{
 "source": "Rare Earth Directory",
 "url": "https://rareearthdirectory.com",
 "verified": "2026-10-01",
 "license": "Free to use with attribution to the Rare Earth Directory",
 "rows": [
  {
   "id": "dow-mp",
   "holder": "US Department of War",
   "held": "MP Materials",
   "relationship": "Government equity",
   "stake_or_terms": "About 15% on a fully converted and exercised basis",
   "date": "Jul 11, 2025",
   "status": "In place",
   "note": "$400M of Series A convertible preferred stock, plus a warrant for about 11.2M shares. The same deal included a $150M loan, a 10-year NdPr price floor and a 10-year purchase of 10X magnet output.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796d8k.htm https://www.miningweekly.com/article/mp-materials-lands-multibillion-dollar-pentagon-deal-to-bolster-us-rare-earth-magnet-supply-2025-07-10"
  },
  {
   "id": "commerce-usar",
   "holder": "US Department of Commerce",
   "held": "USA Rare Earth",
   "relationship": "Government equity",
   "stake_or_terms": "16.1M shares and about 17.6M warrants",
   "date": "Jun 3, 2026",
   "status": "Pending",
   "note": "Part of the CHIPS Act package of up to $277M in funding and up to $1.3B in loans. Funding is paid in phases tied to milestones. The release gives no percentage and does not say whether the shares and warrants have been issued.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000121390026064453/ea029340201ex99-1.htm"
  },
  {
   "id": "dow-reelement",
   "holder": "US Department of War",
   "held": "ReElement Technologies",
   "relationship": "Government equity",
   "stake_or_terms": "Warrants (number not stated)",
   "date": "Nov 3, 2025",
   "status": "Pending",
   "note": "Warrants come with a conditional $80M Office of Strategic Capital loan commitment. Closing of the loan is not confirmed in the sources checked.",
   "sources": "https://www.war.gov/News/Releases/Release/Article/4339788/office-of-strategic-capital-agrees-to-joint-700m-conditional-loan-commitment-wi/"
  },
  {
   "id": "commerce-vulcan",
   "holder": "US Department of Commerce",
   "held": "Vulcan Elements",
   "relationship": "Government equity",
   "stake_or_terms": "$50M of equity (proposed)",
   "date": "Nov 3, 2025",
   "status": "Proposed",
   "note": "A non-binding preliminary letter of intent under the CHIPS Act, for equipment. It is not a final award.",
   "sources": "https://www.nist.gov/node/1898606"
  },
  {
   "id": "mp-jv",
   "holder": "MP Materials",
   "held": "Saudi rare earth refinery joint venture",
   "relationship": "Joint venture",
   "stake_or_terms": "MP and the Department of War together target 49%",
   "date": "Nov 2025",
   "status": "Pending",
   "note": "A binding joint venture agreement to build a rare earth refinery in Saudi Arabia. The split is a target: Maaden is to hold no less than 51%.",
   "sources": "https://mpmaterials.com/news/mp-materials-and-the-u-s-department-of-war-partner-with-the-saudi-arabian-mining-company-maaden-to-develop-rare-earth-refinery-joint-venture"
  },
  {
   "id": "dow-jv",
   "holder": "US Department of War",
   "held": "Saudi rare earth refinery joint venture",
   "relationship": "Joint venture",
   "stake_or_terms": "Together with MP Materials, targeted at 49%",
   "date": "Nov 2025",
   "status": "Pending",
   "note": "The Department of War joins MP Materials as a party to the joint venture.",
   "sources": "https://mpmaterials.com/news/mp-materials-and-the-u-s-department-of-war-partner-with-the-saudi-arabian-mining-company-maaden-to-develop-rare-earth-refinery-joint-venture"
  },
  {
   "id": "maaden-jv",
   "holder": "Maaden",
   "held": "Saudi rare earth refinery joint venture",
   "relationship": "Majority holder",
   "stake_or_terms": "No less than 51% (target)",
