Inside the motor of every EV, every wind turbine, every robot, every drone, and every missile hides a tiny magnet — the strongest in the world. It's made from just a handful of rare earth elements, uses only a few grams per part, and is almost impossible to replace. And China controls more than 90% of the "refining" and "magnet-making" behind it. In 2025, China actually played that card as a weapon, and factories around the world stalled. This is the story of the quietest — and most dangerous — bottleneck in the modern economy.
Western rare earth and magnet supply hits real milestones as China's grip slips
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Western magnet and heavy-rare-earth production turns real MP Materials hit record NdPr output, is on track for terbium and dysprosium this year, and expects commercial GM magnet shipments in the fourth quarter. Evolution Metals raised 2026 revenue guidance 62% and is adding machines to push ex-China magnet capacity past 10,000 tonnes. Actual production, not promises, is replacing Chinese supply.
Shows the theme's core positive force: non-China supply moving from plans to real output.
New permits and government money widen non-China supply Critical Metals won Greenland's formal approval for the Tanbreez heavy rare earth mine, valid to 2050. The US approved Ukraine reconstruction funding covering rare earths and uranium, and Canada's investment summit is courting $720 billion, with strategic minerals in its project book. More permits and state capital back the buildout.
Captures the fresh regulatory and capital catalysts adding new non-China sources.
China's refining share is slipping as allies build around it The IEA says China's share of rare earth refining for magnets fell from 91% in 2023 to about 85% in 2025, and could reach 70% by 2035. Japan and the US are funding loans, stockpiles and long-term contracts to diversify. Each time China uses rare earths as a diplomatic weapon, it speeds this shift.
Quantifies the structural erosion of China's dominance, the theme's central long-term driver.
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US-China truce leaves rare earth exports unresolved Trump and Xi extended their trade truce two months, but rare earth exports, tariffs and Taiwan stayed unresolved, and US senators said the summit made no progress on China's smelting dominance. Trump also pressed Xi to lift controls on Japan, with little response. The calm is fragile and the bottleneck persists.
The main counterweight: policy uncertainty keeps supply risk alive despite the truce.
Laos Plans to Halt Raw Ore Exports by Mineral Type and Timeline, Stops Approving New Rare Earth Projects
Lao Minister of Industry and Commerce Malaythong Kommasith explained the shift in national mining development policy at the tenth session of the National Assembly. The draft of the new Prime Ministerial Decree on Improving Policies and Strengthening Management of Mineral Resource Development in the New Phase proposes four policy directions, including establishing ten criteria for selecting investors, requiring one hundred percent open and transparent bidding for projects, clearly planning to stop raw ore exports, and shifting management toward digitalization while implementing ESG standards. Among these, approvals for new rare earth projects will be halted absolutely. For already approved projects, the Ministry of Industry and Commerce will formulate a plan to reduce raw ore exports by the end of 2026 and submit it to the government for approval. For minor metals such as cobalt, tungsten, and nickel, raw ore exports will be fully stopped before 2030. Several industry analysts told Jiemian News that the new Lao policy will have limited impact on China's overall mineral supply and demand landscape. Li Congming, a rare earth industry analyst at Shanghai Ganglian, pointed out that China has a relatively high self-sufficiency rate for rare earth raw materials, and the scale of imports from Laos is not large compared with Myanmar and the United States. However, since 2025, as US import volumes have dropped sharply, the share of Lao ore has increased. Data from Antaike show that in 2025, China's imports of intermediate rare earth smelting products from Laos rose 57.8 percent year on year, with Lao ore accounting for 25 percent, surpassing the 19 percent share from the United States. Chen Qiqi, an antimony industry analyst at Shanghai Ganglian, said Laos accounts for only about 2 percent of China's total antimony raw material imports, and the figure was 2.81 percent from January to August this year. The disappearance of that import volume would actually reduce downward pressure on domestic prices in the short term, making its symbolic significance greater than its practical impact. Bai Qiong, a nickel industry analyst at Shanghai Ganglian, said Laos has cobalt reserves exceeding 100,000 tonnes and nickel resources of a certain scale, but its output accounts for an extremely low share globally. Tungsten industry analyst Lü Yannan said China's imports of tungsten concentrate from Laos account for less than 1 percent of total domestic tungsten raw material imports, so the impact is basically negligible. The new policy is the result of continued tightening of mining regulation in Laos in recent years. In May 2026, Directive No. 11 of the Central Committee of the Lao People's Revolutionary Party explicitly banned raw ore exports for the first time. In July, the Standing Committee of the special session of the tenth National Assembly proposed setting a two-to-three-year deadline to stop raw ore exports. The new Prime Ministerial Decree issued in October turns those principles into a concrete ban plan by mineral type and timeline.
EM&T Raises Fiscal 2026 Revenue Guidance 62% to $11 Million, Reaffirms $460 Million Fiscal 2027 Outlook
Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.
Baogang Steel Plans to Adjust Q4 2026 Rare Earth Concentrate Related-Party Transaction Price to 38,800 Yuan per Tonne
Baogang Steel announced that, in accordance with the rare earth concentrate price adjustment mechanism and calculation formula approved at the company's 2022 annual general meeting, it plans to adjust the related-party transaction price for rare earth concentrate in the fourth quarter of 2026 to 38,769 yuan per tonne excluding tax, or 38,800 yuan per tonne, with the pricing basis being dry weight and REO equal to 50%. The announcement also clarified that for every 1% increase or decrease in REO, the tax-exclusive price will correspondingly increase or decrease by 775.38 yuan per tonne.
600010.CG · Pricing · Neutral Baogang Steel adjusts its Q4 2026 rare earth concentrate related-party transaction price to 38,800 yuan/tonne under the approved mechanism, a change in its own product pricing.
MP Materials Posts Record NdPr Output, Targets Terbium and Dysprosium Production
MP Materials is accelerating its push to build a fully integrated U.S. rare earth supply chain, reporting record NdPr production and progress toward heavy rare earth and magnet manufacturing. In 2025, its Mountain Pass operations delivered a record 2,599 metric tons of neodymium-praseodymium, more than double the 1,294 metric tons produced in 2024. First-quarter 2026 NdPr output hit a record 917 metric tons, up 63% year over year, and second-quarter production rose 41% year over year to 840 metric tons despite a scheduled semiannual maintenance outage; management expects third-quarter 2026 NdPr production to have exceeded 1,000 metric tons. The company remains on track to begin producing terbium and dysprosium later this year, with first samarium production targeted for 2028, and recently signed a multiyear agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer. In December 2025, MP produced its first commercial-scale neodymium-iron-boron permanent magnets at its Independence facility in Fort Worth, Texas, and it has been delivering magnetic precursor products to General Motors under a supply agreement since the first quarter of 2025. As of June 30, 2026, MP had collected $150 million in required GM prepayments and delivered $104.5 million of precursor products, with the remaining $45.5 million expected within a year, after which it expects to shift to finished magnet sales; it delivered magnets to GM for in-vehicle qualification testing in the second quarter of 2026 and expects commercial shipments to begin in the fourth quarter of 2026. MP has begun construction of the 10X magnetics facility, which is expected to contribute to total production capacity of approximately 10,000 metric tons of NdFeB rare-earth magnets per year, and it has launched Project Swarm with U.S. and allied drone manufacturers while continuing its partnership with Apple on magnet recycling and production.
