We intend to focus on identifying a business combination target with a strategic position in the international energy supply chain and critical minerals sectors, including their related infrastructure. We define strategic assets as those that are difficult to replicate, strategically important to their end markets, and positioned to benefit from secular demand trends. We believe that the realignment of global natural resource supply chains, driven by geopolitical and economic trends, will generate long-term investment returns through a combination of organic growth, operational improvements, and consolidation.

Strategic energy supply chains include companies that control essential links in energy production, processing, and distribution networks. These businesses possess assets that are difficult to replicate due to geographic advantages, regulatory barriers, or specialized infrastructure requirements. Strategic and critical minerals encompass materials essential for energy transition, defense applications, and advanced manufacturing, where supply concentration and technical barriers create competitive moats for well-positioned companies.

Strategic and critical minerals present significant investment opportunities, with demand for high-technology manufacturing, aerospace, advanced manufacturing and defense applications expected to grow substantially. We focus on strategic materials that are difficult to replicate due to geographic concentration, technical processing requirements, or regulatory barriers, and that are strategically important to their end markets. The U.S. Geological Survey maintains a list of 54 critical minerals essential to economic and national security, with the U.S. currently import-dependent for many of these materials. The IEA estimates mineral demand for clean energy technologies could more than double by 2030 and triple by 2040, while concurrent demand growth from defense, healthcare, electronics, and advanced manufacturing sectors compounds supply constraints and benefits companies with strategic market positions.