Lundin Mining Eyes Majority Stake in Talon Metals’ Boulderdash Cu-Ni Site

Lundin Mining

Proposed earn-in deal could expand Lundin’s footprint near Eagle mine, boosting U.S. copper and nickel exploration.

Lundin Mining, a Canada-based mining company, has entered into an earn-in agreement with Talon Metals, aiming to acquire up to 70% ownership in the Boulderdash copper and nickel exploration site in Michigan, USA. The site is adjacent to Lundin’s existing Eagle mine, a key producer of battery-grade nickel and copper.

Under the agreement, Lundin provided a $5 million advance to Talon Metals to fund initial drilling. In return, the company will earn a 44.625% stake after financing 30,000 meters of drilling, executed in three 10,000-meter phases.

High-Grade Discoveries and Strategic Location

Drilling at Boulderdash, which began following a 2023 discovery, has revealed impressive grades—2.95% copper and 2.33% nickel. These early results suggest the site may offer high-quality battery metal resources, potentially strengthening domestic U.S. supply chains.

Following the drilling phase, Lundin would fund a feasibility study to secure an additional 25.375% stake, bringing total ownership to 70%. The company also retains the option to acquire 90% in other nearby properties.

Eagle Mine Synergies Enhance Regional Potential

The Boulderdash site is located near the Eagle mine, which is forecast to produce 8,000–11,000 tonnes each of nickel and copper this year. Both sites are connected via road to the Humboldt processing mill, allowing potential synergies in infrastructure, logistics, and operational efficiency.

If the deal is not finalized, Talon will either repay the $5 million advance or issue shares to Lundin. The collaboration marks a strategic move to boost U.S. battery metal output amid growing demand for EV and energy storage materials.