Tactical Stock Price, News & Analysis

Tactical Resources Corp (USREF) is a mineral exploration and development company focused on rare earth elements ("REEs") within the Basic Materials sector. The company is repeatedly described in its public disclosures as a mineral exploration and development company focused on U.S.-made rare earth elements used in semiconductors, electric vehicles, advanced robotics and, in particular, national defense. Tactical Resources trades over-the-counter in the United States under the symbol USREF and on the TSX Venture Exchange under the symbol RARE.

According to multiple company news releases, Tactical Resources’ strategy centers on advancing rare earth projects that can support a U.S.-based supply chain for critical minerals. The company highlights its Peak Project, a rare earth elements-focused project located southeast of El Paso, Texas, as a cornerstone asset. Tactical Resources states that the Peak Project is one of only a few rare earth hard rock direct-leach-extractable projects, with initial quarry operating permits in place through its relationship with the Sierra Blanca Quarry ("SBQ"). The company notes that it has rights to acquire REE-enriched tailings and stockpiled materials from SBQ operations and an exclusive option to purchase SBQ’s mining lease and associated infrastructure for the Peak Project.

Tactical Resources emphasizes that its focus is on U.S.-made rare earth elements that are used in technologies such as semiconductors, electric vehicles, advanced robotics and national defense applications. In its public communications, the company links its development plans to broader U.S. critical minerals and defense priorities, referencing the strategic importance of domestic REE supply in light of export restrictions from other jurisdictions and policy support for critical minerals projects.

The company also states that it is actively involved in the development of metallurgical processing techniques aimed at further unlocking the development potential of rare earth elements. Tactical Resources refers to work on a direct-to-leach extraction process and to metallurgical development through pilot plant testing, as part of a broader effort to establish a scalable processing pathway for rare earth oxides. In business updates, Tactical Resources has described activities such as bench-scale and vat-leach testing, permeability testing and development of a GeoMetallurgical database at the Peak Project as part of its technical work program.

In addition to project-level work, Tactical Resources has entered into a series of agreements related to a proposed business combination with Plum Acquisition Corp. III, a special purpose acquisition company. The parties have signed a business combination agreement and subsequent amendments, and a Form F-4 registration statement has been filed with the U.S. Securities and Exchange Commission in connection with this proposed transaction. Company disclosures state that, upon closing of the proposed business combination and related plan of arrangement, a newly formed public company ("Pubco") is expected to list its common shares on Nasdaq and operate under the name Tactical Resources Corp, with Tactical Resources continuing as a wholly owned subsidiary holding rights to the Peak Project and related rare earth assets. The proposed transaction remains subject to shareholder approvals, court approvals, stock exchange approvals and other customary closing conditions, and company communications note that there can be no assurance that the business combination will be completed.

Tactical Resources has also announced a financing agreement with Yorkville Advisors Global, LP, comprising convertible debt financing and a standby equity purchase agreement, which the company describes as supporting the proposed business combination and enabling acceleration of project development and potential commercial supply of domestic rare earth elements. The company further notes that it is evaluating additional funding sources, including strategic investors and term loan debt facilities collateralized by existing tailings inventory, as part of its capital structure planning.

In connection with its planned Nasdaq listing and business combination, Tactical Resources has disclosed a planned share consolidation of its common shares on a five-for-one basis, approved by the TSX Venture Exchange by way of board resolution. The company has stated that this consolidation is intended to help the resulting issuer satisfy applicable Nasdaq listing standards and that the company name and trading symbol will remain unchanged following the consolidation. Tactical Resources reports that the consolidation will not affect the effective consideration payable to company shareholders in the business combination, and that fractional shares will be handled through rounding in accordance with its described policy.

Across its news releases, Tactical Resources links its activities to the broader context of U.S. critical minerals policy and the rare earth supply chain. The company refers to work with policy advisors and a Washington, D.C. lobby firm to support dialogue with U.S. government stakeholders, and to engagement with potential industry counterparties regarding offtake discussions. It also references market and policy developments such as export controls on rare earths by other countries and U.S. federal support for domestic magnet and critical minerals projects, framing its Peak Project and tailings-based feedstock as aligned with efforts to strengthen North American rare earth supply.

Business focus and development approach

Based on its public disclosures, Tactical Resources’ business model is centered on exploration and development rather than operating mines. The company highlights its rights to substantial rare earth tailings inventory at an operational Texas mine as providing potential immediate feedstock for processing and as a way to shorten the timelines typically associated with mine development. Tactical Resources characterizes this tailings inventory and existing infrastructure as a key factor in its development plan and in its ability to pursue financing alternatives.

The company’s technical and development work, as described in its updates, includes advancing permitting and engineering assessments to support a modular processing facility at the Peak site, conducting metallurgical testing to refine a direct-leach processing pathway and planning for a Phase 1 demonstration plant. Tactical Resources presents these steps as part of a staged approach toward potential rare earth oxide production and participation in the U.S. rare earth supply chain.

Corporate and capital markets context

Tactical Resources’ communications describe an evolving capital markets and corporate structure context. The company has outlined a proposed business combination with Plum Acquisition Corp. III that, if completed, would result in a new Nasdaq-listed parent company. Amendments to the business combination agreement have addressed matters such as lock-up arrangements for certain shareholders, extension of the outside date for completion of the transaction and adjustments related to Plum’s listing status and net tangible asset requirements.

The company has also discussed amendments to consulting agreements with certain consultants, including its chief executive officer and chief financial officer, in connection with a potential listing transaction. These amendments are described as restructuring bonus entitlements linked to the closing of a listing transaction, with a view to reducing total bonuses payable and settling revised bonuses through the issuance of common shares, subject to regulatory approval.

Role in the rare earth elements sector

Within the rare earth elements space, Tactical Resources positions itself as a development-stage company focused on U.S.-based supply. Its disclosures repeatedly emphasize the use of rare earth elements in semiconductors, electric vehicles, advanced robotics and national defense, and the strategic importance of a domestic supply chain. The company’s narrative connects its Peak Project, tailings inventory and metallurgical work to the broader objective of contributing to U.S. rare earth production and critical minerals resilience.

Investors reviewing USREF and related securities can use this overview as a starting point for understanding how Tactical Resources describes its business focus, key asset, development activities and proposed corporate transactions. For detailed, time-sensitive information, the company directs investors to its filings with Canadian securities regulators on SEDAR+ and to registration statements and related documents filed with the U.S. Securities and Exchange Commission in connection with the proposed business combination.