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Europe's largest phosphate-vanadium-titanium deposit. Underground extraction, minimal footprint. US processing hub aligned with defence-industrial policy. Available for rights acquisition.
A world-class resource — fully characterised geology, three critical minerals, extensive infrastructure — positioned for a strategic partnership that can unlock a multi-billion dollar platform.
3.167 billion tonnes (3.49 billion short tons) classified by 198 boreholes across 74,000 m (243,000 ft) of drilling. JORC 2012 classified. 948 Mt Indicated + 2.22 Bt Inferred. Three EU-critical minerals in a single deposit. The JORC resource is defined — this is an execution play.
198 boreholes, 74,000m of core drilling, JORC resource estimation, and completed PFS. The geological work is done. The project stalled because of the wrong mine design and damaged community relations — not because of the resource.
Underground sublevel caving dramatically reduces surface impact and aligns with community expectations. Proven at massive scale across Scandinavia: Rana Gruber, LKAB Kiruna, Boliden. This is the mine design that gets built.
Toll-processing via existing US plant. DPA Title III grants ($50–150M+) and Industrial Base Fund ($5B) target allied-nation critical minerals. §45X production credits for Ti + V available to the US processor through 2033. No US plant capex required from the project.
Acquire all mineral rights, exploration licenses, JORC resource data, and Pre-Feasibility Study work product. No company acquisition — no inherited liabilities, contracts, or reputation. Clean NewCo built from day one with the right team and structure.
Rights, not company. We acquire the mineral rights, data, and licenses — not the company, its liabilities, or its history. $80M buys $95M+ of exploration work with zero legacy baggage. NewCo starts clean: new name, new team, new structure, new relationship with Eigersund.
Norge Mining has invested over $95M since 2019 in exploration, drilling, and feasibility work — yet failed to advance to the next stage. Our $80M rights acquisition buys $95M+ of exploration work — and leaves behind the company, its liabilities, and its damaged reputation. NewCo starts clean.
$80M for $95M+ of sunk exploration cost — and we leave behind the company, its liabilities, and its reputation problems. 6 months of exclusive DD before any capital commitment. Unconditional walk-away right. Asset deal = zero legacy risk.
Starting from scratch would require 5–7 years and ~$100M minimum just to replicate the exploration data, JORC resource, and PFS that already exist. Our deal acquires this in day one.
Time ArbitrageNorge Mining failed to close the Skaland Graphite deal ($11.75M) in 2025 due to financing failure. The company cannot fund the next stage alone. Time pressure favours the buyer.
Leverage$80M cash for rights the seller cannot monetise alone. Versus the alternative: a project that stalls, burns cash, and eventually becomes worthless. Clean exit for a founder who needs one.
Win-WinStoreknuten hosts a polymetallic deposit containing phosphate, vanadium, and titanium — all classified as critical raw materials under the EU Critical Raw Materials Act (2024). Europe currently imports virtually 100% of these minerals.
Located in Rogaland county, southwestern Norway. One of the world's largest known polymetallic occurrences of phosphate, vanadium, and titanium. Fully characterised. Adjacent to Eigersund port with direct deep-water access.
Full transparency on geological results, metallurgical testing, and open questions. Three deposit areas — all within the same 26.3 km² (10.2 sq mi) extraction license granted by DMF in June 2024.
All three deposits sit within the Bjerkreim-Sokndal Layered Intrusion (BSL) — a synformal geological structure where mineralised zones occur on both flanks of the trough. The DMF extraction rights (June 2024) cover the entire area, but for vanadium, titanium, and iron ore only. Phosphate requires separate landowner agreements (204 landowners).
| Deposit | Category | Tonnes (Mt) | P₂O₅ % | TiO₂ % | V₂O₅ % | Fe₃O₄ % | Date |
|---|---|---|---|---|---|---|---|
| Storeknuten | Indicated | 948 | 2.48 | 4.53 | 0.07 | 3.70 | Jun 2024 |
| Inferred | 2,220 | 2.59 | 4.54 | 0.07 | 3.40 | ||
| Total | 3,167 | 2.56 | 4.54 | 0.07 | 3.49 | ||
| Øygrei | Indicated | 800 | 1.84 | 4.98 | 0.07 | — | Jan 2021 |
| Inferred | 750 | 1.63 | 4.91 | 0.07 | — | ||
| Total | 1,550 | 1.74 | 4.95 | 0.07 | — | ||
| Skeipstad | Indicated | 89 | — | 11.42 | 0.14 | 6.82 | Oct 2023 |
| Inferred | 103 | — | 9.46 | 0.11 | 5.36 | ||
| Total | 192 | — | 10.37 | 0.12 | 6.04 | ||
| COMBINED TOTAL | 4,909 Mt / 5.41B st | Indicated: 1,837 Mt (bankable) · Inferred: 3,073 Mt · Exploration targets: +2.4–4.0 Bt additional | |||||
All estimates JORC 2012 compliant. Prepared by SRK Consulting (UK) Ltd. Competent Person: Dr Mike Armitage. Mineral Resources are not Ore Reserves.
