[ { "id": "fin-au-alcoa-sojitz-gallium-2025-equity", "eventId": "evt-us-au-framework-2025", "relationships": [ { "commitmentId": "fin-us-au-framework-2025-au-financing", "relationship": "part_of", "sourceId": "src-pm-us-au-framework-2025", "locator": "Fourth to sixth paragraphs", "note": "The release introduces the project as one of the pipeline's priority projects with financial commitments announced the same day; that it counts towards Australia's USD 1 billion is implied, not stated." } ], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "200000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "up to USD$200 million in concessional equity finance for the project", "currencyBasis": "stated" }, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Alcoa-Sojitz Gallium Recovery Project", "recipientOrgIds": [], "project": "Gallium recovery at the Alcoa-Sojitz project", "projectId": "prj-au-alcoa-sojitz-gallium", "facility": null, "locations": [ { "countryCode": "AU", "subnational": "Western Australia", "asStated": "Wagerup, Western Australia" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "gallium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": null } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-08-24", "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "note": "Alcoa states that the 24 August 2026 groundbreaking marked the start of construction at Wagerup." } ], "terms": [], "outcomes": [ { "metric": "supply_share", "value": "10", "qualifier": "up_to", "unit": "% of total global gallium supply", "targetDate": null, "asStated": "This project will provide up to 10 per cent of total global gallium supply.", "statedBy": "government", "sourceId": "src-pm-us-au-framework-2025", "note": "The Australian Government's statement of the project's potential, not an estimate made here." } ], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status", "outcomes" ], "evidence": "explicit", "locator": "Fifth and sixth paragraphs", "note": null }, { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "relationships" ], "evidence": "ambiguous", "locator": "Fourth paragraph", "note": "Presented as one of the pipeline's priority projects; the release does not say this equity counts towards the USD 1 billion." }, { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Sixth paragraph", "note": "\"Gallium Recovery Project\": recovery of gallium in processing, as the project name describes it." }, { "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": "Supports the project's physical construction status only; it does not establish execution or payment of this specific public financial instrument." } ], "notes": "The release says the equity finance \"includes a right of offtake for the Australian Government\", recorded as its own row, and that \"Japan has already provided 50 percent of the project costs to date\"; no Japanese row is recorded because no amount or instrument is stated. Lifecycle review on 2 October 2026 confirmed physical construction began on 24 August 2026. The reviewed primary sources did not establish that this specific government equity/offtake instrument had been legally executed or paid, so its financial status is not promoted beyond the existing announced state.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-au-alcoa-sojitz-gallium-2025-offtake-right", "eventId": "evt-us-au-framework-2025", "relationships": [], "instrument": "offtake", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Alcoa-Sojitz Gallium Recovery Project", "recipientOrgIds": [], "project": "Gallium recovery at the Alcoa-Sojitz project", "projectId": "prj-au-alcoa-sojitz-gallium", "facility": null, "locations": [ { "countryCode": "AU", "subnational": "Western Australia", "asStated": "Wagerup, Western Australia" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "gallium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": null } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-08-24", "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "note": "Alcoa states that the 24 August 2026 groundbreaking marked the start of construction at Wagerup." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "Sixth paragraph", "note": "\"which includes a right of offtake for the Australian Government\"" }, { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Sixth paragraph", "note": null }, { "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": "Supports the project's physical construction status only; it does not establish execution or payment of this specific public financial instrument." } ], "notes": "No share or volume is stated. Lifecycle review on 2 October 2026 confirmed physical construction began on 24 August 2026. The reviewed primary sources did not establish that this specific government equity/offtake instrument had been legally executed or paid, so its financial status is not promoted beyond the existing announced state.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-au-arafura-nolans-2025-equity", "eventId": "evt-us-au-framework-2025", "relationships": [ { "commitmentId": "fin-us-au-framework-2025-au-financing", "relationship": "part_of", "sourceId": "src-pm-us-au-framework-2025", "locator": "Fourth and seventh paragraphs", "note": "Presented as one of the pipeline's priority projects with financial commitments announced the same day." } ], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "100000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "a USD$100 million equity investment in the project", "currencyBasis": "stated" }, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Arafura Rare Earths Limited", "recipientOrgIds": [ "org-arafura-rare-earths" ], "project": "Nolans rare earths project", "projectId": "prj-au-nolans", "facility": null, "locations": [ { "countryCode": "AU", "subnational": "Northern Territory", "asStated": "the Northern Territory" } ], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": null }, { "status": "contracted", "date": "2026-04-01", "sourceId": "src-arafura-nolans-efa-subscription-2026", "note": "Arafura executed a binding US$100 million subscription agreement with Export Finance Australia; completion remained subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [ { "metric": "supply_share", "value": "5", "qualifier": "exact", "unit": "% of global rare earths", "targetDate": null, "asStated": "Once operational, this project will produce 5 per cent of global rare earths", "statedBy": "government", "sourceId": "src-pm-us-au-framework-2025", "note": "The Australian Government's statement, not an estimate made here." } ], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status", "outcomes" ], "evidence": "explicit", "locator": "Seventh and eighth paragraphs", "note": null }, { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "relationships" ], "evidence": "ambiguous", "locator": "Fourth paragraph", "note": "That this equity counts towards Australia's USD 1 billion is implied, not stated." }, { "sourceId": "src-arafura-nolans-efa-subscription-2026", "supports": [ "instrument", "amount", "provider", "status", "project", "recipient" ], "evidence": "explicit", "locator": "Overview and Export Finance Australia section (pp. 1–2); Annexure B (p. 6)", "note": "Binding US$100M EFA subscription is for fully paid ordinary shares in Arafura Rare Earths Limited, not shares in a legally distinct Nolans project. Amount and status are unchanged; completion subject to conditions precedent." } ], "notes": "The US$100 million EFA equity support announced in October 2025 became a binding subscription agreement on 1 April 2026. Completion remained subject to conditions precedent, so no disbursement is inferred. A 2 October 2026 lifecycle review found primary company material still tying full construction commencement to financing/settlement milestones; no later primary source reviewed cleanly confirmed full construction commencement, so no physical construction status is recorded here. The April 2026 ASX disclosure identifies Arafura Rare Earths Limited as the legal share issuer/recipient of EFA's agreed investment; Nolans is the project to which proceeds are intended to be applied, not a share-issuing entity.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-au-cmf-2026-expanded-facility", "eventId": "evt-au-cmsr-2026", "relationships": [], "instrument": "mixed", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "5000000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "the expanded $5 billion Critical Minerals Facility", "currencyBasis": "issuer_context" }, "provider": "Australian Government (Critical Minerals Facility)", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": "prg-au-cmf", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "not_stated", "date": null, "sourceId": "src-au-industry-cmsr", "note": "The release describes the facility as expanded and existing; it gives no date or status for the expansion." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-au-industry-cmsr", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "programme" ], "evidence": "explicit", "locator": "Paragraph on Reserve funding", "note": "\"which provides government-backed loans and equity support for projects\"" }, { "sourceId": "src-au-industry-cmsr", "supports": [ "status" ], "evidence": "explicit", "locator": "Paragraph on Reserve funding", "note": null } ], "notes": "Recorded because the Reserve's A$1 billion for transactions is drawn from it. An envelope, never added to the awards or transactions drawn from it." }, { "id": "fin-au-cmpti-2025-production-tax-offset", "eventId": "evt-au-cmpti-2025", "relationships": [], "instrument": "tax_credit", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "Commonwealth of Australia (refundable tax offset)", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": "Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 (Act No. 9 of 2025), Schedule 2, inserting Division 419 into the Income Tax Assessment Act 1997", "programmeId": "prg-au-cmpti", "recipient": "Constitutional corporations with registered CMPTI processing activities", "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [ { "countryCode": "AU", "subnational": null, "asStated": "one or more facilities in Australia" } ], "stages": [ "processing", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony", "gallium", "germanium", "graphite", "rare-earth-elements", "dysprosium", "neodymium", "praseodymium", "terbium", "tungsten", "lithium", "cobalt", "nickel" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "arsenic", "beryllium", "bismuth", "chromium", "fluorine", "hafnium", "high purity alumina", "indium", "magnesium", "manganese", "molybdenum", "niobium", "platinum-group elements (iridium, osmium, palladium, platinum, rhodium, ruthenium)", "rhenium", "scandium", "selenium", "silicon", "tantalum", "tellurium", "titanium", "vanadium", "zirconium", "a thing prescribed by the regulations (not uranium)" ], "financialStatusHistory": [ { "status": "authorized", "date": "2025-02-14", "sourceId": "src-legislation-au-cmpti-2025", "note": "Act No. 9 of 2025, made 14 February 2025." } ], "implementationStatusHistory": [], "terms": [ { "kind": "tax_credit_rate", "value": "10", "qualifier": "exact", "currency": null, "unit": "% of CMPTI expenditure", "asStated": "The amount of the CMPTI tax offset for the income year is equal to 10% of the company's total CMPTI expenditure", "sourceId": "src-legislation-au-cmpti-2025", "note": "Reducible under community benefit rules (s 419-10(2))." }, { "kind": "duration", "value": "10", "qualifier": "exact", "currency": null, "unit": "income years", "asStated": "A registration can be in force for 10 income years during the period starting on 1 July 2027 and ending on 30 June 2040.", "sourceId": "src-legislation-au-cmpti-2025", "note": null }, { "kind": "other", "value": null, "qualifier": null, "currency": null, "unit": null, "asStated": "the income year: (i) starts on or after 1 July 2027; and (ii) ends on or before 30 June 2040", "sourceId": "src-legislation-au-cmpti-2025", "note": "Window of eligible income years (s 419-5(1)(b))." } ], "outcomes": [], "evidence": [ { "sourceId": "src-legislation-au-cmpti-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "legal_authority", "recipient", "location", "stages", "materials", "status", "terms", "programme" ], "evidence": "explicit", "locator": "Schedule 2, ss 419-5, 419-10, 419-15, 419-20 (pp. 36–39 of the authorised PDF)", "note": null } ], "notes": "A statutory entitlement with no stated aggregate amount, so it contributes no figure to any total. \"Processing\" and \"refining\" render s 419-20's \"substantially transforming a feedstock ... through extractive metallurgical processing into a purer or more refined form\". The Act lists scandium separately from the rare-earth elements; it is kept as the Act lists it." }, { "id": "fin-au-cmsr-2026-reserve", "eventId": "evt-au-cmsr-2026", "relationships": [], "instrument": "mixed", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "1200000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "$1.2 billion Critical Minerals Strategic Reserve", "currencyBasis": "issuer_context" }, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": "prg-au-cmsr", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "antimony", "gallium", "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-01-12", "sourceId": "src-au-industry-cmsr", "note": "New details of an already announced Reserve; the release says enabling legislation for Export Finance Australia will be brought forward in 2026." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-au-industry-cmsr", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Opening paragraph; paragraphs on first minerals and operation", "note": "Operates \"by securing rights to minerals produced in Australia and on-selling those rights\", with a separate allocation for selective stockpiling." } ], "notes": "The parent of two stated components, A$1 billion for transactions and A$185 million for stockpiling and implementation costs. The components sum to A$1.185 billion against the A$1.2 billion headline; the release does not explain the gap and none is inferred. Materials are the Reserve's stated first focus." }, { "id": "fin-au-cmsr-2026-stockpiling-allocation", "eventId": "evt-au-cmsr-2026", "relationships": [ { "commitmentId": "fin-au-cmsr-2026-reserve", "relationship": "part_of", "sourceId": "src-au-industry-cmsr", "locator": "Paragraph on Reserve funding", "note": null } ], "instrument": "stockpile_purchase", "valueRole": "budget_appropriation", "capitalSource": "public", "amount": { "value": "185000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "A further $185 million has been allocated for selective stockpiling of minerals, where required, and other implementation costs.", "currencyBasis": "issuer_context" }, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": "prg-au-cmsr", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "stockpiling" ], "stageAllocation": "single_stage", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "allocated", "date": null, "sourceId": "src-au-industry-cmsr", "note": "The allocation date is not stated." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-au-industry-cmsr", "supports": [ "value_role", "capital_source", "amount", "provider", "relationships", "stages", "status", "programme" ], "evidence": "explicit", "locator": "Paragraph on Reserve funding", "note": null }, { "sourceId": "src-au-industry-cmsr", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Paragraph on Reserve funding", "note": "The allocation also covers \"other implementation costs\", and no split is given." } ], "notes": null }, { "id": "fin-au-cmsr-2026-transactions", "eventId": "evt-au-cmsr-2026", "relationships": [ { "commitmentId": "fin-au-cmf-2026-expanded-facility", "relationship": "drawn_from", "sourceId": "src-au-industry-cmsr", "locator": "Paragraph on Reserve funding", "note": null }, { "commitmentId": "fin-au-cmsr-2026-reserve", "relationship": "part_of", "sourceId": "src-au-industry-cmsr", "locator": "Paragraph on Reserve funding", "note": null } ], "instrument": "unspecified", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "1000000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "The Reserve includes $1 billion for transactions to be drawn from the expanded $5 billion Critical Minerals Facility", "currencyBasis": "issuer_context" }, "provider": "Australian Government (Department of Industry, Science and Resources, with Export Finance Australia)", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-disr" ], "legalAuthority": null, "programmeId": "prg-au-cmf", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-01-12", "sourceId": "src-au-industry-cmsr", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-au-industry-cmsr", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "relationships", "status", "programme" ], "evidence": "explicit", "locator": "Paragraphs on Reserve funding and delivery", "note": null } ], "notes": "The release does not say which instruments the transactions will use. The facility it is drawn from provides loans and equity support, and the Reserve operates by securing and on-selling rights to minerals." }, { "id": "fin-ca-cgf-cyclic-2026-equity", "eventId": "evt-ca-cgf-cyclic-2026", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "25000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "US$25 million", "currencyBasis": "stated" }, "provider": "Canada Growth Fund", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-canada-growth-fund" ], "legalAuthority": null, "programmeId": null, "recipient": "Cyclic Materials Inc.", "recipientOrgIds": [ "org-cyclic-materials" ], "project": "Kingston Centre of Excellence for Rare Earth Recycling", "projectId": "prj-ca-cyclic-kingston-centre-of-excellence", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "stages": [ "processing", "recycling", "research_development" ], "stageAllocation": "multi_stage_unallocated", "financialStatusHistory": [ { "status": "contracted", "date": "2026-01-20", "sourceId": "src-cgf-cyclic-2026", "note": "The CGF release says it \"has invested\" US$25 million and describes the transaction as part of a Series C preferred-equity round. Recorded as a binding equity transaction, not as disbursed cash because no payment timing is stated." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-01-20", "sourceId": "src-cgf-cyclic-2026", "note": "The release says Cyclic was \"now constructing its first commercial-scale Hub in Kingston\"." } ], "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" }, "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-cgf-cyclic-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening paragraphs; Transaction Highlights; company description", "note": "The source identifies preferred equity, the public investor, Cyclic, the amount, Kingston Centre expansion/Hub, rare-earth recycling and processing, and current construction." } ], "notes": "CGF says the US$25 million supports expansion of the Kingston Centre of Excellence, Canadian R&D, execution of the first Hub and broader commercialization. The row links the named Kingston project because the source directly supports it, but the amount is not treated as exclusively allocated to construction or any single stage." }, { "id": "fin-ca-cmrdd-2024-cyclic-materials", "eventId": "evt-ca-nrcan-cmrdd-2024", "relationships": [ { "commitmentId": "fin-ca-cmrdd-2024-kingston-awards", "relationship": "part_of", "sourceId": "src-nrcan-cmrdd-2024", "locator": "Opening paragraph", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "4893125", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Amount funded: $4,893,125", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "Cyclic Materials Incorporated", "recipientOrgIds": [ "org-cyclic-materials" ], "project": "Demonstration plant producing high-purity mixed rare earth oxide and a cobalt–nickel mixed hydroxide product from recycled materials", "projectId": "prj-ca-cyclic-kingston-demonstration-plant", "facility": null, "locations": [], "stages": [ "recycling" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements", "cobalt", "nickel" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-07-17", "sourceId": "src-canada-grant-cyclic-cmrdd-2024", "note": "The Government of Canada disclosure records agreement CMRDD2-048 with an agreement period beginning 17 July 2024." } ], "implementationStatusHistory": [ { "status": "completed", "date": null, "sourceId": "src-nrcan-cmrdd-programme", "note": "NRCan's funded-project page states that the Kingston Demonstration Plant – Extended Operations project was launched in 2024 and completed in March 2026. The exact completion day is not stated, so no date is invented." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-cmrdd-2024", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "project", "relationships", "stages", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Paragraph on Cyclic Materials", "note": null }, { "sourceId": "src-nrcan-cmrdd-programme", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "Funded Projects: \"Kingston Demonstration Plant – Extended Operations\"", "note": "The programme page lists the exact amount funded; the 2024 release rounds it to \"$4.9 million\". Currency read from the issuing government (a Canadian federal page printing \"$\")." }, { "sourceId": "src-canada-grant-cyclic-cmrdd-2024", "supports": [ "status" ], "evidence": "explicit", "locator": "Agreement number CMRDD2-048; Agreement Date", "note": "Official grant disclosure establishes the binding agreement and its 17 July 2024 start date." } ], "notes": "The 4 September 2024 release publicized NRCan support; the official grants-and-contributions disclosure shows that agreement CMRDD2-048 was already in force from 17 July 2024 through 31 March 2026. NRCan's standing CMRDD page gives the exact C$4,893,125 funded amount and records the Kingston demonstration project as completed in March 2026. No payment timing is stated, so the financial lifecycle is not promoted beyond contracted.