Eagle Nuclear Energy has signed a binding all‑stock LOI to acquire 100% of Noble Plains Uranium at a deemed C$0.125 per share, a 92% premium to Noble Plains’ 29 October TSXV close, with Noble Plains shareholders to hold about 4.78% of the combined equity. The deal adds ISR‑amenable projects in Wyoming, including the Duck Creek project in the Powder River basin with 5.32M lbs U₃O₈ Indicated and 1.04M lbs Inferred (NI 43‑101) over only 2.5 miles of a 5.25‑mile trend. Eagle plans a 12–18 month phased exploration programme targeting deeper mineralised formations and further resource growth around existing ISR infrastructure.

Rare Earths Norway has approved a €24-million pilot plant at Ulefoss to test an integrated ore-to-rare-earth-oxide flowsheet for the Fen deposit, which holds 123 million indicated tonnes at 1.35% TREO plus 1.08 billion inferred tonnes at 1.31% TREO. The plant, housed in an existing industrial building and targeting 6,000 tonnes of ore over three years, is slated to start up in Q3 2027 with funding support from Innovation Norway, the Telemark Development Fund and EIT RawMaterials. Design changes include increasing the protective rock cover above underground openings from 25 m to 100 m, while a state-led zoning process aims to fix mine, plant, tailings and infrastructure locations by 2028.

Western ammonium paratungstate (APT) prices have blown out to 3.74 times China’s, with Rotterdam warehouse APT at $278.22/kg in October versus $74.43/kg China ex-works, after China’s February 2025 export licensing and higher US tariffs fractured what was previously a 1.24x premium market. Since February 2025, Rotterdam APT has jumped from $34.60/kg to around $290/kg while China ex-works rose only to about $86/kg, and between March–September 2026 China prices fell 58% as Rotterdam rose 39%, confirming decoupled markets. For mining and downstream processors, the key constraints are now qualified, DFARS-compliant conversion capacity and traceable scrap within US and European supply chains ahead of the 1 January 2027 DFARS procurement restriction.