21 profiles, 496 m (1,627 ft) total, 398 samples. Weighted averages by sample interval — the most representative in-situ grade data from field sampling.
| Zone | Samples | Length | P₂O₅ % | TiO₂ % | V₂O₅ (ppm) | Economic Minerals % | Assessment |
|---|---|---|---|---|---|---|---|
| Zone B | 96 | 120.9 m / 397 ft | 4.15 | 6.27 | 1,064 | 31.2% | Best overall — likely first target |
| Zone C | 145 | 178.3 m / 585 ft | 3.24 | 4.80 | 751 | 23.7% | Widest zone, moderate grade |
| NEW Zone | 157 | 196.9 m / 646 ft | 0.10 | 6.58 | 871 | 18.5% | Highest Ti, but no phosphate |
| Zone A | NEVER SAMPLED — 50–150 m (165–490 ft) wide, up to 12 km (7.5 mi) strike. Potentially largest zone in BSL. | Exploration upside, not in model | |||||
Economic minerals = apatite + ilmenite + magnetite. Modal mineralogy per NGU method (Schiellerup et al., 2001). Source: SRK Phase 1 Report ES7821, Dec 2019.
| Parameter | Result | Source | Status |
|---|---|---|---|
| Phosphate concentrate grade | ~40% P₂O₅ | SGS / Norge Mining | Demonstrated |
| Phosphate purity | >96% — low/zero cadmium | Norge Mining | Competitive advantage |
| V₂O₅ recovery (HG Skeipstad) | 87% from magnetite concentrate | SGS Canada | Demonstrated |
| V₂O₅ total recovery to product | 72–80% | SGS Canada roast/leach | Commercial V₂O₅ produced |
| Ilmenite concentrate grade (HG) | 82.5% TiO₂ | SGS Canada | Demonstrated |
| Mineral deportment | Ti→ilmenite, P→apatite, V→magnetite (>95%) | Petrolab / WAI | Clean separation feasible |
| TiO₂ recovery from ROM ore | Only 35% demonstrated (target: 50%) | SRK Øygrei MRE note | Gap — needs DD |
| SGS flotation reports (full) | Referenced but not publicly available | — | Data room item |
| PFS IRR and opex | Not publicly disclosed | Hatch / Norconsult / SRK | Not published |
| Geotechnical data (RQD) | Not published — critical for underground design | — | DD prerequisite |
| Zone A sampling | Never done — budget priority, not geological concern | SRK Phase 1 | Exploration upside |
This is $12M+ of feasibility work we inherit on day one.
Underground redesign is the core thesis — what unlocks the project.
Extraction rights granted June 2024. DMF awarded 32 licenses covering 26.3 km² (10.2 sq mi) in Eigersund — the largest extraction area ever granted in Norwegian history. Covers vanadium, titanium, and iron ore across all three deposits (Storeknuten, Øygrei, and Skeipstad). Phosphate rights require separate landowner agreements under the Norwegian Minerals Act 2009. Fast-track process — first project to use this pathway.
All key technical reports, JORC resource estimates, and geological surveys referenced on this page. Click to download PDF.
All documents are provided for informational purposes only. Technical reports remain the intellectual property of their respective authors. Click any document to download PDF.
Europe imports virtually 100% of its phosphate, vanadium, and titanium. Russia's invasion of Ukraine and China's export controls have turned mineral supply chains into a frontline of geopolitical competition. Eigersund sits at the intersection of every major Western minerals initiative.
Entered into force May 2024. Mandates 10% domestic extraction, 40% processing, 25% recycling. Max 65% from any single third country. All three Eigersund minerals are on the EU CRM list. Eigersund qualifies as a "Strategic Project" with fast-track permitting.
NATO published its first-ever list of 12 defence-critical raw materials in December 2024. Titanium is on the list — essential for fighter jets, naval vessels, and armour. Vanadium, while not on NATO's list, is classified as a US critical mineral and vital for high-strength military steel. Both are produced at Eigersund.
