Tactical Resources has option to purchase the mining lease for the Peak Project from SBQ Credit: Juan Enrique del Barrio/Shutterstock.

Tactical Resources, a Canada-based mining company focused on rare earth elements (REEs), is set for a Nasdaq listing through a merger with Plum Acquisition Corp. III, a special purpose acquisition company (SPAC).

This combined business would have a pro forma enterprise value of $589m, provided Tactical Resources is delivered on a “cash free, debt free basis”.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The proposed merger is anticipated to conclude in the fourth quarter of 2024, contingent on clearances from regulators, court, and shareholders.

Currently, Tactical Resources is developing the Peak Project located southeast of El Paso, Texas, US.

This project holds the rights to acquire REE-enriched tailings and materials stockpiled from the Sierra Blanca Quarry.

Additionally, the company has an exclusive option to purchase the mining lease and related infrastructure for the Peak Project from SBQ.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tactical Resources CEO Ranjeet Sundher said: “We believe that this business combination with Plum will enable us to advance our growth strategy and form strategic alliances that enhance shareholder value.

“Tactical Resources intends to use the capital raised to transform both domestic and international rare earth element supply chains and lessen America’s reliance on overseas critical mineral resources.

“While others may be focusing on the manufacturing of singular end-products such as magnets, our focus is on the more critical raw ingredients needed to fuel the overarching rare earth elements ecosystem. We believe that this business combination will help position Tactical Resources to become a significant rare earth elements producer in the United States.”

The investment highlights for Tactical Resources include its growing REE mining asset and company presence in the US, significant geopolitical and supply implications that could reduce dependence on China for REEs.

It also includes an operational mine in Texas with proven REE-enriched tailings and strong financial prospects with low initial capital expenditures for production.