MP · Supply · Positive MP Materials reported record NdPr output and progress toward terbium, dysprosium, and magnet production, expanding its rare earth supply capacity.
GM · Demand · Positive MP Materials is delivering magnetic precursor products and magnets to GM under a supply agreement, with commercial magnet shipments expected in Q4 2026.
Medaro Mining Reports Multiple Magnetic Targets at Bastnäs Project in Sweden
Medaro Mining Corp. announced results from a high-resolution, low-elevation drone magnetic survey completed across the central section of its Bastnäs Project in central Sweden as part of its 2026 exploration program. The survey identified multiple magnetic high structures correlating with historical iron ore mines, strongly defined magnetic high lineaments trending northeast-southwest across the project area, and a structural fabric overprint that breaks up those lineaments. Coverage gaps caused by terrain, environmental and operational constraints will be infilled during a Phase 2 drone magnetic survey planned for 2027. The geophysical data is being interpreted alongside the company's 2026 surface sampling results, which included 218 rock chip samples collected from new outcrops and historic workings, with previously reported results of up to 32.99% TREO, 16.5 grams per tonne gold and 23.7% copper. Medaro has identified six principal areas of interest from the combined geological, geochemical and geophysical results, and President and CEO Mark Carruthers said the survey has helped prioritize several areas for follow-up exploration and drilling. The Bastnäs Project comprises two mineral exploration permits, Bastnäs 100 and Bastnäs 200, held on trust by McKnight Resources AB, and one permit, Bäckegruvan nr 1, held on trust by Explora Mineral AB, all intended to be transferred 100% to Medaro pending regulatory approvals.
Medaro Mining Corp. · Technology · Positive Drone magnetic survey identified multiple magnetic targets and six priority areas, advancing its Bastnäs exploration program toward follow-up drilling.
Canamera Wins Three-Year Permit for Schryburt Lake REE-Niobium Project, Drilling Starts October 2026
Canamera Energy Metals Corp. has received a three-year Exploration Permit from the Ontario Ministry of Energy and Mines for the Schryburt Lake Rare Earth Element-Niobium Project in northwestern Ontario and has signed a Community Benefit Agreement with Nibinamik First Nation, clearing the way for the project's first-ever diamond drill program to begin in mid-October 2026. The permit, effective from September 10, 2026 to September 9, 2029, authorizes a 19-hole diamond drilling program plus mechanized stripping and trenching, line cutting and geophysical surveys across 36 claims covering the core of the Schryburt Lake Carbonatite Complex. The initial phase, mobilizing October 16, 2026, comprises approximately 1,500 metres of helicopter-supported diamond drilling in three holes testing the Blue Jay, Starling and Blackbird targets, with a budget of approximately CAD $1.7 million. This is the first diamond drill program on the project and the first drilling of any kind since six shallow reconnaissance holes totalling 293 metres were completed in 1977. Expenditures under the program further the CAD $1.5 million First Option expenditure condition under the company's JV Option Agreement, through which Canamera may earn an initial 51% interest in the project, and up to a 90% interest through a three-stage earn-in requiring aggregate expenditures of CAD $9.0 million.
Canamera Energy Metals Corp. · Regulation · Positive Received a three-year Ontario exploration permit and signed a Community Benefit Agreement, clearing the way for its first diamond drill program at Schryburt Lake.
Trump Urges Xi Jinping to Restore China-Japan Ties and End Rare Earth Export Controls
US President Donald Trump called on Chinese President Xi Jinping to quickly restore relations with Japan and lift export controls on goods bound for Japan during their joint talks in Washington last September, according to the South China Morning Post. Trump warned that China's export restrictions on Japan, including rare earths, are threatening US industries that rely on Japanese suppliers, and said they indirectly amount to a violation of the US-China trade truce reached in South Korea last October. Trump also urged Xi to join talks with Japanese Prime Minister Sanae Takaichi, but the report said the Chinese leader showed little willingness to respond. Xi said the dispute between China and Japan should be kept separate from US-China relations and should not affect each other, while warning of the rising risk from a revival of militarism in Japan. Meanwhile, Kyodo News reported that China-Japan relations have deteriorated sharply since Takaichi told parliament last November that a Chinese attack on Taiwan could prompt Japan's Self-Defense Forces to respond in support of the United States, leading China to step up political and economic pressure on Japan, including restrictions on trade in rare earths needed to make advanced technology products. Japan had also tried to push for talks between Takaichi and Xi on the sidelines of the APEC summit in Shenzhen next month, but China rejected the proposal and instead offered a meeting between Takaichi and Chinese Premier Li Qiang, which the Japanese side signaled it could not accept.
China's Rare Earth Refining Share Falls from 91% to 85% as Japan and the U.S. Build Supply Chains Without China
Each time China uses rare earths as a diplomatic card, momentum grows among Japan and the U.S. in particular to build supply chains that exclude China. According to the International Energy Agency, as of 2025 China accounts for 85% of global rare earth refining, but its share of refining rare earths for magnets has fallen from 91% in 2023 to roughly 85% in 2025, and if planned projects come to fruition it could drop to around 70% by 2035. In October 2025, President Trump and Prime Minister Sanae Takaichi signed a Japan-U.S. framework on the mining and processing of critical minerals and rare earths, setting out a policy of diversifying supply chains through a combination of loans, guarantees, insurance, long-term purchase contracts, stockpiling, recycling, and geological surveys. In April 2026, Prime Minister Takaichi launched the Partnership for Resilient Energy and Resource Supply Capacity in Asia, known as Power Asia, under which financial cooperation totals about 10 billion dollars, equivalent in crude oil and petroleum product procurement to as much as about 1.2 billion barrels, roughly one year's worth of ASEAN's crude oil imports. At the second Pax Silica Summit in June 2026, governments from 35 countries and regions including Japan joined a joint statement on the AI field, and connecting the two frameworks of Power Asia and Pax Silica under Japan's leadership has become a realistic policy concept.
