USFM Corporation has entered into a definitive agreement to combine with Nasdaq-listed Twin Vee PowerCats, creating a publicly traded mineral exploration company focused on the Disko-Nuussuaq nickel-copper-cobalt-platinum group elements project in Greenland. Financial terms and the ownership structure of the combined company were not disclosed.
Under the agreement, a USFM subsidiary will merge with and into Twin Vee. Twin Vee shareholders will receive equity in the combined public company, which is expected to list on the NYSE American following the transaction’s completion.
The transaction has been approved by the boards of USFM and Twin Vee. It remains subject to customary closing conditions, including approval from Twin Vee’s disinterested shareholders, USFM shareholders and applicable regulators.
The companies expect the combination to close during the third quarter of 2026.
Before the transaction is completed, Twin Vee’s recreational marine operations will be separated into a privately held company. The business, which operates under the Twin Vee and Bahama Boat Works brands, will be held through a newly formed Delaware statutory trust.
Existing Twin Vee shareholders will receive a non-transferable contingent value right that may entitle them to future distributions generated by the separated marine business.
The structure will leave the combined publicly traded company focused primarily on USFM’s critical minerals exploration activities.
USFM is a privately held, U.S.-based mineral exploration company advancing the Disko-Nuussuaq Project in West Greenland. The project covers approximately 3,020 square kilometers within the West Greenland Flood Basalt Province.
USFM is developing the project in partnership with operator 80 Mile plc. The companies describe Disko-Nuussuaq as one of the world’s largest underexplored districts with the potential to host magmatic nickel, copper, cobalt and platinum group element mineralization.
The transaction comes as drilling advances under USFM’s 2026 exploration program.
Two drilling rigs began operating on July 1, initially targeting high-priority zones near Qullissat on Disko Island. The broader program is expected to include as much as 9,000 meters of drilling across multiple targets on Disko Island and the Nuussuaq Peninsula.
USFM said drilling infrastructure has been established at the first site, surface casing has been cemented and pressure testing has been completed. Drilling is now progressing toward the primary target zones.
Each drill hole is planned to reach a maximum depth of approximately 1,000 meters, depending on geological conditions and technical findings encountered during the program.
USFM plans to issue updates throughout the field season as geological observations, drilling results and assay data become available.
The drilling campaign is fully funded through USFM’s earn-in agreement with 80 Mile. Under the agreement, USFM is funding $30 million of drilling-related expenditures at Disko-Nuussuaq, including $10 million committed to the spring and summer 2026 program.
Becoming a publicly traded company is expected to give USFM broader access to capital markets as it evaluates and develops the project.
Large-scale mineral exploration programs can require significant spending on drilling, geological analysis, logistics, technical studies and environmental work before a commercially viable deposit can be established.
Greenland’s climate, infrastructure and remote operating environment can add further complexity and cost to mineral exploration. Access to public capital could support future drilling campaigns and technical work if the current program identifies encouraging mineralization.
The Disko-Nuussuaq Project’s exploration strategy combines geological mapping, geochemical analysis, airborne gravity surveys, magnetic data and three-dimensional geophysical modeling.
This work has identified multiple priority magmatic massive sulfide targets that may represent underground magma conduit systems.
These conduit systems are important exploration targets because they can create conditions in which nickel, copper, cobalt and platinum group elements become concentrated within sulfide mineralization.
The project’s geological setting has been compared with Russia’s Norilsk-Talnakh district, one of the world’s most significant nickel-copper sulfide systems.
USFM and 80 Mile believe similarities between the districts support further exploration at Disko-Nuussuaq. However, drilling and additional technical analysis will be necessary to determine whether the Greenland project contains mineralization that can support commercial development.
Exploration work has already produced evidence of a potentially mineralized magmatic system.
In 1994, a 28-tonne boulder composed of massive sulfide material was recovered from the project area. Independent assays returned grades of 6.9% nickel, 3.7% copper, 0.6% cobalt and two grams per tonne of platinum group elements.
The boulder is displayed at the Natural History Museum of Denmark in Copenhagen.
Although the sample demonstrates that high-grade sulfide mineralization exists within the broader district, explorers still need to identify the boulder’s original bedrock source and determine its size, depth and continuity.
Surface sampling and field observations have also identified coarse, interlocking nickel-copper sulfide crystals and geological characteristics associated with sulfide segregation in picritic magmas.
Sulfide segregation is a geological process necessary for forming many large magmatic nickel-copper deposits. As magma evolves, sulfide liquids can separate and concentrate metals such as nickel, copper, cobalt and platinum group elements.
USFM said Disko may contain a larger volume of picritic lava than the Norilsk district, providing an additional reason to investigate the region’s mineral potential.
The 2026 drilling campaign is designed to test whether geophysical targets represent mineralized magma conduits or other structures capable of hosting significant sulfide deposits.
Nickel, copper and cobalt are used across batteries, electric vehicles, power infrastructure, industrial equipment and defense technologies. Platinum group elements are used in applications including catalytic systems, electronics, chemical processing and hydrogen technologies.
Growing government and industry interest in securing critical mineral supplies has increased attention on exploration projects located in politically stable jurisdictions.
USFM’s strategy centers on advancing critical mineral assets in regions where the company believes geopolitical, regulatory and supply-chain considerations can support long-term development.
The combination with Twin Vee will provide USFM with an existing public-company structure while allowing Twin Vee’s recreational boat operations to continue separately.
Twin Vee manufactures recreational power catamarans and operates the Twin Vee and Bahama Boat Works brands. Through the planned separation, Twin Vee shareholders will retain potential economic exposure to the marine business through the contingent value rights.
Support: ThinkEquity served as an advisor on the transaction. Loeb & Loeb is acting as legal counsel to USFM, while Sheppard, Mullin, Richter & Hampton is serving as legal counsel to Twin Vee. Houlihan Capital provided a fairness opinion to Twin Vee’s board of directors.
KEY QUOTE:
“The combination with Twin Vee comes at a pivotal point for the Disko-Nuussuaq Project. Following years of target generation, geological modelling and planning, drilling is now underway at one of the world’s most prospective underexplored magmatic nickel districts. Becoming a publicly listed company through this transaction will provide broader access to capital markets as we continue systematically evaluating this district-scale opportunity. We believe the combination of an exceptional geological asset, an active drill program and a public market platform positions USFM to create long-term value for stockholders.”
Olga Solovieva, Vice President of Exploration at USFM
