The Metals Company has appointed former ExxonMobil upstream executive Liam Mallon to its board of directors as the company moves toward potential commercial seabed mining. Mallon spent 35 years with Mobil and ExxonMobil and served as President of ExxonMobil Upstream Company before retiring in 2025, overseeing a global exploration, development and production portfolio with annual capital spending of roughly $20 billion to $30 billion. His tenure included ExxonMobil's Guyana offshore development program and the company's $60-billion acquisition of Pioneer Natural Resources. At TMC, Mallon will also chair the board's Sustainability and Innovation Committee, with a remit covering offshore project economics, operational scaling and environmental management, and he replaces Brendan May, who is stepping down after two years on the board. The appointment comes as TMC seeks to shift from exploration and technology development to commercial recovery of polymetallic nodules containing nickel, copper, cobalt and manganese, pursuing U.S. authorization through the Deep Seabed Hard Mineral Resources Act, with its U.S. subsidiary seeking exploration and commercial recovery approvals from NOAA, which in August published TMC USA's consolidated application for the USA-A area and has begun environmental review of a separate exploration license application for the USA-B area.
Lifezone Metals Cuts BHP Consideration Cap by US$8 Million After IFC PS5 Review
Lifezone Metals Limited announced a US$8 million reduction in the cap on consideration payable to BHP Billiton (UK) DDS Limited, after an independent expert review confirmed the Kabanga Nickel Project's Resettlement Action Plan remained in material alignment with the International Finance Corporation's Performance Standard 5. The reduction follows the July 2025 definitive agreement under which Lifezone is acquiring BHP's 17% equity interest in Kabanga Nickel Limited, which required independent verification after a 12-month period that the plan had been prepared, developed and implemented in material alignment with IFC PS5 objectives. The review was conducted during August and September 2026 by Ed O'Keefe of Synergy Global Consulting, acting as the RAP expert, who confirmed the finding in a detailed report following a desktop review and site visit. Consideration payable to BHP comprises two deferred cash payments: a fixed payment of US$10 million, payable on the earlier of 12 months after the Final Investment Decision on the Kabanga Nickel Project or Lifezone raising US$250 million in aggregate funding, and a contingent payment payable 12 months after first commercial production, based on a reference amount of US$28 million indexed to Lifezone's share price. Lifezone CEO Chris Showalter said the confirmation reflects the care and discipline being applied as the company progresses and the strength of its approach to responsible project development at Kabanga.
LZM · Capital · Positive Lifezone's consideration payable to BHP for the Kabanga stake is cut by US$8 million after the IFC PS5 review confirmed alignment, reducing its acquisition cost.
BHP.LSE · Capital · Negative BHP will receive US$8 million less in consideration for its 17% Kabanga equity interest after the independent RAP review confirmed alignment.
BHP Divests Shuttered Kambalda Nickel Plant to Gold Fields
BHP said Tuesday it agreed to sell its Kambalda nickel concentrator plant, along with a package of tenements and mineralization rights in Western Australia, to Gold Fields for an undisclosed sum. BHP called Gold Fields a reliable and credible operator that will evaluate options for the long-term use of the concentrator and offer employment to people directly supporting the asset. BHP suspended operations across its entire Nickel West business in early 2024 as metal prices plunged amid global oversupply, taking a $2.5B impairment on its nickel assets that year. Australia has since designated nickel a critical mineral, making the industry eligible for billions of dollars in government support. BHP said it will review the suspension by February 2027, assessing options including divestment, continuing temporary suspension, restart, or closure.
BHP.LSE · Capital · Positive BHP divests the shuttered Kambalda nickel asset, offloading a suspended operation after its $2.5B Nickel West impairment.
GFI · Capital · Positive Gold Fields agreed to acquire BHP's Kambalda nickel concentrator, tenements and mineralization rights, expanding its asset base.
NICKEL · Supply · Neutral The sale of a shuttered concentrator doesn't change nickel supply, though it follows the global oversupply that crushed prices.
Purecore Metals Announces Up to C$2.5 Million Non-Brokered Private Placement
Purecore Metals Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2,500,000, the company announced on October 2, 2026. The offering will combine hard dollar units priced at C$1.35 each and flow-through units priced at C$1.50 each, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to acquire one warrant share at C$2.00 for 36 months from the applicable closing date, subject to acceleration if the closing price on the Canadian Securities Exchange equals or exceeds C$2.50 for ten consecutive trading days. Net proceeds from the hard dollar units are expected to fund mineral exploration, property expenditures and acquisitions, and general corporate and working capital purposes, while gross proceeds allocated to the flow-through shares will be used to incur eligible Canadian exploration expenses that the company intends to renounce to subscribers with an effective date no later than December 31, 2026. Completion remains subject to customary closing conditions and regulatory approvals, and all securities issued will be subject to a four-month hold period.
Viridian Metals Hits Sulphides Across 3 km of Step-Out Drilling at Kraken Main
Viridian Metals Inc. reported that all eight successfully drilled step-out holes along a roughly 3-kilometre southern extension of the Kraken Main Zone in Labrador intersected visually identified sulphides, including the same patchy net-textured and semi-massive styles seen in the established Main Zone. The company said VKS26-063 intersected 47.3 metres of patchy net-textured sulphides, VKS26-065 intersected 41.8 metres, VKS26-062 intersected 33.2 metres and VKS26-059 intersected 28.0 metres, while VKS26-062 and VKS26-060 returned 7.7 metres and 6.7 metres of semi-massive sulphides respectively. Seven holes encountered patchy net-textured sulphides from the top of bedrock and five ended in that material, though laboratory assays are still required to determine metal grades. Viridian also said it engaged Toronto-based Oak Hill Financial Inc. for business and capital markets advisory, marketing and investor relations services effective September 16, 2026, on an initial two-month term at a monthly advisory fee of C$12,000, and that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company.
Critical Materials & Supply Chain › Nickel & Cobalt Capital
Viridian Metals Inc. · Capital · Positive Engaged Oak Hill Financial for capital markets advisory and gained DTC electronic clearing eligibility in the US
Viridian Metals Inc. · Technology · Positive All eight step-out holes at Kraken Main intersected sulphides, extending the mineralized zone ~3 km
Lundin Mining Boosts Buyback by US$100 Million as Share Count Rises
Lundin Mining Corporation reported that its issued and outstanding common shares with voting rights rose by 22,173 to 851,359,558 as of September 30, 2026, an increase from August 31, 2026 resulting from the exercise of employee stock options and the vesting of employee share units. The company said it did not purchase any shares for cancellation under its Normal Course Issuer Bid program during that period. Under its shareholder distribution policy, Lundin Mining is committed to allocating up to US$150 million in annual share buybacks through the NCIB program, and its Board of Directors has approved an increase of up to US$100 million to the share repurchase program for the remainder of 2026. So far during 2026, the company has acquired 6,098,494 common shares at an average cost of approximately C$35.70 per share. Lundin Mining is a Canadian mining company headquartered in Vancouver with three operating mines in Brazil and Chile, and its shares trade on the Toronto Stock Exchange under LUN and on Nasdaq Stockholm under LUMI.