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Tactical Resources, a North American rare earth elements (REEs) company, is set to list on NASDAQ through a business combination with Plum Acquisition Corp. III. The deal implies a pro forma enterprise value of $589 million. Tactical Resources aims to become a significant U.S. REEs producer, addressing the critical need for these materials in modern technologies and national defense.
The company's Peak Project in Texas has exclusive rights to REE-enriched tailings from the Sierra Blanca Quarry, offering a rare direct-leach-extractable project with existing permits. This strategic move aims to reduce U.S. dependence on Chinese REE supply, which currently accounts for nearly 70% of global production.
The transaction is expected to close in Q4 2024, subject to approvals. Existing Tactical Resources shareholders will own approximately 82% of the new entity upon completion.
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