Teck joins Centerra in Metal Energy: NIV porphyry drilling lens for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Teck Resources has taken a 9.9% equity stake in Metal Energy by purchasing about 4.44 million flow-through shares at C$0.73 and 6.2 million common shares at C$0.45, matching Centerra Gold’s earlier 9.9% position. The financing lifts Metal Energy’s market capitalisation to roughly C$23 million after its share price jumped to C$0.80, about 60% above pre-Centerra levels. Proceeds will fund drilling in 2026 on fully permitted, drill-ready porphyry targets at the 215 km² NIV copper-gold-molybdenum property in British Columbia’s Toodoggone district.
Technical Brief
- NIV property comprises two main mineral claim blocks totalling 215 km² in the Toodoggone district.
- Tenure is fully permitted for drilling, removing lead-time for exploration access and disturbance approvals.
- Several porphyry-style drill targets are already defined as “drill-ready”, implying prior geophysics and surface geochemistry.
- Share price moved to a new 52‑week high of C$0.80 immediately after Teck’s investment announcement.
- Market capitalisation reached about C$23 million, providing a modest but material treasury base for multi-hole campaigns.
Our Take
With both Teck Resources and Centerra Gold now holding 9.9% each, Metal Energy moves into a rare group in our database of sub-C$25 million explorers in Canada that have two major producers on the register, which typically signals that future earn-in or JV structures on assets like the NIV Property are being kept in play without immediate control changes.
Among the 141 copper- and gold-tagged pieces in our recent coverage, most early-stage financings in British Columbia have involved single-major backing, so Teck’s entry alongside Centerra on a 215 sq km land package in the Toodoggone district suggests heightened competition among mid-to-major producers for large-scale porphyry footprints in north-central BC.
The use of both flow-through and common shares at different price points in this Teck financing fits a pattern in our Canadian copper-gold coverage where majors use flow-through structures to maximise tax efficiency on aggressive next-year drilling programmes, while common equity at a discount effectively prices in geological and permitting risk at projects like NIV.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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