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-cmrdd-2024-green-graphite", "eventId": "evt-ca-nrcan-cmrdd-2024", "relationships": [ { "commitmentId": "fin-ca-cmrdd-2024-kingston-awards", "relationship": "part_of", "sourceId": "src-nrcan-cmrdd-2024", "locator": "Opening paragraph", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "3500000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "NRCan is providing $3.5 million to GGT for this initiative", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "Green Graphite Technologies Inc.", "recipientOrgIds": [ "org-green-graphite-technologies" ], "project": "Demonstrating GraphRenew technology to recover graphite from secondary sources and upgrade it to lithium-ion battery-grade graphite", "projectId": "prj-ca-ggt-graphite-recycling-pilot", "facility": null, "locations": [], "stages": [ "recycling" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-08-09", "sourceId": "src-canada-grant-ggt-cmrdd-2024", "note": "The Government of Canada disclosure records agreement CMRDD2-039 with an agreement period beginning 9 August 2024." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-cmrdd-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "relationships", "stages", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Paragraph on Green Graphite Technologies", "note": null }, { "sourceId": "src-canada-grant-ggt-cmrdd-2024", "supports": [ "status" ], "evidence": "explicit", "locator": "Agreement number CMRDD2-039; Agreement Date", "note": "Official grant disclosure establishes the binding agreement and its 9 August 2024 start date." } ], "notes": "The 4 September 2024 release publicized the C$3.5 million support, while the official grants-and-contributions disclosure shows agreement CMRDD2-039 running from 9 August 2024 through 31 March 2026. The standing CMRDD page still describes the project as launched in 2024 and expected to be completed by 2026; the 2026 follow-up found no primary source that cleanly ties a later physical milestone to this exact GraphRenew CMRDD project, so no implementation status is inferred.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-cmrdd-2024-kingston-awards", "eventId": "evt-ca-nrcan-cmrdd-2024", "relationships": [ { "commitmentId": "fin-ca-cms-2022-budget-envelope", "relationship": "drawn_from", "sourceId": "src-nrcan-cmrdd-2024", "locator": "Quick facts", "note": "The release says the CMRDD \"is part of the Canadian Critical Minerals Strategy\" and that \"Budget 2022 provided $3.8 billion over eight years to implement\" it." } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "8400000", "currency": "CAD", "qualifier": "approximately", "amountAsStated": "almost $8.4 million in investments", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "Cyclic Materials Incorporated and Green Graphite Technologies Inc.", "recipientOrgIds": [ "org-cyclic-materials", "org-green-graphite-technologies" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "recycling" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements", "graphite", "cobalt", "nickel" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2024-09-04", "sourceId": "src-nrcan-cmrdd-2024", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-cmrdd-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "relationships", "stages", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Opening paragraph; Quick facts", "note": null } ], "notes": "The announcement total; its two awards are recorded as parts of it. \"Almost $8.4 million\" is the release's own rounding of $4.9 million plus $3.5 million." }, { "id": "fin-ca-cmrdd-2024-noram-lithium", "eventId": "evt-ca-nrcan-lithium-processing-2024", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "4500000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "$4,500,000 investment", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "NORAM Electrolysis Systems Inc.", "recipientOrgIds": [ "org-noram-electrolysis-systems" ], "project": "Electrolysis for Lithium Production and Recycling", "projectId": "prj-ca-noram-lithium-electrolysis", "facility": "new test centre", "locations": [], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-07-08", "sourceId": "src-canada-grant-noram-cmrdd-2024", "note": "Official grants disclosure records agreement CMRDD2-021 from 8 July 2024 through 31 March 2027." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2024-07-11", "sourceId": "src-nrcan-lithium-processing-2024", "note": "The release describes an industrial-scale demonstration at NESI's new test centre; no later physical milestone is established in the sources reviewed for this tranche." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-lithium-processing-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "stages", "materials", "status", "programme", "facility" ], "evidence": "explicit", "locator": "Opening paragraph; NESI investment paragraph", "note": "Currency is read from the Canadian federal issuer context." }, { "sourceId": "src-canada-grant-noram-cmrdd-2024", "supports": [ "amount", "recipient", "project", "status", "programme" ], "evidence": "explicit", "locator": "Agreement CMRDD2-021", "note": "Establishes the exact agreement value and binding agreement period." } ], "notes": "Binding agreement verified through the federal grants disclosure. No payment/disbursement timing is stated, so contracted is not treated as paid.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": "2026-10-07" } }, { "id": "fin-ca-cmrdd-2024-saltworks-lithium", "eventId": "evt-ca-nrcan-lithium-processing-2024", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "4937500", "currency": "CAD", "qualifier": "exact", "amountAsStated": "$4,937,500 investment", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "Saltworks Technologies Inc.", "recipientOrgIds": [ "org-saltworks-technologies" ], "project": "Concentration and conversion of Canadian lithium brine into lithium battery precursors", "projectId": "prj-ca-saltworks-lithium-brine", "facility": null, "locations": [], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2024-07-11", "sourceId": "src-nrcan-lithium-processing-2024", "note": "The release published 11 July says the Minister announced the investments 'yesterday'. No matching CMRDD agreement record for this exact C$4,937,500 award was located in the reviewed public disclosures, so the row is not promoted beyond announced." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2024-07-11", "sourceId": "src-nrcan-lithium-processing-2024", "note": "The release states the investment will accelerate concentration and conversion of Canadian lithium brine using technologies already developed and tested by Saltworks; no construction/operational milestone is stated." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-lithium-processing-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "stages", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Opening paragraph; Saltworks investment paragraph", "note": "Currency is read from the Canadian federal issuer context." } ], "notes": "Exact announced amount from the NRCan release. The source establishes a government investment and project purpose but not a binding agreement or payment; absent a matching agreement disclosure, financial standing remains announced.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": "2026-10-07" } }, { "id": "fin-ca-cms-2022-budget-envelope", "eventId": "evt-ca-cms-2022", "relationships": [], "instrument": "unspecified", "valueRole": "budget_appropriation", "capitalSource": "public", "amount": { "value": "3800000000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "backed by up to $3.8 billion in federal funding allocated in Budget 2022", "currencyBasis": "issuer_context" }, "provider": "Government of Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-government" ], "legalAuthority": null, "programmeId": "prg-ca-cms", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "exploration", "processing", "recycling", "research_development" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "allocated", "date": null, "sourceId": "src-nrcan-cms-2022", "note": "Allocated in Budget 2022; the release gives no date for the allocation." }, { "status": "announced", "date": "2022-12-09", "sourceId": "src-nrcan-cms-2022", "note": "The Strategy was released in Vancouver on 9 December 2022." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "8", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "Budget 2022 provided $3.8 billion over eight years to implement the Canadian Critical Minerals Strategy.", "sourceId": "src-nrcan-cmrdd-2024", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-cms-2022", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "stages", "status", "programme" ], "evidence": "explicit", "locator": "Opening paragraph", "note": "\"from geoscience and exploration to mineral processing, manufacturing and recycling applications, including support for research, development and technological deployment\"" }, { "sourceId": "src-nrcan-cmrdd-2024", "supports": [ "terms" ], "evidence": "explicit", "locator": "Quick facts", "note": null } ], "notes": "\"Manufacturing\" in the release is not mapped to a stage: it does not say which manufacturing. The release is not an itemised budget, so no component amounts are recorded for it." }, { "id": "fin-ca-feddev-cyclic-2025-contribution", "eventId": "evt-ca-feddev-cyclic-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "5000000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "$5,000,000.00", "currencyBasis": "issuer_context" }, "provider": "Federal Economic Development Agency for Southern Ontario", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-feddev-ontario" ], "legalAuthority": null, "programmeId": null, "recipient": "Cyclic Materials Inc.", "recipientOrgIds": [ "org-cyclic-materials" ], "project": "Kingston Centre of Excellence for Rare Earth Recycling", "projectId": "prj-ca-cyclic-kingston-centre-of-excellence", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "stages": [ "recycling" ], "stageAllocation": "single_stage", "financialStatusHistory": [ { "status": "contracted", "date": "2025-09-01", "sourceId": "src-open-canada-feddev-cyclic-2025", "note": "The federal disclosure provides an agreement number, agreement value and agreement period beginning 1 September 2025." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2025-06-11", "sourceId": "src-cyclic-centre-excellence-2025", "note": "Cyclic announced the Kingston Centre of Excellence and its first commercial Hub." }, { "status": "construction", "date": "2026-01-20", "sourceId": "src-cgf-cyclic-2026", "note": "The later CGF release says the first commercial-scale Kingston Hub was under construction." } ], "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" }, "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-open-canada-feddev-cyclic-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Agreement Number; Agreement Value; Agreement Date; Description; Organization; Agreement Type; Recipient; Program", "note": "The disclosure calls the instrument a \"Contribution\". The tracker keeps instrument unspecified because this source does not state whether the contribution is repayable and no narrower tracker instrument can be assigned safely." }, { "sourceId": "src-cyclic-centre-excellence-2025", "supports": [ "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Announcement body; A Strategic Facility Serving a Circular Future", "note": null }, { "sourceId": "src-cgf-cyclic-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Company description", "note": "Supports the later construction status only." } ], "notes": "The Government of Canada disclosure records Agreement 1019177 under FedDev Ontario's Business Scale-up and Productivity program. The agreement runs through 30 September 2028. Because the disclosure says only \"Contribution\", the tracker does not assume grant/non-repayable treatment." }, { "id": "fin-ca-g7-2025-focus-graphite-gpi", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "14100000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "a conditionally approved investment of up to $14.1 million from Natural Resources Canada’s Global Partnerships Initiative", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Global Partnerships Initiative)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Focus Graphite", "recipientOrgIds": [ "org-focus-graphite" ], "project": "Chemical-free electrothermal purification project for natural flake graphite", "projectId": "prj-ca-focus-graphite-electrothermal-purification", "facility": null, "locations": [], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "\"conditionally approved\"." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials" ], "evidence": "explicit", "locator": "Research and development projects: Focus Graphite", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Research and development projects: Focus Graphite", "note": "High-temperature purification of flake graphite, read as processing." } ], "notes": "In collaboration with Ukraine's Thermal & Material Engineering Center and American Energy Technologies Company; the graphite comes from the Lac Knife and Lac Tétépisca deposits." }, { "id": "fin-ca-g7-2025-nmg-canada-growth-fund", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "35000000", "currency": "CAD", "qualifier": "at_least", "amountAsStated": "more than $35 million from the Canada Growth Fund", "currencyBasis": "issuer_context" }, "provider": "Canada Growth Fund", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-canada-growth-fund" ], "legalAuthority": null, "programmeId": null, "recipient": "Nouveau Monde Graphite", "recipientOrgIds": [ "org-nouveau-monde-graphite" ], "project": null, "projectId": "prj-ca-nmg-matawinie", "facility": null, "locations": [], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "not_stated", "date": null, "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Named among the investments the Alliance announcement \"builds on\"; the backgrounder does not state their stage or date." }, { "status": "contracted", "date": "2024-12-16", "sourceId": "src-cgf-nmg-schedule13d-2024", "note": "CGF reports a subscription agreement dated December 16, 2024." }, { "status": "disbursed", "date": "2024-12-20", "sourceId": "src-cgf-nmg-schedule13d-2024", "note": "CGF reports purchasing NMG shares and warrants for US$25 million in the private placement on December 20, 2024. This is the original investment, not the additional 2026 equity round." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-04-13", "sourceId": "src-nmg-q2-mda-2026", "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials" ], "evidence": "explicit", "locator": "First paragraph of the list", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "First paragraph of the list", "note": "The investment supports the company's mine-to-anode plan; coded to the mine it names." }, { "sourceId": "src-cgf-nmg-schedule13d-2024", "supports": [ "instrument", "provider", "recipient", "status" ], "evidence": "explicit", "locator": "Schedule 13D, Items 3 and 4", "note": "CGF reports a cash-funded share-and-warrant purchase, the subscription agreement date and the completed private placement." }, { "sourceId": "src-pm-matawinie-groundbreaking-2026", "supports": [ "amount", "provider", "recipient" ], "evidence": "explicit", "locator": "Quick facts: previous Canada Growth Fund investment", "note": "Identifies the earlier December 2024 CGF investment as C$35.6 million, distinct from the additional 2026 investment. The original NRCan lower-bound CAD amount is retained; no currency conversion is made." }, { "sourceId": "src-nmg-q2-mda-2026", "supports": [ "project", "status" ], "evidence": "explicit", "locator": "Matawinie Mine Project (Phase 2), pages 9–10", "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation." } ], "notes": "Earlier CGF equity investment cited by the Alliance backgrounder; now identified and dated from the investor filing. The original more-than-C$35-million amount remains as stated by NRCan. The separate 2026 CGF equity investment is additional capital and is not substituted into this row. The existing Matawinie link does not allocate all corporate investment proceeds exclusively to the mine.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-nmg-edc-letter-of-interest", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "indication", "capitalSource": "public_enterprise", "amount": { "value": "430000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "a letter of interest for up to US$430 million from Export Development Canada", "currencyBasis": "stated" }, "provider": "Export Development Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-edc" ], "legalAuthority": null, "programmeId": null, "recipient": "Nouveau Monde Graphite", "recipientOrgIds": [ "org-nouveau-monde-graphite" ], "project": null, "projectId": "prj-ca-nmg-matawinie", "facility": null, "locations": [], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": null, "sourceId": "src-nrcan-g7-cmpa-2025", "note": "A letter of interest, which is not a financing commitment; its date is not stated." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-04-13", "sourceId": "src-nmg-q2-mda-2026", "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials" ], "evidence": "explicit", "locator": "First paragraph of the list", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "First paragraph of the list", "note": "Coded to the mine the paragraph names." }, { "sourceId": "src-nmg-q2-mda-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Financing: fully committed senior project debt commitment letter; Liquidity and funding", "note": "The later EDC/CIB facilities remain subject to conditions and final legal documentation in this filing. They do not prove execution or termination of the historical EDC-only US$430-million indication; its financial history is retained." }, { "sourceId": "src-nmg-q2-mda-2026", "supports": [ "project", "status" ], "evidence": "explicit", "locator": "Matawinie Mine Project (Phase 2), pages 9–10", "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation." } ], "notes": "A letter of interest, recorded as a non-binding indication, not as a commitment: it names an amount but is not a financing commitment, so it is in no sum. A separate Canada Infrastructure Bank letter of interest is named without an amount and is not recorded. Review on 2026-10-02 found a later US$335-million EDC/CIB project-debt commitment letter in the Q2 MD&A. Its different amount, providers and facilities do not establish that this historical US$430-million indication was contracted, paid or formally lapsed. Mine construction does not change its non-binding value role.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-nmg-offtake", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "offtake", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "Government of Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Nouveau Monde Graphite", "recipientOrgIds": [ "org-nouveau-monde-graphite" ], "project": "Matawinie Mine", "projectId": "prj-ca-nmg-matawinie", "facility": null, "locations": [], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "\"offtake arrangements with the Government of Canada, Panasonic (Japan), and Traxys (Luxembourg)\"" }, { "status": "contracted", "date": "2026-05-13", "sourceId": "src-nmg-canada-offtake-definitive-2026", "note": "NMG reports signing the definitive binding offtake and marketing agreements with Canada. No payment or delivery is evidenced by signing." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-04-13", "sourceId": "src-nmg-q2-mda-2026", "note": "NMG dates the start of Phase 2 Matawinie Mine construction to April 13, 2026 and reports ongoing civil works. This physical milestone is separate from the May 15 FID and May 19 ceremony; it does not state production or financing disbursement." } ], "terms": [ { "kind": "quantity_covenant", "value": "30000", "qualifier": "exact", "currency": null, "unit": "tonnes per annum", "asStated": "30,000 tonnes per annum", "sourceId": "src-nmg-canada-offtake-definitive-2026", "note": "Graphite concentrate from the Phase 2 Matawinie Mine under the definitive agreement." }, { "kind": "duration", "value": "7", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "seven-year period as of the start of commercial production", "sourceId": "src-nmg-canada-offtake-definitive-2026", "note": "The term begins at the start of commercial production, not the agreement signing date; no calendar end date is inferred." } ], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "status", "project", "materials", "stages" ], "evidence": "explicit", "locator": "First paragraph of the list", "note": null }, { "sourceId": "src-nmg-canada-offtake-definitive-2026", "supports": [ "instrument", "provider", "recipient", "project", "materials", "stages", "status", "terms" ], "evidence": "explicit", "locator": "Government of Canada Offtake Agreement", "note": "NMG reports the definitive binding agreement signed May 13, 2026, its annual volume, take-or-pay structure and seven-year term beginning with commercial production." }, { "sourceId": "src-nmg-q2-mda-2026", "supports": [ "project", "status" ], "evidence": "explicit", "locator": "Matawinie Mine Project (Phase 2), pages 9–10", "note": "NMG reports construction began April 13, 2026. Applies to the Phase 2 mine only; demonstration-plant activity and the separately financed Bécancour plant are not mine commercial operation." } ], "notes": "Definitive binding Government of Canada offtake signed May 13, 2026 for 30,000 tonnes per annum over seven years from commercial production. Take-or-pay at a fixed North American market price with an upside-sharing resale mechanism; no numeric price is disclosed. No payment or shipment is inferred. The Panasonic and Traxys offtakes are private and the Government of Japan investment intention is not a commitment; none is recorded as a row.