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"refine": "owned", "separate": "owned", "metallise": "owned", "alloy": "owned", "magnet": "owned" }, "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c1", "name": "Lynas Rare Earths", "type": "Company", "cat": "Mining & Concentration", "rawCat": "Mining & Concentration", "sub": "Mt Weld ore through Malaysian and Australian separation, the largest separator outside China, no magnets", "all": [ "Mining & Concentration", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Perth, AU", "country": "AU", "regions": "", "founded": "", "leadership": "", "about": "Mt Weld ore through Malaysian and Australian separation, the largest separator outside China, no magnets.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-scaled", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "LR", "exited": false, "score": 14, "hqCity": "Perth", "hqState": "", "hqCountry": "AU", "region": "Asia-Pacific", "foundedYear": null, "slug": "lynas-rare-earths", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "owned", "mine": "owned", "refine": "owned", "separate": "owned", "metallise": "gap", "alloy": "gap", "magnet": "gap" }, "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c2", "name": "Energy Fuels", "type": "Company", "cat": "Refining", "rawCat": "Refining", "sub": "A uranium mill at White Mesa cracking monazite, with magnets acquired through Vacuumschmelze and metal secured from ASM", "all": [ "Refining", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Lakewood, US", "country": "US", "regions": "", "founded": "", "leadership": "", "about": "A uranium mill at White Mesa cracking monazite, with magnets acquired through Vacuumschmelze and metal secured from ASM.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-limited", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "EF", "exited": false, "score": 14, "hqCity": "Lakewood", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "energy-fuels", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "gap", "mine": "secured", "refine": "owned", "separate": "owned", "metallise": "secured", "alloy": "secured", "magnet": "owned" }, "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c3", "name": "USA Rare Earth", "type": "Company", "cat": "Magnet Manufacturing", "rawCat": "Magnet Manufacturing", "sub": "Stillwater magnet plant first, with Round Top and the Serra Verde acquisition filling in behind it", "all": [ "Magnet Manufacturing", "NdPr", "Dy", "Tb" ], "hq": "Stillwater, US", "country": "US", "regions": "", "founded": "", "leadership": "", "about": "Stillwater magnet plant first, with Round Top and the Serra Verde acquisition filling in behind it.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-limited", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "UR", "exited": false, "score": 14, "hqCity": "Stillwater", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "usa-rare-earth", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "grain-boundary-diffusion" ], "links": { "explore": "owned", "mine": "secured", "refine": "secured", "separate": "secured", "metallise": "gap", "alloy": "secured", "magnet": "owned" }, "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c4", "name": "REalloys", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "Hoidas Lake upstream, midstream with the Saskatchewan Research Council, metals and alloys in Euclid Ohio", "all": [ "Metallisation & Alloy", "Dy", "Tb", "Sm", "Gd", "Y" ], "hq": "Euclid, US", "country": "US", "regions": "", "founded": "", "leadership": "", "about": "Hoidas Lake upstream, midstream with the Saskatchewan Research Council, metals and alloys in Euclid Ohio.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "RE", "exited": false, "score": 14, "hqCity": "Euclid", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "realloys", "status": "active", "elements": [ "Dy", "Tb", "Sm", "Gd", "Y" ], "processTags": [ "oxide-to-metal", "metal-to-alloy" ], "links": { "explore": "owned", "mine": "owned", "refine": "secured", "separate": "secured", "metallise": "owned", "alloy": "owned", "magnet": "secured" }, "src": "benchmark", "spokenTo": false, "note": "Benchmark groups REalloys with companies whose US refining is under development rather than among the full mine-to-magnet chains. Placed in the centre here on the two-consecutive-links test. See /method/.", "pbid": "756716-68", "seed": false }, { "id": "c5", "name": "Australian Strategic Materials", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "The Korean Metals Plant at Ochang takes oxide to metal to alloy, with the Dubbo project behind it", "all": [ "Metallisation & Alloy", "NdPr", "Dy", "Tb" ], "hq": "Sydney, AU", "country": "AU", "regions": "", "founded": "", "leadership": "", "about": "The Korean Metals Plant at Ochang takes oxide to metal to alloy, with the Dubbo project behind it.