On May 1, 2024, Treasury Metals Inc. and Blackwolf Copper and Gold Ltd. announced a definitive arrangement agreement to merge and advance the Goliath Gold Complex Project (GGC Project) in Ontario. The transaction, valued at approximately $54 million, combines their strengths in a 68.3% to 31.7% ownership split between Treasury and Blackwolf shareholders.

The GGC Project, poised for production with a 13-year mine life, expects to produce 109,000 ounces of gold annually at a cash cost of US$892 per ounce. The project, based on a prefeasibility study, has a net present value of $493 million and an internal rate of return of 33.5%. The combined company also holds the Niblack Copper-Gold project in Alaska, with exploration properties offering growth potential.

The new entity will be chaired by Jim Gowans, with Jeremy Wyeth as CEO and Morgan Lekstrom as President. Frank Giustra, Blackwolf's largest shareholder, will serve as Strategic Advisor.

Legal advisors for Treasury were Cassels Brock & Blackwell LLP, while DuMoulin Black LLP represented Blackwolf. Fiore Management and Advisory Corp. advised Blackwolf, receiving a 2% advisory fee in shares. Haywood Securities Inc. and RwE Growth Partners Inc. provided financial advice and fairness opinions to Treasury, while Evans & Evans, Inc. did the same for Blackwolf .