Energy Fuels Holds $996 Million Working Capital as Growth Spending Climbs
Energy Fuels reported $996 million in working capital as of June 30, 2026, up from $927.4 million as of Dec. 31, 2025, including $58.4 million of cash and cash equivalents and $878.3 million of marketable securities. The company's net cash used in operating activities declined to $17.8 million in the first half of 2026 from $44.8 million a year earlier, while net cash used in investing activities rose to $133.3 million from $75.2 million on higher investments in marketable securities, equipment and mineral properties, plus contributions to the Donald Project joint venture. In June, Energy Fuels received a conditional $725 million financing commitment from the U.S. Office of Strategic Capital, a proposed 20-year loan to support critical minerals processing expansion at the White Mesa Mill and a planned U.S. rare earth metals and alloys facility, subject to customary conditions and approvals. Among peers, MP Materials generated $4.9 million of operating cash flow in the first half of 2026 versus an outflow of $66.9 million a year earlier, and spent $307.7 million on property, plant and equipment, up from $59.5 million, ending with $429.6 million in cash, cash equivalents and restricted cash. Centrus Energy reported $16.7 million of operating cash outflow in the first half of 2026 against $89.3 million of inflow a year earlier, with capital expenditures surging to $94.8 million from $5.7 million and cash and cash equivalents of $1.87 billion as of June 30, 2026.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Capital
Critical Materials & Supply Chain › Uranium Mining Capital
Energy Transition & Power Demand › Conversion & Enrichment (HALEU) Capital
UUUU · Capital · Positive Energy Fuels reported $996M working capital and a conditional $725M U.S. Office of Strategic Capital financing commitment for critical minerals and rare earth expansion.
LEU · Capital · Negative Centrus reported $16.7M H1 operating cash outflow versus $89.3M inflow a year earlier, with capex surging to $94.8M from $5.7M.
MP · Capital · Positive MP Materials generated $4.9M operating cash flow in H1 2026 versus a $66.9M outflow a year earlier.
Greenland Resources Collects 8 Tonnes of Core, 14 Tonnes of Water for Malmbjerg REE and Magnesium Study
Greenland Resources Inc. has collected more than eight tonnes of drill core and fourteen tonnes of saline and fresh water from its Malmbjerg ore body in Greenland for a by-product test program backed by a non-repayable contribution from the government of Canada. The materials are expected to arrive at SGS Lakefield in Ontario around October 12, and the test program, which aims to verify metallurgical recoveries and concentration grades, will continue until March 2028. The work falls under the Malmbjerg Project Molybdenum Optimization, and Magnesium and Rare Earths By-product Feasibility Study, which received $7 million from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program. The company noted that China accounts for approximately 69% of global rare earth element production and 89% of global magnesium production, with the EU sourcing 97% of its magnesium from China and US net import reliance on magnesium exceeding 75% of consumption in 2025. The program covers characterization of ore samples and process water, optimization of molybdenum flotation under fresh and saline water conditions, and evaluation of magnesium and REE recovery pathways, with each program potentially advancing to continuous pilot-scale testing.
SGS Lakefield · Demand · Positive SGS Lakefield is the lab receiving the drill core and water samples to run the metallurgical test program for Greenland Resources.
LH Fund launches IPO of LHCRITMAT fund investing in nine critical mineral groups
Land and Houses Fund Management, or LH Fund, has opened the initial public offering of the LH Critical Materials open-ended fund (LHCRITMAT) from October 6 to 14, 2026, with a risk level of 7. The fund invests in the master fund, the Sprott Critical Materials ETF (SETM), at an average of no less than 80% of net asset value per fiscal year. Monarat Padungsit, Managing Director of LH Fund, said critical minerals are becoming a strategic raw material for the modern world, driven by their necessity for energy production, transmission and storage, as well as the defense and aerospace industries. The master fund is passively managed, tracking the Nasdaq Sprott Critical Materials Index, which selects stocks that derive at least 50% of revenue or assets from the critical minerals business, caps each security's weight at no more than 4.75%, and reviews index constituents every six months. Its key highlight is diversification across nine critical mineral groups through a single fund, with copper at 26.6% and uranium at 25.2%, followed by lithium, silver and rare earths, as of June 30, 2026. The master fund's portfolio has more than 77% combined exposure to companies listed in Canada, Australia and the United States, in line with the trend of supply chain diversification away from China. The master fund returned 60.33% over the past year and an average of 18.36% per year since inception, as of August 31, 2026. On the demand side, China accounts for as much as 90% of global rare earth processing and refining, while Japan relied on imports from China for 63% of its rare earths in 2024. The United States Geological Survey announced its 2025 national critical minerals list of 60 items, 10 more than the previous list. The IEA estimates global power grid investment in 2026 at about 550 billion US dollars, up nearly 20% from the previous year, with nuclear power capacity under construction totaling 78 gigawatts across 15 countries. NATO members aim to raise defense budgets to 5% of GDP by 2035. On the supply side, constraints remain: capital spending by critical minerals mining companies fell 9% in 2025 and exploration budgets dropped 10%. The IEA estimates that by 2035, mines worldwide may produce 30% less copper than needed and 40% less lithium, requiring about 500 billion US dollars in new mine investment by 2040.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
US approves new investments in Ukraine reconstruction fund to support power restoration and critical minerals development
The US Treasury Department announced on the 2nd that it has approved new investment projects under its "reconstruction investment fund" with Ukraine. The main pillars are the restoration of heat and power supply infrastructure and the development of critical minerals, supporting Ukrainian companies as infrastructure damage spreads from Russia's invasion. According to the Treasury, the plan is to build power generation and heat supply facilities in multiple regions of Ukraine, aiming to supply thousands of households. It will also provide funding for battery storage projects in six locations across the country, seeking to stabilize power supply in preparation for blackouts caused by Russian military attacks. In addition, it will support the development of rare earths, uranium and other resources, strengthening supply chains for allied nations.
