Investment banking company Morgan Stanley has identified five driving forces of mergers and acquisition (M&A) deals for 2026 so far, highlighting the growing use of technology across industries.
One key point of the report is the growing crossborder demand for M&A deals, strongly supported by buyers in Japan.
“In 2026, a multi-year rebound in activity is set to continue across corporates and sponsors, helped by more certainty on policies and regulations, lower rates and an IPO revival,” Morgan Stanley Global Co-Head of M&A Tom Miles says.
There was a 40% surge in global M&A volume last year, with 60 transactions valued above US$10 billion ($14.34 billion), according to Morgan Stanley’s 5 Forces Driving M&A in 2026 report.
Magnum Mining and Exploration (ASX:MGU) has completed the acquisition of Wyoming Critical Minerals, making the company the sole owner of the Wet Mountain Rare Earth Element Project in Colorada, US.
The company has met all conditions precedent for the acquisition including a non-refundable cash payment of US$27,500 for 30-day exclusivity, US$80,000 cash to reimburse staking and land man services, a scrip consideration of 20 million Magnum shares, and a 2% net smelter royalty for minerals produced.
Magnum will conduct a systematic exploration campaign at Wet Mountain Project once weather permits, which will include sampling, trenching, and further geophysics to define drill targets.
Chairman Michael Devy says the project is “another high-quality addition to Magnum’s growing portfolio”, aligning with the company’s expansion of critical mineral assets in the US.
“With ownership now secured, Magnum intends to formulate and advance a systematic and cost-effective modern exploration campaign, as soon as weather permits,” Devy says.
“The project complements Magnum’s active REE (rare earth elements) drilling programs under way at Palmares and Azimuth, as well as the company’s high-grade gold-copper-silver assets in the Walker Trend, all of which continue to be advanced in parallel.”
Wet Mountain has returned historical assays of up to 7.99% total REE from outcropping carbonatite dykes, and an anomalous zone of between 2% and 4% total REE.
All American expansion
Terra Critical Minerals (ASX:T92) has expanded its landholding at the True American Tungsten Project in Nevada, doubling its position to a project area of 1,130 acres.
The project includes 55 unpatented lode claims, upgrading Terra’s holding from the original 28 claims.
Meanwhile, Terra has identified a new mineralised zone with more than 4km of strike length along prospective vein trends.
The company has confirmed tungsten mineralisation in a recent surface sampling campaign, returning 2.73% tungsten trioxide, 0.52% tungsten trioxide, and 0.41% tungsten trioxide.
Tango for Etango
Noronex (ASX:NRX) has exercised its option to acquire a 51% stake in the Etango North Uranium Project in Namibia by February 2026.
The interest will be held by Noronex’s subsidiary Sunset Orange, following Noronex’s cash payment of NAD$750,000 ($67,219) and NAD$750,000 in shares based on the 20-day volume weighted average price (VWAP) of $0.0148. Noronex will issue 4.56 million shares in this transaction.
Noronex will also have the right to increase its holding in the asset by acquiring an additional 29% by August 2027 in stage two, for another NAD$2 million cash and NAD$2 million in shares based on the 20-day VWAP.
The completion of stage two conditions in the earn-in will execute a formal joint venture between Noronex, and its 80% stake in Etango North, and the vendor with the remaining 20% to formalise additional exploration programs. Noronex will act as the manager and operator of the project.
Noronex CEO Victor Rajasooriar describes the exercise of this option of this ownership deal as “a major step forward” for the company.
“The technical work completed over the past year has consistently reinforced the quality of this project and its potential to host significant alaskite-hosted uranium mineralisation,” Rajasooriar says.
“We are now firmly positioned in the heart of one of the world’s most productive uranium districts, and we are excited to advance these targets with the commencement of a drilling program last week.
“Etango North complements our copper portfolio and strengthens our exposure to the key commodities driving the global energy transition.”
Write to Maddison Elliott at Mining.com.au
Images: Magnum & Noronex
