Canadian Natural Resources Acquires Tourmaline Oil Corp

Teck Resources, Canada Growth Fund and Canada Critical Minerals Accelerator sign Strategic Investment Agreement for Trail smelter expansion

July 7, 2026

Industrial Services

Teck Resources Limited, Canada Growth Fund Inc. (CGF), and Natural Resources Canada’s Canada Critical Minerals Accelerator have signed a Strategic Investment Agreement to support expanding production capacity for germanium, gallium, and antimony at Teck’s Trail Operations smelting and refining complex in British Columbia. The agreement provides a framework for CGF to invest up to C$400 million into the facility, alongside up to C$850 million of potential total investment by Teck, and includes an offtake structure with the Government of Canada for a portion of future output.

Tourmaline Oil Corp Acquires Crew Energy Inc.

August 12, 2024

Energy

Tourmaline Oil Corp. has entered into a definitive arrangement to acquire all issued and outstanding common shares of Crew Energy Inc. in exchange for 18.778 million Tourmaline common shares and the assumption of approximately $240 million of net debt, for total consideration of about $1.3 billion. The deal, approved by both boards and expected to close in early October 2024, significantly increases Tourmaline's NEBC Montney position, adds ~29,000–30,000 boepd of production and material reserves, and is expected to be accretive to free cash flow with substantial identified synergies.

McEwen Mining Acquires Timberline Resources

April 16, 2024

Energy

McEwen Mining Inc. has entered into a definitive agreement to acquire all outstanding shares of Timberline Resources Corporation in an all-share merger. The deal will expand McEwen's portfolio of development and exploration projects in Nevada; Timberline shareholders will receive 0.01 of a McEwen share per Timberline share, implying a transaction value of roughly US$18.8 million (excluding McEwen’s existing ownership).

Rio Tinto Acquires Remaining Stake in Turquoise Hill Resources for C$43.00 per Share

November 18, 2022

Industrial Services

Rio Tinto has agreed to terminate certain dissent-related agreements with minority shareholders tied to Pentwater Capital Management LP and SailingStone Capital Partners LLC, while its all-cash plan to acquire the ~49% of Turquoise Hill it does not already own will proceed. Under the proposed plan of arrangement, Turquoise Hill shareholders are offered C$43.00 per share in cash, supported by Rio Tinto’s commitments regarding dissent rights and related payments.

Tourmaline Oil Corp. Acquires Black Swan Energy Ltd. (and Paramount Birch Assets)

July 15, 2021

Oil & Gas

Tourmaline Oil Corp. closed its acquisition of Black Swan Energy Ltd. and also acquired Paramount Resources Ltd.'s Birch-area Montney lands and assets, consolidating key Northeast B.C. Montney positions. The transactions increase Tourmaline's production profile and complement a separate long-term gas supply agreement with Cheniere Energy to access LNG markets.

Copley Equity Partners Acquires Majority Stake in Tourmaline Partners

May 18, 2020

Financial Services

Copley Equity Partners has made a majority investment in Tourmaline Partners, a Stamford-based outsourced trading solutions provider. Financial terms were not disclosed; the investment will support Tourmaline's technology development and expansion into new geographies and asset classes.