Apex Resources Grants ReOsiris Option to Acquire Wau Mineral Claim
Apex Resources Inc. has entered into an option agreement granting ReOsiris Inc. the exclusive right to acquire Apex's 100% interest in the Wau mineral claim in British Columbia. The option agreement took effect October 1, 2026, with ReOsiris, an arm's-length party, paying a non-refundable upfront cash payment of $20,000 for the grant of the option. ReOsiris must pay an additional $250,000 in cash upon exercising the option, and the upfront payment will not be credited against that exercise price. ReOsiris has 12 months to decide whether to exercise the option. The property consists of mineral tenure No. 1136563 and includes all minerals on the claim in whatever form, including tailings and waste rock, with all amounts stated in Canadian dollars.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Apex Resources Inc. · Capital · Positive Apex grants ReOsiris an option to acquire its Wau mineral claim for $20,000 upfront plus $250,000 on exercise
ReOsiris Inc. · Capital · Neutral ReOsiris obtains an option to acquire the Wau claim, paying $20,000 now and $250,000 if it exercises within 12 months
American Rare Earths Unveils Larger Cowboy State Mine Plan in Updated Scoping Study
American Rare Earths has unveiled an updated Scoping Study for the Cowboy State Mine outlining a larger development concept for Halleck Creek, CEO Mark Wall said. The study evaluates a 4.5-million-tonne-per-year operation with a projected mine life of 26 years, generating an estimated after-tax net present value of approximately US$1.07 billion at an 8% real discount rate. Initial capital is estimated at approximately US$900 million, comprising roughly US$690 million in direct capital and US$210 million in contingency, with the updated study applying a 30% contingency allowance to direct capital versus 20% in the company's 2025 study. Modelled average annual production of neodymium-praseodymium oxide has increased from approximately 1,800 tonnes to 2,500 tonnes, and a separate closure cost provision of approximately US$56 million has been included at the end of the projected mine life. The development concept combines mining, comminution and mineral concentration at the Cowboy State Mine with a separate hydrometallurgical refinery planned for the Wheatland or Laramie area of Wyoming, as the company aims to establish a domestic supply of rare earth oxides and advance technical work to connect those materials with downstream U.S. production of rare earth metals and permanent magnets.
American Rare Earths Limited · Supply · Positive Updated scoping study outlines a larger 4.5Mtpa Cowboy State Mine with higher NdPr output, expanding its rare earth supply project
EQ Resources Swings to A$7.11 Million Full-Year Profit as Sales Reach A$165.44 Million
EQ Resources Limited reported full-year results to 30 June 2026, swinging to a net profit of A$7.11 million from a prior-year net loss. Sales rose to A$165.44 million and revenue to A$167.04 million, and the company moved from a loss per share to positive basic and diluted earnings per share from continuing operations. The company said the turnaround reflects core operations now earning their keep, though it flagged risks around high non-cash earnings, volatile share price moves, concentration in a niche commodity, and recent shareholder dilution. Short-term catalysts center on execution at key projects, integration of the Springer APT joint venture in the US, and governance and capital allocation under a refreshed board and relatively new management team. Simply Wall St Community fair value estimates for EQ Resources range from roughly A$0.25 to A$2.43 across three submissions.
EQ Resources Limited · Capital · Positive EQ Resources swung to a A$7.11 million full-year net profit with sales of A$165.44 million, a financial-results turnaround.
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Rare Earths & Permanent Magnets▲
Mkango Files Amended Form F-4 for Crown PropTech SPAC Merger
Mkango Magnetic Materials Limited announced that its wholly-owned subsidiary, Mkango Rare Earths Limited, filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission on September 29, 2026, in connection with its proposed business combination with Crown PropTech Acquisitions, first announced on July 3, 2025. The Amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR covering the common shares and warrants to be issued in the deal. The filing has not yet been declared effective by the SEC and remains subject to completion or amendment. Subject to the SEC review process and customary closing conditions, including approval by CPTK shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Mkango, which is listed on AIM and the TSX-V, is pursuing a strategy to become a market leader in recycled rare earth magnets, alloys and oxides, and its Songwe Hill and Pulawy rare earths projects have both been selected as Strategic Projects under the European Union Critical Raw Materials Act.
Defense & Geopolitical Fragmentation › Sovereign Critical Minerals & Magnets Capital
Defense & Geopolitical Fragmentation › Sovereign Supply — Minerals & Reshoring Industrials Capital
Crown PropTech Acquisitions · Capital · Positive Amended Form F-4 filed with SEC advances its proposed SPAC business combination with Mkango Rare Earths, with shares/warrants expected to list on Nasdaq.
Chinese Foreign Minister Meets Iwaya, Shifts from Demanding 'Retraction' of Taiwan Remarks to 'Correction'
China's Foreign Ministry announced on September 28 that Foreign Minister Wang Yi met with former Japanese Foreign Minister Takeshi Iwaya and set out conditions for improving what is described as the worst-ever Japan-China relationship. China had repeatedly demanded that Prime Minister Sanae Takaichi retract her remarks about a Taiwan contingency, but at a Foreign Ministry spokesperson's press conference on May 18 the wording shifted to "correction," and at the June 18 press conference no mention of a retraction was made. Rintaro Ogata, a House of Representatives member of the Shishi no Kai, noted that "it is important to pay attention to changes in China's wording," and said that adherence to the "four political documents" demanded by China involves documents drawn up during Liberal Democratic Party administrations, so there would be no contradiction even if Prime Minister Takaichi follows them. On September 29, Iwaya met with Vice Premier He Lifeng, known as a close aide to President Xi Jinping, and obtained agreement to speed up procedures for licensing exports to Japan of rare earths for civilian use. Shinichi Isa, a House of Representatives member of Komeito who visited China in late August, acknowledged that the visit was made with the approval of the Japanese government and that the embassy reported its details to the government.
Metallus Wins $995 Million Defense Logistics Agency Steel Contract, Gets $125 Million Initial Order
Metallus has been awarded a single-award, firm-fixed-price Indefinite Delivery/Indefinite Quantity contract by the U.S. Defense Logistics Agency to supply steel for critical defense applications, with a maximum ceiling of $995 million over a five-year ordering period. The ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125 million, and the company has up to 24 months to fulfill each delivery order. Chief executive officer Mike Williams said the award and initial order mark another key step in the continued transformation of Metallus and reflect the company's proven ability to produce specialty steel that meets the rigorous performance, quality and traceability requirements of critical defense applications. Metallus, based in Canton, Ohio, employs approximately 1,850 people and had sales of $1.2 billion in 2025.
