Rare earth developer Tactical Resources Corp. (TSXV: RARE) said Monday it has secured Nasdaq listing approval and will begin trading on the Nasdaq Capital Market after completing its SPAC merger with Plum Acquisition Corp. III. The deal is expected to close on or about July 28, 2026, with the combined company trading under the ticker “TREO.”
The listing is anchored by the Peak Project in Hudspeth County, Texas, which departs from the traditional mine-development playbook. Rather than building a new mine, the project focuses on processing already-extracted rare earth tailings. Tactical holds exclusive rights to acquire rare earth-enriched tailings and stockpiled material from the Sierra Blanca quarry — roughly 4 million tons — and has an agreement in place to acquire the quarry itself. The company describes this as a “feedstock-first” model that bypasses the lengthy mine development cycle, requires no new mining or additional permits, and targets moving directly into processing.
The site already benefits from rail, highway, power, water and crushing infrastructure, and initial quarry operating permits are in hand. On the processing front, Tactical reported that laboratory direct-leach tests have delivered rare earth extraction rates of approximately 88% to 93%. If successfully scaled, the approach could eliminate several of the most energy-intensive steps typical of conventional hard-rock rare earth projects.
“As we prepare to enter the public markets, our focus remains on disciplined execution,” said Tactical CEO Ranjeet Sundher. “We are advancing our technical work programs, strengthening our operational foundation, and positioning the company to deliver measurable progress as a public company.” Plum Acquisition Corp. III CEO Kanishka Roy added that rare earths sit at the intersection of national security, advanced manufacturing and energy transition priorities, yet near-term viable supply remains extremely scarce, and the transaction marks an important inflection point.
It should be noted that the Peak Project remains in an early stage. Significant metallurgical testing, resource definition, engineering studies, pilot testing, economic assessments, financing and customer qualification still lie ahead. The company also acknowledges that it has not yet defined a mineral resource, and the project carries the usual technical, financing, permitting and execution risks.
From an industry perspective, Tactical Resources’ significance is not that it has solved America’s rare earth supply challenge, but that it is attempting to tackle its biggest constraint: time. The Nasdaq listing is a milestone, but the real test will be the economically recoverable scale of the feedstock, the ability to replicate laboratory results at commercial scale, and whether ongoing quarry operations can provide a reliable, long-term supply.
