Critical minerals refiner Nth Cycle is set to go public in the US through a merger with Kensington Capital (NYSE:KCAC), a special purpose acquisition company.
According to a securities filing, Nth Cycle will have an implied enterprise value of US$585 million ($834 million).
The deal is expected to provide up to US$230 million from Kensington’s trust account and up to US$100 million from a common stock private investment in public equity, the filing shows.
Both companies’ boards have approved the transaction, which is expected to close in Q4 2026.
Upon completion, the combined company will be renamed to Nth Cycle Holdings and trade on the New York Stock Exchange under the ticker symbol NTH.
Nth Cycle says it will use the funds to expand its refining capacity in an effort to reduce Western reliance on China for processed critical minerals.
“Critical minerals are abundant across the West, but they have little to no commercial value until refined,” Dr Megan O’Connor, Nth Cycle’s co-founder and CEO, says.
“We’ve changed that with our modular refining system, and are excited to partner with Kensington to scale our platform at the cost, speed, and efficiency Western markets demand.”
Nth Cycle has a patented electroextraction platform called OYSTER that is capable of refining rare earth elements, copper, and battery metals recovered from mined and recycled feedstock into industrial-grade material.
Write to Jackson Chen at Mining.com.au
Image: Nth Cycle
