Nickel Futures (SHFE)

Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.

SMS Equipment Inc. and Komatsu have been selected to supply the load, haul and mining support fleet equipment and associated autonomous technology for Canada Nickel Company's Crawford Nickel Project in northern Ontario. Crawford is the first mine to receive Impact Assessment Agency of Canada approval through the new Major Projects Office, and it is the world's second largest nickel resource and reserve, located approximately 40 kilometres north of Timmins, Ontario. SMS Equipment, the world's largest independent Komatsu dealer, has been working with Canada Nickel on an equipment strategy covering both conventional and autonomous operations, and its recent expansion in Timmins supports major mining projects in the region. SMS Equipment President and CEO Robin Heard said the partnership advances Canada Nickel's vision for safe, sustainable and low-carbon nickel production, while Canada Nickel CEO Mark Selby said SMS Equipment's experience implementing these technologies at other Canadian operations can substantially de-risk the project's start-up and ongoing operation. Komatsu North America CEO Rod Bull said the company looks forward to bringing its advanced mining equipment and technologies to support safe, efficient and productive operations at Crawford.

Talon Metals Corp. announced assay results from a record 46.43-meter intercept of massive sulphide mineralization at its Tamarack Nickel-Copper-Cobalt Project in Minnesota, grading 13.37% Ni, 16.54% Cu, 0.10% Co, 7.85 g/t Pd, 14.49 g/t Pt, and 8.56 g/t Au, equivalent to 27.39% NiEq or 54.78% CuEq. The intercept, in drill hole 25TK0562A, is the longest combined Massive Sulphide Unit and Mixed Massive Sulphide Unit interval reported to date at the project, and includes a higher-grade 26.22-meter section grading 14.95% Ni and 17.85% Cu. The hole was drilled about 50 meters southwest of the Vault Zone discovery hole 25TK0563, targeting a borehole electromagnetic anomaly, and extends known mineralization on the 778-meter level. Talon's CEO Darby Stacey highlighted the step-out distance and the project's potential as a future domestic source of critical minerals, while Chief Exploration Officer Brian Goldner noted the significance of having nickel, copper, cobalt, platinum, palladium, and gold concentrated in the same rock. The company also reported a 4.60-meter interval of disseminated chalcocite below the main intercept with significant platinum group element mineralization, and plans additional sampling to test its continuity.

Twin Vee PowerCats announced a definitive agreement to merge with privately held USFM Corporation and privatize its recreational marine business, pivoting from boat manufacturing to critical minerals exploration. Under the deal, existing shareholders will retain exposure to the boating operations through contingent value rights while becoming shareholders in the combined public company, expected to trade on NYSEAMERICAN. USFM is advancing the Disko-Nuussuaq Project in Greenland, an underexplored nickel district targeting demand from electric vehicles, batteries, and defense. Twin Vee's marine brands will continue operating privately, allowing management to focus on product development without public-company costs.