The Vancouver, British Columbia-based Lundin has signed a definitive agreement to sell its subsidiary Lundin Mining U.S. Ltd. to Talon Metals for 275.2 million shares in Talon, equivalent to $83.7 million.

“The combination of Talon and Eagle will create a pure-play U.S. nickel company anchored by the Eagle Mine, the only primary nickel mine currently operating in the United States,” Jack Lundin, president and CEO, said in a news release. “This transaction unlocks meaningful synergies, including the opportunity to leverage the Humboldt Mill as a shared, centralized processing facility. We are pleased to see this consolidation come to fruition and believe that the combination of our complementary capabilities will drive long-term value for shareholders while supporting sustained economic growth in the local community.”

Lundin Mining is to own 19.99% of Talon Metals shares, becoming the largest shareholder. This news merges the two companies’ assets and enhances future opportunities in Michigan and Minnesota. The ultimate vision for the company is to have multiple mines and processing facilities.

The board of directors of Talon will be reconstituted to be composed of 10 directors with two nominees from Lundin Mining being Jack Lundin and Juan Andrés Morel. Additionally, Darby Stacey, the current managing director of the Eagle Mine and Humboldt Mill, will be appointed as CEO and director of Talon.

An aerial photo of the Humboldt Mill. (Courtesy photo)

Eagle Mine has an active nickel and copper underground mine and a mineral processing facility, the Humboldt Mill. Talon Metals is developing a nickel project in Tamarack, Minnesota, and advancing a planned Beulah Minerals Processing Facility in North Dakota. Talon also has an exploration project near the current Eagle mine site.

“Lundin Mining acquired the Eagle Mine in 2013, and since the start of operations it has produced more than 194,000 tonnes of nickel and 185,000 tonnes of copper, generating over U.S. $3.2 billion in revenue as of Q3 2025, while delivering significant economic benefits to the region,” Lundin said. “This track record reflects the dedication, professionalism

and strong safety culture of the Eagle team, and we extend our sincere thanks to everyone for their commitment and lasting contributions to the organization.”

Stacey, Eagle Mine managing director, said the mine employs many residents from Houghton and Keweenaw counties, as well as Iron and Marquette counties.

“These are underground miners, maintenance, electricians, that are coming from as far away as Keweenaw County, and Baraga – a lot from that side of the peninsula,” Stacey said. “These are good jobs, and these are highly skilled people.”

Stacey said the action is logical for Talon moving forward. “Why this action makes sense for Talon is we’re going to use the use of cash flow from Eagle, theoretically, to go into exploration, engineering and all the things that are needed to bring that next mine into production,” he said.

Eagle’s success in permitting, construction and operations strengthens the Tamarack project in Minnesota as the permitting process progresses, the company said. Talon’s exploration success in Michigan, near the Eagle Mine site, strengthens future opportunities to extend its operational life.

“In 2026, we plan to progress permitting in Minnesota and resume exploration in Michigan, with the same values of transparency, safety, environmental protection and community engagement that have made our current operations a success,” said Jen Heikkila, communications and brand strategy supervisor of Lundin Mining.

———

Graham Jaehnig of the Daily Mining Gazette in Houghton contributed to this report.