Critical minerals refiner Nth Cycle is going public through a SPAC merger valuing it at $585 million, aiming to reduce W

Nth Cycle Inc., a pure-play critical mineral refiner, and Kensington Capital Acquisition Corp. VI announced a definitive business combination today that will make Nth Cycle a publicly traded company. The combined entity will be named Nth Cycle Holdings, Inc., with common stock expected to trade on the NYSE under ticker symbol NTH. Founded in 2017, Nth Cycle has developed the OYSTER system, which converts rare earth elements, copper, and battery metals found in mined and recycled materials into industrial-grade inputs for strategic industries.

China currently controls the purification of approximately 85 percent of the world's mineral-rich materials, including those from the United States, Europe and allied nations. This dependency has become a national priority, as critical minerals have no commercial value until refined. Nth Cycle's Co-founder and CEO Dr. Megan O'Connor explained that critical minerals are abundant in the West but locked in this processing chokepoint. "We've changed that with our modular refining system and are excited to partner with Kensington to scale our platform at the cost, speed, and efficiency Western markets demand," she said. Justin Mirro, Chairman and CEO of Kensington, described the OYSTER system as a transformative technology that will secure domestic critical minerals supply for the next century and power electrification, defense, and artificial intelligence.

Nth Cycle is focused on three fast-growing metal markets: rare earths for military systems and electronics, copper for electricity and data transmission, and battery materials. The company's commercial momentum includes operating the first U.S. refinery to produce high-purity nickel-cobalt mixed hydroxide from recycled battery feedstock, a ten-year off-take agreement with Trafigura valued at approximately 1.1 billion dollars, and strategic development agreements with leading rare earth companies.

The business combination values Nth Cycle at an implied enterprise value of 585 million dollars. Transaction proceeds are expected to include up to 230 million dollars from Kensington's trust fund and a common stock PIPE of up to 100 million dollars, of which 40 million dollars has been committed by investors. Completion is expected in the fourth quarter of 2026, subject to regulatory and stockholder approvals.