Lundin Mining Corp. (LUN.TO,LMC,LUMI.ST) announced that it has signed a definitive agreement to sell its subsidiary, Lundin Mining US Ltd., which indirectly owns the Eagle Mine and Humboldt Mill, to Talon Metals Corp. In exchange, Lundin Mining will receive 275.2 million Talon shares, representing 18.4% of Talon's issued and outstanding shares upon completion of the transaction. The share consideration is valued at approximately US$83.7 million, based on the five-day volume-weighted average trading price of Talon's common shares on the Toronto Stock Exchange up to December 18, 2025. Talon will remain publicly listed on the TSX under the symbol TLO following the closing.
Upon completion of the transaction, Lundin Mining's total holding in Talon will increase to 19.99% of the company's issued and outstanding common shares on a non-diluted basis. At closing, Talon's Board of Directors will be reconstituted to include ten members, with two nominees from Lundin Mining: Jack Lundin and Juan Andrés Morel.
In addition, Darby Stacey, currently Managing Director of the Eagle Mine and Humboldt Mill, will be appointed CEO and Director of Talon. Stacey, who played a key role in designing, constructing, and commissioning the Eagle Mine, has overseen its operations for the past five years and will now lead Talon into its next phase of growth.
The transaction is expected to close in early January 2026.
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