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-northern-graphite-nrc", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "860000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "$860,000 in funding through the National Research Council of Canada’s Canada–Germany Collaborative Industrial Research and Development Program", "currencyBasis": "issuer_context" }, "provider": "National Research Council of Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrc" ], "legalAuthority": null, "programmeId": null, "recipient": "Northern Graphite and Rain Carbon Canada", "recipientOrgIds": [ "org-northern-graphite", "org-rain-carbon-canada" ], "project": "Research project on upcycled natural graphite for battery anodes", "projectId": "prj-ca-northern-rain-upcycled-graphite", "facility": null, "locations": [], "stages": [ "research_development" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Highlighted as funding for the project; no award date is stated." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials", "stages" ], "evidence": "explicit", "locator": "Research and development projects: Northern Graphite and Rain Carbon Canada", "note": null } ], "notes": null }, { "id": "fin-ca-g7-2025-ntwist-nrc-irap", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "500000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "$500,000 through the National Research Council of Canada (NRC)’s Industrial Research Assistance Program", "currencyBasis": "issuer_context" }, "provider": "National Research Council of Canada (Industrial Research Assistance Program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrc" ], "legalAuthority": null, "programmeId": null, "recipient": "NTwist Inc.", "recipientOrgIds": [ "org-ntwist" ], "project": "Nickel production and efficiency R&D project", "projectId": "prj-ca-ntwist-nickel-efficiency", "facility": null, "locations": [], "stages": [ "research_development" ], "stageAllocation": "single_stage", "materialIds": [ "nickel" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "NRCan lists the project with $500,000 through NRC IRAP. No matching C$500,000 agreement was located in the reviewed federal grants disclosure, so no contracted or binding stage is inferred." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials", "stages" ], "evidence": "explicit", "locator": "Research and development projects: NTwist Inc.", "note": "NRCan identifies C$500,000 through NRC IRAP for NTwist's project with Vale Europe and Tunley Environmental to improve nickel production and efficiency; the item appears in the backgrounder's research-and-development project section." } ], "notes": "Vale Europe Ltd. and Tunley Environmental Ltd. are named project collaborators, not recipients of the Canadian funding. No project location, payment, or physical production milestone is inferred." }, { "id": "fin-ca-g7-2025-telescope-lipick", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "319200", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Agreement Value: $319,200.00", "currencyBasis": "issuer_context" }, "provider": "National Research Council of Canada (Industrial Research Assistance Program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrc" ], "legalAuthority": null, "programmeId": null, "recipient": "Telescope Innovations Corp.", "recipientOrgIds": [ "org-telescope-innovations" ], "project": "Li-PICK - Energy Efficient Battery Recycling Enabled by Recrystallization", "projectId": "prj-ca-telescope-lipick", "facility": null, "locations": [], "stages": [ "recycling" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-09-01", "sourceId": "src-canada-grant-telescope-lipick-2024", "note": "The federal disclosure records contribution agreement 1022725 from 1 September 2024 through 31 March 2026." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-canada-grant-telescope-lipick-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials", "stages" ], "evidence": "explicit", "locator": "Agreement 1022725", "note": "Establishes the exact agreement value, contribution form, binding agreement period, recipient and lithium battery-recycling purpose." }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "provider", "recipient", "project", "materials", "stages" ], "evidence": "explicit", "locator": "Research and development projects: Telescope Innovations Corp.", "note": "Names the NRC IRAP channel, Telescope, CellMine and the conversion of spent lithium-ion batteries into battery-grade lithium carbonate and cathode active material." } ], "notes": "Binding contribution agreement verified through the federal grants disclosure. The disclosure's Vancouver location is a recipient location and is not treated as the project site. No payment or disbursement timing is stated.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": "2026-10-07" } }, { "id": "fin-ca-g7-2025-telescope-lithium-sulphide", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "3039344", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Amount funded: $3,039,344", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Research, Development and Demonstration program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": "prg-ca-cmrdd", "recipient": "Telescope Innovations Corp.", "recipientOrgIds": [ "org-telescope-innovations" ], "project": "A Route to Establish a Canadian Lithium Sulphide Supply Chain for Solid-State Batteries", "projectId": "prj-ca-telescope-lithium-sulphide", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "British Columbia", "asStated": "Vancouver, British Columbia" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "The G7 backgrounder says Telescope was conditionally approved for up to C$3.04 million under CMRDD. NRCan's standing CMRDD register later gives the exact funded amount, but no binding agreement date is established in the reviewed sources." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "status", "project", "materials", "stages", "programme" ], "evidence": "explicit", "locator": "Research and development projects: Telescope Innovations Corp.", "note": "Establishes conditional approval under CMRDD for a pilot method to manufacture lithium sulphide." }, { "sourceId": "src-nrcan-cmrdd-programme", "supports": [ "amount", "recipient", "project", "materials", "stages", "programme", "location" ], "evidence": "explicit", "locator": "Funded Projects: \"A Route to Establish a Canadian Lithium Sulphide Supply Chain for Solid-State Batteries\"", "note": "Gives the exact C$3,039,344 amount funded, Telescope Innovations Corp., lithium, Vancouver, British Columbia, and the scale-up/pilot lithium-sulphide manufacturing purpose." } ], "notes": "NRCan's current project register says the project was launched in 2025 and is expected to be completed by 2028. No matching binding contribution agreement was located in the reviewed disclosure search, so the financial status remains decided rather than contracted; no payment or disbursement is inferred.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": "2026-10-07" } }, { "id": "fin-ca-g7-2025-ucore-feddev", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [ { "commitmentId": "fin-ca-g7-2025-ucore-package", "relationship": "part_of", "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "10000000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $10 million through the Federal Economic Development Agency for Southern Ontario", "currencyBasis": "issuer_context" }, "provider": "Federal Economic Development Agency for Southern Ontario", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-feddev-ontario" ], "legalAuthority": null, "programmeId": null, "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "project": null, "projectId": "prj-ca-ucore-kingston", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "stages": [ "separation", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Part of a \"conditionally approved investment\"." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials", "relationships" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." } ], "notes": "Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-ucore-nrcan", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [ { "commitmentId": "fin-ca-g7-2025-ucore-package", "relationship": "part_of", "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph", "note": null } ], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "26300000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $26.3 million through Natural Resources Canada", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "project": null, "projectId": "prj-ca-ucore-kingston", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "stages": [ "separation", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Part of a \"conditionally approved investment\"." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials", "relationships" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "instrument" ], "evidence": "explicit", "locator": "Opening funding paragraph", "note": "NRCan component is expressly a non-repayable contribution, coded as grant. FedDev and the aggregate package are not assigned that instrument." } ], "notes": "Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-ucore-package", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "36300000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "a conditionally approved investment of up to $36.3 million from the Government of Canada", "currencyBasis": "issuer_context" }, "provider": "Government of Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "project": null, "projectId": "prj-ca-ucore-kingston", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "stages": [ "separation", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "\"conditionally approved\"; recorded as decided and not yet binding, like the OSC conditional loan commitments." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." } ], "notes": "The package total; its NRCan and FedDev Ontario parts remain recorded as parts of it. NRCan is identified as a non-repayable contribution; the package instrument is not fully specified. Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-g7-2025-vianode-edc-letter-of-interest", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "unspecified", "valueRole": "indication", "capitalSource": "public_enterprise", "amount": { "value": "500000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "a letter of interest for up to US$500 million in potential financing from Export Development Canada", "currencyBasis": "stated" }, "provider": "Export Development Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-edc" ], "legalAuthority": null, "programmeId": null, "recipient": "Vianode", "recipientOrgIds": [ "org-vianode" ], "project": null, "projectId": "prj-ca-vianode-st-thomas", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "St. Thomas, Ontario" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": null, "sourceId": "src-nrcan-g7-cmpa-2025", "note": "A letter of interest for \"potential financing\"; its date is not stated." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Vianode paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Vianode paragraph", "note": "A synthetic graphite facility, read as processing." } ], "notes": "A letter of interest, recorded as a non-binding indication, not as a commitment: it names an amount but is not a financing commitment, so it is in no sum. A Canada Infrastructure Bank letter of interest is named without an amount and is not recorded." }, { "id": "fin-ca-gpi-cyclic-2026-centre-excellence", "eventId": "evt-ca-g7-cmpa-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "9100000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $9.1 million", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Global Partnerships Initiative)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Cyclic Materials Inc.", "recipientOrgIds": [ "org-cyclic-materials" ], "project": "Kingston Centre of Excellence for Rare Earth Recycling", "projectId": "prj-ca-cyclic-kingston-centre-of-excellence", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "stages": [ "separation", "processing", "recycling" ], "stageAllocation": "multi_stage_unallocated", "financialStatusHistory": [ { "status": "decided", "date": "2026-03-02", "sourceId": "src-nrcan-cmpa-2026-round2", "note": "The backgrounder calls the investment \"conditionally approved\". It is therefore recorded as decided, not contracted." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-01-20", "sourceId": "src-cgf-cyclic-2026", "note": "The CGF release says Cyclic was constructing its first commercial-scale Hub in Kingston." } ], "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" }, "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-cmpa-2026-round2", "supports": [ "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Cyclic Materials bullet", "note": "The March backgrounder identifies the Kingston rare-earth recycling Centre of Excellence, the up-to-C$9.1 million GPI amount and its conditionally approved status." }, { "sourceId": "src-nrcan-gpi-programme", "supports": [ "instrument", "project", "stages", "materials" ], "evidence": "explicit", "locator": "GPI description; GPI funded projects — Contribution funding — Cyclic Materials Inc.", "note": "The programme page describes GPI contribution funding as non-repayable and says Cyclic's funding advances processing, separation and metallization technologies for an integrated rare-earth recycling value chain; normalized to the tracker's grant instrument." }, { "sourceId": "src-cgf-cyclic-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Company description", "note": "Supports the project's construction status, not the GPI financial status." } ], "notes": "A current GPI programme page now lists Cyclic among funded projects, but it does not publish an executed agreement date for this award. The financial lifecycle therefore remains at the March 2 conditionally approved/decided stage rather than being promoted to contracted." }, { "id": "fin-ca-pdac-2026-ggt-eip", "eventId": "evt-ca-nrcan-pdac-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "4750000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Funding amount: $4,750,000", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Energy Innovation Program)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Green Graphite Technologies Inc. (GGT)", "recipientOrgIds": [ "org-green-graphite-technologies" ], "project": "Battery-Grade Graphite: A Canadian Low-GHG Solution From Regolith Resources", "projectId": "prj-ca-ggt-regolith-graphite", "facility": null, "locations": [], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-03-03", "sourceId": "src-nrcan-pdac-2026", "note": "Announced at PDAC as part of \"up to $165.2 million for 22 Canadian projects\"." } ], "implementationStatusHistory": [ { "status": "commissioning", "date": "2026-08-11", "sourceId": "src-ggt-mississauga-demo-commissioning-20260811", "note": "Green Graphite Technologies' official post, dated 11 August 2026 by LinkedIn's page metadata, says its Mississauga graphite purification demonstration facility is entering the final stages of commissioning. The Mississauga facility and graphite-purification process correspond to the Regolith project record; the post does not name the NRCan EIP award, disclose grant payment or establish commercial operation, so this is not coded as operational." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-pdac-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials" ], "evidence": "explicit", "locator": "Energy Innovation Program: Green Graphite Technologies entry", "note": null }, { "sourceId": "src-nrcan-pdac-2026", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Energy Innovation Program: Green Graphite Technologies entry", "note": "Upgrading graphite for lithium-ion batteries, read as processing." }, { "sourceId": "src-nrcan-regolith-eip-2025", "supports": [ "amount", "provider", "recipient", "project" ], "evidence": "explicit", "locator": "Project profile: Status, Agreement Value, Project Total, Lead Proponent and Project Objectives", "note": "The current NRCan EIP profile names the project, Green Graphite Technologies, its C$4,750,000 agreement value and a C$12,262,850 project total. It lists the project as active but does not state agreement execution, disbursement or a payment date; the project total is not recoded as a public commitment or share." }, { "sourceId": "src-ggt-mississauga-demo-commissioning-20260811", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening sentence", "note": "The recipient's official post explicitly places its Mississauga graphite-purification demonstration facility in final-stage commissioning. The post does not use the NRCan project title or identify grant funding, so no payment or commercial-operation status is inferred." } ], "notes": "NRCan's 3 March 2026 announcement records the C$4,750,000 EIP award as announced. Its current project profile lists the project as Active and gives a C$12,262,850 project total, but does not disclose a signed agreement date, disbursement or payment. On 11 August 2026, Green Graphite Technologies said its Mississauga graphite-purification demonstration facility was entering the final stages of commissioning. The location and process match the Regolith project record; the company post does not name the EIP award, so physical status is limited to commissioning and is not treated as grant payment, commercial operation or completion.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-03", "implementationStatusCheckedAt": "2026-10-03" } }, { "id": "fin-ca-pdac-2026-nb-granitoids-cmgd", "eventId": "evt-ca-nrcan-pdac-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "172000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Funding amount: $172,000", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Geoscience and Data initiative)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "New Brunswick Geological Survey", "recipientOrgIds": [ "org-ca-nb-geological-survey" ], "project": "Geochronology and Petrogenesis of Granitoids and Related Critical Mineral Systems in New Brunswick", "projectId": "prj-ca-cmgd-nb-granitoids", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "New Brunswick", "asStated": "Fredericton, New Brunswick" } ], "stages": [ "exploration" ], "stageAllocation": "single_stage", "materialIds": [ "tungsten", "lithium" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "copper", "zinc" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-03-03", "sourceId": "src-nrcan-pdac-2026", "note": "Announced at PDAC." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-pdac-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Critical Minerals Geoscience and Data initiative: Geochronology and Petrogenesis of Granitoids", "note": null }, { "sourceId": "src-nrcan-pdac-2026", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Critical Minerals Geoscience and Data initiative: Geochronology and Petrogenesis of Granitoids", "note": "Regional exploration models and mineral potential mapping, read as exploration." } ], "notes": null }, { "id": "fin-ca-pdac-2026-nb-maritimes-basin-cmgd", "eventId": "evt-ca-nrcan-pdac-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "232600", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Funding amount: $232,600", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Geoscience and Data initiative)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "New Brunswick Geological Survey", "recipientOrgIds": [ "org-ca-nb-geological-survey" ], "project": "Critical Mineral Potential of the Maritimes Basin in Eastern New Brunswick", "projectId": "prj-ca-cmgd-nb-maritimes-basin", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "New Brunswick", "asStated": "Grand Lake Region, New Brunswick" } ], "stages": [ "exploration" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements", "lithium" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "copper", "zinc" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-03-03", "sourceId": "src-nrcan-pdac-2026", "note": "Announced at PDAC." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-pdac-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Critical Minerals Geoscience and Data initiative: Maritimes Basin", "note": null }, { "sourceId": "src-nrcan-pdac-2026", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Critical Minerals Geoscience and Data initiative: Maritimes Basin", "note": "Field mapping and sampling to find mineral potential, read as exploration." } ], "notes": null }, { "id": "fin-ca-pdac-2026-ns-graphite-cmgd", "eventId": "evt-ca-nrcan-pdac-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "97000", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Funding amount: $97,000", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (Critical Minerals Geoscience and Data initiative)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Nova Scotia Department of Natural Resources", "recipientOrgIds": [ "org-ca-ns-dnr" ], "project": "Graphite in Support of Battery Value Chains", "projectId": "prj-ca-cmgd-ns-graphite-battery-value-chains", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Nova Scotia", "asStated": "Halifax, Nova Scotia" } ], "stages": [ "exploration" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-03-03", "sourceId": "src-nrcan-pdac-2026", "note": "Announced at PDAC." