The state fund will focus on cobalt, copper, lithium, silicon, rare earths projects, including in extraction, processing and recycling.

Vega Mining will acquire from the Nisga’a the rights to five existing annual benefit payment entitlements with projects in the Golden Triangle, in exchange for common shares in Vega’s capital.

Industrial metals have had a soft start to the year.

The offering is expected to close on around Feb. 8.

Funds including Tribeca Investment Partners, Terra Capital and Anaconda Invest all say the supply dynamics support price increases in 2024.

Other producers including BHP have put nickel projects on ice to counter falling prices for the metal.

The program followed up on results from drilling completed in last year’s first quarter, when a new nickel bearing horizon inside the Wine gabbro was discovered.