   "date": "Nov 2025",
   "status": "Pending",
   "note": "Maaden is the Saudi Arabian state-linked mining company.",
   "sources": "https://mpmaterials.com/news/mp-materials-and-the-u-s-department-of-war-partner-with-the-saudi-arabian-mining-company-maaden-to-develop-rare-earth-refinery-joint-venture"
  },
  {
   "id": "usar-round-top",
   "holder": "USA Rare Earth",
   "held": "Round Top",
   "relationship": "Owns",
   "stake_or_terms": "100%",
   "date": "Aug 2026",
   "status": "In place",
   "note": "USA Rare Earth raised its stake in Round Top from 80% to 100% when it bought Texas Mineral Resources, the former joint venture partner. It had held 80% of the joint venture since 2021.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000197062226000056/exhibit991-earningsrelease.htm https://www.engineeringnews.co.za/article/usa-rare-earth-to-acquire-texas-minerals-consolidating-round-top-control-2026-03-05"
  },
  {
   "id": "usar-tmrc",
   "holder": "USA Rare Earth",
   "held": "Texas Mineral Resources Corp.",
   "relationship": "Acquisition",
   "stake_or_terms": "100% of the shares; all-share deal valued at about $73M",
   "date": "Aug 2026",
   "status": "In place",
   "note": "Texas Mineral Resources held the remaining minority interest of about 18.6% in Round Top Mountain Development LLC. The deal was agreed in Mar 2026.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000197062226000056/exhibit991-earningsrelease.htm https://www.engineeringnews.co.za/article/usa-rare-earth-to-acquire-texas-minerals-consolidating-round-top-control-2026-03-05"
  },
  {
   "id": "usar-serra-verde",
   "holder": "USA Rare Earth",
   "held": "Serra Verde Group",
   "relationship": "Acquisition",
   "stake_or_terms": "100%; $300M in cash plus 126.849M shares",
   "date": "Sept 3, 2026",
   "status": "In place",
   "note": "Serra Verde owns the Pela Ema rare earth mine in Goias, Brazil. The agreement was announced in Apr 2026.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000121390026045339/ea028691001ex99-1.htm https://www.metaltechnews.com/story/2026/09/09/tech-metals/usa-rare-earth-serra-verde-merger-complete/2940.html"
  },
  {
   "id": "usar-lcm",
   "holder": "USA Rare Earth",
   "held": "Less Common Metals",
   "relationship": "Subsidiary",
   "stake_or_terms": "Owned",
   "date": "Date not stated",
   "status": "In place",
   "note": "Less Common Metals made its first commercial yttrium metal pour in Apr 2026.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000197062226000056/exhibit991-earningsrelease.htm"
  },
  {
   "id": "usar-carester",
   "holder": "USA Rare Earth",
   "held": "Carester SAS",
   "relationship": "Minority stake",
   "stake_or_terms": "About 13.6%",
   "date": "Jul 23, 2026",
   "status": "Pending",
   "note": "Definitive agreements were signed on Jul 23, 2026, with funding expected in the third quarter of 2026 subject to closing conditions. Completion is not confirmed here. InfraVia's Critical Metals Fund is buying a similar stake.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001970622/000121390026080645/ea029900101ex99-1.htm"
  },
  {
   "id": "ef-asm",
   "holder": "Energy Fuels",
   "held": "Australian Strategic Materials",
   "relationship": "Acquisition",
   "stake_or_terms": "100%; about US$243M at closing",
   "date": "Aug 28, 2026",
   "status": "In place",
   "note": "Adds the Korean Metals Plant in South Korea and the Dubbo project in Australia.",
   "sources": "https://investors.energyfuels.com/2026-08-28-Energy-Fuels-Completes-Acquisition-of-Australian-Strategic-Materials"
  },
  {
   "id": "asm-kmp",
   "holder": "Australian Strategic Materials",
   "held": "Korean Metals Plant",
   "relationship": "Owns",