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-pdac-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Critical Minerals Geoscience and Data initiative: Graphite in Support of Battery Value Chains", "note": null }, { "sourceId": "src-nrcan-pdac-2026", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Critical Minerals Geoscience and Data initiative: Graphite in Support of Battery Value Chains", "note": "Geological mapping and assessment of graphite resources, read as exploration." } ], "notes": null }, { "id": "fin-ca-pdac-2026-wicheeda-flmf", "eventId": "evt-ca-nrcan-pdac-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "1878250", "currency": "CAD", "qualifier": "exact", "amountAsStated": "Funding amount: $1,878,250", "currencyBasis": "issuer_context" }, "provider": "Natural Resources Canada (First and Last Mile Fund)", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "legalAuthority": null, "programmeId": null, "recipient": "Defense Metals Corp.", "recipientOrgIds": [ "org-defense-metals" ], "project": "Wicheeda REE Clean Energy and Transportation Infrastructure Project", "projectId": "prj-ca-wicheeda", "facility": null, "locations": [], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2026-03-03", "sourceId": "src-nrcan-pdac-2026", "note": "\"conditionally approved, pending final due diligence\"." } ], "implementationStatusHistory": [ { "status": "feasibility", "date": "2026-07-13", "sourceId": "src-defense-metals-wicheeda-update-20260713", "note": "The linked Wicheeda mine is undergoing feasibility work, with spring drilling completed and flotation pilot testing ongoing. This does not establish commencement or completion of the separately funded transmission-line and road-design deliverables; the date is the reporting date, not a stated start date." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-pdac-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "materials" ], "evidence": "explicit", "locator": "First and Last Mile Fund: Wicheeda entry", "note": null }, { "sourceId": "src-nrcan-pdac-2026", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "First and Last Mile Fund: Wicheeda entry", "note": "Power and road infrastructure for a mine site, coded to mining." }, { "sourceId": "src-defense-metals-wicheeda-flmf-20260304", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Pages 1–2: conditional approval and project scope", "note": "The infrastructure award remains subject to final due diligence; the 2026–2028 work schedule is prospective." }, { "sourceId": "src-defense-metals-wicheeda-update-20260713", "supports": [ "status" ], "evidence": "explicit", "locator": "Pages 1–2: ongoing feasibility, pilot testing and conditional funding", "note": "Supports feasibility of the linked mine and continued conditional wording for infrastructure funding." }, { "sourceId": "src-defense-metals-wicheeda-proposal-20260812", "supports": [ "status" ], "evidence": "explicit", "locator": "Page 1: invitation to submit a full project proposal", "note": "The separate processing-feasibility application is explicitly not a funding commitment and does not replace or advance this infrastructure award." } ], "notes": "A 60-km transmission line to the mine site and the design of road upgrades; the fund subsumed the Critical Minerals Infrastructure Fund. Lifecycle review on 2 October 2026: the July issuer update still describes the infrastructure funding as conditional. Reviewed primary sources did not establish execution or payment of this specific award. Feasibility describes the linked mine, not verified delivery of the funded infrastructure work. The August invitation concerning a separate processing-feasibility application is not a funding commitment and is not substituted for this award.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-ca-trail-cgf-2026-indication", "eventId": "evt-ca-trail-strategic-metals-2026", "relationships": [], "instrument": "unspecified", "valueRole": "indication", "capitalSource": "public_enterprise", "amount": { "value": "400000000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $400 million", "currencyBasis": "issuer_context" }, "provider": "Canada Growth Fund", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-canada-growth-fund" ], "legalAuthority": "Canada Critical Minerals Accelerator", "programmeId": null, "recipient": "Teck Resources Limited", "recipientOrgIds": [ "org-teck-resources" ], "project": "Trail Strategic Metals Initiative", "projectId": "prj-ca-trail-strategic-metals", "facility": "Trail Operations", "locations": [ { "countryCode": "CA", "subnational": "British Columbia", "asStated": "Trail Operations in British Columbia" } ], "stages": [ "processing", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "germanium", "antimony", "gallium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-07-07", "sourceId": "src-teck-trail-strategic-metals-2026", "note": "The signed Strategic Investment Agreement establishes a commercial framework and intent to work toward an investment; definitive documentation and approvals were still required." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "400000000", "qualifier": "up_to", "currency": "CAD", "unit": null, "asStated": "an equity-like investment by CGF of up to $400 million directly into the facility", "sourceId": "src-nrcan-trail-strategic-metals-2026", "note": "Classified as instrument unspecified because 'equity-like' does not establish that the legal instrument is equity." }, { "kind": "other", "value": null, "qualifier": null, "currency": null, "unit": null, "asStated": "offtake rights for a portion of future germanium, antimony and gallium produced by Trail", "sourceId": "src-nrcan-trail-strategic-metals-2026", "note": "A contemplated future structure, not a contracted offtake." } ], "outcomes": [ { "metric": "other", "value": "2", "qualifier": "up_to", "unit": "times existing production capacity", "targetDate": null, "asStated": "could double Trail's existing production capacity for germanium and antimony", "statedBy": "government", "sourceId": "src-nrcan-trail-strategic-metals-2026", "note": "Prospective capacity effect; gallium is described separately as potential new capacity." } ], "evidence": [ { "sourceId": "src-nrcan-trail-strategic-metals-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "facility", "location", "stages", "materials", "status", "terms", "outcomes" ], "evidence": "explicit", "locator": "Opening and investment-framework paragraphs", "note": "The source explicitly calls this a commercial framework for an equity-like investment; `unspecified` avoids converting that description into a legal-form claim." }, { "sourceId": "src-teck-trail-strategic-metals-2026", "supports": [ "value_role", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Opening through conditions paragraph", "note": "Teck states that the contemplated arrangements remain subject to definitive documentation and approvals." } ], "notes": "A non-binding indication, not a committed investment. It is excluded from commitment totals unless later definitive documentation supports promotion to a commitment." }, { "id": "fin-de-g7-2025-vianode-export-credit-guarantee", "eventId": "evt-ca-g7-cmpa-2025", "relationships": [], "instrument": "loan_guarantee", "valueRole": "indication", "capitalSource": "public", "amount": { "value": "300000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "a letter of interest from the German government for the potential support of the project with an export credit guarantee amount of up to US$300 million", "currencyBasis": "stated" }, "provider": "Government of Germany", "providerJurisdiction": null, "providerOrgIds": [ "org-de-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Vianode", "recipientOrgIds": [ "org-vianode" ], "project": null, "projectId": "prj-ca-vianode-st-thomas", "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "St. Thomas, Ontario" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": null, "sourceId": "src-nrcan-g7-cmpa-2025", "note": "A letter of interest for \"potential support\"; its date is not stated." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Vianode paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Vianode paragraph", "note": "A synthetic graphite facility, read as processing." } ], "notes": "A letter of interest for \"potential support\", recorded as a non-binding indication, not as a commitment: the export credit guarantee is in no sum. Germany is not a tracked actor, so this row is credited to no government in the tracker. Stated in a Canadian government backgrounder, not by the German government." }, { "id": "fin-ebrd-2025-sarytogan-equity", "eventId": "evt-eu-resourceeu-2025", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "5000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "AUD 5 million (€3 million)", "currencyBasis": "stated" }, "provider": "European Bank for Reconstruction and Development", "providerJurisdiction": null, "providerOrgIds": [ "org-ebrd" ], "legalAuthority": null, "programmeId": null, "recipient": "Sarytogan Graphite Limited", "recipientOrgIds": [ "org-sarytogan" ], "project": "Sarytogan Graphite Strategic Project", "projectId": "prj-kz-sarytogan", "facility": null, "locations": [ { "countryCode": "KZ", "subnational": null, "asStated": "Kazakhstan" } ], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": null, "sourceId": "src-ebrd-sarytogan-psd-54699", "note": "EBRD project 54699 is signed, but the source does not state an exact execution date." }, { "status": "disbursed", "date": "2025-02-10", "sourceId": "src-fasken-sarytogan-ebrd-close-2025", "note": "EBRD transaction counsel identifies completion of the two-tranche A$5M equity purchase on 10 February 2025." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "instrument", "value_role", "capital_source", "provider", "project", "location", "materials" ], "evidence": "explicit", "locator": "Section 2.1, fourth paragraph", "note": "Commission retrospectively characterizes EBRD equity as around €3.6M. This is not an auditable transaction-level AUD amount or a distinct additional investment." }, { "sourceId": "src-ebrd-sarytogan-equity-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials" ], "evidence": "explicit", "locator": "Opening paragraphs; AUD 5 million (€3 million) EBRD shareholding announcement", "note": "Bank directly identifies the A$5M equity investee; stated euro figure is contextual, not summed separately." }, { "sourceId": "src-ebrd-sarytogan-psd-54699", "supports": [ "instrument", "amount", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Project description; Client information; EBRD Finance Summary; Status Signed", "note": "Project 54699 confirms A$5M and the legal investee; signature date is not asserted." }, { "sourceId": "src-fasken-sarytogan-ebrd-close-2025", "supports": [ "amount", "recipient", "status" ], "evidence": "explicit", "locator": "Overview, Closed February 2025; completed 10 February 2025", "note": "Transaction counsel confirms A$5M total closing; its internally inconsistent share-count/price figures are not carried into SMPT." } ], "notes": "This existing EBRD Sarytogan financing row is the original A$5M share purchase, not a new award. EBRD 2024 and project 54699 identify the initial A$5M (€3M approximate) commitment to Sarytogan Graphite Limited; transaction counsel dates completion to 10 February 2025. The European Commission's December 2025 summary reports around €3.6M without identifying component transactions; it remains contextual and is not a separately counted sum. A later, independently paid A$1,396,581.12 follow-on placement is coded separately as fin-ebrd-2026-sarytogan-topup-equity, not rolled into this amount. EBRD is multilateral: no tracked national government receives financing credit." }, { "id": "fin-ebrd-2026-sarytogan-topup-equity", "eventId": "evt-eu-resourceeu-2025", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "1396581.12", "currency": "AUD", "qualifier": "exact", "amountAsStated": "A$1,396,581.12 in cash received from EBRD on 30 April 2026", "currencyBasis": "stated" }, "provider": "European Bank for Reconstruction and Development", "providerJurisdiction": null, "providerOrgIds": [ "org-ebrd" ], "legalAuthority": null, "programmeId": null, "recipient": "Sarytogan Graphite Limited", "recipientOrgIds": [ "org-sarytogan" ], "project": "Sarytogan Graphite Strategic Project", "projectId": "prj-kz-sarytogan", "facility": null, "locations": [ { "countryCode": "KZ", "subnational": null, "asStated": "Kazakhstan" } ], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "graphite" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-11-06", "sourceId": "src-sarytogan-ebrd-topup-received-2026", "note": "The 30 April 2026 ASX filing retrospectively reports an EBRD top-up placement agreed 6 November 2025 and amended 18 November 2025, conditional on regulatory and shareholder approvals." }, { "status": "disbursed", "date": "2026-04-30", "sourceId": "src-sarytogan-ebrd-topup-received-2026", "note": "Sarytogan states it received A$1,396,581.12 cash from EBRD on 30 April 2026 after conditions were fulfilled." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-sarytogan-ebrd-topup-received-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "stages", "status" ], "evidence": "explicit", "locator": "30 April 2026 ASX announcement, p. 1, cash received and top-up placement; approvals paragraphs", "note": "17,457,264 shares at A$0.08, separate from A$5M original. Cash receipt establishes disbursed status; funds support feasibility work, not mine construction." }, { "sourceId": "src-ebrd-sarytogan-followon-2026", "supports": [ "instrument", "provider", "recipient", "project", "stages", "materials" ], "evidence": "explicit", "locator": "Opening paragraphs, follow-on AUD 1.4M equity purchase and use of proceeds", "note": "EBRD separately describes the follow-on, confirming it is incremental and raises bank holding to 18.4%." }, { "sourceId": "src-ebrd-sarytogan-psd-54699", "supports": [ "location" ], "evidence": "explicit", "locator": "Location: Kazakhstan", "note": "Project locale only; EBRD's 2024 project record does not establish this 2026 placement's amount or terms." } ], "notes": "Separate EBRD follow-on share placement with Sarytogan Graphite Limited, agreed conditionally on 6 November 2025 and paid on 30 April 2026. 17,457,264 shares at A$0.08; issuer confirms exact A$1,396,581.12 cash receipt. EBRD's separate announcement describes an approximately A$1.4M stake increase to 18.4%. This amount is incremental to original A$5M, not additive to or a breakdown of the Commission's approximate €3.6M retrospective summary. Receipt of equity does not demonstrate construction or delivery at mine. This row uses existing RESourceEU policy event as a contextual cross-reference to EBRD financing; it does not mean that the December 2025 Commission narrative reported completed 2026 cash receipt. Multilateral capital is not attributed to any tracked national government.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": null } }, { "id": "fin-eu-eib-2024-keliber-loan", "eventId": "evt-eu-eib-keliber-2024", "relationships": [], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "150000000", "currency": "EUR", "qualifier": "exact", "amountAsStated": "€150 million direct loan", "currencyBasis": "stated" }, "provider": "European Investment Bank (supported by an InvestEU guarantee)", "providerJurisdiction": "eu", "providerOrgIds": [ "org-eu-eib" ], "legalAuthority": null, "programmeId": null, "recipient": "Keliber Technology Oy", "recipientOrgIds": [ "org-keliber-technology-oy" ], "project": "KELIBER LITHIUM", "projectId": "prj-fi-keliber-lithium", "facility": null, "locations": [], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-08-20", "sourceId": "src-eib-keliber-project-20170804", "note": "The EIB project record lists a €150 million signature on 20 August 2024." } ], "implementationStatusHistory": [ { "status": "construction", "date": null, "sourceId": "src-eib-keliber-2024", "note": "The 23 August 2024 EIB release states that construction of the plant had already begun; it does not state the construction start date." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-eib-keliber-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening bullets and financing/project description", "note": "The release states the €150 million EIB direct loan, InvestEU guarantee and integrated lithium project." }, { "sourceId": "src-eib-keliber-project-20170804", "supports": [ "amount", "project", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Amount; Signature date(s); Project description", "note": "The project page establishes the exact 20 August 2024 signature date for the €150 million loan." }, { "sourceId": "src-sec-keliber-eib-facility-agreement-2024", "supports": [ "recipient", "amount", "instrument", "status" ], "evidence": "explicit", "locator": "Cover page and agreement parties (20 August 2024): EIB as Bank; Keliber Technology Oy as Borrower; Schedule 1 and signature pages: Keliber Oy as Original Guarantor", "note": "Executed €150M contract controls legal borrower identity. The EIB press release informally labels Keliber Oy as recipient, but the contractual Borrower is Keliber Technology Oy." } ], "notes": "The executed 20 August 2024 EIB facility agreement (SEC Exhibit 4.8) identifies Keliber Technology Oy as the borrower and Keliber Oy as an original guarantor, correcting the abbreviated borrower identification in the EIB announcement. EIB project 20170804 separately lists a €17.5 million signature on 20 December 2024; the bank's 2024 lending report names Natixis as that signature's counterparty. Because the financing mechanism and flow to Keliber have not been verified, that transaction remains outside this tranche and is not recorded as a second direct Keliber loan.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-07", "implementationStatusCheckedAt": "2026-10-07" } }, { "id": "fin-eu-eib-2025-up-catalyst-loan", "eventId": "evt-eu-resourceeu-2025", "relationships": [], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "18000000", "currency": "EUR", "qualifier": "exact", "amountAsStated": "€18,000,000 signed 20 December 2024", "currencyBasis": "stated" }, "provider": "European Investment Bank (supported by InvestEU)", "providerJurisdiction": "eu", "providerOrgIds": [ "org-eu-eib" ], "legalAuthority": null, "programmeId": null, "recipient": "UP CATALYST OU", "recipientOrgIds": [ "org-up-catalyst" ], "project": "UP CATALYST GREEN GRAPHITE (IEU GT2): Gen 4 reactors and R&D", "projectId": null, "facility": null, "locations": [ { "countryCode": "EE", "subnational": null, "asStated": "Estonia" } ], "stages": [ "processing", "research_development" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "graphite" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "multi-walled carbon nanotubes (MWCNTs)" ], "financialStatusHistory": [ { "status": "contracted", "date": "2024-12-20", "sourceId": "src-eib-up-catalyst-green-graphite-20240127", "note": "EIB project 20240127 lists €18,000,000 signed on 20 December 2024. This establishes signature, not disbursement." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-eib-up-catalyst-green-graphite-20240127", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Signature(s); Summary sheet; Description; Additionality and Impact", "note": "The EIB record gives the exact signed amount/date, promoter UP CATALYST OU, venture-debt form, InvestEU backing and two Gen 4 graphite/MWCNT reactors plus R&D; it shows no drawdown." }, { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "provider", "recipient", "materials" ], "evidence": "explicit", "locator": "Section 2.1, third paragraph", "note": "The December 2025 plan retrospectively mentions the EIB financing and the company's CRMA Strategic Project; it does not establish full allocation of the 2024 loan to CO2Graphite." } ], "notes": "€18M of EIB venture debt signed in December 2024 for Up Catalyst's Generation 4 synthetic graphite and MWCNT demonstrator reactors and corporate R&D. The EIB's approximately €46M total project cost is not a second bank commitment. Neither drawdown nor construction of the Gen 4 reactors is established. The 2025 RESourceEU event retrospectively cites this earlier financing. The CRMA-designated CO2Graphite project (prj-ee-co2graphite) shares promoter and material, but reviewed primary sources do not show that the entire EIB financing is allocable to that designation; projectId is intentionally null. Financing also covers untracked MWCNTs and R&D, with no allocation breakdown. The same RESourceEU passage mentions a separate earlier financing: Keliber's EIB loan is independently recorded as fin-eu-eib-2024-keliber-loan, not combined with this UP Catalyst facility." }, { "id": "fin-eu-jtf-2025-neo-magnet-project", "eventId": "evt-eu-resourceeu-2025", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "14800000", "currency": "EUR", "qualifier": "approximately", "amountAsStated": "grant amount of approximately €14.8 million", "currencyBasis": "stated" }, "provider": "Just Transition Fund", "providerJurisdiction": "eu", "providerOrgIds": [], "legalAuthority": null, "programmeId": null, "recipient": "NPM Narva OÜ", "recipientOrgIds": [ "org-npm-narva-ou" ], "project": "Rare earths magnet project in Estonia", "projectId": "prj-ee-neo-rare-earth-magnet-project", "facility": null, "locations": [ { "countryCode": "EE", "subnational": null, "asStated": "Estonia" } ], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2022-11-09", "sourceId": "src-neo-jtf-award-2022", "note": "Neo announced that it had been awarded a grant of up to €18.7 million under the JTF." }, { "status": "partially_disbursed", "date": "2025-12-31", "sourceId": "src-neo-aif-2026", "note": "As of 31 December 2025, Neo reported receiving an aggregate US$8.4 million from the JTF grant. The status date is the reporting cutoff, not an asserted transfer date." } ], "implementationStatusHistory": [ { "status": "operational", "date": "2026-09-14", "sourceId": "src-neo-commercial-production-2026", "note": "Neo announced that the European permanent magnet facility was in commercial production and shipping customer volumes." