Capital Is Repricing North American Critical Minerals: What Comes Next

Executive Summary

• EagleOne Metals announced a binding Letter of Intent to acquire 100% of the Poison Springs Uranium/Rare Earths Project in Utah for US $50,000, adding critical‑minerals exposure to its portfolio.
• Faraday Copper closed a C$100 million private placement at C$4.20 per share and disclosed a pending LOI to acquire BHP’s San Manuel property, strengthening its copper district development.
• enCore Energy reported a 242% year‑over‑year increase in uranium production (699,807 lb) for 2025 with strong cash position; Air Products secured >US$140 million NASA liquid‑hydrogen contracts.

Key Details

• EagleOne Metals – Acquisition
• Binding LOI to purchase 100% of the Poison Springs Uranium/Rare Earths Project (206.6 acres, ~35 mi S of Hanksville, UT) for US $50,000.
• Property hosts historic drill intercepts for uranium, copper, silver, cobalt, nickel and REEs (Nd, Pr, Eu).

• Prior 2008 drilling returned multiple mineralized intervals; follow‑up targets lie <100 m depth.

• EagleOne Metals – Portfolio Highlights

• 2024 field program at Hébécourt Township (Quebec) identified two priority gold‑copper anomalies near a diorite contact; drill program pending.

• Magusi West Gold Project soil work (618 samples) showed Au up to 0.156 ppm, Cu up to 186 ppm, Zn up to 200 ppm; IP data analysis and drilling recommended.

• Faraday Copper – Financing & M&A

• Closed C$100 million private placement on March 11 2026; 23,810,000 shares issued at C$4.20/share (vs. July 2025 price of C$1.10).
• End‑2025 cash balance: C$37.9 M (up from C$17.0 M YoY); total assets C$61.5 M.
• Signed LOI to acquire BHP’s San Manuel property in Arizona; definitive agreements targeted by Q3 2026.

• Phase IV drill program at Copper Creek planned: 40,000 m diamond drilling targeting near‑surface oxide copper and new discoveries.

• enCore Energy – Operational Results

• Extracted 699,807 lb U in 2025 (↑242% YoY); delivered ~655,000 lb under contracts at $65.89/lb vs. weighted average cost $51.09/lb.
• Year‑end cash: $52 M; total liquidity $96 M (including $18.1 M from warrant exercises in Feb 2026).
• Construction progressing on Upper Spring Creek Satellite Facility pending Texas Commission approvals; pre‑contracted inventory to meet 2026 delivery obligations.

• Dewey Burdock (SD) construction slated to start within 18 months after regulatory milestones.

• Air Products – NASA Contracts

• Secured >$140 million in contracts to supply ~36.5 M lb liquid hydrogen to Kennedy Space Center, Cape Canaveral Space Force Station, and other NASA sites.

• Supports ongoing NASA missions (Apollo legacy, Artemis II) and reinforces Air Products’ role as leading U.S. space‑program hydrogen supplier.

• Aclara Resources – Technology Development

• Completed metallurgical process development for NdPr alloy in joint venture Aclara Metals SpA; demonstration plant to produce 175 kg/day of >99.5% purity alloy, expected H2 2026 start‑up.

• Prefeasibility study due end‑Mar 2026; full feasibility by year‑end.

• Market Context

• Critical minerals supply‑chain realignment highlighted by IEA copper shortfall projection (30% by 2035) and limited REE supply outside China (<40% of demand).
• U.S. Project Vault: $12 B strategic minerals stockpile, pairing Export‑Import Bank financing with private capital.

Notable Quotes

• “From the inception of the United States space program, Air Products has supported NASA's mission by supplying the critical industrial gases needed.” – Francesco Maione, President, Americas, Air Products.
• “Our year end results underscore the strength of enCore's operational performance.” – Rob Willette, CEO, enCore Energy.

All factual information extracted from the release; marketing fluff and disclaimer text omitted.