Tactical Resources began trading on the Nasdaq Capital Market on Thursday after completing a merger with blank-check firm Plum Acquisition III Corp, marking the Vancouver-based rare earths miner's public debut.
Shares of Tactical Resources declined in early trading on its first day listed. The company, which focuses on the Peak Project in Texas, said the merger provides access to capital and investors aligned with its U.S.-focused strategy. CEO Ranjeet Sundher emphasized the company's objective to demonstrate a credible pathway from raw material to usable rare-earth products, rather than merely confirming mineral presence at the site.
Sundher noted the company is advancing permitting for a modular processing facility and continuing metallurgical development as part of its development plan. The Peak Project is positioned as one of the few hard rock, direct-to-leach rare earth opportunities in the United States, according to the company.
The move comes as Beijing expanded export restrictions on rare earth miners and processors in June, underscoring global supply chain vulnerabilities. G7 nations account for 60% of critical mineral demand, while China refines between 47% and 87% of key materials including copper, lithium, cobalt, graphite and rare earths, according to International Energy Agency data cited by Reuters.
Sundher highlighted the U.S. government's growing recognition of rare earths as an economic and national security issue, with policy increasingly focused on building a resilient mine-to-magnet supply chain to reduce dependence on China. The company aims to contribute to this objective by advancing domestic processing capabilities at Peak.
Tactical Resources did not disclose financial terms of the merger or immediate operational updates beyond its development strategy. The company's public listing follows its merger with Plum Acquisition III Corp, a special purpose acquisition vehicle.