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-limited", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "AS", "exited": false, "score": 14, "hqCity": "Sydney", "hqState": "", "hqCountry": "AU", "region": "Asia-Pacific", "foundedYear": null, "slug": "australian-strategic-materials", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "oxide-to-metal", "metal-to-alloy" ], "links": { "explore": "owned", "mine": "secured", "refine": "gap", "separate": "gap", "metallise": "owned", "alloy": "owned", "magnet": "gap" }, "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c6", "name": "Neo Performance Materials", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "Estonian separation feeding a European magnet plant, plus bonded magnet lines in Asia", "all": [ "Metallisation & Alloy", "NdPr", "Dy", "Tb" ], "hq": "Toronto, CA", "country": "CA", "regions": "", "founded": "", "leadership": "", "about": "Estonian separation feeding a European magnet plant, plus bonded magnet lines in Asia.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-scaled", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "NP", "exited": false, "score": 14, "hqCity": "Toronto", "hqState": "", "hqCountry": "CA", "region": "North America", "foundedYear": null, "slug": "neo-performance-materials", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "gap", "mine": "gap", "refine": "secured", "separate": "owned", "metallise": "owned", "alloy": "owned", "magnet": "owned" }, "src": "met", "spokenTo": true, "seed": false }, { "id": "c7", "name": "Solvay", "type": "Company", "cat": "Separation", "rawCat": "Separation", "sub": "La Rochelle, the incumbent European separation train, restarted on magnet-grade oxides", "all": [ "Separation", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Brussels, BE", "country": "BE", "regions": "", "founded": "", "leadership": "", "about": "La Rochelle, the incumbent European separation train, restarted on magnet-grade oxides.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-scaled", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "SO", "exited": false, "score": 14, "hqCity": "Brussels", "hqState": "", "hqCountry": "BE", "region": "Europe", "foundedYear": null, "slug": "solvay", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "gap", "mine": "gap", "refine": "owned", "separate": "owned", "metallise": "secured", "alloy": "gap", "magnet": "gap" }, "src": "met", "spokenTo": true, "seed": false }, { "id": "c8", "name": "Carester", "type": "Company", "cat": "Separation", "rawCat": "Separation", "sub": "Caremag at Lacq, French separation and recycling backed by state and Japanese capital", "all": [ "Separation", "NdPr", "Dy", "Tb" ], "hq": "Lyon, FR", "country": "FR", "regions": "", "founded": "", "leadership": "", "about": "Caremag at Lacq, French separation and recycling backed by state and Japanese capital.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "CA", "exited": false, "score": 14, "hqCity": "Lyon", "hqState": "", "hqCountry": "FR", "region": "Europe", "foundedYear": null, "slug": "carester", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "gap", "mine": "gap", "refine": "owned", "separate": "owned", "metallise": "gap", "alloy": "gap", "magnet": "gap" }, "src": "met", "spokenTo": true, "seed": false }, { "id": "c9", "name": "Iluka Resources", "type": "Company", "cat": "Refining", "rawCat": "Refining", "sub": "Eneabba, a government-backed refinery built to separate third-party monazite feed", "all": [ "Refining", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Perth, AU", "country": "AU", "regions": "", "founded": "", "leadership": "", "about": "Eneabba, a government-backed refinery built to separate third-party monazite feed.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "IR", "exited": false, "score": 14, "hqCity": "Perth", "hqState": "", "hqCountry": "AU", "region": "Asia-Pacific", "foundedYear": null, "slug": "iluka-resources", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [ "solvent-extraction" ], "links": { "explore": "gap", "mine": "owned", "refine": "owned", "separate": "owned", "metallise": "gap", "alloy": "gap", "magnet": "gap" }, "src": "met", "spokenTo": true, "seed": false }, { "id": "c10", "name": "Pensana", "type": "Company", "cat": "Exploration", "rawCat": "Exploration", "sub": "Longonjo in Angola feeding a planned separation plant at Saltend in the UK", "all": [ "Exploration", "NdPr", "Dy", "Tb" ], "hq": "London, GB", "country": "GB", "regions": "", "founded": "", "leadership": "", "about": "Longonjo in Angola feeding a planned separation plant at Saltend in the UK.