Tactical Resources Corp

What they do

Tactical Resources Corp. operates in the metal mining sector, specifically targeting critical minerals such as rare earth elements. The company's operations are in the exploration and development stage, with a focus on projects in North America. The company became publicly listed following a business combination with Plum Acquisition Corp. III.

Revenue drivers

• No revenue-generating operations — The company is a pre-revenue exploration stage entity; no product sales or services are currently generating income.
• Strategic partnerships and offtake agreements — Potential future revenue will come from mining and selling rare earth concentrates or oxides, but no such agreements are disclosed in the filing.
• Equity financing — The company relies on equity and warrant proceeds for funding; as of the filing, there are 13,612,034 common shares outstanding.

Recent performance

The company did not report any operational revenues in the fiscal year covered by the 20-F. As a shell company prior to the business combination, it had no significant operating activity. The business combination closed on August 13, 2026, and the company's financial results are not yet reflective of ongoing mining operations.

Strategy

Tactical Resources' stated direction is to advance its rare earth and critical minerals projects through exploration and development. The company plans to use proceeds from the business combination and public listing to fund its projects. Management intends to comply with U.S. and Canadian regulations for mining and public reporting.

Risks

• Exploration stage — No proven or probable reserves have been established; the company faces the risk that its projects may not be economically viable.
• Financing dependence — The company has no revenue and depends on future equity or debt financing to fund operations, which may not be available on acceptable terms.
• Regulatory and environmental — Mining operations are subject to extensive environmental and permitting regulations that could cause delays or increased costs.
• Market and commodity price volatility — The company's future profitability depends on the volatile prices of rare earth elements and critical minerals, which can fluctuate significantly.

Outlook

Management expects to focus on advancing its exploration projects and achieving milestones such as resource estimates and feasibility studies. The company anticipates the business combination to provide a platform for growth and access to capital markets. No specific production timelines or revenue guidance were provided.