Company profile
US Critical Materials: what it does, projects, funding and status (2026)
Exploration Private HQ: Darby, Montana
US Critical Materials is a private critical-minerals developer that holds the Sheep Creek rare earth and gallium prospect in the Bitterroot National Forest in Montana and works with Idaho National Laboratory on a pilot processing plant. It moved its headquarters to Darby, Montana in June 2026, and a Forest Service decision on its exploration plan is estimated for July 2027.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does US Critical Materials do?
US Critical Materials explores the Sheep Creek deposit in Montana for rare earths, gallium and other critical minerals and develops processing methods with Idaho National Laboratory. It works at the mining and separation steps and has no production or resource estimate.
The company says Sheep Creek hosts neodymium, praseodymium, niobium, strontium, samarium, scandium, gadolinium, terbium, dysprosium and yttrium, plus gallium that averages over 300 ppm. It claims some of the highest reported US rare earth grades, which come from sampling and not from a resource estimate.
Because the company is private it publishes less than listed developers do. The facts here come mostly from Forest Service documents, press coverage and partner announcements.
Which assets and facilities does US Critical Materials hold?
US Critical Materials holds about 334 unpatented lode claims at Sheep Creek in Ravalli County, Montana, covering roughly 11 square miles of National Forest. It plans a pilot-scale processing plant with Idaho National Laboratory, with no site or date published.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| Sheep Creek | Bitterroot National Forest, Ravalli County, Montana | Rare earth, gallium and niobium prospect | About 9% TREE in reported samples; about 3,000 tons of bulk sampling proposed | Exploration; Forest Service review |
| Pilot processing plant | Not stated | Test processing of Sheep Creek ore | Pilot scale | Phase II research agreement with Idaho National Laboratory |
The grades are company-reported and come from selected sampling. The sources checked give no resource estimate for Sheep Creek.
Who are the partners of US Critical Materials?
US Critical Materials works with Idaho National Laboratory on a Phase II cooperative research agreement for a pilot plant and has a non-binding memorandum of understanding with REalloys. REalloys plans to take up to 10% of Sheep Creek production.
The REalloys memorandum, announced Apr 2, 2026, contemplates equity investment, equity swaps and joint pursuit of government funding, with the aim of a definitive offtake within 12 months. REalloys would route the material into its metals and alloys operations in Euclid, Ohio, for defense stockpile use.
The research agreement with Idaho National Laboratory began as a cooperative arrangement to confirm gallium and rare earth concentrations at Sheep Creek and has been extended through February 2027.
What is the timeline of US Critical Materials?
US Critical Materials reported high grades at Sheep Creek in Feb 2025, filed a draft plan with the Forest Service on Dec 5, 2025, rescinded it after opposition and filed a reduced plan on Jun 12, 2026. A decision is estimated for Jul 2027.
- Feb 2025
US Critical Materials reports confirmation of high rare earth and gallium grades at Sheep Creek.
- Dec 5, 2025
A draft initial plan of operations reaches the Bitterroot National Forest.
- Early 2026
The company rescinds the draft after public and conservation-group opposition.
- Apr 2, 2026
REalloys signs a non-binding MoU for up to 10% of Sheep Creek production.
- Jun 2026
A revised plan is filed on Jun 12, a Phase II research agreement with Idaho National Laboratory is reported, and the company moves its headquarters to Darby.
- Aug 14, 2026
The Forest Service opens public comment on the revised plan.
Next milestones
- Feb 2027
The Idaho National Laboratory agreement runs through this month.
- Jul 2027
The Forest Service estimates its decision.
What government support has US Critical Materials received?
US Critical Materials has no grant or loan in the sources checked. It has a cooperative research agreement with Idaho National Laboratory, a Department of Energy lab, and Sheep Creek appears on the FAST-41 transparency list, which tracks permitting and is not funding.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| Idaho National Laboratory (Department of Energy)Phase II cooperative research agreement. Research collaboration, not a grant to the company | Not stated | Extended through Feb 2027 | Closed |
Ravalli County commissioners asked to remove the project from the FAST-41 list. See FAST-41 permitting and US rare earth projects.
What are the risks and unknowns for US Critical Materials?
The main unknowns are the Forest Service decision, local opposition, the absence of a resource estimate and how the company will fund a pilot plant. As a private company it discloses little financial detail. This directory reports facts and gives no investment view.
- Permitting and opposition: hundreds of residents opposed the first plan, and the county asked to drop the project from FAST-41.
- Grade versus resource: reported grades come from sampling, and no estimate or study exists.
- Funding: no financing amount is published.
- Offtake: the REalloys agreement is a non-binding memorandum.
- Access: samples would be flown out by helicopter in a remote forest area.
Questions about US Critical Materials
Is US Critical Materials a public company?
No. US Critical Materials is private and has no stock ticker. It has not published detailed financial statements, so this directory relies on partner and agency documents.
Where is US Critical Materials based?
The company moved its headquarters to Darby, Montana in June 2026. It was earlier described as based in Salt Lake City. Its project, Sheep Creek, is in Ravalli County, Montana.
What does US Critical Materials do?
It explores the Sheep Creek rare earth and gallium prospect and develops processing methods with Idaho National Laboratory. It has no production or resource estimate.
Who is partnering with US Critical Materials?
Idaho National Laboratory has a Phase II research agreement with the company, extended through Feb 2027, and REalloys signed a non-binding MoU in Apr 2026 to take up to 10% of Sheep Creek production.
Has the Sheep Creek project been approved?
No. The Forest Service opened public comment on Aug 14, 2026 on a revised exploration plan and estimates a decision in Jul 2027. Hundreds of residents opposed the first plan.
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
- Forest Service: Sheep Creek Rare Earth Exploration Proposal Official record
- Mining Technology: REalloys and US Critical Materials sign a Sheep Creek MoU (Apr 2026) Independent press
- Mining.com: Idaho National Laboratory and US Critical Materials research agreement Independent press
- KPAX: mining company to revise and reduce Sheep Creek plan Independent press
- KXLF: Bitterroot National Forest launches environmental review Independent press
- Dan's Papers: Meet Harvey Kaye, executive director of U.S. Critical Materials (2025) Independent press
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