Lundin Mining finalises Eagle mine sale to Talon Metals

Lundin Mining has completed the $127m (C$176.21m) merchantability of Lundin Mining US – the Canadian mining company’s subsidiary that indirectly owned the Eagle excavation and Humboldt mill successful Michigan, US – to Talon Metals.

A definitive stock acquisition statement for this woody was signed successful December 2025, marking the transportation of these assets to Talon Metals.

Following the closure of the deal, Lundin Mining acquired astir 275.2 cardinal communal shares successful Talon Metals. With this, Lundin Mining has accrued its involvement successful Talon Metals to astir 19.86%.

Eagle is an underground, high-grade nickel and copper excavation successful occidental Marquette County, wrong Michigan’s Upper Peninsula.

Talon Metals CEO Darby Stacey said: "I privation to convey Lundin Mining for the leadership, enactment and guidance implicit the past 13 years that has enabled the Eagle squad to confidently instrumentality connected the adjacent challenge.

“Together with the established and palmy Talon Metals team, I americium genuinely excited astir the aboriginal and what we volition accomplish.”

Under the transaction terms, Lundin Mining was compensated with 275.1 cardinal shares, which relationship for astir 18.61% of Talon Metals’ issued and outstanding shares connected a non-diluted basis.

Before the transaction, the institution beneficially held 18.5 cardinal shares, which accounted for astir 1.57% of the issued and outstanding shares connected a non-diluted basis.

After the transaction is completed, Lundin Mining volition ain 293.7 cardinal shares, which represents astir 19.86% of Talon Metals’ issued and outstanding shares.

As portion of the deal, Lundin Mining and Talon Metals signed an capitalist rights statement granting the erstwhile definite manager information and anti-dilution rights.

Additionally, a lock-up statement restricts immoderate acquisition oregon merchantability of Talon Metals’ shares by Lundin Mining for up to 24 months.

Lundin Mining president and CEO Jack Lundin said: “We are pleased to spot this transaction successfully completed and are assured that the alignment of these assets and the complementary accomplishment sets of the teams volition pb to sustained worth procreation successful the portion for each stakeholders involved. We look guardant to supporting Darby and the remainder of the Talon squad connected this breathtaking caller journey.

“With this milestone completed, Lundin Mining is positioned arsenic pure-play copper institution with our existing operations on with a wide maturation strategy to go a planetary top-ten copper shaper done the improvement of the Vicuña District.”

In April 2025, Lundin Mining finalised the merchantability of its Neves-Corvo excavation successful Portugal and its Zinkgruvan excavation successful Sweden to Boliden, for full imaginable proceeds of up to $1.52bn.