   "stake_or_terms": "Operating plant",
   "date": "Aug 28, 2026",
   "status": "In place",
   "note": "1,300 t/yr of NdFeB alloy capacity, being expanded toward 3,600 t/yr, with commercial NdPr metallization.",
   "sources": "https://investors.energyfuels.com/2026-08-28-Energy-Fuels-Completes-Acquisition-of-Australian-Strategic-Materials"
  },
  {
   "id": "asm-dubbo",
   "holder": "Australian Strategic Materials",
   "held": "Dubbo project",
   "relationship": "Owns",
   "stake_or_terms": "Project",
   "date": "Aug 28, 2026",
   "status": "In place",
   "note": "A long-life rare earth and critical minerals resource in Australia.",
   "sources": "https://investors.energyfuels.com/2026-08-28-Energy-Fuels-Completes-Acquisition-of-Australian-Strategic-Materials"
  },
  {
   "id": "ef-vac",
   "holder": "Energy Fuels",
   "held": "VAC Group",
   "relationship": "Acquisition",
   "stake_or_terms": "100%; about $718M in cash plus 65.85M shares (about $1.9B in equity value)",
   "date": "Jun 23, 2026",
   "status": "Pending",
   "note": "Closing is expected in Q1 2027 and needs regulatory and stock exchange approvals. The deal would give Energy Fuels magnets in Sumter, South Carolina, on top of metals in South Korea.",
   "sources": "https://investors.energyfuels.com/2026-06-23-Energy-Fuels-Announces-Definitive-Agreement-to-Acquire-VAC-for-1-9-Billion-Equity-Value"
  },
  {
   "id": "ara-vac",
   "holder": "Ara Partners",
   "held": "VAC Group",
   "relationship": "Owns",
   "stake_or_terms": "Owner and seller",
   "date": "Until closing",
   "status": "In place",
   "note": "Ara Partners owns VAC Group today and is the seller in the Energy Fuels deal.",
   "sources": "https://investors.energyfuels.com/2026-06-23-Energy-Fuels-Announces-Definitive-Agreement-to-Acquire-VAC-for-1-9-Billion-Equity-Value"
  },
  {
   "id": "vac-evac",
   "holder": "VAC Group",
   "held": "eVAC Magnetics",
   "relationship": "Subsidiary",
   "stake_or_terms": "US arm",
   "date": "Current",
   "status": "In place",
   "note": "eVAC Magnetics runs the Sumter, South Carolina magnet plant, which held its opening ceremony on Jul 15, 2026.",
   "sources": "https://vacuumschmelze.com/Newsroom/evac-magnetics-holds-opening-ceremony-for-sumter-south-carolina-rare-earth-magnet-manufacturing-facility-n2902"
  },
  {
   "id": "compass-arnold",
   "holder": "Compass Diversified",
   "held": "Arnold Magnetic Technologies",
   "relationship": "Subsidiary",
   "stake_or_terms": "Subsidiary",
   "date": "Current",
   "status": "In place",
   "note": "Compass Diversified (NYSE: CODI) is a holding company with several industrial subsidiaries.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1345126/000134512624000016/codi-20231231.htm"
  },
  {
   "id": "lynas-usa",
   "holder": "Lynas Rare Earths",
   "held": "Lynas USA",
   "relationship": "Subsidiary",
   "stake_or_terms": "US subsidiary",
   "date": "Current",
   "status": "In place",
   "note": "Set up for the planned Seadrift, Texas plant, which Lynas flagged as uncertain in Aug 2025.",
   "sources": "https://www.miningweekly.com/article/lynas-flags-uncertainty-over-texas-rare-earths-plant-posts-profit-slump-2025-08-28"
  },
  {
   "id": "arr-wyoming",
   "holder": "American Rare Earths",
   "held": "Wyoming Rare (USA) Inc.",
   "relationship": "Subsidiary",
   "stake_or_terms": "Wholly owned",
   "date": "Nov 2025",
   "status": "In place",
   "note": "The subsidiary holds the Halleck Creek project in Wyoming.",
   "sources": "https://www.globenewswire.com/news-release/2025/11/13/3187220/0/en/2025-agm-chairman-s-address.html"
  },
  {
   "id": "nioc-fea",
   "holder": "NioCorp",
   "held": "FEA Materials",
   "relationship": "Acquisition",
   "stake_or_terms": "100%; $8.4M",
