CMJ Daily Tape
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CAPITAL RAISE | LITHIUM
Sigma Lithium priced US$125 million of senior unsecured convertible bonds due 2031 on November 2, 2026, upsized by 25% from the US$100 million launched the same day. The bonds pay a fixed 7.00% coupon quarterly and convert at US$6.51, a 25% premium to the US$5.21 Nasdaq close on November 2. Conversion opens 12 months after closing, and holders can require redemption at par at the end of year three. Sigma Lithium said the net proceeds will repay in full its Senior Secured Debt with Synergy Capital, which pays SOFR plus 6.95%, or 11.45% all-in, and matures in June 2027. The balance goes to growth capex. Closing is expected on or about November 16, subject to TSX Venture Exchange approval.
The five-year label is generous. Holders can hand the bonds back at par in November 2029, so Sigma Lithium has three years, not five, to lift the shares above US$6.51 or refinance again. Phase 2, which takes capacity from 330,000 t to 580,000 t of concentrate, only resumes in 2027, so the put window opens before the expansion has a long operating record. If concentrate contracts do not reprice by then, the 2029 refinancing comes back at the same size.
M&A | NICKEL
MMG and Anglo American agreed to extend the long-stop date for MMG's acquisition of Anglo American's nickel business in Brazil to December 31, 2026, from October 31, MMG said in a Hong Kong filing on November 3. MMG said all other conditions, including merger control clearance in several jurisdictions and filings with China's NDRC and MOFCOM, are satisfied. The European Commission extended its review to Phase II and must decide by December 21, 2026. After the long-stop date, either party may terminate.
The European Commission's deadline leaves ten days before the new long-stop. If the Commission asks for remedies, there is no room in the calendar to negotiate them without another extension, and either side can walk after December 31. Buyers renewing 2027 nickel contracts this quarter are signing with a Brazilian seller whose owner may change mid-term, more than 20 months after the deal was announced.
PRODUCTION | URANIUM
Urenco USA produced its first cylinder of LEU+ at its National Enrichment Facility in New Mexico, the first commercial production of the material in the Western world, the company said, World Nuclear News reported on November 3. LEU+ contains 5-10% uranium-235, against 3-5% for most reactor fuel. The US Nuclear Regulatory Commission authorised enrichment up to 10% at the plant in September 2025. Urenco USA is installing 700,000 SWU of new capacity and plans a 2.1 million SWU plant, with first cascades in 2032.
A cylinder is not a fuel supply. A reactor that loads LEU+ also needs a fabricator licensed above 5%, transport packages certified for the higher assay and a reload approved by the regulator. Enrichment is now the shortest of those queues. Utilities that want longer cycles will be paced by fabrication and licensing, not by SWU, while the new 2.1 million SWU plant only starts cascades in 2032.
M&A | COPPER
ACG Metals agreed to acquire 100% of Blue Moon Norway from Blue Moon Metals, including its 94.52% interest in the construction-stage Nussir copper mine, ACG said on November 3. The US$220 million consideration is payable in about 8.85 million new ACG shares at £18.70. Nussir targets first copper concentrate in the first half of 2028 and about 18,400 t a year of copper equivalent. About US$84 million of initial capex will be spent by completion, leaving US$126 million. Closing is expected by November 30, subject to ACG shareholder approval.
Nussir's operating licence expires on September 26, 2027, months before the first concentrate planned for the first half of 2028, and ACG's figures assume renewal. The Hartree offtake guarantee also has to change hands at completion. Concentrate buyers should read this as a deal whose 2028 tonnage depends on a Norwegian licence renewal and on US$126 million still to be financed, not on the mine plan.
PROCESSING | RARE EARTHS
Ramaco Resources said in third-quarter results filed with the SEC on November 3 that carbochlorination tests at a third-party laboratory recovered on average 92% of NdPr, 97% of dysprosium plus terbium, 96% of yttrium and 97% of scandium, gallium and germanium combined, from its Brook Mine in Wyoming. The pilot plant building should be complete in early 2027 and the pilot plant in the second half of 2027. A pre-feasibility study by Hatch starts in Q1 2027. Brook remains an exploration-stage property.
Recovery rates without a head grade say little about oxide output. Ramaco is now testing third-party e-waste to raise feedstock concentration, which suggests Brook material alone may be thin. The pre-feasibility study starts in Q1 2027 and the pilot runs from the second half of 2027, so no magnet or semiconductor buyer can begin qualifying Brook oxide on pilot output before late 2027.
M&A | TUNGSTEN
Krait Critical Minerals obtained an exclusive option from Cannon Bridge Mining Services to acquire 100% of the Dixon tungsten-manganese project, six lode claims about 13 km east of Carson City, Nevada, the company said on November 3. Krait pays US$120,000 in cash instalments through March 2029. Cannon Bridge keeps a 2.0% NSR, of which 1.5% can be bought back for US$1 million. Two historical USGS samples reported 0.21% and 0.39% WO₃. Krait said the data are unverified and no resources exist.
The 1943 investigation estimated around 1,250 tons of tungsten-bearing manganese oxide material, and the release says those percentages are not WO₃ grades. Even if confirmed, that is a sample, not feed for any APT converter. The value of options like this sits in the claim title, which Krait cannot hold until Cannon Bridge exercises its own option from Stream Metals.