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "PE", "exited": false, "score": 8, "hqCity": "London", "hqState": "", "hqCountry": "GB", "region": "Europe", "foundedYear": null, "slug": "pensana", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [], "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c11", "name": "Ionic Rare Earths", "type": "Company", "cat": "Exploration", "rawCat": "Exploration", "sub": "Makuutu ionic clay in Uganda, paired with a magnet recycling arm in Belfast", "all": [ "Exploration", "Dy", "Tb", "Y" ], "hq": "Perth, AU", "country": "AU", "regions": "", "founded": "", "leadership": "", "about": "Makuutu ionic clay in Uganda, paired with a magnet recycling arm in Belfast.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "IR", "exited": false, "score": 8, "hqCity": "Perth", "hqState": "", "hqCountry": "AU", "region": "Asia-Pacific", "foundedYear": null, "slug": "ionic-rare-earths", "status": "active", "elements": [ "Dy", "Tb", "Y" ], "processTags": [], "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c12", "name": "Aclara Resources", "type": "Company", "cat": "Exploration", "rawCat": "Exploration", "sub": "Ionic clay in Chile and Brazil targeting heavies, with a US refinery under development", "all": [ "Exploration", "Dy", "Tb", "Y" ], "hq": "Santiago, CL", "country": "CL", "regions": "", "founded": "", "leadership": "", "about": "Ionic clay in Chile and Brazil targeting heavies, with a US refinery under development.", "model": "", "financing": "", "investors": "", "opMaturity": "Development-stage project", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "AR", "exited": false, "score": 8, "hqCity": "Santiago", "hqState": "", "hqCountry": "CL", "region": "Latin America", "foundedYear": null, "slug": "aclara-resources", "status": "active", "elements": [ "Dy", "Tb", "Y" ], "processTags": [], "src": "benchmark", "spokenTo": false, "seed": false }, { "id": "c13", "name": "Critical Metals Corp", "type": "Company", "cat": "Exploration", "rawCat": "Exploration", "sub": "Tanbreez in Greenland, one of the largest rare earth deposits ever defined", "all": [ "Exploration", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "New York, US", "country": "US", "regions": "", "founded": "", "leadership": "", "about": "Tanbreez in Greenland, one of the largest rare earth deposits ever defined.", "model": "", "financing": "", "investors": "", "opMaturity": "Exploration-stage", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "CM", "exited": false, "score": 8, "hqCity": "New York", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "critical-metals-corp", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [], "src": "counterparty", "spokenTo": false, "seed": false }, { "id": "c14", "name": "US Critical Materials", "type": "Company", "cat": "Exploration", "rawCat": "Exploration", "sub": "Sheep Creek in Montana, high-grade surface samples with mineralisation confirmed at depth", "all": [ "Exploration", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Salt Lake City, US", "country": "US", "regions": "", "founded": "", "leadership": "", "about": "Sheep Creek in Montana, high-grade surface samples with mineralisation confirmed at depth.", "model": "", "financing": "", "investors": "", "opMaturity": "Exploration-stage", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "UC", "exited": false, "score": 8, "hqCity": "Salt Lake City", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "us-critical-materials", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [], "src": "counterparty", "spokenTo": false, "seed": false }, { "id": "c15", "name": "Serra Verde", "type": "Company", "cat": "Mining & Concentration", "rawCat": "Mining & Concentration", "sub": "A producing Brazilian ionic clay operation, acquired by USA Rare Earth to secure upstream feed", "all": [ "Mining & Concentration", "Dy", "Tb", "Y" ], "hq": "Goias, BR", "country": "BR", "regions": "", "founded": "", "leadership": "", "about": "A producing Brazilian ionic clay operation, acquired by USA Rare Earth to secure upstream feed.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-limited", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "SV", "exited": false, "score": 8, "hqCity": "Goias", "hqState": "", "hqCountry": "BR", "region": "Latin America", "foundedYear": null, "slug": "serra-verde", "status": "active", "elements": [ "Dy", "Tb", "Y" ], "processTags": [], "src": "counterparty", "spokenTo": false, "seed": false }, { "id": "c16", "name": "Saskatchewan Research Council", "type": "National Lab / Research", "cat": "Refining", "rawCat": "Refining", "sub": "Canada's first rare earth processing facility, operating midstream for third parties", "all": [ "Refining", "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "hq": "Saskatoon, CA", "country": "CA", "regions": "", "founded": "", "leadership": "", "about": "Canada's first rare earth processing facility, operating midstream for third