Critical minerals company Talon Metals has completed its previously announced acquisition of Lundin Mining’s Eagle mine and associated Humboldt mill, creating a multi-asset, cash-generating nickel/copper producer in the US.

The transaction brings the only operating primary nickel mine in the US under Talon’s control, alongside the Humboldt processing facility in Michigan. In exchange, Lundin Mining received about 275.2-million Talon shares and a production payment royalty of $1/t on non-Eagle ore processed through the Humboldt mill, capped at $20-million.

Talon executive chair Henri van Rooyen described the deal as transformational for the company, combining near-term cash flow with longer-term growth options at a time of heightened focus on US critical minerals supply.

“This transaction has brought together the positive cash-flow-generating Eagle mine and Humboldt mill, the proven operating experience of the Eagle and Humboldt teams, and Talon’s in-house exploration, environmental and permitting capabilities to create the only operating primary nickel/copper company in the United States with meaningful expansion potential,” Van Rooyen said.

He added that the enlarged group would now pursue four priorities in parallel, including extending the Eagle mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack nickel/copper project and the Beulah battery minerals processing facility, and progressing engineering toward feasibility and construction.

The completion of the transaction was accompanied by changes to Talon’s board and executive team. Darby Stacey, previously general manager of the Eagle mine under Lundin Mining, has been appointed CEO officer and joined the board. Lundin Mining CEO Jack Lundin and COO Juan Andrés Morel were also appointed as nonexecutive directors.

In parallel, Talon confirmed that a previously announced private placement involving the Lundin Family Trust remained subject to shareholder approval, with a special meeting to be convened as soon as practicable.

The company also reiterated plans to consolidate its share capital on a one-for-ten basis, with the consolidation set to take effect on January 23. Following the consolidation, Talon’s issued shares will be reduced to about 148-million, subject to rounding adjustments, with trading on a post-consolidation basis expected to begin later in January.

Talon said the consolidation would not change shareholders’ proportional ownership but was intended to align the company’s capital structure with its new status as a producing US-focused nickel/copper company.