Supply chain appears to be complete

[Ian Brown]

Mine-to-Magnet Chain Now Fully Aligned


Upstream (Mine)


Pensana’s Longonjo project fully funded with $268m (FSDEA / AFC / ABSA). Output: 20,000 tpa MREC.


Midstream (Separation)


ReElement has $150m secured for its Indiana facility.


MOU signed with Pensana for up to 20,000 tpa MREC supply over 5 years.


Downstream (Magnets)


Vulcan Elements closed a $65m Series A (Altimeter + One Investment Mgmt).


Binding supply agreement with ReElement for NdPr & Dy oxides.


End-Use (Offtake)


Vulcan has contracts with the U.S. DoD (Army, Navy, Air Force).


First deliveries already underway.


For the first time outside China, every stage — Mine → Separation → Magnets → End-Use — is funded, linked by offtakes, and demand-anchored.


Total confirmed capital: $483m backing this supply chain.

 

[John]

Interesting Ian.

What does First deliveries underway mean?