Talon Metals shares jumped 70% in premarket trading.
Tesla chooses Talon Metals' Tamarack mine project in Minnesota for its first U.S. supply deal for nickel to make electric batteries, citing Talon's process it considers relatively environmentally friendly.
Under the deal terms, Tesla agrees to buy at least 75K metric tons, or ~165M lbs., of nickel in concentrate over six years, conditioned upon Talon earning a 60% interest in the Tamarack project; Talon currently owns a 51% interest in Tamarack, with Rio Tinto owning 49%, and has the right to increase its interest to 60%.
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