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    Lundin’s $84M Eagle mine sale to Talon: asset and processing lens for mine planners

    December 19, 2025|

    Reviewed by Joe Ashwell

    Lundin’s $84M Eagle mine sale to Talon: asset and processing lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    Lundin Mining is selling its Eagle nickel-copper underground mine and Humboldt Mill in Michigan to Talon Metals in an all-share deal worth about $84 million, giving Lundin roughly 275 million Talon shares and a 20% non-diluted stake. Eagle, the only primary nickel mine currently operating in the US, has produced over 194,000 tonnes of nickel and 185,000 tonnes of copper, generating more than $3.2 billion in revenue to Q3 2025. Talon plans to use Humboldt Mill as a centralised processing hub while advancing the Tamarack project in Minnesota and a Beulah processing facility in North Dakota.

    Technical Brief

    • Transaction structured as transfer of Lundin’s entire US subsidiary owning Eagle and Humboldt Mill.
    • Consideration is ~275 million Talon shares, priced at about $83.7 million on recent trading.
    • Post-closing, Lundin retains a 20% non‑diluted equity position in Talon for ongoing exposure.
    • Humboldt Mill explicitly earmarked as a shared, centralised processing hub for multiple Talon feed sources.
    • Talon board to expand to 10 directors, with two Lundin nominees embedded in post‑deal governance.
    • Current Eagle/Humboldt managing director, Darby Stacey, to become Talon CEO, aiding operational continuity.
    • Integration plan prioritises four parallel workstreams: Eagle life extension, Michigan/Minnesota exploration, Tamarack permitting, and Beulah feasibility.

    Our Take

    Lundin Mining’s move to take a 20% non‑diluted stake in Talon Metals aligns with our database pattern of mid-tier copper producers recycling capital from mature North American assets into higher-growth copper districts such as Candelaria, Chapada and the Vicuña cluster (Josemaría, Filo del Sol).

    For Talon, folding the Eagle nickel-copper mine and Humboldt Mill into a portfolio that already includes the Tamarack Nickel-Copper Project and the planned Beulah Minerals Processing Facility suggests a strategy to control both upstream ore and downstream processing capacity in the US Midwest, which can be attractive for North American battery supply chains.

    Among the 110 keyword-matched copper and nickel pieces in our coverage, very few M&A deals involve assets that have already generated over $3 billion in cumulative revenue, signalling that Eagle is being transferred as a de-risked cash-flowing operation rather than a typical development-stage acquisition.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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