and exchanged on equivalent terms under the new entity.

Cascadia's President and CEO, Graham Downs, stated in the announcement, "We are very excited to complete this merger, and we welcome Granite Creek shareholders to Cascadia." He added that a fall drill program at the Carmacks Project is in planning, and prospecting work is underway at several of the company's Yukon properties. These include the Macks, Milner, Idaho Creek, and Rosy projects, with drill results from the Catch property expected in due course.

The merger was accompanied by a previously announced private placement. Cascadia confirmed the conversion of 14,459,894 subscription receipts into common shares and warrants, releasing gross proceeds of CA$2,024,385. These shares and warrants are not subject to a resale hold period in Canada. Each warrant entitles the holder to purchase an additional Cascadia share at CA$0.24 until August 13, 2027.

Cascadia paid total finder's fees of CA$82,223 and issued 587,308 finder warrants in connection with the financing. These warrants have the same terms as those issued to subscribers and remain subject to TSX Venture Exchange approval.

As part of the merger, Granite Creek's former President and CEO, Timothy Johnston, has joined Cascadia's board of directors. Concurrently, James Sabala and Kurt Allen have stepped down from the board. Cascadia expressed gratitude for their service and contributions to the company.

Copper Market Factors and Industry Outlook

According to CNBC on July 31, the final order for the United States' 50% copper tariff targeted semi-finished copper products such as rods, wires, and pipes, but notably excluded copper cathode, ores, concentrates, and scrap. This surprise exemption led to a sharp drop in COMEX copper prices, which fell 19% in intraday trading. Despite the downward pressure on U.S. copper market prices, analysts noted that the tariff is still expected to influence costs across manufacturing sectors that rely on copper-intensive components.

Jenni Reid of CNBC wrote that although the U.S. market experienced a sharp drop in copper futures, the structural fundamentals of the copper market remained intact. Duncan Wanblad, CEO of Anglo American, remarked, "The fundamentals of copper are really underpinned by the fact that demand is looking to be very strong still in terms of the world's need for an energy transition," highlighting uses such as electric vehicles and AI data infrastructure.

Mining.com reported on August 7 that copper prices rose in early August due to strong Chinese trade data and renewed supply concerns in Chile. China posted a 7.2% year-over-year increase in exports for July, beating forecasts and supporting demand for industrial metals. Zhou Xiao'ou of Zijin Tianfeng Futures told Bloomberg that China's copper imports reached 480,000 metric tons in June, the highest level in 2025.

The same article highlighted ongoing production risks. Chile's Codelco suspended operations at its El Teniente mine following a fatal tunnel collapse on July 31. The shutdown was expected to curtail production by approximately 30,000 metric tons per month. Michael Cuoco, head of metals at StoneX Financial, said, "As long as it's ongoing, I find it extremely unlikely that the mine will be able to reopen," referencing the status of regulatory investigations into the incident.

On August 11, Investing.com reported that UBS maintained its bullish outlook on copper prices, forecasting they would remain above US$10,500 per metric ton by mid-2026. The firm cited a continued structural supply deficit and strong underlying demand as key factors. UBS also noted that recent tariff exemptions would likely minimize supply disruptions for raw materials, while market volatility could offer strategic entry points for investors.

Yukon Copper-Gold Positioning and Project Developments

The Carmacks copper-gold-silver project, acquired through the merger, adds an advanced-stage asset to Cascadia's portfolio. The 2023 preliminary economic assessment (PEA) outlined a CA$328 million post-tax net present value (NPV) using a 5% discount rate for the base case, with projected all-in sustaining costs of US$2.57 per pound of copper equivalent. The proposed operation includes a 7,000-tonne-per-day mill and a nine-year mine life.

The project has significant exploration upside, with metallurgical testing released in January 2024 indicating a potential increase in oxide copper recovery from 39.8% to 88%. These results surpass the original PEA target and reflect possible improvements in operational performance.

In addition to Carmacks, the combined company now holds prospective assets such as the Star and LS Molybdenum projects in British Columbia and the Minto Copper Belt exploration land package in Yukon. Work programs across these properties include field studies, geophysical surveys, and drill targeting, supporting the broader development strategy.

The merger positions Cascadia as a copper-gold exploration company with a focus on near-term value enhancement and operational synergies in a region that continues to attract investment. According to the investor presentation, major infrastructure investments and historical production from adjacent properties provide a strong foundation for future project advancement. 

Ownership and Share Structure

According to Refinitiv, insiders own 6.38% of Granite Creek Copper, including the CEO Johnson with 2.55%. The next top two, both directors, are Robert Sennott with 2.11% and Michael Rowley with 1.37%.

The company does not have any institutional investors. Retail investors own the remaining 93.71%.

Granite Creek has 198.27 million shares outstanding and 185.79 million free-float traded shares. The company's market cap is CA$3.97 million, and it trades in a 52-week range of CA$0.02 to CA$0.06 per share

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