Avenir Minerals to Acquire Fox River Resources for C$94.3 Million

Avenir Minerals Limited has agreed to acquire Fox River Resources Corporation in an all-cash deal valued at approximately C$94.3 million. Fox River shareholders will receive C$1.10 per share, reflecting a 20% premium over the 30-day volume-weighted average price as of May 1, 2026.

The Fox River board recommends that shareholders approve the transaction, citing its alignment with the company's development goals. Fox River's sole asset is the Martison Phosphate Project in Ontario, a large-scale igneous phosphate deposit.

The transaction requires approval from two-thirds of Fox River shareholders and regulatory clearances. Completion is expected in the third quarter of 2026, after which Fox River shares will be delisted from the Canadian Securities Exchange.

A special committee, advised by Mills Dunlop Capital Partners, determined the transaction is fair and in the best interest of securityholders, endorsing the arrangement agreement.