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Energy Transition Metals (ASX:ETM), a country trying to sue Greenland for four times its GDP, has made the perhaps surprising move of coming out on Thursday with news it’s buying a niobium-tantalum project in Spain.
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But for anybody who’s been watching the company for a while, or listened to some early episodes of the HotCopper Wire podcast, you may recognise ETM as the company that Trump resurrected this year.
That is, at least, if you accept a share price jump can be considered ‘resurrection.’ But the forums made clear many felt that way, as the share price doubled (to the 4c range) in early 2025 after Trump started going on about seizing Greenland.
And this could be neglecting the influence of former Australian LNP heavyweight Julie Bishop, who ETM hired as an adviser in early 2025, not long after she got done making advertisements for MinRes.
That early bit of sensationalism from Trump 2.0 has long since been forgotten (unless you’re unfortunate enough to be a finance journalist), and it was only after the stock recovered from Liberation Day that the market more or less got bored.
(In May, Trump said he’d consider using the army to take Greenland over, but since then, his attention’s been focused more on tariffs.)
And the market appears to be reading the room, realising a new catalyst may be needed (especially as ETM’s lawsuit against both Greenland and Denmark clearly isn’t going anywhere fast.)
Because the surprise announcement of a niobium project in Spain for ETM – a $74M capped company with 1.5B shares – has pushed its shares +9% higher to 4.8cps right before lunchtime trades.
So what is ETM now looking at in Spain? Well, that’s where it may get a bit creative. The company isn’t a stranger to the jurisdiction: it came to Spain with lithium in its eyes, but too late by 2023 when it tried to jump on board the battery metals wave.
By that point, the writing of oversupply was becoming increasingly apparent on the wall, and so ETM kind of got stranded in Greenland at around the same time the IPO market died, and the ASX was a pretty depressing place for a while, there.
Anyway, to answer my question that led two paragraphs ago: ETM has issued a $10M placement to buy the Penouta project in Spain, “Europe’s only tin-tantalum-niobium mine,” which also includes an existing processing plant.
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Worth noting, lithium and tantalum coincide together, suggesting maybe – just maybe – ETM is hoping for a revaluation in a not too distant future.
ETM last traded at 4.8cps.
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