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "project", "location", "status" ], "evidence": "explicit", "locator": "Section 2.1, second paragraph", "note": "Commission describes Neo Performance's strategic project and group-level public support but does not identify the Estonian contracting grantee. Retain project/financial context without falsely citing recipient identity." }, { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Section 2.1, second paragraph", "note": "\"Rare earths magnet project\": read as permanent-magnet manufacturing; the magnet type is not stated." }, { "sourceId": "src-neo-jtf-award-2022", "supports": [ "instrument", "capital_source", "provider", "project", "location", "status" ], "evidence": "explicit", "locator": "Opening bullets and first two paragraphs", "note": "Establishes the grant award; the original award was up to €18.7 million. Neo's 2022 issuer-level announcement names parent sponsor, NOT sufficient to characterize the same parent's subsidiary as the formal current Estonian administrative grant beneficiary; original award was to NPM Silmet OÜ, reassigned 2023." }, { "sourceId": "src-neo-aif-2026", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "European Permanent Magnet facility / government support discussion", "note": "Current grant terms are approximately €14.8 million; Neo reports US$8.4 million received by 31 December 2025." }, { "sourceId": "src-neo-commercial-production-2026", "supports": [ "status", "stages" ], "evidence": "explicit", "locator": "Opening announcement", "note": "Supports operational implementation status." }, { "sourceId": "src-neo-aif-2025-jtf-nov2024-amendment", "supports": [ "amount" ], "evidence": "explicit", "locator": "2024 Annual Information Form, printed p. 9 / PDF page 10, Rare Earth Magnet Plant in Europe", "note": "Historical amendment evidence ONLY: November 2024 (day unstated), 18.75%→23.3%, eligible costs €63.3M, approximately €14.7M amended grant. NOT the canonical March 2026 approx €14.8M face amount; does not substantiate a new legal amendment after November 2024." }, { "sourceId": "src-ec-estonia-neo-narva-jtf-147", "supports": [ "amount" ], "evidence": "explicit", "locator": "Estonian project text — paragraph beginning 'Euroopa Liidu õiglase ülemineku fond toetas ... 14,7 miljoni euroga'", "note": "Independent Commission framing of €14.7M JTF support, not evidence of exact November 2024 legal operative day, disbursement amount or the current €14.8M estimate." }, { "sourceId": "src-eis-npm-narva-jtf-project-grant", "supports": [ "amount", "project", "recipient" ], "evidence": "explicit", "locator": "EIS supported projects, 'Magnetitehas Narva' / NPM Narva OÜ (16493223): 'Toetuse suurus (eur)' 14 790 898.00; 'Projekti maksumus (EUR)' 63 327 184.00; Õiglase ülemineku fond", "note": "EIS primary registry directly identifies NPM Narva OÜ (16493223) as the grant beneficiary for Magnetitehas Narva and states €14,790,898. It supports CURRENT legal recipient and amount context, NOT the award ceiling on specific previous dates, historical recipient before November 2023, signed amendment effectiveness, or cash disbursed." }, { "sourceId": "src-estonia-finance-jtf-narva-audit-2025-11", "supports": [ "project", "recipient" ], "evidence": "explicit", "locator": "JTF-2/2025 project audit PDF page 3, section 1.1 PROJECTI ÜLDANDMED: original decision 11-2/22/3107 (03.11.2022); decisions 11-2/23/3085 (03.11.2023), 11-2/24/4882 (28.11.2024), 11-2/25/4023 (16.09.2025); pp. 7–9 grant-beneficiary transfer", "note": "Ministry's 2025 audit PDF p.3 names NPM Narva OÜ as CURRENT beneficiary; p.7 footnote 8 says 95% of project tasks/budget transferred from original NPM Silmet OÜ and latter retained 5% partner stake. Source supports CURRENT legal beneficiary, NOT a legal amount on an uninspected administrative decision or a direct ultimate-ownership edge." } ], "notes": "The JTF award was initially announced in November 2022 as up to €18.7 million. Neo's 2026 Annual Information Form reports amended terms at a 23% grant rate and an amount of approximately €14.8 million; the amount field reflects that later stated commitment. Neo also reported US$8.4 million received by 31 December 2025, so the financial lifecycle is partially disbursed. The facility entered commercial production on 14 September 2026. F4-B3 provenance review: Neo's 2024 Annual Information Form (issued March 2025) dates a SAME-grant amendment to November 2024, reducing the original up-to €18.7M award to approximately €14.7M at 23.3% of eligible €63.3M project costs. The European Commission's Estonia representation also describes €14.7M support. Neo's 2025 Annual Information Form (issued March 2026) instead describes a rounded 23% rate and approximately €14.8M, the current canonical amount. The discrepancy may be estimation/rounding and is NOT proven to be another legal amendment: no operative day within November 2024, signed Estonian grant change order, or later legal amendment has been established. Structured financialAmountHistory therefore remains absent (history_unreviewed). The 2025 receipt of US$8.4M is a cumulative reimbursement figure, not grant face value. EIS's official supported-project list gives the current Narva JTF project grant as €14,790,898 on eligible project costs €63,327,184, and names NPM Narva OÜ (16493223) as beneficiary. This supports the latest approximately €14.8M figure and exposes a separate legal recipient-identity review, since this row currently names Neo Performance. EIS does not specify the exact November 2024 amendment day, does not establish why Neo's prior AIF said €14.7M, and does not justify changing the canonical current amount or linking any disbursement to this snapshot. The Estonian Ministry of Finance November 2025 audit JTF-2/2025 (project 2021-2027.6.01.22-0002) documents grant change DECISION 11-2/24/4882 dated 28 November 2024, a later amendment decision 11-2/25/4023 dated 16 September 2025, and a 3 November 2023 grant-recipient transfer decision from NPM Silmet OÜ to NPM Narva OÜ for 95% of project activity/budget. These establish administrative decision chronology and legal-entity distinction, NOT the unquoted grant amount in each decision or its precise legal operative/service date. The audit also records formal administrative processing weaknesses but finds the grant use substantially compliant; no funding invalidation is inferred. F4-B4 CURRENT legal-grantee repair: Estonian EIS official funded-project entry and Ministry of Finance JTF-2/2025 audit explicitly name NPM Narva OÜ (16493223), superseding the imprecise group-level Neo Performance sponsor in the recipient field. This corrects the current canonical identity ONLY. At initial November 2022 grant award, NPM Silmet OÜ was the original applicant/beneficiary; 3 November 2023 administrative amendment reassigned 95% of project activities/budget to NPM Narva. The group-level Neo Performance remains a project sponsor, not a synonym or legal beneficiary of the Estonian grant. No historical recipient timeline is fabricated; the 2023 administrative decision's exact operative/service clause is not in hand. No financing amount, status, date-sliced amount version, project or public totals changed.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-eu-resourceeu-2025-eu-funds", "eventId": "evt-eu-resourceeu-2025", "relationships": [], "instrument": "unspecified", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "3000000000", "currency": "EUR", "qualifier": "exact", "amountAsStated": "the EU should mobilise EUR 3 billion of EU funds within the next 12 months in direct support of the CRM value chain", "currencyBasis": "stated" }, "provider": "European Union (EU funds)", "providerJurisdiction": "eu", "providerOrgIds": [], "legalAuthority": null, "programmeId": "prg-eu-resourceeu", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-12-03", "sourceId": "src-ec-resourceeu-com-945", "note": "Stated as an aim of the Action Plan (\"should mobilise\"), not an allocation." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "12", "qualifier": "exact", "currency": null, "unit": "months", "asStated": "within the next 12 months", "sourceId": "src-ec-resourceeu-com-945", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "programme", "status", "terms" ], "evidence": "explicit", "locator": "Section 2.1, final paragraph", "note": null }, { "sourceId": "src-ec-ip-25-2891", "supports": [ "amount" ], "evidence": "ambiguous", "locator": "\"Promote critical raw materials projects\" paragraph", "note": "The press release words the same aim as \"mobilise up to €3 billion over the next 12 months\"." } ], "notes": "An envelope: money the EU aims to mobilise across instruments for the critical-raw-materials value chain, listed and never summed. The Communication says \"EUR 3 billion\"; the press release says \"up to €3 billion\". No split by instrument, stage or material is stated." }, { "id": "fin-in-ncmm-2025-government-expenditure", "eventId": "evt-in-ncmm-2025", "relationships": [], "instrument": "unspecified", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "163000000000", "currency": "INR", "qualifier": "exact", "amountAsStated": "an expenditure of Rs.16,300 crore", "currencyBasis": "stated" }, "provider": "Government of India", "providerJurisdiction": "india", "providerOrgIds": [ "org-in-government" ], "legalAuthority": null, "programmeId": "prg-in-ncmm", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "exploration", "mining", "processing", "recycling", "stockpiling", "research_development" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "authorized", "date": "2025-01-29", "sourceId": "src-pib-ncmm-2025", "note": "Approved by the Union Cabinet." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-pib-ncmm-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "stages", "status", "programme" ], "evidence": "explicit", "locator": "Paragraphs 1–4", "note": null } ], "notes": "Rs.1 crore = 10,000,000 rupees. The headline gives an outlay of Rs.34,300 crore over seven years, the sum of this expenditure and the Rs.18,000 crore of expected PSU investment; the two are recorded separately and the sum is not stored. Stages follow the release: exploration, mining, beneficiation and processing, recovery from end-of-life products, a domestic stockpile and research." }, { "id": "fin-in-ncmm-2025-psu-investment", "eventId": "evt-in-ncmm-2025", "relationships": [], "instrument": "unspecified", "valueRole": "expected_co_investment", "capitalSource": "public_enterprise", "amount": { "value": "180000000000", "currency": "INR", "qualifier": "exact", "amountAsStated": "expected investment of Rs.18,000 crore by PSUs, etc.", "currencyBasis": "stated" }, "provider": "Indian public-sector undertakings (\"PSUs, etc.\")", "providerJurisdiction": "india", "providerOrgIds": [], "legalAuthority": null, "programmeId": "prg-in-ncmm", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-01-29", "sourceId": "src-pib-ncmm-2025", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-pib-ncmm-2025", "supports": [ "instrument", "value_role", "amount", "status", "programme" ], "evidence": "explicit", "locator": "Paragraph 1", "note": null }, { "sourceId": "src-pib-ncmm-2025", "supports": [ "capital_source", "provider" ], "evidence": "ambiguous", "locator": "Paragraph 1", "note": "\"PSUs, etc.\": the \"etc.\" leaves open investors other than public-sector undertakings." } ], "notes": "Money the government expects others to invest, not a government commitment." }, { "id": "fin-jp-jare-lynas-2023-equity", "eventId": "evt-jp-jogmec-lynas-2023", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "mixed_vehicle", "amount": { "value": "200000000", "currency": "AUD", "qualifier": "exact", "amountAsStated": "an additional AUD 200million worth investment in the equity of Lynas Rare Earths Limited", "currencyBasis": "stated" }, "provider": "Japan Australia Rare Earth (JARE), co-founded by Sojitz Corporation and JOGMEC", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jare" ], "legalAuthority": null, "programmeId": null, "recipient": "Lynas Rare Earths Limited", "recipientOrgIds": [ "org-lynas" ], "project": "Lynas mid-term growth plan: light rare earths production capacity expansion and heavy rare earths separation commencement", "projectId": null, "associatedProjectIds": [ "prj-lynas-lre-capacity-expansion", "prj-lynas-hre-separation" ], "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "rare-earth-elements", "dysprosium", "terbium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2023-03-07", "sourceId": "src-jogmec-lynas", "note": null }, { "status": "contracted", "date": "2023-03-07", "sourceId": "src-lynas-asx-20230307-jare-agreements", "note": "Lynas' 7 March 2023 ASX announcement states: \"The agreements were signed today at a signing ceremony in Tokyo, Japan\". The share subscription and cash receipt follow signing." }, { "status": "disbursed", "date": null, "sourceId": "src-lynas-q3-2023-jare-cash", "note": "The quarterly filing confirms receipt of AUD200 million cash through an ordinary-share subscription during the March quarter; no exact transfer day is stated." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-jogmec-lynas", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "materials", "status" ], "evidence": "explicit", "locator": "First paragraph", "note": null }, { "sourceId": "src-lynas-asx-20230307-jare-agreements", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraph (signing of new agreements) and closing paragraphs (\"The agreements were signed today at a signing ceremony in Tokyo, Japan\")", "note": "Lynas' own announcement dated 7 March 2023 establishes execution that day. It does not state the subscription or cash-receipt day." }, { "sourceId": "src-lynas-q3-2023-jare-cash", "supports": [ "status" ], "evidence": "explicit", "locator": "Page 10, JARE Support for Lynas' Growth; page 11, Cash Position", "note": "The filing, referring to the 7 March 2023 announcement, reports the signed agreements and AUD200 million cash contributed through an ordinary-share subscription, and records the AUD200 million JARE proceeds in the March-quarter cash-flow table. It supports the disbursed status; the signing day rests on the announcement above." } ], "notes": "The release does not split the AUD 200 million between Sojitz and JOGMEC or between the light-rare-earth capacity expansion and heavy-rare-earth separation components of the growth plan. associatedProjectIds records both components without allocating the amount. No stage is recorded on the financing row because the plan spans distinct undertakings without a stated split. The cash receipt is confirmed by Lynas' March-quarter 2023 filing. A later HRE production milestone at Lynas Malaysia is not treated as completion of this broader, unallocated growth plan.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": null } }, { "id": "fin-jp-jare-lynas-2023-hre-offtake", "eventId": "evt-jp-jogmec-lynas-2023", "relationships": [], "instrument": "offtake", "valueRole": "commitment", "capitalSource": "not_stated", "amount": null, "provider": "Sojitz Corporation and JOGMEC", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec", "org-sojitz" ], "legalAuthority": null, "programmeId": null, "recipient": "Lynas Rare Earths Limited", "recipientOrgIds": [ "org-lynas" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "separation" ], "stageAllocation": "single_stage", "materialIds": [ "dysprosium", "terbium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": null, "sourceId": "src-jogmec-lynas", "note": "\"have entered into an agreement\"; the date of the agreement is not stated." } ], "implementationStatusHistory": [], "terms": [ { "kind": "offtake_share", "value": "65", "qualifier": "up_to", "currency": null, "unit": "% of heavy rare earths produced from Mt. Weld feedstock", "asStated": "supply up to 65% of the HRE (dysprosium and terbium) produced by Lynas from Mt. Weld feedstock to the Japanese market", "sourceId": "src-jogmec-lynas", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-jogmec-lynas", "supports": [ "instrument", "value_role", "provider", "recipient", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "First paragraph", "note": null } ], "notes": "A supply agreement between a trading company, a state agency and the producer; no money value is stated." }, { "id": "fin-jp-jogmec-almt-tungsten-grant", "eventId": "evt-jp-espa-almt-tungsten-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "7500000000", "currency": "JPY", "qualifier": "approximately", "amountAsStated": "※助成額は約75億円", "currencyBasis": "stated" }, "provider": "Japan Organization for Metals and Energy Security (JOGMEC)", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec" ], "legalAuthority": "経済安全保障推進法 (Economic Security Promotion Act)", "programmeId": "prg-jp-jogmec-critical-minerals-grants", "recipient": "株式会社アライドマテリアル", "recipientOrgIds": [ "org-allied-material" ], "project": "New tungsten reduction and carburisation facilities to raise production of tungsten powder and tungsten carbide powder.", "projectId": "prj-jp-almt-tungsten", "facility": null, "locations": [], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "tungsten" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-03-18", "sourceId": "src-meti-critical-minerals-certified-plans", "note": "METI's list gives the subsidy with the plan certified on 令和8年3月18日." }, { "status": "decided", "date": null, "sourceId": "src-jogmec-critical-minerals-grants", "note": "Listed among JOGMEC's grant decisions (交付決定事業) for 令和7年度; the decision date is not stated." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2026-04-09", "sourceId": "src-allied-tungsten-expansion-20260409", "note": "The recipient announced a new plant and related reduction/carburisation equipment, with a site secured about 1 km from its Toyama Works. The release states planned construction and a first-half FY2028 operating target; it does not report construction commencement or current operation." } ], "terms": [ { "kind": "other", "value": "50", "qualifier": "up_to", "currency": null, "unit": "% of the applicant's cost of the undertaking", "asStated": "申請者負担額の1／2を上限", "sourceId": "src-jogmec-critical-minerals-grants", "note": "Programme-wide maximum grant rate, as stated in JOGMEC's 助成率 table. It is not an exact subsidy-to-total-project-cost ratio for this plan." } ], "outcomes": [ { "metric": "target_date", "value": null, "qualifier": null, "unit": null, "targetDate": "2028", "asStated": "2028年度上期の稼働開始を目指し", "statedBy": "recipient", "sourceId": "src-allied-tungsten-expansion-20260409", "note": "Target for the first half of FY2028. The year-only index retains the year; fiscal-period precision remains in asStated and this note. No exact operating date or achieved operation is reported." }, { "metric": "other", "value": "1.5", "qualifier": "approximately", "unit": "times current manufacturing capacity", "targetDate": null, "asStated": "製造能力を約1.5倍に引き上げます", "statedBy": "recipient", "sourceId": "src-allied-tungsten-expansion-20260409", "note": "Recipient's planned capacity expansion for tungsten and tungsten-carbide powders, associated with the new plant and related equipment. This is a stated target, not measured output or the new plant's standalone annual tonnage." } ], "evidence": [ { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "materials", "status" ], "evidence": "explicit", "locator": "Section 4, plan ２０２５重要鉱物第２号－１", "note": "The subsidy (助成) is paid by JOGMEC to businesses whose plans METI certifies." }, { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Section 4, plan ２０２５重要鉱物第２号－１", "note": "還元及び炭化 (reduction and carburisation) into tungsten and tungsten carbide powder is read as processing." }, { "sourceId": "src-jogmec-critical-minerals-grants", "supports": [ "provider", "programme", "legal_authority", "terms", "status" ], "evidence": "explicit", "locator": "Programme description; 交付決定事業", "note": "Rechecked on 3 October 2026: Allied Material remains listed among grant decisions (交付決定事業), approximately JPY 7.5 billion, in FY2025. No calendar decision date or payment amount is stated. The 助成率 table states a ceiling of half the applicant's undertaking costs." }, { "sourceId": "src-allied-tungsten-expansion-20260409", "supports": [ "project", "status", "outcomes" ], "evidence": "explicit", "locator": "Page 1, opening and new-site paragraphs", "note": "Recipient identifies the same METI-certified tungsten reduction/carburisation initiative and announces the plant and capacity targets. Planned construction is not proof that construction has started." } ], "notes": "The amount is approximate as both lists print it (約, \"about\"); the yen figure is 億円 × 100,000,000. Lifecycle review on 3 October 2026 retains decided status and an unknown grant-decision date. The 9 April recipient release adds an announced physical project near Toyama Works and a first-half FY2028 operating target. Its approximately JPY 15.9 billion investment plan is separate from the approximately JPY 7.5 billion public grant. The reviewed sources do not establish grant cash receipt, construction commencement or operation.