   "date": "Dec 2025",
   "status": "In place",
   "note": "A small acquisition by the Elk Creek developer.",
   "sources": "https://www.sec.gov/Archives/edgar/data/0001512228/000119312526402806/nb-20260630.htm"
  },
  {
   "id": "bbx-realloys",
   "holder": "Blackboxstocks",
   "held": "REalloys",
   "relationship": "Merger",
   "stake_or_terms": "Merger closed Feb 24, 2026",
   "date": "Feb 24, 2026",
   "status": "In place",
   "note": "REalloys became the public company and has traded on Nasdaq as ALOY since Feb 25, 2026.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1567900/000118518526000663/realloysex99-1.htm"
  },
  {
   "id": "realloys-hoidas",
   "holder": "REalloys",
   "held": "Hoidas Lake project",
   "relationship": "Owns",
   "stake_or_terms": "Project",
   "date": "Current",
   "status": "In place",
   "note": "A rare earth project in Saskatchewan, Canada.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1567900/000118518526000663/realloysex99-1.htm"
  },
  {
   "id": "synchron-rer",
   "holder": "Synchron",
   "held": "Rare Element Resources",
   "relationship": "Majority holder",
   "stake_or_terms": "Majority shareholder; about 71.4% expected after a later share offering",
   "date": "Oct 2022",
   "status": "In place",
   "note": "Synchron first bought about 33.5% of the shares with an option to rise to 49.9%. The 71.4% figure was an expected holding, so check the latest filing.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1419806/000141980622000037/reemf-20221017xex99d1.htm"
  },
  {
   "id": "arec-reelement",
   "holder": "American Resources Corp",
   "held": "ReElement Technologies",
   "relationship": "Minority stake",
   "stake_or_terms": "About 19% of common shares",
   "date": "Nov 2025",
   "status": "In place",
   "note": "A minority holding. ReElement is not a subsidiary of American Resources, and the stake may have been diluted by later financing.",
   "sources": "https://www.sec.gov/Archives/edgar/data/1590715/000165495425012526/arec_ex991.htm"
  },
  {
   "id": "tep-reelement",
   "holder": "Transition Equity Partners",
   "held": "ReElement Technologies",
   "relationship": "Investor",
   "stake_or_terms": "$200M equity facility",
   "date": "Jan 13, 2026",
   "status": "In place",
   "note": "A committed equity facility, not a stated percentage. It is aimed first at expanding the Marion, Indiana operations.",
   "sources": "https://www.nasdaq.com/press-release/reelement-technologies-partners-transition-equity-partners-expand-global-critical"
  },
  {
   "id": "mmc-reelement",
   "holder": "Mitsubishi Materials",
   "held": "ReElement Technologies",
   "relationship": "Investor",
   "stake_or_terms": "Planned investment in preferred shares (amount not disclosed)",
   "date": "Mar 31, 2026",
   "status": "Pending",
   "note": "Announced with a strategic collaboration on feedstock, tolling and offtake in the United States and on recycling in Japan.",
   "sources": "https://www.nasdaq.com/press-release/reelement-technologies-announces-strategic-collaboration-mitsubishi-materials"
  },
  {
   "id": "maginito-hypromag",
   "holder": "Maginito",
   "held": "HyProMag USA",
   "relationship": "Joint venture",
   "stake_or_terms": "50%",
   "date": "Dec 2025",
   "status": "In place",
   "note": "HyProMag USA is a 50/50 joint venture between Maginito and CoTec Holdings.",
   "sources": "https://www.investegate.co.uk/announcement/rns/mkango-resources--mka/hypromag-usa-provides-positive-update-to-valuation/9295798"
  },
  {
   "id": "cotec-hypromag",
   "holder": "CoTec Holdings",
   "held": "HyProMag USA",
   "relationship": "Joint venture",
   "stake_or_terms": "50%",
   "date": "Dec 2025",
   "status": "In place",