parties.", "model": "", "financing": "", "investors": "", "opMaturity": "Commercial-limited", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "SR", "exited": false, "score": 8, "hqCity": "Saskatoon", "hqState": "", "hqCountry": "CA", "region": "North America", "foundedYear": null, "slug": "saskatchewan-research-council", "status": "active", "elements": [ "NdPr", "Dy", "Tb", "Ce", "La", "Y" ], "processTags": [ "solvent-extraction" ], "src": "counterparty", "spokenTo": false, "seed": false }, { "id": "c17", "name": "Momentum Technologies", "type": "Company", "cat": "Separation", "rawCat": "Separation", "sub": "Membrane solvent extraction running on magnet swarf and black mass rather than ore, with plants sited next to the waste stream", "all": [ "Separation", "NdPr", "Dy", "Tb" ], "hq": "Carrollton, US", "country": "US", "regions": "", "founded": 2016, "leadership": "Turab Bajwa, CFO", "about": "Membrane solvent extraction running on magnet swarf and black mass rather than ore, with plants sited next to the waste stream.", "model": "", "financing": "PE-backed. TechMet provided $11M of development capital in April 2026 at a $220M valuation.", "investors": "TechMet", "opMaturity": "Pilot", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "MT", "exited": false, "score": 8, "hqCity": "Carrollton", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": 2016, "slug": "momentum-technologies", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "membrane", "solvent-extraction" ], "src": "met", "spokenTo": true, "employees": 18, "fundingUSD": 31.1, "valuationUSD": 220.0, "pbid": "489144-07", "seed": false }, { "id": "c18", "name": "Gadolyn", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "Single-step co-reduction of multiple oxides straight to finished alloy, out of DARPA-funded research", "all": [ "Metallisation & Alloy", "NdPr", "Dy", "Sm" ], "hq": "Cedar Park, US", "country": "US", "regions": "", "founded": "", "leadership": "Chris Haase, founder and CEO, formerly director of the DOE Critical Materials Institute", "about": "Single-step co-reduction of multiple oxides straight to finished alloy, out of DARPA-funded research.", "model": "", "financing": "No institutional round on record.", "investors": "", "opMaturity": "Lab / bench", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "GA", "exited": false, "score": 8, "hqCity": "Cedar Park", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": null, "slug": "gadolyn", "status": "active", "elements": [ "NdPr", "Dy", "Sm" ], "processTags": [ "oxide-to-alloy-single-step" ], "src": "met", "spokenTo": true, "employees": 3, "note": "PitchBook describes the process as a molten salt electrolysis process. The company's own materials describe it as an alternative to molten salt electrolysis, without fluoride or chloride electrolytes. Resolve before publishing.", "pbid": "921473-83", "seed": false }, { "id": "c19", "name": "Radify Metals", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "Hydrogen plasma metallisation, attacking the same oxide-to-metal bottleneck from a different direction", "all": [ "Metallisation & Alloy", "NdPr", "Dy", "Tb" ], "hq": "Campbell, US", "country": "US", "regions": "", "founded": 2025, "leadership": "Zach Detweiler, co-founder and CEO", "about": "Hydrogen plasma metallisation, attacking the same oxide-to-metal bottleneck from a different direction.", "model": "", "financing": "Seed round of $3M in May 2026.", "investors": "Auxilium Partners, Founders Inc, Mana Ventures, Overture Ventures, Acequia Capital", "opMaturity": "Lab / bench", "deployment": "", "metrics": "", "signal": "", "confidence": "Reported", "mono": "RM", "exited": false, "score": 8, "hqCity": "Campbell", "hqState": "", "hqCountry": "US", "region": "North America", "foundedYear": 2025, "slug": "radify-metals", "status": "active", "elements": [ "NdPr", "Dy", "Tb" ], "processTags": [ "oxide-to-metal" ], "src": "met", "spokenTo": true, "employees": 8, "fundingUSD": 3.0, "note": "Legal name Rareform Metals, Inc.", "pbid": "1162065-25", "seed": false }, { "id": "c20", "name": "Phoenix Tailings", "type": "Company", "cat": "Metallisation & Alloy", "rawCat": "Metallisation & Alloy", "sub": "Rare earth metal from mining waste, claiming a zero-waste flowsheet from feed to metal", "all": [ "Metallisation & Alloy", "NdPr", "Dy", "Tb" ], "hq": "Woburn, US", "country": "US", "regions": "", "founded": 2019, "leadership": "Nicholas Myers, co-founder and CEO", "about": "Rare earth metal from mining waste, claiming a zero-waste flowsheet from feed to metal.", "model": "", "financing": "Raised $116.6M across Series B-1, B-2 and B-3 in February 2026, led by Envisioning Partners, with $10M of debt alongside.", "investors": "Envisioning Partners, Presidio Ventures, 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