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-03", "implementationStatusCheckedAt": "2026-10-03" } }, { "id": "fin-jp-jogmec-japan-new-metals-tungsten-grant", "eventId": "evt-jp-espa-japan-new-metals-tungsten-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "2000000000", "currency": "JPY", "qualifier": "approximately", "amountAsStated": "※助成額は約20億円", "currencyBasis": "stated" }, "provider": "Japan Organization for Metals and Energy Security (JOGMEC)", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec" ], "legalAuthority": "経済安全保障推進法 (Economic Security Promotion Act)", "programmeId": "prg-jp-jogmec-critical-minerals-grants", "recipient": "日本新金属株式会社", "recipientOrgIds": [ "org-japan-new-metals" ], "project": "Expanded tungsten hydrometallurgical refining facilities in Japan.", "projectId": "prj-jp-japan-new-metals-tungsten", "facility": null, "locations": [ { "countryCode": "JP", "subnational": null, "asStated": "日本国内" } ], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "tungsten" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-09-07", "sourceId": "src-meti-critical-minerals-certified-plans", "note": "METI's list gives the subsidy with the plan certified on 令和8年9月7日; JOGMEC's list of grant decisions, as read, does not yet include it." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "50", "qualifier": "exact", "currency": null, "unit": "% of the applicant's cost of the undertaking", "asStated": "当該取組に係る申請者負担額の1／2の助成金", "sourceId": "src-jogmec-critical-minerals-grants", "note": "The programme-wide rate; the list does not restate it per plan." } ], "outcomes": [], "evidence": [ { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "Section 4, plan ２０２６重要鉱物第３号－１", "note": "The subsidy (助成) is paid by JOGMEC to businesses whose plans METI certifies." }, { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Section 4, plan ２０２６重要鉱物第３号－１", "note": "湿式精錬 (hydrometallurgical refining) is coded as refining." }, { "sourceId": "src-jogmec-critical-minerals-grants", "supports": [ "provider", "programme", "legal_authority", "terms" ], "evidence": "explicit", "locator": "Programme description", "note": null } ], "notes": "The amount is approximate as both lists print it (約, \"about\"); the yen figure is 億円 × 100,000,000." }, { "id": "fin-jp-jogmec-lofdal-2026-equity", "eventId": "evt-jp-jogmec-lofdal-2026", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "47668000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to 47.668 million Canadian dollars (approximately 5.5 billion yen)", "currencyBasis": "stated" }, "provider": "Japan Organization for Metals and Energy Security (JOGMEC)", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec" ], "legalAuthority": null, "programmeId": null, "recipient": "TJ Namibia Rare Earths Corporation (special purpose company established by Toyota Tsusho)", "recipientOrgIds": [ "org-tj-namibia-rare-earths" ], "project": "Lofdal heavy rare earth development project", "projectId": "prj-na-lofdal", "facility": null, "locations": [ { "countryCode": "NA", "subnational": "Kunene Region", "asStated": "the Lofdal area of the Kunene Region, Republic of Namibia" } ], "stages": [ "exploration", "mining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "dysprosium", "terbium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": null, "sourceId": "src-jogmec-lofdal-en", "note": "\"JOGMEC has decided to invest up to 47.668 million Canadian dollars\"; the decision date is not stated." }, { "status": "partially_disbursed", "date": "2026-07-23", "sourceId": "src-jogmec-lofdal-en", "note": "\"The initial investment was made on July 23, 2026.\"" } ], "implementationStatusHistory": [ { "status": "feasibility", "date": null, "sourceId": "src-jogmec-lofdal-en", "note": "A Definitive Feasibility Study is being conducted through TJ." } ], "terms": [], "outcomes": [ { "metric": "other", "value": null, "qualifier": null, "unit": null, "targetDate": null, "asStated": "JOGMEC and Toyota Tsusho ... aim to make a final decision on commercialization during FY2026.", "statedBy": "government", "sourceId": "src-jogmec-lofdal-en", "note": "Joint statement by JOGMEC and Toyota Tsusho; Japanese FY2026 runs April 2026 to March 2027." } ], "evidence": [ { "sourceId": "src-jogmec-lofdal-en", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status", "outcomes" ], "evidence": "explicit", "locator": "Second to fourth paragraphs", "note": null }, { "sourceId": "src-jogmec-lofdal-ja", "supports": [ "stages" ], "evidence": "explicit", "locator": "Title", "note": "The Japanese title describes the SPC's business as レアアース探査・開発事業 (rare earth exploration and development)." }, { "sourceId": "src-ncmi-lofdal-jv-20260730", "supports": [ "amount", "project", "status" ], "evidence": "explicit", "locator": "Page 1, investment paragraphs; page 2, Advancing a Strategic Heavy Rare Earth Supply Chain", "note": "The project company corroborates JOGMEC's up-to-CAD-47.668-million SPC investment and the initial investment on 23 July, without disclosing the paid amount. Its completed CAD 23 million earn-in and approximately CAD 11 million expanded DFS budget are distinct figures, not payments measured against this equity commitment. The DFS includes pilot-scale metallurgical work, separation testwork, engineering, permitting and mine planning; it is not a construction or operating milestone." }, { "sourceId": "src-ncmi-lofdal-jv-update-20260831", "supports": [ "project" ], "evidence": "explicit", "locator": "Page 1, opening transaction-update paragraphs", "note": "The underlying project-interest transaction still requires shareholder consent and regulatory approvals, including final TSX Venture Exchange approval. These conditions concern implementation of that transaction and do not reverse JOGMEC's disclosed initial capitalization of TJ." } ], "notes": "The amount is in Canadian dollars in both the Japanese and English releases; the yen figure is an approximation given in the release (約54.6億円 in the Japanese text, \"approximately 5.5 billion yen\" in English) and is not recorded as a separate amount. Lifecycle review on 3 October 2026 retains partially_disbursed financial status: the initial SPC investment occurred on 23 July, but the initial investment amount is not disclosed. Namibia Critical Metals' completed C$23 million earn-in and approximately C$11 million expanded DFS budget are separate from JOGMEC's up-to-C$47.668 million SPC equity commitment; neither is coded as a paid amount against it. The recipient's 30 July release confirms ongoing DFS execution, including pilot-scale work and engineering, while its 31 August update says the underlying project-interest transaction still requires shareholder consent and regulatory approvals. Those transaction conditions do not negate the initial SPC investment. Feasibility remains the physical status, with its actual start date unknown; the reviewed sources do not establish commercial mine construction, operation or a completed final investment decision. The FY2026 commercialization decision remains a target.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-03", "implementationStatusCheckedAt": "2026-10-03" } }, { "id": "fin-jp-jogmec-santoku-rare-earth-grant", "eventId": "evt-jp-espa-santoku-rare-earth-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "800000000", "currency": "JPY", "qualifier": "approximately", "amountAsStated": "※助成額は約8億円", "currencyBasis": "stated" }, "provider": "Japan Organization for Metals and Energy Security (JOGMEC)", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec" ], "legalAuthority": "経済安全保障推進法 (Economic Security Promotion Act)", "programmeId": "prg-jp-jogmec-critical-minerals-grants", "recipient": "株式会社三徳", "recipientOrgIds": [ "org-santoku" ], "project": "New smelting facilities in Japan to increase rare earth production.", "projectId": "prj-jp-santoku-rare-earth", "facility": null, "locations": [ { "countryCode": "JP", "subnational": null, "asStated": "日本国内" } ], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-07-29", "sourceId": "src-meti-critical-minerals-certified-plans", "note": "METI's list gives the subsidy with the plan certified on 令和8年7月29日." }, { "status": "decided", "date": null, "sourceId": "src-jogmec-critical-minerals-grants", "note": "Listed among JOGMEC's grant decisions (交付決定事業) for 令和8年度; the decision date is not stated." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "50", "qualifier": "exact", "currency": null, "unit": "% of the applicant's cost of the undertaking", "asStated": "当該取組に係る申請者負担額の1／2の助成金", "sourceId": "src-jogmec-critical-minerals-grants", "note": "The programme-wide rate; the list does not restate it per plan." } ], "outcomes": [], "evidence": [ { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "Section 4, plan ２０２６重要鉱物第２号－１", "note": "The subsidy (助成) is paid by JOGMEC to businesses whose plans METI certifies." }, { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Section 4, plan ２０２６重要鉱物第２号－１", "note": "製錬 (smelting and refining) is read as refining; the list does not say whether separation is included." }, { "sourceId": "src-jogmec-critical-minerals-grants", "supports": [ "provider", "programme", "legal_authority", "terms", "status" ], "evidence": "explicit", "locator": "Programme description; 交付決定事業", "note": null } ], "notes": "The amount is approximate as both lists print it (約, \"about\"); the yen figure is 億円 × 100,000,000." }, { "id": "fin-jp-jogmec-shin-etsu-rare-earth-grant", "eventId": "evt-jp-espa-shin-etsu-rare-earth-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "17500000000", "currency": "JPY", "qualifier": "approximately", "amountAsStated": "※助成額は約175億円", "currencyBasis": "stated" }, "provider": "Japan Organization for Metals and Energy Security (JOGMEC)", "providerJurisdiction": "japan", "providerOrgIds": [ "org-jp-jogmec" ], "legalAuthority": "経済安全保障推進法 (Economic Security Promotion Act)", "programmeId": "prg-jp-jogmec-critical-minerals-grants", "recipient": "信越化学工業株式会社", "recipientOrgIds": [ "org-shin-etsu-chemical" ], "project": "New smelting facilities in Japan to increase rare earth production.", "projectId": "prj-jp-shin-etsu-rare-earth", "facility": null, "locations": [ { "countryCode": "JP", "subnational": null, "asStated": "日本国内" } ], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-05-19", "sourceId": "src-meti-critical-minerals-certified-plans", "note": "METI's list gives the subsidy with the plan certified on 令和8年5月19日." }, { "status": "decided", "date": null, "sourceId": "src-jogmec-critical-minerals-grants", "note": "Listed among JOGMEC's grant decisions (交付決定事業) for 令和8年度; the decision date is not stated." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "50", "qualifier": "exact", "currency": null, "unit": "% of the applicant's cost of the undertaking", "asStated": "当該取組に係る申請者負担額の1／2の助成金", "sourceId": "src-jogmec-critical-minerals-grants", "note": "The programme-wide rate; the list does not restate it per plan." } ], "outcomes": [], "evidence": [ { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "Section 4, plan ２０２６重要鉱物第１号－１", "note": "The subsidy (助成) is paid by JOGMEC to businesses whose plans METI certifies." }, { "sourceId": "src-meti-critical-minerals-certified-plans", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Section 4, plan ２０２６重要鉱物第１号－１", "note": "製錬 (smelting and refining) is read as refining; the list does not say whether separation is included." }, { "sourceId": "src-jogmec-critical-minerals-grants", "supports": [ "provider", "programme", "legal_authority", "terms", "status" ], "evidence": "explicit", "locator": "Programme description; 交付決定事業", "note": null } ], "notes": "The amount is approximate as both lists print it (約, \"about\"); the yen figure is 億円 × 100,000,000." }, { "id": "fin-uk-cms-2025-critical-mineral-fund", "eventId": "evt-uk-cms-2025", "relationships": [], "instrument": "grant", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "50000000", "currency": "GBP", "qualifier": "up_to", "amountAsStated": "funding of up to £50 million will be made available by DBT to support critical mineral projects", "currencyBasis": "stated" }, "provider": "Department for Business and Trade", "providerJurisdiction": "uk", "providerOrgIds": [ "org-uk-dbt" ], "legalAuthority": null, "programmeId": null, "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-11-22", "sourceId": "src-gov-uk-cms-2025", "note": "\"Further detail will be announced in 2026.\"" } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-gov-uk-cms-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "status" ], "evidence": "explicit", "locator": "p. 20 (Industrial Strategy section); p. 41", "note": null }, { "sourceId": "src-gov-uk-cms-2025", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "p. 20", "note": "The strategy frames the fund as \"bespoke, targeted grant funding\" and elsewhere as \"bespoke critical mineral support\"." } ], "notes": "The strategy says the fund \"could include expanding research and innovation as well as supporting commercialisation\"; because that is conditional, no stage is recorded." }, { "id": "fin-uk-nwf-2026-tungsten-procurement-right", "eventId": "evt-uk-nwf-tungsten-west-2026", "relationships": [], "instrument": "procurement_right", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "UK Government", "providerJurisdiction": "uk", "providerOrgIds": [ "org-uk-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Tungsten West", "recipientOrgIds": [ "org-tungsten-west" ], "project": null, "projectId": "prj-gb-hemerdon", "facility": "Hemerdon mine", "locations": [ { "countryCode": "GB", "subnational": "Devon", "asStated": "on the outskirts of Plymouth" } ], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "tungsten" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2026-08-25", "sourceId": "src-nwf-tungsten-west-2026", "note": "An exclusive negotiation period only: \"The offtake agreement is being negotiated separately by UK Government.\"" } ], "implementationStatusHistory": [], "terms": [ { "kind": "procurement_share", "value": "50", "qualifier": "up_to", "currency": null, "unit": "% of the mine's tungsten production", "asStated": "the right to procure up to 50% of the mine's tungsten production, stated in its 2025 Feasibility Study", "sourceId": "src-nwf-tungsten-west-2026", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-nwf-tungsten-west-2026", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "facility", "location", "stages", "materials", "status", "terms", "project" ], "evidence": "explicit", "locator": "Third paragraph", "note": null } ], "notes": "Unlocked by the NWF investment but not part of it. No agreement had been concluded when the release was published." }, { "id": "fin-uk-nwf-2026-tungsten-west-equity", "eventId": "evt-uk-nwf-tungsten-west-2026", "relationships": [ { "commitmentId": "fin-uk-nwf-2026-tungsten-west-package", "relationship": "part_of", "sourceId": "src-nwf-tungsten-west-2026", "locator": "Second paragraph", "note": null } ], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "36000000", "currency": "GBP", "qualifier": "exact", "amountAsStated": "a £36 million equity investment", "currencyBasis": "stated" }, "provider": "National Wealth Fund", "providerJurisdiction": "uk", "providerOrgIds": [ "org-uk-nwf" ], "legalAuthority": null, "programmeId": null, "recipient": "Tungsten West", "recipientOrgIds": [ "org-tungsten-west" ], "project": "Restart of production at the Hemerdon tungsten and tin mine", "projectId": "prj-gb-hemerdon", "facility": "Hemerdon mine", "locations": [ { "countryCode": "GB", "subnational": "Devon", "asStated": "on the outskirts of Plymouth" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "tungsten" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "tin" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-08-25", "sourceId": "src-nwf-tungsten-west-2026", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nwf-tungsten-west-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials", "relationships", "status" ], "evidence": "explicit", "locator": "Second paragraph", "note": null } ], "notes": null }, { "id": "fin-uk-nwf-2026-tungsten-west-lending", "eventId": "evt-uk-nwf-tungsten-west-2026", "relationships": [ { "commitmentId": "fin-uk-nwf-2026-tungsten-west-package", "relationship": "part_of", "sourceId": "src-nwf-tungsten-west-2026", "locator": "Second paragraph", "note": null } ], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "35000000", "currency": "GBP", "qualifier": "up_to", "amountAsStated": "up to £35 million of lending", "currencyBasis": "stated" }, "provider": "National Wealth Fund", "providerJurisdiction": "uk", "providerOrgIds": [ "org-uk-nwf" ], "legalAuthority": null, "programmeId": null, "recipient": "Tungsten West", "recipientOrgIds": [ "org-tungsten-west" ], "project": "Restart of production at the Hemerdon tungsten and tin mine", "projectId": "prj-gb-hemerdon", "facility": "Hemerdon mine", "locations": [ { "countryCode": "GB", "subnational": "Devon", "asStated": "on the outskirts of Plymouth" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "tungsten" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "tin" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-08-25", "sourceId": "src-nwf-tungsten-west-2026", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-nwf-tungsten-west-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials", "relationships", "status" ], "evidence": "explicit", "locator": "Second paragraph", "note": null } ], "notes": null }, { "id": "fin-uk-nwf-2026-tungsten-west-package", "eventId": "evt-uk-nwf-tungsten-west-2026", "relationships": [], "instrument": "mixed", "valueRole": "commitment", "capitalSource": "public_enterprise", "amount": { "value": "71000000", "currency": "GBP", "qualifier": "up_to", "amountAsStated": "an investment of up to £71 million in Tungsten West", "currencyBasis": "stated" }, "provider": "National Wealth Fund", "providerJurisdiction": "uk", "providerOrgIds": [ "org-uk-nwf" ], "legalAuthority": null, "programmeId": null, "recipient": "Tungsten West", "recipientOrgIds": [ "org-tungsten-west" ], "project": "Restart of production at the Hemerdon tungsten and tin mine", "projectId": "prj-gb-hemerdon", "facility": "Hemerdon mine", "locations": [ { "countryCode": "GB", "subnational": "Devon", "asStated": "on the outskirts of Plymouth" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "tungsten" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "tin" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-08-25", "sourceId": "src-nwf-tungsten-west-2026", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [ { "metric": "target_date", "value": null, "qualifier": null, "unit": null, "targetDate": "2027", "asStated": "The Company is targeting ramp up to full scale production in Q1 2027.", "statedBy": "recipient", "sourceId": "src-nwf-tungsten-west-2026", "note": "First quarter of 2027." }, { "metric": "direct_jobs", "value": "350", "qualifier": "approximately", "unit": "direct jobs", "targetDate": null, "asStated": "The Hemerdon project is expected to support around 350 direct jobs once fully operational", "statedBy": "government", "sourceId": "src-nwf-tungsten-west-2026", "note": "Stated by the National Wealth Fund, which is wholly owned by HM Treasury." } ], "evidence": [ { "sourceId": "src-nwf-tungsten-west-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials", "status", "outcomes" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": "The National Wealth Fund is \"wholly owned by HM Treasury\"." } ], "notes": "The package total; its equity and lending components are recorded as parts of it. The stages render \"construction, commissioning and processing costs associated with restarting production\"." }, { "id": "fin-us-alcoa-sojitz-gallium-2025-equity", "eventId": "evt-us-au-framework-2025", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "United States Government", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-government" ], "legalAuthority": null, "programmeId": null, "recipient": "Alcoa-Sojitz Gallium Recovery Project", "recipientOrgIds": [], "project": "Gallium recovery at the Alcoa-Sojitz project", "projectId": "prj-au-alcoa-sojitz-gallium", "facility": null, "locations": [ { "countryCode": "AU", "subnational": "Western Australia", "asStated": "Wagerup, Western Australia" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "gallium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": null } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-08-24", "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "note": "Alcoa states that the 24 August 2026 groundbreaking marked the start of construction at Wagerup." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "Sixth paragraph", "note": "\"The United States Government is also making an equity investment with a right of offtake.