Tronox and JX Advanced Metals Sign Rare Earth Cooperation and Investment Agreement
Tronox Holdings plc has signed a cooperation and investment agreement with JX Advanced Metals Corporation to advance its rare earth and critical minerals business. Under the agreement, the two companies will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The Cracking Plant is planned for the Rockingham Industrial Zone in Western Australia, about three kilometers south of Tronox's Kwinana TiO2 pigment plant, while the Refinery is expected to be located on Tronox-owned land adjacent to its Hamilton, Mississippi TiO2 pigment facility. Together, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides, and the agreement also contemplates joint development of niobium, scandium, zirconium, and hafnium from Tronox's mineral resources. If the engineering studies demonstrate technical and commercial viability, the companies will explore forming a joint venture to fund, build, and operate the assets, and they have engaged with government-backed financing institutions including the US Export-Import Bank and Export Finance Australia.
5016.JP · Capital · Positive JX Advanced Metals signs agreement to co-fund ~$32M in rare earth studies and explore a joint venture with Tronox.
TROX · Capital · Positive Tronox signs cooperation and investment agreement with JX Advanced Metals, with 50/50 funding of ~$32M for rare earth feasibility studies and potential JV.
Allied Critical Metals Closes Second Tranche of U.S.$25 Million Placement With Tribeca
Allied Critical Metals Inc. has closed the second tranche of its previously announced U.S.$25 million private placement of common shares, raising gross proceeds of U.S.$15 million from new strategic investor Tribeca Investment Partners. The Second Tranche consisted of 10,317,073 common shares issued at C$2.05 per share, subject to a four-month-and-one-day hold period under applicable securities laws and Canadian Securities Exchange policies. The company said net proceeds will fund development of its Vila Verde pilot project, ongoing exploration and development at the Borralha Tungsten Project, and additional working capital. In connection with the closing, Allied paid Clarus Securities Inc. a finder's fee comprising a cash commission equal to 5% of gross proceeds and broker warrants equal to 5% of the shares issued, each exercisable at the offering price for 24 months. Chief Executive Officer Roy Bonnell said the closing paves the way to continue developing the flagship Borralha Property and the near-term producing Vila Verde Property, while Tribeca portfolio manager Ben Cleary said the two past-producing tungsten assets could become significant contributors to the defense industry amid a dramatic shortage of tungsten concentrates.
Allied Critical Metals Inc. · Capital · Positive Closed second tranche of US$25M placement, raising US$15M to fund Vila Verde and Borralha development
Tribeca Investment Partners · Capital · Positive Tribeca is the new strategic investor funding the placement as portfolio manager cites tungsten shortage
Clarus Securities Inc. · Capital · Positive Clarus Securities received a 5% cash finder's fee and broker warrants for the placement
US and China Agree to Extend Trade Truce by Two Months to January 10, China's Commerce Ministry Confirms
China's Commerce Ministry announced on the 28th that at the US-China summit, the two countries agreed to extend the deadline of their trade war "truce" — under which each side suspends some of its tariffs and the tightening of rare earth export controls — by two months, to January 10 of next year. US Treasury Secretary Bessent had already indicated the extension plan, but China has now formally confirmed it as well, aiming to avoid a renewed flare-up in trade friction ahead of further summit talks expected before the end of the year. The tariff cuts cover roughly 30 billion dollars' worth of goods that the US and China each import from the other, and for about 90 percent of these items on both sides, the tariffs will be lowered to the most-favored-nation rates that WTO members apply in principle. China also explicitly stated its plan to lower tariffs to expand imports of US coal.
Trump-Xi Summit Yields Few Breakthroughs as Fragile Truce Holds
The U.S. and China concluded a Trump-Xi summit in Washington, D.C., with few breakthroughs and a far shorter-than-expected two-month trade truce extension, leaving analysts questioning whether the fragile detente can hold without more tangible outcomes. The two sides issued separate statements rather than a joint one, which Z-ben Advisors managing director Peter Alexander said shows they are locked in a battle over escalation dominance. Both readouts said Trump and Xi intend to attend the APEC meeting in Shenzhen in November and the G20 summit in Miami in December, agreed to hold an AI dialogue within two months and establish a communication channel for AI incidents, and formalized Board of Trade and Board of Investment plans along with an agreement to reduce tariffs on $30 billion worth of goods from the other. China's Commerce Ministry said that figure would include Chinese coal imports from the U.S., with the U.S. readout specifying at least 10 million metric tons of coal each year in 2027 and 2028, and both sides said they would establish a working group on agricultural trade with sector talks starting before the end of 2026. CSIS senior advisor Scott Kennedy said the deliverables on trade, rare earths, refined oil, investment and AI are all quite limited and tentative, and noted that although Taiwan was discussed it did not appear in either side's official readout, suggesting no progress.
China Rare Nonferrous Metals Increases Capital in Wholly-Owned Subsidiary Shengyuan Company by 306 Million Yuan
China Rare Nonferrous Metals announced on September 28 that the company used its own funds to increase capital in its wholly-owned subsidiary Shengyuan Company by 306 million yuan. After the capital increase is completed, the company will still hold 100% equity in Shengyuan Company, and Shengyuan Company will continue to be a wholly-owned subsidiary of the company. As the main entity of the company's high-performance magnetic materials business, this capital increase is conducive to optimizing Shengyuan Company's capital structure, effectively mitigating the risk of high-debt operations, and consolidating the foundation for industrial development.
Trump accepts Xi Jinping's invitation to visit China in mid-November after three-day Washington trip wraps up
US President Donald Trump has accepted an invitation from Chinese President Xi Jinping to visit China in mid-November, after Xi wrapped up a three-day visit to Washington on Friday, September 25. It was his second personal meeting with Trump in 2026 and the first visit to Washington by a Chinese leader in 11 years. The two leaders will meet again at the APEC summit in Shenzhen and the G20 meeting in Miami in December. On trade and investment, the White House said the United States and China have moved forward with the trade and investment mechanism agreed at their meeting in Beijing in May, endorsing a proposal for tariff treatment favorable to trade in non-sensitive goods worth 30 billion dollars for each side's exports. The US side covers agricultural goods, fishery products, wood products and medical equipment, while imports from China cover consumer goods such as small electrical appliances and toys. China will import at least 10 million tons of coal from the United States in 2027 and at least another 10 million tons in 2028. Both sides will continue discussions on supply chain shortages related to rare earths and other critical minerals, and will set up a consultation mechanism on artificial intelligence and a communication channel between the two countries to respond to related incidents. US Trade Representative Jamieson Greer said the Trump administration plans to disclose further details on Monday about what the United States and China achieved in weeks of negotiations.
