USFM Launches Active Drill Program as Public Merger Takes Shape

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DENVER, Colo. (247marketnews.com) — A major strategic transformation is underway in the small-cap market as Twin Vee PowerCats (NASDAQ:VEEE) has agreed to combine with privately held USFM Corporation, creating a publicly traded critical minerals company centered on one of the world’s largest underexplored magmatic nickel-copper-cobalt-platinum group element (PGE) districts in Greenland. If the transaction closes as expected in the third quarter of 2026, the combined company plans to list on NYSEAMERICAN, marking a dramatic departure from Twin Vee’s long-standing identity as a recreational boat manufacturer.

The deal separates Twin Vee’s recreational marine operations, including the Twin Vee and Bahama Boat Works brands, into a privately held entity owned through a Delaware statutory trust. Existing Twin Vee shareholders are expected to receive equity in the combined public company while also receiving contingent value rights tied to future distributions generated by the boating business. The transaction has been approved by both companies’ boards and remains subject to shareholder approval, regulatory clearances, and other customary closing conditions.

The timing coincides with an important operational milestone for USFM. The company’s 2026 exploration campaign is now actively underway at the Disko-Nuussuaq Project in western Greenland, where two drill rigs began operations on July 1 targeting high-priority magmatic massive sulfide (MMS) zones. Under an earn-in agreement with project operator 80 Mile plc, USFM is funding US$30 million in drilling expenditures, including US$10 million during the current field season, with plans for up to 9,000 meters of drilling across multiple targets.

The geological story behind Disko-Nuussuaq has attracted growing industry attention. Covering roughly 3,020 square kilometers, the district is considered geologically analogous to Russia’s world-class Norilsk-Talnakh nickel district. Historical exploration has produced compelling evidence of a fertile magmatic sulfide system, including the discovery of a 28-ton massive sulfide boulder that assayed approximately 6.9% nickel, 3.7% copper, 0.6% cobalt, and 2 grams per tonne of platinum group elements. Modern exploration incorporating airborne geophysics, three-dimensional modeling, geochemistry, and geological mapping has identified multiple priority drill targets designed to evaluate the district’s large-scale mineral potential.

The proposed merger reflects broader investor interest in securing future supplies of critical minerals that support electric vehicles, battery technologies, defense systems, and advanced manufacturing. While mineral exploration remains inherently high risk and drilling results will ultimately determine the project’s economic potential, the combination provides USFM with access to the public capital markets while allowing Twin Vee shareholders to maintain exposure to both the legacy marine business and a new critical minerals exploration company positioned to pursue one of Greenland’s most prospective undeveloped nickel districts.

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Important Editorial Note: 247 highlights companies approaching significant catalysts and inflection points. This report reflects information available at the time of publication.  Since developments can occur rapidly, readers should independently verify current information and review all company filings and disclosures.