\" Stated in the Australian release; no US source in the corpus gives the amount." }, { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Sixth paragraph", "note": null }, { "sourceId": "src-alcoa-wagerup-groundbreaking-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": "Supports the project's physical construction status only; it does not establish execution or payment of this specific public financial instrument." } ], "notes": "No amount is stated, and none is inferred. The right of offtake that accompanies it is not separately recorded because the release gives no term for it. Lifecycle review on 2 October 2026 confirmed physical construction began on 24 August 2026. The reviewed primary sources did not establish that this specific government equity/offtake instrument had been legally executed or paid, so its financial status is not promoted beyond the existing announced state.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-02", "implementationStatusCheckedAt": "2026-10-02" } }, { "id": "fin-us-army-perpetua-antimony-otia", "eventId": "evt-us-army-perpetua-otia-2023", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "27100000", "currency": "USD", "qualifier": "approximately", "amountAsStated": "The current estimated amount is $27.1 million", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of Defense / U.S. Army through the Defense Ordnance Technology Consortium", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Prototype Other Transaction authority", "programmeId": null, "recipient": "Perpetua Resources Idaho, Inc.", "recipientOrgIds": [ "org-perpetua-resources-idaho" ], "project": "Domestic antimony trisulfide process demonstration and modular pilot plant using Stibnite ore", "projectId": "prj-us-inl-antimony-pilot", "facility": "INL antimony sulfide modular pilot plant", "locations": [ { "countryCode": "US", "subnational": "Idaho", "asStated": "Idaho Falls, Idaho" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2023-08-18", "sourceId": "src-perpetua-sec-dotc-2023", "note": "The OTIA was awarded under Prototype Other Transaction authority on 18 August 2023." }, { "status": "partially_disbursed", "date": null, "sourceId": "src-perpetua-sec-2026-q2", "note": "The filing reports grant income and cash reimbursements under the still-active OTIA; the full current estimated amount had not been paid." } ], "implementationStatusHistory": [ { "status": "operational", "date": "2026-07-29", "sourceId": "src-us-army-antimony-pilot-2026", "note": "The Army marked the opening of the prototype processing facility at INL and commencement of demonstration activities on 29 July 2026." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-perpetua-sec-dotc-2023", "supports": [ "instrument", "value_role", "capital_source", "provider", "legal_authority", "recipient", "project", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Item 8.01", "note": "The filing calls the support an OTIA/grant and describes the pilot-plant and process-development work." }, { "sourceId": "src-perpetua-sec-2026-q2", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "DOW Ordnance Technology Consortium Grant", "note": "The filing summarizes the 2023, 2025 and 2026 additions and gives the current estimated amount of $27.1M." }, { "sourceId": "src-us-army-antimony-pilot-2026", "supports": [ "project", "facility", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening and programme-history paragraphs", "note": null } ], "notes": "The current estimate incorporates the original up-to-$15.5M 2023 OTIA plus later additions. The amount remains subject to adjustment as scope, costs and budget change." }, { "id": "fin-us-au-framework-2025-au-financing", "eventId": "evt-us-au-framework-2025", "relationships": [], "instrument": "mixed", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "1000000000", "currency": "USD", "qualifier": "at_least", "amountAsStated": "the US and Australia will take measures to each provide at least USD$1 billion in investments", "currencyBasis": "stated" }, "provider": "Australian Government", "providerJurisdiction": "australia", "providerOrgIds": [ "org-au-government" ], "legalAuthority": null, "programmeId": null, "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "mining", "separation", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": "Announced with the Framework in Washington on 20 October 2025; the Australian release is dated 21 October 2025." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "6", "qualifier": "exact", "currency": null, "unit": "months", "asStated": "within 6 months of the date of this Framework", "sourceId": "src-wh-us-au-framework-2025", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "status" ], "evidence": "explicit", "locator": "Third paragraph", "note": "The Australian release says \"each\"; the Framework text alone says \"at least $1 billion in financing to projects located in each of the United States and Australia\"." }, { "sourceId": "src-wh-us-au-framework-2025", "supports": [ "instrument", "stages", "terms" ], "evidence": "explicit", "locator": "Recitals; Section I, investment and financing clauses", "note": "\"The Participants will mobilize government and private sector support including for capital and operational expenditures via guarantees, loans, or equity; finalization of offtake arrangements; insurance; or regulatory facilitation.\"" } ], "notes": "An envelope each government says it is taking measures to provide, not money committed to a recipient. Section II: the Framework \"does not constitute or create any legally binding or enforceable obligations\". The stages follow the Framework's objective of resilient supply chains \"including mining, separation, and processing\"." }, { "id": "fin-us-au-framework-2025-project-pipeline", "eventId": "evt-us-au-framework-2025", "relationships": [], "instrument": "unspecified", "valueRole": "total_project_cost", "capitalSource": "not_stated", "amount": { "value": "8500000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "an USD$8.5 billion pipeline of priority critical minerals projects in Australia and the United States", "currencyBasis": "stated" }, "provider": null, "providerJurisdiction": null, "providerOrgIds": [], "legalAuthority": null, "programmeId": null, "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "instrument", "value_role", "amount", "status" ], "evidence": "explicit", "locator": "Third paragraph", "note": null } ], "notes": "The value of a project pipeline, not public money. Recorded so it is never mistaken for support; the release does not list the projects or say who pays for them." }, { "id": "fin-us-au-framework-2025-us-financing", "eventId": "evt-us-au-framework-2025", "relationships": [], "instrument": "mixed", "valueRole": "program_envelope", "capitalSource": "public", "amount": { "value": "1000000000", "currency": "USD", "qualifier": "at_least", "amountAsStated": "the US and Australia will take measures to each provide at least USD$1 billion in investments", "currencyBasis": "stated" }, "provider": "United States Government", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-government" ], "legalAuthority": null, "programmeId": null, "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "mining", "separation", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-10-20", "sourceId": "src-pm-us-au-framework-2025", "note": "Announced with the Framework in Washington on 20 October 2025; the Australian release is dated 21 October 2025." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "6", "qualifier": "exact", "currency": null, "unit": "months", "asStated": "within 6 months of the date of this Framework", "sourceId": "src-wh-us-au-framework-2025", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-pm-us-au-framework-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "status" ], "evidence": "explicit", "locator": "Third paragraph", "note": "The Australian release says \"each\"; the Framework text alone says \"at least $1 billion in financing to projects located in each of the United States and Australia\"." }, { "sourceId": "src-wh-us-au-framework-2025", "supports": [ "instrument", "stages", "terms" ], "evidence": "explicit", "locator": "Recitals; Section I, investment and financing clauses", "note": "\"The Participants will mobilize government and private sector support including for capital and operational expenditures via guarantees, loans, or equity; finalization of offtake arrangements; insurance; or regulatory facilitation.\"" } ], "notes": "An envelope each government says it is taking measures to provide, not money committed to a recipient. Section II: the Framework \"does not constitute or create any legally binding or enforceable obligations\". The stages follow the Framework's objective of resilient supply chains \"including mining, separation, and processing\"." }, { "id": "fin-us-chips-usar-2026-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "277000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "direct funding awards (the “Direct Funding”) with a maximum award amount of $277.0 million in the aggregate", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": "CHIPS Act of 2022", "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "mining", "processing", "refining", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "gallium", "dysprosium", "terbium", "ndfeb-magnets" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "hafnium", "zirconium" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-01-26", "sourceId": "src-nist-chips-usar-2026", "note": "\"a non-binding letter of intent to provide up to $277 million in direct funding\"." }, { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "16132790", "qualifier": "exact", "currency": null, "unit": "shares of USAR common stock issued to the DOC", "asStated": "USAR will issue to the DOC 16,132,790 shares of USAR Common Stock (the “SIA Shares”)", "sourceId": "src-usar-8k-2026-06-03", "note": "Consideration to the government under the Securities Issuance Agreement, entered into \"as inducement to enter into\" the Direct Funding Agreement." }, { "kind": "other", "value": "17600584", "qualifier": "exact", "currency": null, "unit": "shares under warrant at $17.17 per share", "asStated": "a warrant (the “Warrant”) to purchase 17,600,584 shares of USAR Common Stock (the “Warrant Shares”) at an exercise price of $17.17 per share", "sourceId": "src-usar-8k-2026-06-03", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-nist-chips-usar-2026", "supports": [ "value_role", "capital_source", "provider", "recipient", "status", "materials", "stages" ], "evidence": "explicit", "locator": "First to fourth paragraphs", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "amount", "provider", "recipient", "programme", "legal_authority", "status", "terms" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding Agreement; Securities Issuance Agreement", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding Agreement", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds occurs on execution, only when the Department delivers a Funding Obligation, up to the scheduled cumulative disbursement amount and subject to the project's progress." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "terms" ], "evidence": "explicit", "locator": "Section 4.16", "note": "Issuing equity interests to the Department, in the amount the Securities Issuance Agreement specifies, is a condition precedent to the Award Date." } ], "notes": "The package; its five project awards are recorded as parts of it. Instrument not specified: the 8-K calls them \"direct funding awards\" and never grants, and the executed Direct Funding Agreement (Exhibit 10.1) defines Direct Funding as \"in the form of an other transaction\", a form it lists apart from grants and cooperative agreements; the vocabulary has no instrument for it. The government receives shares and a warrant in return, recorded as terms, not as money it provides; issuing the equity to the Department is a condition precedent to the Award Date (Section 4.16). Disbursement is milestone-based and reimburses eligible costs; under Section 2.1(b) no funds are obligated on execution, only when the Department delivers a Funding Obligation, and the Department may recover disbursements on the clawback events of Section 10.1.1. The corpus records no funding obligation and no disbursement." }, { "id": "fin-us-chips-usar-2026-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "1300000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "to guarantee the repayment by USAR and its affiliates of advances in an aggregate principal amount of $1.3 billion (“FFB Advances” and, together with the Direct Funding, the “Awards”) made by the Federal Financing Bank", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office), guaranteeing Federal Financing Bank advances", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": "CHIPS Act of 2022", "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "mining", "processing", "refining", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "gallium", "dysprosium", "terbium", "ndfeb-magnets" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "hafnium", "zirconium" ], "financialStatusHistory": [ { "status": "announced", "date": "2026-01-26", "sourceId": "src-nist-chips-usar-2026", "note": "\"up to $1.3 billion in a senior secured loan\" under a non-binding letter of intent." }, { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "15", "qualifier": "exact", "currency": null, "unit": "years from the first advance under each note", "asStated": "Each FFB Advance matures fifteen (15) years after the first FFB Advance made under the applicable FFB Note.", "sourceId": "src-usar-8k-2026-06-03", "note": null }, { "kind": "other", "value": "2", "qualifier": "exact", "currency": null, "unit": "% of the FFB commitment, one-time commitment fee", "asStated": "a one-time commitment fee equal to 2.0% of the FFB commitment amount", "sourceId": "src-usar-8k-2026-06-03", "note": null }, { "kind": "other", "value": "2", "qualifier": "exact", "currency": null, "unit": "% per annum on the unutilized FFB commitment, ticking fee", "asStated": "a ticking fee equal to 2.0% per annum on the unutilized FFB commitment", "sourceId": "src-usar-8k-2026-06-03", "note": null }, { "kind": "lending_rate", "value": null, "qualifier": null, "currency": null, "unit": null, "asStated": "senior secured debt with a 15-year term and an expected rate of Treasury + 150 bps", "sourceId": "src-usar-8k-2026-06-03", "note": "The rate expected under the letter of intent; the agreement sets rates in each FFB note." } ], "outcomes": [], "evidence": [ { "sourceId": "src-nist-chips-usar-2026", "supports": [ "value_role", "capital_source", "provider", "recipient", "status", "materials", "stages" ], "evidence": "explicit", "locator": "First to fourth paragraphs", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "amount", "provider", "recipient", "programme", "legal_authority", "status", "terms" ], "evidence": "explicit", "locator": "Item 1.01, Loan Guarantee Agreement", "note": null } ], "notes": "The Federal Financing Bank, \"an instrumentality of the United States\", makes the advances and the DOC guarantees them; recorded once, as the DOC's guarantee, so the same $1.3 billion is not counted as both a loan and a guarantee. A guarantee is its own instrument and is never added to the direct funding. The package's five project tranches are recorded as parts of it." }, { "id": "fin-us-chips-usar-2026-magnet-project-2-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (d)", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "60000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(d) $60.0 million for the construction of a new magnet making facility", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Magnet Project 2", "projectId": "prj-us-usar-magnet-project-2", "facility": null, "locations": [], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (d)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (d)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(iv)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Item 1.01 (d)", "note": "A new magnet making facility; the filing does not name the magnet type or the site. NdFeB is read from the company's Stillwater production, not stated for this project." } ], "notes": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-magnet-project-2-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-loan-guarantee", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (d)", "note": null } ], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "325000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(d) $325.0 million for the Magnet Project 2", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Magnet Project 2", "projectId": "prj-us-usar-magnet-project-2", "facility": null, "locations": [], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Item 1.01, FFB Advances (d)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Item 1.01 (d)", "note": "A new magnet making facility; the filing does not name the magnet type or the site. NdFeB is read from the company's Stillwater production, not stated for this project." } ], "notes": null }, { "id": "fin-us-chips-usar-2026-metal-project-2-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (e)", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "15000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(e) $15.0 million for the construction of a new strip casting and metal making facility", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Metal Project 2", "projectId": "prj-us-usar-metal-project-2", "facility": null, "locations": [], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (e)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (e)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(v)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Item 1.01 (e)", "note": "A new strip casting and metal making facility; the filing does not name the site. Read as the refining stage." } ], "notes": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-loan-guarantee", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (e)", "note": null } ], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "75000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(e) $75.0 million for the Metal Project 2", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Metal Project 2", "projectId": "prj-us-usar-metal-project-2", "facility": null, "locations": [], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Item 1.01, FFB Advances (e)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Item 1.01 (e)", "note": "A new strip casting and metal making facility; the filing does not name the site. Read as the refining stage." } ], "notes": null }, { "id": "fin-us-chips-usar-2026-round-top-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (a)", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "132000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(a) $132.0 million for the construction of a rare earth mining and processing facility in Sierra Blanca, Texas", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Round Top Mine Project", "projectId": "prj-us-usar-round-top", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Texas", "asStated": "Sierra Blanca, Texas" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "gallium", "dysprosium", "terbium" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "hafnium", "zirconium" ], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (a)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (a)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(i)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "explicit", "locator": "Third and fourth paragraphs", "note": "The Commerce release names the 12 minerals the mine will process: yttrium, gallium, dysprosium, terbium, holmium, lutetium, erbium, thulium, ytterbium, gadolinium, hafnium and zirconium. The rare earths among them fall under the grouped material; hafnium and zirconium are untracked." } ], "notes": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-round-top-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-loan-guarantee", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (a)", "note": null } ], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "550000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(a) $550.0 million for the Round Top Mine Project", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Round Top Mine Project", "projectId": "prj-us-usar-round-top", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Texas", "asStated": "Sierra Blanca, Texas" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "gallium", "dysprosium", "terbium" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "hafnium", "zirconium" ], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, FFB Advances (a)", "note": null }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "explicit", "locator": "Third and fourth paragraphs", "note": "The Commerce release names the 12 minerals the mine will process: yttrium, gallium, dysprosium, terbium, holmium, lutetium, erbium, thulium, ytterbium, gadolinium, hafnium and zirconium. The rare earths among them fall under the grouped material; hafnium and zirconium are untracked." } ], "notes": null }, { "id": "fin-us-chips-usar-2026-stillwater-magnet-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (b)", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "50000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(b) $50.0 million for the expansion and modernization of the existing magnet making facility located in Stillwater, Oklahoma", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Stillwater Magnet Project", "projectId": "prj-us-usar-stillwater-magnet", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Oklahoma", "asStated": "Stillwater, Oklahoma" } ], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (b)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (b)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(ii)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "explicit", "locator": "Third