China agrees to import 10 million tons of US coal annually in 2027-2028
China has agreed to import at least 10 million tons of coal from the United States in 2027 and at least another 10 million tons in 2028, according to the White House, a sign of progress in easing trade tensions between the world's two largest economies. The agreement was reached through the US-China trade committee, which has just begun operating. Both sides will push for more favorable tariff rates on non-sensitive goods from both countries, with a combined value of 30 billion US dollars. US goods eligible for tariff reductions include agricultural products, seafood, timber, cosmetics and medical equipment, while Chinese goods include small electrical appliances, toys, festive decorations and child car seats. The two countries also set up a working group to address market access barriers in the agricultural sector, and an investment committee to discuss investment opportunities and obstacles. They will also address US concerns about supply chain shortages involving rare earths and other critical minerals. Meanwhile, President Donald Trump has called on President Xi Jinping to increase production of refined petroleum products to stabilize global oil supply, and the two leaders agreed to discuss emerging technologies, with the next round of exchanges on artificial intelligence scheduled for November.
Trump and Xi Extend Trade Truce by Two Months, but Rare Earths Remain Unclear
The meeting between U.S. President Donald Trump and Chinese President Xi Jinping on September 24 took place in a friendly atmosphere, with both leaders displaying a good personal relationship. However, analysts in the United States view the meeting as more about image than concrete results. The key outcome so far is the extension of the trade truce by two months, from its original expiry on November 10 to January 10, 2027, to open the way for the two sides to negotiate a more comprehensive economic agreement. Nevertheless, several important issues remain unclear, including tariff reductions, purchases of agricultural goods and Boeing aircraft from the United States, China's rare earth exports, cooperation on artificial intelligence safety, and positions on Taiwan and Iran. Analysts also view the announcement of two giant pandas heading to Zoo Atlanta as a positive signal for people-to-people relations, but say it cannot substitute for resolving the structural conflicts between the United States and China. At the same time, U.S. senators from both the Republican and Democratic parties continue to criticize China, with concerns about its expanding regional influence and military buildup. Analysts say the meeting is significant in terms of maintaining channels of communication and preventing relations between the two countries from deteriorating further, but the main issues of trade, technology, rare earths, Taiwan, and Iran will still need to be watched through actual actions after the meeting.
BA · Tariff · Neutral Boeing aircraft purchases by China are among the unresolved issues in the extended US-China trade truce, with no concrete deal reached.
China Rare Earth Group in Talks to Acquire Shenghe Resources and Its 3% MP Materials Stake
Reuters reported on September 18, 2026 that state-owned China Rare Earth Group is in talks to acquire Shenghe Resources, which holds a roughly 3% stake in US rare earths company MP Materials Corp. and serves as MP's exclusive offtake partner for distributing rare earth concentrate in China. A deal would extend Beijing's consolidation of its rare earths sector to one of the last major Chinese firms in the space with private ownership. Shenghe's roughly 3% holding would not give China Rare Earth Group operational control over MP, which has repeatedly stated that neither Shenghe nor the Chinese government controls its operations, and the U.S. Department of Defense became MP's largest shareholder through a $400 million preferred-equity investment. MP stopped shipping rare-earth concentrate to China in April 2025 and terminated its Shenghe offtake agreement, while the Pentagon provided a 10-year NdPr price floor, long-term magnet purchase commitments and a $150 million loan, and Apple committed $500 million to purchase and develop U.S.-made magnets with MP. Shenghe publicly denied that its controlling shareholder planned a transfer, and Reuters' sources could not determine what would happen to Shenghe's foreign stakes or how the unusual shareholder combination involving China Rare Earth Group and the Pentagon might affect the transaction. Hedge fund count for MP Materials slipped to 50 funds in the second quarter from 52 in the first, even as position value rose to $1.01 billion from $619.1 million, according to Insider Monkey's database.
600392.CG · Capital · Neutral State-owned China Rare Earth Group is in talks to acquire Shenghe Resources, extending Beijing's consolidation of the rare earths sector, though Shenghe denies any controlling-shareholder transfer plan.
MP · Regulation · Neutral China Rare Earth Group's talks to acquire Shenghe, holder of ~3% of MP and its former China offtake partner, could shift the shareholder mix, though Shenghe's stake gives no operational control and the outcome is undetermined.
MP Materials' Magnetics Segment Revenue Rises 50% in First Half of 2026
MP Materials' Magnetics segment, the company's downstream magnet manufacturing arm, generated $37.6 million in revenues in the first half of 2026, up 50% year over year, while segment adjusted EBITDA nearly doubled to $17.1 million from $8.6 million. Within that half, first-quarter revenues surged 306% year over year to $21.1 million on higher magnetic precursor production, with segment adjusted EBITDA of $9.6 million versus $0.49 million a year earlier, while second-quarter revenues declined 17% year over year to $16.5 million and segment adjusted EBITDA fell 7% to $7.5 million, a drop MP attributed to the startup of magnet production at the Independence Facility and its impact on magnetic product pricing rather than weaker demand. MP delivered magnets to General Motors for in-vehicle qualification testing in the second quarter of 2026 and expects to begin commercial magnet shipments in the fourth quarter, followed by a steady production ramp. As of June 30, 2026, MP had collected $150 million in required prepayments from GM under their long-term supply agreement, had delivered $104.5 million of magnetic precursor products, and expects to deliver the remaining $45.5 million within one year, after which it plans to shift to finished magnet sales in 2026. MP is also building a second magnet plant in Northlake, Texas, known as the 10X Facility, expected to lift its overall U.S. rare earth magnet production capacity to roughly 10,000 metric tons per year, and is extending heavy rare earth refining at Mountain Pass.
MP · Capital · Positive MP Materials' Magnetics segment revenue rose 50% in H1 2026 with adjusted EBITDA nearly doubling to $17.1 million.
MP · Demand · Positive MP delivered magnets to GM for in-vehicle qualification testing and expects to begin commercial magnet shipments in Q4 2026.
GM · Demand · Positive GM's long-term supply agreement with MP Materials advances with magnet deliveries for in-vehicle qualification testing and $150M in prepayments collected.
Greenland Mines Lists Shares on Frankfurt Stock Exchange Under Symbol HK6
Greenland Mines Ltd announced that its common shares are now listed and trading on the Frankfurt Stock Exchange under the symbol HK6, complementing its principal Nasdaq listing. No new shares are being issued in connection with the Frankfurt listing, which the company said provides European investors with an additional venue to access its shares. President Bo Møller Stensgaard said Frankfurt is a natural next step for a company building a transatlantic critical-minerals company, adding that Nasdaq gives a strong U.S. platform while Frankfurt expands reach directly into Europe. The listing also complements Greenland Mines' membership in the European Raw Materials Alliance and advances its North Atlantic Critical Metals Corridor strategy, which is intended to connect Greenland's mineral resources with allied capital, infrastructure, processing pathways and industrial demand across North America and Europe. The company is advancing Sarfartoq, its Southwest Greenland rare-earth project focused on neodymium and praseodymium, and Skaergaard, its East Greenland gold, palladium, platinum and critical-metals project.
