Company profile
REalloys: what it does, projects, funding and status (2026)
Processing / manufacturing (operating) Nasdaq: ALOY HQ: Euclid, Ohio
REalloys (Nasdaq: ALOY), headquartered in Euclid, Ohio, is a rare earth metals and alloys company that runs a metallization facility in Euclid and owns the Hoidas Lake rare earth project in Saskatchewan. It listed on Nasdaq on Feb 25, 2026 after merging with Blackboxstocks, and Leonard Sternheim has been chief executive since Oct 20, 2025.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does REalloys do?
REalloys turns rare earth oxides into the metals and alloys used in permanent magnets for defense and high-tech uses, at a facility in Euclid, Ohio near Cleveland. It works at the metal and alloy step and is lining up feedstock from mines in several countries.
The company calls itself an integrated North American mine-to-magnet supply chain, with upstream feedstock, midstream processing and downstream manufacturing. It is pursuing defense-grade qualification so that its heavy rare earth materials meet the Jan 1, 2027 Defense Federal Acquisition Regulation Supplement ban on Chinese-origin rare earth content.
With the Saskatchewan Research Council it is funding and contracting the scale-up of North American heavy rare earth separation, refining and metallization.
Which assets and facilities does REalloys hold?
REalloys holds a metallization facility in Euclid, Ohio, which it describes as operating, and 100% of the Hoidas Lake project in northern Saskatchewan. It also has feedstock and offtake arrangements with miners in Greenland, the US and Montana.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| Euclid metallization facility | Euclid, Ohio | Rare earth metals and alloys | Not stated | Operating (company-reported) |
| Hoidas Lake | Northern Saskatchewan, Canada | Heavy and light rare earth deposit | Resource reported; not a US project | Exploration and development |
| Tanbreez offtake | Southern Greenland (Critical Metals Corp) | Supply of rare earth product | 15% of monthly Phase 1 production | Definitive agreement dated May 18, 2026 |
| Patriot feedstock | Appalachia (Patriot Exploration and Mining) | Rare earth-bearing material | Up to 30% of production | Non-binding LOI, Jun 5, 2026 |
| Sheep Creek supply | Montana (US Critical Materials) | High-grade rare earth and gallium prospect | Up to 10% of production | Non-binding MoU, Apr 2, 2026 |
Euclid's output and capacity are not published, and its operating status rests on company statements. Hoidas Lake is in Canada and is listed here for context.
Who buys from REalloys and how much can it make?
REalloys has not published Euclid's capacity or named an end customer for its metals. It has signed a letter of intent with a magnet manufacturer in Jul 2026 and says its Euclid plant is central to the US defense supply chain.
Its stated strategy is to supply defense-grade materials for stockpiles and for magnet makers. The sources checked do not give a volume contract for its output.
How was REalloys funded and who runs it?
REalloys became public through a merger with Blackboxstocks that closed on Feb 24, 2026, raised about $100M in a private placement in Jun 2026 and holds a $200M EXIM letter of interest. Leonard Sternheim, its founder, became chief executive on Oct 20, 2025.
The Jun 2026 placement sold 7,017,540 shares for gross proceeds of about $100M. The EXIM letter of interest, announced on Oct 29, 2025 under the China and Transformational Exports Program, is a preliminary indication of support with a 15-year repayment term if approved.
David Argyle resigned as chief executive on Oct 20, 2025, and Sternheim, who had been executive chairman, took over to scale the vertically integrated supply chain.
What is the timeline of REalloys?
REalloys received an EXIM letter of interest on Oct 29, 2025, merged with Blackboxstocks on Feb 24, 2026, signed an April MoU with US Critical Materials and a May offtake with Critical Metals, then raised $100M in June. The DFARS rule takes effect Jan 1, 2027.
- Oct 20, 2025
David Argyle resigns; founder Leonard Sternheim becomes chief executive.
- Oct 29, 2025
REalloys announces a $200M EXIM letter of interest.
- Feb 24, 2026
The Blackboxstocks merger closes; REalloys begins trading on Nasdaq as ALOY on Feb 25.
- Apr 2, 2026
REalloys signs a non-binding MoU with US Critical Materials for up to 10% of Sheep Creek production.
