Mentioned:
REalloys is aiming to become the largest producer of heavy rare earth elements outside of China. And they’ve just raised a fresh round of funding to do it.
What’s happening:
- REalloys (NASDAQ: ALOY) has successfully raised $50M USD in a new equity financing round
By the numbers:
- REalloys issued roughly 2.7M common shares at a price of $18.50 USD per share as part of the new funding round
Why it matters:
- REalloys is one of the only publicly traded companies operating in North America that is developing a full scale platform for heavy rare earth midstream separation, refining and metallization capabilities to both process and convert heavy rare earth materials into rare earth magnets
Going deeper:
- The Pentagon just recently made major waves when they awarded a contract to REalloys through the United States Defense Logistics Agency to design a modular plant to produce samarium and gadolinium metal for rare earth magnets
- REalloys has also formed multiple notable deals for rare earth feedstock supply, including with Kazakhstan based private mining group AltynGroup and Greenland based Critical Metals (NASDAQ: CRML)
The intrigue:
- The Saskatchewan Research Council has committed 80% of their annual production and processing capacity of rare earth elements to REalloys and have publicly stated they are aiming to build out the single most significant commercial scale production facility for heavy rare earth refining and processing in North America together