Stifel Initiates Almonty With Buy Rating and $25 Price Target
Stifel initiated coverage of Almonty Industries with a Buy rating and a $25.00 price target, sending shares up nearly 8% in early Friday trading. Analyst Brock Cannon's target implies substantial upside from trading levels near $12.40. The call comes as Almonty transitions into Phase I commercial production at its flagship Sangdong mine in South Korea, with a slated Phase II buildout at Sangdong and capacity growth at the Panasqueira asset in Portugal expected to make it the premier Western tungsten producer by the end of 2028. Tungsten prices have surged roughly 775% since the start of 2025 after China tightened export controls, structurally altering global supply. Stifel also cited long-term upside from adjacent owned assets and a planned downstream tungsten oxide facility.
19 Democrats Press Trump to Speed Delivery of $15 Billion in Taiwan Aid After Summit With Xi Jinping Yields No Progress
Democratic members of the U.S. Senate criticized the summit between President Donald Trump and President Xi Jinping, saying it prioritized ceremony and optics over real progress on artificial intelligence, trade, strategic minerals, and arms sales to Taiwan. Trump hosted Xi at the White House on Thursday, September 24, amid dignified diplomatic ceremony, but the closed-door discussions showed no sign that the two sides had resolved their disputes. At least 19 Democrats from the Senate's 47-member Democratic caucus signed a statement urging Trump to speed delivery of more than $15 billion in security assistance to Taiwan that Congress has already approved, consisting of $1.3 billion in funding and a $14 billion arms sale package. They also called on the administration to push on human rights issues and the release of Americans who have been wrongfully detained. Some Republican members have likewise urged Trump to quickly release the support funding for Taiwan. Democrats also criticized the Trump administration's easing of restrictions on exports of advanced chips to China, noting that the extension of the tariff truce between the United States and China is not enough to resolve supply chain problems, especially China's dominance of global rare earth smelting and extraction. The Democrats' stance on this summit also reflects the approach party members may take toward China if they can regain a majority in the House of Representatives, the Senate, or both chambers after the midterm elections on November 3.
Goldman Sachs Initiates Almonty at Neutral With $13 Price Target
Goldman Sachs initiated coverage on Almonty Industries with a Neutral rating and a $13 price target, sending shares down 8.3% in Thursday's trading. Analyst Nick Cash said Almonty sits at the center of the Western tungsten investment narrative, as policy actions taken by China have driven global supply concerns and pushed tungsten prices up 8x since the beginning of 2025. Cash expects tungsten prices to normalize as new mine supply, recycling, and refining capacity respond to current economics, and he sees a more gradual ramp-up than the market expects at the Sangdong mine in South Korea, one of the most important tungsten development assets outside China. While remaining constructive on the strategic value of Almonty's asset base, Cash said the current valuation already discounts much of the stock's upside potential, reflecting both a continuation of the current exceptional tungsten market and an aggressive production profile for Sangdong.
ALM · Capital · Negative Goldman Sachs initiated coverage with a Neutral rating and $13 price target, saying valuation already discounts upside and Sangdong ramp-up will be more gradual than expected.
GS · Capital · Neutral Goldman Sachs is the analyst initiating coverage on Almonty; the article reports its rating action but no company-specific development for Goldman itself.
US and Japan Discuss China Yttrium Supply Chain Two Weeks Before US-China Summit
Government officials and corporate executives from the United States and Japan met two weeks before the US-China summit to discuss supply bottlenecks affecting access to Chinese yttrium, a rare earth essential to the aerospace industry and semiconductor manufacturing. According to documents reviewed by Reuters, the Trump administration convened a meeting on the 10th of this month focused specifically on the supply chains for permanent magnets and yttrium, providing an opportunity for candid discussion of current and future strategic supply chain bottlenecks. The senior-level meeting, hosted by the US Department of Energy and involving Japan's Ministry of Economy, Trade and Industry, aimed to identify opportunities for US-Japan cooperation to strengthen supply chain resilience. Reuters was unable to learn the outcome of the event. Experts noted that the meeting illustrates how serious the yttrium shortage has become for US and Japanese companies, and according to Emily Benson, head of strategy at consulting firm Minerva Technology Futures, such meetings are common. The Department of Energy declined to comment on the meeting but said it welcomes partnership with Japan and encourages US and Japanese companies to launch critical minerals projects as part of a broader effort to diversify supply chains and strengthen long-term global energy security. The Chinese embassy said China's rare earth export controls are lawful and consistent with international practice, adding that China remains committed to maintaining the stability and security of global critical minerals supply chains.
Jaguar Uranium Reports Rare Earth Oxides at Berlin Asset in Colombia
Jaguar Uranium Corp. announced assay results from its historical drill-core resampling program at the Berlin Uranium-Rare Earth Project in the Department of Caldas, Colombia, reporting rare earth oxides associated with uranium-phosphate-vanadium mineralization. Selected retained-core intervals returned up to 0.63 m grading 3,570 ppm TREO and 607 ppm MREO, the highest TREO value reported from the selected intervals in this resampling program, along with 1.53 m grading 2,267 ppm TREO and 329 ppm MREO and 0.50 m grading 2,532 ppm TREO and 414 ppm MREO, with reported Nd-Pr-Tb-Dy enrichment within the sampled U-V-phosphate horizon. The tested core was drilled between 2010 and 2012 by U3O8 Corp., and the resampling program was first announced on March 17, 2026. President and Chief Executive Officer Steven Gold said the initial results indicate rare earth elements occur with uranium, phosphate and vanadium mineralization in the selected Berlin core intervals, and the company plans to use them with trenching, geophysics and drilling to refine the geological model and evaluate continuity of mineralization. The company said the results constitute exploration results only and do not represent a mineral resource or mineral reserve, and that any incorporation into future geological modelling and mineral resource work would require additional drilling, continuity assessment, analytical review and other supporting technical studies. Jaguar positioned the Berlin Project within the scope of the recent U.S.-Colombia Critical Minerals Cooperation Agreements, including the Barranquilla Accords established on September 8, 2026.
JAGU · Technology · Positive Assay results show high-grade rare earth oxides with uranium-phosphate-vanadium mineralization at its Berlin Project, supporting the geological model.
