$SOARJun 3, 2026, 12:58 PMAI processed
M2i says 88,000 tons of copper now valued at $1.172B; merger with Volato progressing
AI Summary
M2i Global updated that its previously announced agreement for an initial 88,000 tons of Australian copper is now valued at $1.172 billion based on the current LME price of $13,320/ton, a ~24% increase from the $945M valuation disclosed in July 2024. The companies say Volato (SOAR) and M2i (MTWO) have shareholder approval for a merger (May 2026) and M2i is conducting due diligence on additional domestic deposits, while the copper rally is being attributed to stronger Chinese demand, supply constraints and analyst forecasts of future market deficits.
Positives
- 88,000 tons of copper revalued at $1.172B based on current LME spot price ($13,320/ton), up ~24% since July 2024
- Shareholders of both companies approved the M2i–Volato merger in May 2026
- M2i is in due diligence on additional domestic deposits to expand its critical-minerals portfolio
Negatives
- The copper is reported as being "under agreement" — not necessarily delivered or in company control, exposing valuation to counterparty/delivery risk
- Merger remains subject to definitive filings and other closing conditions; transaction not yet finalized
- Valuation is spot-price sensitive; copper prices are volatile and could reverse from near-record levels