   "note": "CoTec also holds the other 20.6% of Maginito, so its indirect interest is larger than 50%.",
   "sources": "https://www.investegate.co.uk/announcement/rns/mkango-resources--mka/hypromag-usa-provides-positive-update-to-valuation/9295798"
  },
  {
   "id": "mkango-maginito",
   "holder": "Mkango Resources",
   "held": "Maginito",
   "relationship": "Minority stake",
   "stake_or_terms": "79.4%",
   "date": "Dec 2025",
   "status": "In place",
   "note": "Mkango Resources holds 79.4% of Maginito Limited and CoTec holds the other 20.6%.",
   "sources": "https://www.investegate.co.uk/announcement/rns/mkango-resources--mka/hypromag-usa-provides-positive-update-to-valuation/9295798"
  },
  {
   "id": "hochschild-mining-aclara",
   "holder": "Hochschild Mining",
   "held": "Aclara Resources",
   "relationship": "Minority stake",
   "stake_or_terms": "20% after the demerger",
   "date": "Dec 2021",
   "status": "As of a past date",
   "note": "Aclara demerged from Hochschild Mining and listed in Toronto. Later share placements changed the holders, and the current percentage is not confirmed here.",
   "sources": "https://www.miningweekly.com/print-version/hochschild-spin-off-aclara-to-start-trading-next-week-2021-12-03"
  },
  {
   "id": "hochschild-family-aclara",
   "holder": "Entities controlled by Eduardo Hochschild",
   "held": "Aclara Resources",
   "relationship": "Minority stake",
   "stake_or_terms": "30.7% after the demerger",
   "date": "Dec 2021",
   "status": "As of a past date",
   "note": "Entities controlled by Eduardo Hochschild. The current percentage is not confirmed here.",
   "sources": "https://www.miningweekly.com/print-version/hochschild-spin-off-aclara-to-start-trading-next-week-2021-12-03"
  },
  {
   "id": "vulcan-series-a",
   "holder": "Altimeter Capital, One Investment Management and 1789 Capital",
   "held": "Vulcan Elements",
   "relationship": "Investor",
   "stake_or_terms": "$65M Series A",
   "date": "Aug 2025",
   "status": "In place",
   "note": "Later rounds are listed by data aggregators with conflicting figures, so the directory reports none.",
   "sources": "https://www.tectonicdefense.com/rare-earth-magnet-maker-vulcan-elements-raises-65m/"
  },
  {
   "id": "trowe-cyclic",
   "holder": "Accounts advised by T. Rowe Price Associates",
   "held": "Cyclic Materials",
   "relationship": "Investor",
   "stake_or_terms": "Led a $75M round",
   "date": "Aug 2026",
   "status": "In place",
   "note": "Total equity funding is $237M from private investors.",
   "sources": "https://www.businesswire.com/news/home/20260827518259/en/Cyclic-Materials-Announces-USD-$75-Million-Strategic-Growth-Financing-to-Scale-U.S.-Rare-Earth-Production"
  },
  {
   "id": "eri-cyclic",
   "holder": "ERI",
   "held": "Cyclic Materials",
   "relationship": "Investor",
   "stake_or_terms": "Strategic investor",
   "date": "Aug 2026",
   "status": "In place",
   "note": "ERI is an electronics recycler whose collection network supplies feedstock.",
   "sources": "https://www.businesswire.com/news/home/20260827518259/en/Cyclic-Materials-Announces-USD-$75-Million-Strategic-Growth-Financing-to-Scale-U.S.-Rare-Earth-Production"
  },
  {
   "id": "realloys-uscm",
   "holder": "REalloys",
   "held": "US Critical Materials",
   "relationship": "Non-binding agreement",
   "stake_or_terms": "Up to 10% of Sheep Creek production; equity investment contemplated",
   "date": "Apr 2, 2026",
   "status": "Proposed",
   "note": "A non-binding memorandum of understanding that contemplates equity investment, equity swaps and joint pursuit of government funding, with a definitive offtake sought within 12 months.",
   "sources": "https://www.mining-technology.com/news/realloys-uscm-mou-sheep-creek-rare-earth/"
  }
 ]
}