Norway's mineral strategy (2023) targets fast-track permitting and world-class sustainability. US-Norway Critical Minerals MOU signed January 2025 — bilateral supply chain cooperation. Engebø mine opened 2024, first Norwegian metal mine in 40 years.
DPA Title III and the Industrial Base Fund ($5B, OBBBA July 2025) target allied-nation critical minerals. Eligibility requires application and approval. §45X production credits for Ti + V (~$14.5M/yr) remain available but phase out from 2031–2033. §48C has no new allocation rounds. The US co-investment case now centres on defence industrial policy rather than clean energy credits.
China controls 55% of vanadium and 60–90% of CRM processing globally. Russia supplied 20%+ of Europe's titanium before the war. Morocco controls 70% of phosphate reserves. Eigersund breaks all three dependencies simultaneously.
CRMA fast-track permitting (27-month cap). Access to InvestEU raw materials guarantee facility. Priority status in EU strategic projects list — direct line to European Commission.
Regulatory TailwindInnovasjon Norge, Enova, and Export Finance Norway instruments available. Norway's mineral strategy explicitly targets new mining projects. Potential state equity participation (cf. Aker model).
Capital AccessTitanium and vanadium qualify for §45X production credits through 2033 (phasing out under OBBBA). §48C: no new allocation rounds for new projects. DPA Title III significantly expanded. US-Norway MOU (Oct 2024) creates bilateral framework for critical mineral cooperation.
Revenue Uplift"The EU must secure its supply of critical raw materials. We cannot allow ourselves to fall into a new dependency. The age of relying solely on imports is over."— Ursula von der Leyen, President of the European Commission, State of the Union 2023
Over $95M+ and a decade of exploration have established one of Europe's most important mineral deposits. The project stalled on a single, fixable execution decision: open-pit mining in a community that would not accept it.
Redesign the mine for underground sublevel caving — tunnelling from the valley floor into the mountain with minimal surface footprint. Ore conveyed to Eigersund port and shipped to EU markets as concentrate. A US processing option (separate investment decision) could capture defence-industrial incentives.
Note: The existing PFS (Sep 2024) is for open-pit extraction. The underground concept below is preliminary and requires a new feasibility study as part of Phase 3. Capital and operating costs will differ from the open-pit PFS.
6-month exclusive due diligence. Geological verification. Underground design study. Community engagement.
Purchase all mineral rights, licenses, JORC data, and PFS work product. $80M on DD completion. Clean NewCo — no legacy liabilities.
Underground feasibility study (new PFS). Detailed mine design. New regulatory plan. Landowner agreements. DMF approvals. Community Trust established.
Decline tunnel, underground infrastructure, conveyor to port, bulk terminal. US processing plant built in parallel.
Ramp from 5 Mtpa to 20 Mtpa (22 M stpa) nameplate over 3–5 years. 23+ year mine life from Zone 1 alone. Additional zones extend resource.
The original internal model projects $2.4B revenue and $7.4B NPV assuming fully integrated downstream processing (own TiO₂/phosphoric acid plants). Below: a transparent two-track analysis using current commodity prices (April 2026) and cost benchmarks. Track 2 assumes toll processing via an existing US plant — no new plant build.
Capex financing. Total capex of $680M–1.04B for the Norway mine + concentration plant. In Track 2, no additional plant capex — the US processor provides existing capacity. Available public co-financing: EU CRMA/EIB (€50–200M), Eksfin ($48–95M+), Norwegian grants ($27–65M). A US toll arrangement may unlock DPA Title III ($50–150M+). Combined: 15–30% of capex covered by public capital.
All revenue projections assume 20 Mtpa throughput at full production. Commodity prices: current market April 2026. V₂O₅ at spot ($10.5–12k/t), not historical highs. Mining costs benchmarked against Rana Gruber ASA ($46/t all-in, 2024 AR) and block caving benchmarks ($5–8/t direct). All links to sources below.
Financial projections, market forecasts, and operational assumptions are grounded in primary research, industry benchmarks, and verified transaction data.
All prices current market April 2026.
Underground mining benchmarks — sublevel caving $14–18/t.
Track 2 base case: NPV ~$1.8B (10% WACC), 19-year DCF. Internal model — not independently verified.
§45X phases out by 2034. §48C closed. DPA Title III expanded under OBBBA.
Recovery: ~85% TiO₂, ~80% V₂O₅, ~75% P₂O₅ (SGS testwork).
DMF extraction rights granted June 2024. Municipal planning blocked Jan 2025.
