NTH CYCLE INC., A PURE PLAY CRITICAL MINERAL REFINING COMPANY, TO LIST ON NYSE THROUGH BUSINESS COMBINATION WITH KENSINGTON CAPITAL ACQUISITION CORP. VI

Nth Cycle Inc., a critical minerals refining company, has announced a definitive business combination with Kensington Capital Acquisition Corp. VI (NYSE: KCAC), a special purpose acquisition company (SPAC), valued at approximately $585 million. This transaction is expected to close in the fourth quarter of 2026, resulting in Nth Cycle becoming a publicly traded entity under the ticker symbol "NTH" on the New York Stock Exchange.

Founded in 2017, Nth Cycle aims to address a crucial gap in the critical minerals supply chain by establishing domestic refining capabilities. The company has developed a proprietary electroextraction platform known as the OYSTER system, which offers a more efficient and environmentally friendly alternative to traditional refining methods. This technology is particularly relevant given the current geopolitical landscape, where Western nations are increasingly seeking to reduce their dependence on China, which currently controls approximately 85% of the global critical minerals refining market.

The strategic rationale behind this merger is underscored by the growing demand for critical minerals, which are essential for various industries, including defense, electrification, and artificial intelligence. Nth Cycle's focus on refining rare earth elements, copper, and battery materials positions it well within a trillion-dollar market that is expected to expand significantly in the coming years. The company's commercial momentum includes operating the first U.S. refinery capable of producing high-purity nickel-cobalt mixed hydroxide from recycled battery feedstock, as well as securing a 10-year off-take agreement with Trafigura valued at approximately $1.1 billion.

The transaction not only reflects Nth Cycle's innovative approach to refining but also aligns with broader government policies aimed at enhancing domestic supply chains for critical minerals. As the U.S. and its allies prioritize the establishment of resilient supply chains, Nth Cycle's capabilities may serve as a critical bridge to achieving these objectives. The combined company is expected to leverage Kensington's experience in scaling businesses within the automotive and advanced manufacturing sectors, further enhancing its potential for growth.

In summary, the merger between Nth Cycle and Kensington Capital Acquisition Corp. VI highlights the increasing importance of critical minerals in the modern economy and the urgent need for domestic refining capabilities. As global demand for these resources continues to rise, the successful completion of this transaction may have significant implications for the future of the critical minerals sector, positioning Nth Cycle as a key player in the transition towards a more sustainable and self-sufficient supply chain.