Overview
- Talon signed a definitive agreement to buy 100% of Lundin Mining US, which owns the Eagle Mine and the Humboldt Mill in Michigan.
- Lundin will receive 275.2 million Talon shares valued at about $83.7 million, giving it roughly a 20% stake upon closing and two seats on Talon’s expanded 10-member board.
- Closing is targeted for early 2026 subject to regulatory and shareholder approvals, with Lundin agreeing to a 24‑month lock‑up and investor rights on future financings.
- Under a production payment agreement, Lundin will receive $1 per tonne of non‑Eagle ore processed at the Humboldt Mill, capped at $20 million, as Talon explores using the mill as a regional hub and evaluates tailings for additional recovery.
- Darby Stacey, who oversees Eagle and Humboldt for Lundin, is slated to become Talon CEO, as the company integrates Eagle with its Tamarack project and existing Tesla supply agreement; Eagle has operated since 2014 as the only U.S. primary nickel mine.