- May 18, 2026
REalloys and Critical Metals date their definitive offtake agreement May 18, 2026: 15% of monthly Phase 1 Tanbreez production, for 15 years from the start of supply, replacing an earlier non-binding letter of intent. REalloys says it was executed on May 20 and announced it on May 21; Critical Metals' annual report says May 24.
- Jun 5, 2026
REalloys signs a non-binding LOI with Patriot Exploration and Mining for up to 30% of its rare earth production.
- Jun 2026
REalloys closes a private placement of about $100M.
- Jul 2026
REalloys signs a letter of intent with a magnet manufacturer.
Next milestones
- Jan 1, 2027
The DFARS rule takes effect; REalloys is qualifying defense-grade heavy rare earth materials for it.
What government support has REalloys received?
REalloys holds a non-binding EXIM letter of interest for up to $200M, announced Oct 29, 2025, with a 15-year term if approved. The sources checked show no federal grant, closed loan or equity stake.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| EXIM (China and Transformational Exports Program)Letter of interest: loan. 15-year term if approved; preliminary indication; the letter is stated to remain in effect through Oct 14, 2026 | Up to $200M | Oct 29, 2025 | Non-binding |
A letter of interest is a preliminary indication, not a loan approval. See the government support tracker.
What are the risks and unknowns for REalloys?
The main unknowns are Euclid's actual output, whether supply deals convert from letters and memoranda into contracts and whether EXIM approves a loan. Much of its feedstock is not yet US-sourced. This directory reports facts and gives no investment view.
- Non-binding supply deals: the Patriot and US Critical Materials arrangements are letters or memoranda; only the Tanbreez offtake is definitive.
- Feedstock risk: Tanbreez is in Greenland, Hoidas Lake in Canada, and Sheep Creek is still in exploration.
- Euclid status: operation and capacity rest on company statements.
- Financing: the EXIM letter of interest is non-binding.
- Defense rule timing: the Jan 1, 2027 DFARS deadline sets a qualification clock.
Questions about REalloys
Is REalloys a public company?
Yes. REalloys trades on the Nasdaq Capital Market under the ticker ALOY since Feb 25, 2026, after merging with Blackboxstocks. This directory shows tickers as facts and gives no investment advice.
Where is REalloys based?
REalloys is headquartered in Euclid, Ohio, just outside Cleveland, where its metallization facility operates. Its Hoidas Lake project is in northern Saskatchewan.
Who is the CEO of REalloys?
Leonard Sternheim has been chief executive since Oct 20, 2025. He is the founder and was executive chairman before David Argyle resigned.
Has EXIM approved a REalloys loan?
No. EXIM issued a letter of interest for up to $200M, announced Oct 29, 2025, which indicates preliminary support with a 15-year term if approved but is not a loan approval.
What does REalloys make?
Rare earth metals and alloys at its Euclid, Ohio facility, which feed permanent magnets for defense and high-tech uses. Capacity and output are not published.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- REalloys: $200M EXIM letter of interest (Oct 29, 2025) Company document
- REalloys: Rare Earth Product Offtake Agreement with Critical Metals Corp, dated as of May 18, 2026 (SEC Form 8-K, Exhibit 10.1) Official record
- REalloys Form 8-K on the Tanbreez offtake agreement (SEC, filed May 22, 2026) Official record
- REalloys: definitive offtake agreement with Critical Metals Corp for 15% of Tanbreez Phase 1 production (press release, May 21, 2026) Company document
- REalloys: quarterly report on Form 10-Q for the quarter to Jun 30, 2026 (SEC) Official record
- REalloys 8-K (SEC): merger and company description Official record
- Blackboxstocks and REalloys announce closing of merger Syndicated copy
- TheFly: REalloys CEO David Argyle resigns, Leonard Sternheim to succeed Syndicated copy
- Mining Weekly: REalloys to secure rare earth feedstock from US miner Patriot (Jun 2026) Independent press
- Mining Weekly: REalloys raises $100M through an institutional placement (Jun 2026) Independent press
- Mining Technology: REalloys and US Critical Materials sign a Sheep Creek MoU (Apr 2026) Independent press
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