China Confirms First AI Talks With U.S., Hints at Trade Truce Extension
China's Commerce Ministry confirmed Thursday that its senior trade negotiators had held their first talks with the U.S. on artificial intelligence. Spokesperson He Yadong told reporters the two sides also discussed plans for reducing tariffs and extending trade arrangements agreed in Kuala Lumpur last October, referring to Vice Premier He Lifeng's meeting with Treasury Secretary Scott Bessent in New York ahead of this week's summit between U.S. President Donald Trump and Chinese President Xi Jinping. As Xi landed in the U.S., Bessent told Fox News on Wednesday that the two countries agreed to extend a trade truce to January; the truce, reached in October 2025, kept tariffs lower and limited China's export controls on rare earths, which are critical components of semiconductors, many household goods and defense products. Earlier in the week, Bessent said the two sides discussed establishing an AI dialogue and a mechanism to alert each other about AI risks. The Chinese confirmation of the AI talks came just hours before Xi and Trump were scheduled to begin talks in Washington, D.C., as part of a state visit, and the ministry added the two sides held constructive, candid talks and reached multiple points of consensus.
Spartan Metals Wins BLM Approval for Seven More Drill Sites at Nevada Tungstonia Claims
Spartan Metals Corp. said the United States Bureau of Land Management accepted its Notice modification authorizing seven additional drill pads at the Tungstonia Claims on its 100% owned Eagle Tungsten-Silver-Rubidium Project in White Pine County, Nevada, bringing the total number of authorized drill sites at Tungstonia to 32. The new locations were developed from the magnetotelluric and direct-current induced polarization surveys reported in the company's news release of September 17, 2026, and several of the new pads are designed to accommodate multiple holes at varying azimuths and inclinations from a single location to provide additional subsurface information without increasing surface disturbance. President and CEO Brett Marsh said the geophysical results enhanced the company's geological interpretation of the system beneath the legacy workings and identified new, high-priority targets. The sites test the vein depth extensions at Veins 1 through 5 and the Spartan A, B and C Vein complex, the SE Tungsten Anomaly, and the interpreted carbonate replacement and skarn targets defined by the geophysical surveys and surface geochemistry. Drilling is currently underway at Eagle with approximately 550 meters of a planned roughly 3,000 meter core drilling program completed, and assay results will be released as they are received, validated and interpreted.
Elmet Group to buy 4.99% stake in Masan High-Tech Materials for $124.75M
The Elmet Group has announced a long-term strategic relationship with Vietnam's Masan High-Tech Materials Corporation that includes acquiring a 4.99% equity stake in MSR for $124.75M. The transaction formalizes a 12-year commercial relationship between the two companies. Alongside the equity investment, ELMT and MSR executed multi-year commercial agreements under which MSR will supply mined tungsten from its Nui Phao Mine in Vietnam, one of the world's largest tungsten deposits, and provide chemical conversion services from its refining complex. The partnership links the entire tungsten supply chain, combining MSR's upstream mining and chemical refining at Vietnam's Nui Phao facility with ELMT's downstream manufacturing of precision components for defense, aerospace, semiconductor, and medical applications. The transaction builds on a $450M committed investment from the U.S. Government received by ELMT on September 14, 2026, aimed at strengthening resilient supply chains for critical defense and industrial materials. Upon completion of the equity transaction, ELMT will secure one seat on MSR's board of directors, and will also support MSR's planned uplisting from the UPCoM exchange to the main board of the Ho Chi Minh Stock Exchange, as well as its ongoing evaluation of an international listing. The equity investment is expected to close in the third quarter of 2026.
ELMT · Capital · Positive ELMT is making a $124.75M equity investment for a 4.99% stake in MSR, a financial/M&A transaction.
ELMT · Supply · Positive ELMT secures long-term mined tungsten supply and chemical conversion from MSR's Nui Phao Mine, locking in upstream critical-materials supply for its downstream manufacturing.
Masan High-Tech Materials Corporation · Demand · Positive MSR gains multi-year commercial agreements to supply mined tungsten and refining services to ELMT, a concrete customer order.
Masan High-Tech Materials Corporation · Capital · Positive MSR receives a $124.75M equity investment from ELMT plus board support for its planned Ho Chi Minh Stock Exchange uplisting and international listing evaluation.
Defense Metals Launches Non-Brokered Private Placement for Up to $6,000,000
Defense Metals Corp. announced a non-brokered private placement for gross proceeds of up to approximately $6,000,000, to be issued as up to 42,857,142 units at $0.14 per unit. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.21 per share for 36 months following the closing date. Executive Chairman Guy de Selliers is expected to place a lead order of approximately $500,000, and other members of management may also participate. The company may pay eligible finders a cash commission of up to 7.0% of gross proceeds from introduced purchasers and issue finder's warrants equal to up to 7.0% of units sold to those purchasers, exercisable at $0.14 per share for 24 months. Net proceeds will be used to advance the Wicheeda project toward a feasibility study, support environmental and social baseline work for future permitting, and cover general and administrative expenses and general corporate purposes. The initial closing is expected in October 2026, and the LIFE Offering portion is conditional on raising minimum gross proceeds of at least $3,000,000.
MP Materials Nears Full NdPr Output, Targets GM Magnet Deliveries
MP Materials Corp. told investors at the Jefferies Global Industrials Conference on September 9 that it is nearing full run-rate production of neodymium-praseodymium oxide and expects to deliver commercial magnets to General Motors Company by the end of the year. CFO Ryan Corbett said the company's Mountain Pass facility in California produces NdPr oxide at a pace of about 1,000 metric tons per quarter, which it aims to raise to full capacity, noting the only meaningful historical comparable is Australia's Lynas Rare Earths, which took nearly seven years to reach full run-rate at a similarly scaled separation operation. MP's second-quarter results showed NdPr sales volumes above 1,000 tons for a second consecutive quarter, up 127% year-over-year, with adjusted EBITDA turning positive at $28.5 million from a $12.5 million loss a year earlier. CEO James Litinsky said on the Q2 earnings call that MP has already delivered magnets to General Motors for in-vehicle qualification and regulatory testing, with commercial shipments set to begin in the fourth quarter of 2026 at modest volumes, under a long-term supply arrangement signed in April 2022. Hedge fund holdings of MP Materials slipped to 50 in the second quarter from 52 in the first, while General Motors fell to 75 funds from 77.
MP · Supply · Positive MP is nearing full run-rate NdPr oxide production at Mountain Pass and expects to deliver commercial magnets to GM by year-end.
GM · Demand · Positive MP Materials expects to begin commercial magnet deliveries to GM by end of year under their long-term supply arrangement, securing a key EV magnet supply.