The project owner can structure a US toll-processing arrangement that unlocks §45X production credits (for the US processor) and DPA Title III grants (for the supply chain). Combined with Norwegian and EU funding mechanisms, the dual-jurisdiction structure can reduce effective project capex by 15–30%.
A dual-jurisdiction structure could position the project to apply for incentives in both EU and US markets — an option unavailable to most peers.
Oct 2024: MOU signed (Eide + Blinken). Jan 2025: Joint NMPP report on non-market practices. Norway = #1 US cobalt supplier (25% of imports), #3 nickel. ~$608M/year bilateral minerals trade.
Key nuance: OBBBA (July 2025) changed the landscape. §45X phases out by 2034. §48C closed to new applicants. But DPA Title III was significantly expanded, and Trump's Mar 2025 EO prioritises allied-nation mineral projects. The defence-industrial case is now stronger than the clean-energy case. A US toll-processing arrangement is the optimal structure.
In force May 2024. EEA-relevant — applies to Norway. Strategic Project status could enable: 27-month expedited permitting, EIB/EBRD financing, offtake facilitation. Phosphate, titanium, vanadium all on EU critical list.
Precedent: Norway already has one CRMA Strategic Project (Norgraph). Path to designation is proven for Norwegian applicants.
Dual-market optionality. The project owner can sell concentrate to EU buyers from day one (Track 1). Adding a US toll-processing arrangement (Track 2) unlocks higher phosphate net-backs, §45X credits for the US processor, and DPA III grant eligibility — without additional plant capex. The dual-jurisdiction structure (Norway + US) creates an allied-nation supply chain with access to funding on both sides of the Atlantic.
Dec 2024: NATO designated 12 defence-critical raw materials (titanium included). Norway committed to joint procurement. Rubio: "partnering with Norway on supply chain security." Security argument accelerates permitting.
Democratic governance, NATO membership, OECD standards, ESG compliance. Positioned as geopolitically resilient alternative to China/Russia sourcing. This matters to offtake buyers.
Apr 2024: White House Joint Statement. Oct 2024: MOU. Jan 2025: NMPP report. Political alignment accelerating. CMA negotiations could unlock full FTA-equivalent status for minerals.
Eigersund's proximity to EU markets is a structural advantage. Port infrastructure is a key capital allocation decision.
NOT Panamax-capable (12.04m draft, 0.46m clearance). Dedicated bulk terminal required. Long-term optimal if volumes justify investment.
Existing bulk infrastructure. Zero upfront investment. Higher per-ton cost but operational immediately. Ideal for ramp-up phase.
EU proximity is the core economic advantage. 2–3 days to Rotterdam/Hamburg vs 3–6 weeks from African/South American competitors. The base case is concentrate sales to EU buyers under CRMA demand pull — this does not require a US processing plant. US processing is an additional strategic option, contingent on defence-industrial incentive eligibility and a separate investment decision.
€50–150M capex. Bulk storage, conveyor, shiploader for Handymax. 2–3 year build. Best for full-scale operations.
Zero port capex. 40km haulage at $3–5/ton. Operational immediately. Suits ramp-up phase. No mine-to-ship integration.
Use Stavanger throughout. Existing deep-water infrastructure, zero port capex. Eigersund terminal remains an option if volumes and economics justify the €50–150M investment at a later stage.
Note: Eigersund kommune allocated ~$95K (Dec 2023) for port feasibility study. The mine cross-section above shows direct conveyor to port — this requires the Eigersund terminal investment (€50–150M). A phased approach (Stavanger first) avoids this upfront commitment.
Full transparency on what stands between option signing and production. Investors deserve honest assessment.
Our mitigation strategy directly addresses each blocker:
→ Rights acquisition means Wurmser retains his company but loses the project. New name, new team, clean break. This is prerequisite #1.
→ Underground mine = 5,000 dekar vs 30,000. Dramatically reduced surface impact resolves core community objection.
→ Community trust (0.5% revenue) = $19–30M+ over mine life. Aligns economic incentives with the Eigersund municipality.
→ Direct landowner negotiations for phosphate rights with fair compensation. Transparency-first approach.
→ EU CRMA Strategic Project designation → 27-month expedited permitting (vs 6–8 year standard path).
→ The option structure protects capital. 6-month DD period with unconditional walk-away right. Zero at risk until every hurdle is mapped and mitigated.
Planning programme → EIA → Zoning plan → Operating licence
6–8 years
Parallel processes. Expedited review. EIB support.
~27 months possible*
Political reset with Eigersund municipality. New operator. New proposal.
