en.Wedoany.com Reported - USFM, a private U.S. mineral exploration company, announced a definitive merger agreement with Twin Vee PowerCats Co., along with an update on drilling progress at its Disko-Nuussuaq nickel project in western Greenland. Under the agreement, a subsidiary of USFM will merge with Twin Vee, and Twin Vee's recreational marine business (Twin Vee and Bahama Boat Works brands) will be spun off into a private company held through a newly formed Delaware statutory trust prior to the merger's completion. Existing Twin Vee shareholders will receive a non-transferable contingent value right entitling them to future distributions from that business. The combined company is expected to begin trading on the NYSE American in the third quarter of 2026.
Olga Solovieva, Vice President of Exploration at USFM, stated that the merger with Twin Vee comes at a critical time for the Disko-Nuussuaq project. Located in the West Greenland flood basalt province, the project covers approximately 3,020 square kilometers and is recognized as one of the world's largest underexplored magmatic nickel-copper-cobalt-PGE regions, with geological characteristics similar to Russia's Norilsk-Talnakh mining district. Two drill rigs commenced operations on July 1, 2026, at Qullissat on Disko Island as part of an expanded 2026 program targeting up to 9,000 meters of drilling across multiple targets. The first drill hole has completed surface casing cementing and pressure testing, advancing toward the primary target zone, with each hole planned to reach a maximum depth of 1,000 meters. The project is fully funded by a earn-in agreement between USFM and project operator 80 Mile plc, with USFM committing $30 million in drilling-related expenditures, including $10 million for the spring and summer of 2026.
Disko Island has yielded direct physical evidence of the region's metal endowment. A 28-ton massive sulfide boulder recovered from the license area in 1994, with independent assay results showing 6.9% nickel, 3.7% copper, 0.6% cobalt, and 2 grams per ton platinum group elements, is one of the richest surface sulfide samples ever recorded in the area. The boulder is permanently on public display at the Danish Natural History Museum in Copenhagen. Surface sampling and field observations have also revealed coarse intergrown nickel-copper sulfide crystals, along with evidence consistent with significant sulfide segregation in picritic magmas, a key process in forming large magmatic massive sulfide deposits. Disko is believed to contain a larger volume of picritic lava than the Norilsk region. USFM plans to regularly provide shareholders with operational updates, including geological observations and assay results.
