Freedom Metals is a special purpose acquisition company (SPAC) seeking to merge with a private business in the critical minerals and mining sector. The company focuses on businesses involved in the exploration, processing, production, or recycling of minerals essential for national defense, clean energy, and advanced technology. Freedom Metals targets companies with enterprise values exceeding $1B, prioritizing targets with proven geology, production history, or unique processing capabilities. The company raises capital through an IPO—$275M—and holds the proceeds in a trust to finance a future acquisition. Public units consist of one share and one-third of a warrant. Freedom Metals has 18 to 24 months to identify and close a transaction; if the company fails to do so, it must return the trust proceeds to its shareholders. Management leverages technical mining experience and policy connections to source deals driven by structural factors, such as lithium demand for electric vehicles and government initiatives to secure domestic supply chains. The sponsor, NLC America SPAC 1, holds founder shares that provide equity in the combined entity upon a successful merger, while public shareholders retain the right to redeem their investment if they do not approve of a transaction.