Prerequisite for all paths
* CRMA 27-month timeline contingent on Strategic Project designation and EEA incorporation. Norwegian planning law still applies.
A US partnership could open eligibility for Norwegian, EU, and bilateral funding mechanisms. Combined public co-financing potential if all applications succeed: $140–280M.
State enterprise funding industrial decarbonisation. Supports energy-efficient processing, electrification, and waste heat recovery.
Research Council + Innovation Norway + Siva collaboration for green industry transitions. Funds R&D consortia with industry partners.
Grants and loans for mineral development with international partnerships. Special programs for critical raw materials and district development.
EU Critical Raw Materials Act opens RESourceEU fund (€3B total), EIB/EBRD concessional lending, and expedited permitting. Norway eligible via EEA.
AAA sovereign-backed export credit and guarantees. Low-cost debt for mineral exports to allied markets. Concentrate exports to US processor qualify as Norwegian export project.
Oct 2024 bilateral agreement on critical minerals supply chains. Opens US DPA Title III grants, DOE/DOD funding, and joint R&D programs for allied-nation projects.
The dual-jurisdiction structure unlocks maximum funding. Norway-only: Enova + Innovation Norway (~$27–65M). With EU CRMA: add EIB/EBRD concessional lending (€50–200M) + Eksfin export credit ($48–95M+). With US toll-processing partner: add DPA Title III ($50–150M+) and §45X credits for the processor. Combined public co-financing potential: $175–620M+ — covering 15–30% of mine capex. Post-OBBBA, the defence-industrial rationale is stronger than the clean-energy case.
The community becomes a direct beneficiary of the project's success. Revenue milestones trigger automatic, irrevocable payments into an independent trust fund — financing infrastructure that outlasts the mine by generations.
Modern multi-purpose arena. Year-round indoor sports and community events.
State-of-the-art elderly care. Addressing the community's needs.
Mining and engineering scholarships for local youth. STEM programs.
Roads, broadband, recreational trails, harbour improvements.
Dedicated restoration and monitoring. Exceeding legal standards.
Mining, port, logistics, services. Priority local hiring.
This changes the equation entirely. Underground mining preserves the landscape. Contractual revenue sharing delivers $19–30M+ to the community. World-class infrastructure. 200+ permanent jobs. The community becomes the project's strongest advocate.
A disciplined, milestone-gated path. Each phase de-risks the next. Capital deployed only when the previous milestone confirms viability.
The holding structure depends on lead investor preference. Both tracks may be eligible for US defence-industrial incentives. Both keep operations local in Eigersund. The choice affects EU grant eligibility and governance complexity.
Four people on the ground from day one. Local knowledge, political relationships, and community trust. This is what makes or breaks the project.
Municipal council relations, public engagement, media. Rebuilds trust after previous operator. The political reset starts here.
204 phosphate rights holders. Fair compensation agreements. Transparency-first approach with local legal counsel.
DMF liaison, planning programme, EIA coordination. EU CRMA application if Strategic Project route is viable.
Port assessment (Eigersund vs Stavanger), underground mine access planning, local contractor relationships.
Structure follows strategy. The choice between Luxembourg and US LLC depends on lead investor preference and which grant pool to prioritise. Either way: four people on the ground in Eigersund, mining expertise from the US partner, no legacy overhead. Final structure decided during the 9-month due diligence period.
Multiple converging factors create a narrow window for optimal entry. The regulatory environment, subsidy landscape, and project readiness are all aligned.
The resource is fully proven, the PFS is complete, and the project is repositioned for underground mining. All the foundational work is done — what's needed is the right partner to execute.
The Critical Raw Materials Act creates unprecedented urgency for European mineral production. Governments are actively looking for projects like this to support and fast-track.
OBBBA expanded DPA Title III ($5B Industrial Base Fund) and Trump EO prioritises allied-nation minerals. §45X credits still available through 2033. Early movers capture maximum benefit before phase-out.
Underground sublevel caving proven at massive scale across Scandinavia. Rana Gruber, LKAB Kiruna, Boliden. Established engineering, zero technology risk.
The municipality wants economic development. Underground mining with a community trust is the proposal that aligns everyone's interests.
Option structure provides full protection during evaluation. Unconditional walk-away right. Minimal downside during evaluation. Full walk-away right.
All mineral rights, JORC data, and PFS for one of Europe's largest undeveloped polymetallic deposits. Three EU-critical minerals — phosphate, titanium, vanadium — in a single deposit.
Previous operator pursued open-pit mining. Municipality said no. Project stalled. We reset with underground mining — proven Scandinavian technology, minimal footprint.