Journal · 2026-08-20 · TREO
Tactical listed as TREO on Thursday. Peak is a tailings pile two miles from Round Top. Nasdaq is not a resource.
Plum combo, 4-for-1, 13.6 million shares. 1.5 Mt of already-mined Sierra Blanca feedstock and an 88–93% leach on composites. The listing work is done. The 43-101 is not.
Tactical Resources began trading on the Nasdaq Capital Market on 20 August under TREO, via the Plum Acquisition Corp. III combination and a 4-for-1 consolidation. About 13.6 million shares out. Last in the $7 handle, ~$85 million cap. That is a real US listing, four days old.
Peak sits inside the operating Sierra Blanca Quarry, Hudspeth County, two miles from USA Rare Earth’s Round Top on the same rhyolite laccolith. The pitch is speed: 1.5 million tonnes of already-mined tailings, a lease option on the quarry, and QP-verified direct-leach tests at 88–93% TREE+Y. No NI 43-101. No S-K 1300. No offtake.
The desk’s rule does not change because the ticker is pretty. EMAT listed and did not become a plant. TREO listed and did not become a mine. Pulse from here is a maiden resource on the tailings and a plant that is more than a Texas rendering. Until then it is a Nasdaq neighbor of Round Top, not a substitute for it.