Volato Group, Inc. (SOAR) and its pending acquisition target M2i Global signed a memorandum of understanding on November 19, 2025, with Nimy Resources to pursue a gallium supply agreement from the company’s Mons project in Western Australia. The MOU grants M2i exclusive rights to negotiate the purchase of up to 100 % of gallium‑bearing concentrates from Mons for shipment to the United States, subject to a binding commercial agreement. The parties will conduct due diligence and negotiate terms over a six‑month period, aiming for a formal offtake agreement within 12 months.
Under the agreement, M2i will also assist Nimy in approaching U.S. buyers and exploring project financing, including introductions to lenders such as the U.S. Export‑Import Bank. The MOU reflects a broader strategy by Volato to diversify into the critical‑minerals market, a move that follows the company’s Q3 2025 earnings report in which revenue fell from $38.47 million a year ago to $0.381 million, yet the company returned to profitability with a net income of $7.15 million versus a $4.44 million loss a year earlier. Volato’s CFO, Mark Heinen, highlighted that disciplined cost control reduced liabilities to $9.5 million, meeting a key merger closing condition and strengthening the company’s balance sheet for the upcoming reverse acquisition of M2i, in which M2i shareholders will own 85 % of the combined entity.
Nimy Resources’ Mons project contains a maiden inferred JORC gallium resource of 7.23 million tonnes at 102 g/t Ga₂O₃ and 3,890 t of contained total rare‑earth oxides at 538 ppm. The project’s high‑grade gallium and rare‑earth content positions it as a potential U.S. source amid China’s postponed export ban on gallium, which remains in effect until November 2026 and requires special licenses for shipments to the United States. The global gallium market is projected to grow from roughly $41 million in 2023 to over $21 billion by 2034, underscoring the strategic value of securing a reliable supply chain.
The MOU aligns with U.S. policy to reduce dependence on Chinese mineral exports and supports national‑security supply chains for defense, clean‑energy, and semiconductor applications. By securing a potential U.S. source of gallium, Volato and M2i aim to tap a growing demand for advanced technologies while positioning themselves as key partners in the emerging strategic‑minerals sector.
Management comments underscore the strategic intent: M2i CEO Al Rosende said the partnership “underscores our commitment to building a robust critical‑minerals supply chain,” while Nimy Managing Director Luke Hampson highlighted the discovery’s high grades and the economic upside from the rare‑earth component. Volato CFO Mark Heinen noted that the company’s financial discipline “positions us well for day‑one execution with M2i,” reflecting confidence in the combined entity’s ability to secure financing and advance the Mons project.
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