and fourth paragraphs", "note": "The Commerce release says the Stillwater project will increase \"production capacity of NdFeB magnets to 10,000 TPA\"." } ], "notes": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-stillwater-magnet-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-loan-guarantee", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (b)", "note": null } ], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "250000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(b) $250.0 million for the Stillwater Magnet Project", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Stillwater Magnet Project", "projectId": "prj-us-usar-stillwater-magnet", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Oklahoma", "asStated": "Stillwater, Oklahoma" } ], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, FFB Advances (b)", "note": null }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "explicit", "locator": "Third and fourth paragraphs", "note": "The Commerce release says the Stillwater project will increase \"production capacity of NdFeB magnets to 10,000 TPA\"." } ], "notes": null }, { "id": "fin-us-chips-usar-2026-stillwater-metal-direct-funding", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (c)", "note": null } ], "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "20000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(c) $20.0 million for the expansion and modernization of the existing strip casting and metal making facility located in Stillwater, Oklahoma", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Stillwater Metal Project", "projectId": "prj-us-usar-stillwater-metal", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Oklahoma", "asStated": "Stillwater, Oklahoma" } ], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (c)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (c)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(iii)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Third and fourth paragraphs", "note": "Strip casting and metal making for rare earth metals and alloys (Commerce release), read as the refining stage." } ], "notes": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-stillwater-metal-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-loan-guarantee", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (c)", "note": null } ], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "100000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(c) $100.0 million for the Stillwater Metal Project", "currencyBasis": "stated" }, "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": null, "programmeId": "prg-us-chips-incentives", "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "project": "Stillwater Metal Project", "projectId": "prj-us-usar-stillwater-metal", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Oklahoma", "asStated": "Stillwater, Oklahoma" } ], "stages": [ "refining" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument", "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status", "location" ], "evidence": "explicit", "locator": "Item 1.01, FFB Advances (c)", "note": null }, { "sourceId": "src-nist-chips-usar-2026", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Third and fourth paragraphs", "note": "Strip casting and metal making for rare earth metals and alloys (Commerce release), read as the refining stage." } ], "notes": null }, { "id": "fin-us-commerce-chips-vulcan-2025-incentives", "eventId": "evt-us-osc-vulcan-reelement-2025", "relationships": [], "instrument": "unspecified", "valueRole": "indication", "capitalSource": "public", "amount": { "value": "50000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "a preliminary non-binding letter of intent to provide $50 million in proposed federal incentives under the CHIPS and Science Act", "currencyBasis": "issuer_context" }, "provider": "US Department of Commerce, CHIPS Program Office", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "legalAuthority": "CHIPS and Science Act", "programmeId": "prg-us-chips-incentives", "recipient": null, "recipientOrgIds": [], "project": "Purchase of equipment, in parallel with OSC's financing", "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "announced", "date": "2025-11-21", "sourceId": "src-osc-vulcan-reelement-2025", "note": "A preliminary, non-binding letter of intent." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "50000000", "qualifier": "exact", "currency": "USD", "unit": "of equity in Vulcan Elements", "asStated": "The Department of Commerce will also receive $50 million of equity in Vulcan Elements.", "sourceId": "src-osc-vulcan-reelement-2025", "note": "The release does not say whether this equity is consideration for the proposed incentives or a separate purchase, so it is kept as a term here and never added as money." } ], "outcomes": [], "evidence": [ { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "project", "status", "terms" ], "evidence": "explicit", "locator": "Fourth paragraph", "note": null }, { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "programme" ], "evidence": "ambiguous", "locator": "Fourth paragraph", "note": "\"the Department of Commerce's ... CHIPS Program Office signed a preliminary non-binding letter of intent to provide $50 million in proposed federal incentives under the CHIPS and Science Act\": the release does not name the incentives programme itself." } ], "notes": "The release does not name the recipient of the letter of intent; it states the equity in Vulcan Elements in the next sentence. Instrument not specified beyond \"federal incentives\". Recorded as a non-binding indication, not as a commitment: a preliminary non-binding letter of intent is not a financing commitment, so it is in no sum." }, { "id": "fin-us-dod-5n-germanium-2024", "eventId": "evt-us-dod-5n-germanium-2024", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "14400000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$14.4 million", "currencyBasis": "issuer_context", "basisLabel": "Announced", "basisNote": "Announced amount (DoD release, 16 April 2024). It is unreconciled with the $12,458,128 federal obligation reported in the federal award record and with the $2,505,981 non-federal funding reported there. No amount paid is recorded; some payment is reported in federal-reporting data only." }, "provider": "U.S. Department of Defense", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Investment Program", "programmeId": null, "recipient": "5N+ Semiconductors", "recipientOrgIds": [ "org-5n-plus-semiconductors" ], "project": "St. George space-qualified germanium substrate capacity expansion", "projectId": "prj-us-5n-st-george-germanium-substrates", "facility": "St. George facility", "locations": [ { "countryCode": "US", "subnational": "Utah", "asStated": "St. George, Utah" } ], "stages": [ "refining", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "germanium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": null, "sourceId": "src-dod-5n-germanium-2024", "note": "DoD announced the award on 16 April 2024. The release does not date the award decision, and the agreement's signing date (11 April 2024, below) precedes the announcement, so the announcement date is not used as the decision date." }, { "status": "contracted", "date": "2024-04-11", "sourceId": "src-usaspending-fa86502425501", "note": "USAspending records cooperative agreement FA86502425501 to 5N PLUS SEMICONDUCTORS LLC as a new award signed 11 April 2024, described as DPA Title III sustainment and enhancement of the space-qualified solar cell supply chain (the subject of DoD's release). That federal award record establishes an executed agreement; the agreement text was not inspected. A later modification dated 20 May 2025 is described as definitizing the agreement. Binding describes the agreement, not paid money. Amounts, kept distinct: the federal obligation reported in the record is $12,458,128 (award plus modifications through 26 March 2026) and its non-federal funding is $2,505,981; neither equals the $14.4M announced figure, which is kept as stated, and how the announced figure relates to them is not reconciled." }, { "status": "partially_disbursed", "date": null, "sourceId": "src-usaspending-fa86502425501", "note": "Federal-reporting attribution only: neither DoD nor 5N+ states a payment, receivable or payment date. USAspending's File C (account-by-award) data, reported by DoD on federal account 097-0360 and linked to this award by its FAIN, carry three gross-outlay lines, each a fiscal-year-beginning-to-period-end figure: $998,701.28 (FY2024 period 9, ending June 2024), $1,032,342.24 (FY2025 period 9, ending June 2025) and $399,308.73 (FY2026 period 6, ending March 2026). By the official definition (OMB Circular A-11, quoted in USAspending's data dictionary) an outlay is a payment made to liquidate an obligation, so some money is reported paid out against this agreement. A reporting period is not a payment date, so the date is left null. The lines name no payee, each is only a floor for its fiscal year at that period end, and they are not totalled, so no amount paid is recorded. The award summary's $0 account outlay does not contradict them: USAspending counts toward that field only each fiscal year's latest closed DoD submission, and the same $0 appears on other awards on this account that carry interim outlay lines. Year-end data differ by year: for FY2024 the period-12 submission is available and holds account rows for other awards but no outlay line for this award; for FY2025 the period-12 submission is available but the File C data retrieved hold no rows for the account in it; for FY2026 no year-end submission existed at retrieval on 4 October 2026 (the latest DoD submission was period 11), so that year's position is open. The public data do not show whether the award was omitted or reported as zero, and omission is the usual pattern (10 of 13 FY2024 assistance awards with a period-9 outlay line have none at period 12). This is the corpus's first partial disbursement resting on federal-reporting data and not on a government or recipient statement. The entry is undated and reflects evidence reviewed on 4 October 2026; it does not establish that any disbursement had occurred at an earlier date, although derivations that read the latest entry show it at every as-of date. The reading is left to human review." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2024-04-16", "sourceId": "src-dod-5n-germanium-2024", "note": "DoD announced upgrading and expanding production facilities and tools at 5N Semi's St. George facility over a planned four years. 'Announced' records this stated plan, not construction. The St. George site itself already operates; no later physical stage of the funded scope is evidenced in the sources read, and 5N+'s 22 September 2026 facility-expansion release does not attribute that expansion to this award." } ], "terms": [ { "kind": "duration", "value": "4", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "planned to last four years", "sourceId": "src-dod-5n-germanium-2024", "note": "DoD states the four-year period. 5N+'s 18 April 2024 release says the award is 'based on meeting certain conditions' over four years; the phrase 'pre-set milestones' appears only in 5N+'s Q1 and Q2 2024 MD&As (recipient disclosures). The conditions and milestones are not described in any source read." } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-5n-germanium-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "facility", "location", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Opening through technical-effort paragraphs", "note": "Announcement of the award; it does not state that an agreement was executed. The $14.4M is the announced amount. It is unreconciled with the $12,458,128 federal obligation and the $2,505,981 non-federal funding reported in the federal award record, and no amount paid is recorded." }, { "sourceId": "src-5n-germanium-2024", "supports": [ "recipient", "project", "facility", "location", "materials", "terms" ], "evidence": "explicit", "locator": "Headline, opening paragraph and second-paragraph award description", "note": "5N+ says the US$14.4M award is based on meeting certain conditions over four years and enables manufacturing upgrades at St. George. It does not mention milestones, sourcing, recovery or refining, and does not state execution or payment." }, { "sourceId": "src-usaspending-fa86502425501", "supports": [ "provider", "legal_authority", "recipient", "status" ], "evidence": "explicit", "locator": "Award Summary: Award Type, Awarding and Funding Agency, Recipient, Date Signed; Transaction History: modification 0 (New Award, 2024-04-11) and PZ0001", "note": "Federal-reported data. The place of performance is multi-state and the obligation differs from the announced amount, so this record is not used for amount, facility or location. Its File C gross-outlay lines support the partially_disbursed entry as federal-reporting attribution only, with no date of payment or amount paid (see that status note)." }, { "sourceId": "src-5n-mda-q1-2024", "supports": [ "recipient", "project", "facility", "location", "materials", "terms" ], "evidence": "explicit", "locator": "Page 4, paragraph beginning 'Subsequent to quarter end, the Company also announced'", "note": "Recipient disclosure: 5N+ states the 'pre-set milestones' wording and the St. George facility. It states no execution, receivable or payment." }, { "sourceId": "src-5n-mda-q2-2024", "supports": [ "recipient", "project", "facility", "location", "materials", "terms" ], "evidence": "explicit", "locator": "Page 4, sentence beginning 'Earlier in Q2 2024, the Company also announced'", "note": "Recipient disclosure repeating the conditions and pre-set milestones. It states no execution, receivable or payment." } ], "notes": "Amounts, kept distinct and not reconciled: the announced $14.4M (DoD and 5N+, April 2024); the federal obligation reported for the award, $12,458,128; and the non-federal funding recorded for it, $2,505,981 (USAspending lists $14,964,109 as total funding, the sum of those two). None of these is confirmed as the amount executed or paid, and no source read explains how the announced figure relates to the reported federal obligation. That relationship is the unresolved question; the federal record does report an obligation. The award supports both substrate-manufacturing capability and germanium sourcing/recovery/refining; the $14.4M is not allocated between those stages. Reviewed 4 October 2026: execution of a cooperative agreement is established by the federal award record (USAspending); the agreement text was not inspected. Some payment is reported in federal-reporting data only (USAspending File C outlay lines; see the partially_disbursed status note): neither DoD nor 5N+ states a payment, receivable or payment date (releases and filings through 3 August 2026), and no date of payment or amount paid is recorded. The physical stage supported for the funded scope is announced only, which records the stated plan and not construction. 5N+'s 22 September 2026 release about a roughly 50% St. George facility expansion says it is funded from existing capex plans and customer support and does not attribute it to this award.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-04", "implementationStatusCheckedAt": "2026-10-04" } }, { "id": "fin-us-dod-mp-2025-additional-preferred-option", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "equity", "valueRole": "funding_option", "capitalSource": "public", "amount": { "value": "350000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "a commitment for up to $350 million in additional funding in the form of additional Series A Preferred Stock", "currencyBasis": "issuer_context" }, "provider": "US Department of Defense", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": null, "programmeId": null, "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The Transaction Agreement that grants the Company this right was executed on the Effective Date. An executed option is not an exercise: no source in the corpus records one, or any payment under it." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "350000000", "qualifier": "up_to", "currency": "USD", "unit": null, "asStated": "the Company’s alternatives including having a right to fund up to the full $350,000,000 of such additional proceeds by selling to DoD additional shares of Series A Preferred Stock on the same terms as the initial purchase or otherwise electing to obtain $350,000,000 under the terms and conditions of the committed financing provided by JPMorgan and Goldman Sachs", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The option and its alternative. The filing does not say which the Company chose." }, { "kind": "duration", "value": "45", "qualifier": "exact", "currency": null, "unit": "days after the Closing Date", "asStated": "the Company shall select and fund from available alternatives on or prior to the date that is 45 days after the Closing Date, additional financing with net proceeds of at least $350,000,000 (the “Funding Allocation”)", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The election window. The corpus records neither the Closing Date nor the election." } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Introductory paragraph; Item 1.01, Transaction Agreement (Funding Allocation)", "note": null } ], "notes": "A funding option, not committed money: the Company could fund up to the full $350 million of its Funding Allocation by selling additional preferred stock to DoD, or elect to obtain it under the JPMorgan / Goldman Sachs committed financing instead, within 45 days of the Closing Date. MP's Form 10-K for 2025 reports 400,000 Series A shares issued in 2025 and outstanding at 31 December 2025, the number issued at closing, and its 10-Q for the quarter to 30 June 2026 still reports 400,000; the bank Commitment Letter expired undrawn on 26 August 2025. Neither filing mentions the Funding Allocation or states that the option was exercised or lapsed, so no exercise and no lapse is recorded; the row is listed apart and never summed. An exercise would be recorded as its own commitment drawn from this row." }, { "id": "fin-us-dod-mp-2025-bank-financing", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "loan", "valueRole": "private_financing", "capitalSource": "private", "amount": { "value": "1000000000", "currency": "USD", "qualifier": "at_least", "amountAsStated": "committed secured financing ... in an amount equal to, in the aggregate, at least $1,000,000,000 (the \"10X Facility Funding\")", "currencyBasis": "issuer_context" }, "provider": "JPMorgan Chase Funding Inc. and Goldman Sachs Bank USA", "providerJurisdiction": null, "providerOrgIds": [ "org-goldman-sachs-bank-usa", "org-jpmorgan-chase-funding" ], "legalAuthority": null, "programmeId": null, "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": null, "projectId": "prj-us-mp-10x-facility", "facility": "10X Facility", "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "A debt commitment letter, \"subject to customary terms and conditions\"; the filing does not describe an executed loan agreement." }, { "status": "lapsed", "date": "2025-08-26", "sourceId": "src-mp-10q-2025-q3", "note": "\"The Commitment Letter expired undrawn on its own terms on August 26, 2025, as it was reduced on a dollar-for-dollar basis upon the Offering ... and the Company's execution of the Revolving Credit Facility.\"" } ], "implementationStatusHistory": [ { "status": "construction", "date": null, "sourceId": "src-mp-10q-2026-q2", "note": "Note 6 reports construction underway at the Northlake site purchased in April 2026. The actual construction start date is not stated. This is the linked physical project's status, independent of the bank commitment letter's expiry." } ], "terms": [ { "kind": "other", "value": "650000000", "qualifier": "exact", "currency": "USD", "unit": null, "asStated": "$650,000,000 of which will ... be specifically allocated to the construction of the 10X Facility", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "facility", "status", "terms", "project" ], "evidence": "explicit", "locator": "Item 1.01, 10X Facility Funding", "note": null }, { "sourceId": "src-mp-10q-2025-q3", "supports": [ "status" ], "evidence": "explicit", "locator": "Note 3 (Public-Private Partnership), Commitment Letter for Facility Construction", "note": null }, { "sourceId": "src-mp-q2-results-20260806", "supports": [ "status" ], "evidence": "explicit", "locator": "CEO comments in second-quarter 2026 results", "note": "Reports accelerated construction at 10X. This corroborates the project's construction status; it does not date construction commencement or establish a financing draw." }, { "sourceId": "src-mp-10q-2026-q2", "supports": [ "status" ], "evidence": "explicit", "locator": "Note 1; Note 6, Property, Plant and Equipment; MD&A, Magnetics segment", "note": "Construction of the linked 10X Facility is underway. This does not revive or demonstrate a draw under the expired 2025 bank commitment letter." } ], "notes": "Private capital raised alongside the DoD package. Never part of a public-support figure. The filing says the $1,000,000,000 may be reduced dollar for dollar for certain equity or debt raises and certain unrestricted cash. The letter expired undrawn on 26 August 2025 (Form 10-Q for Q3 2025), after the company's public offering (net proceeds of $724.2 million, per its Form 10-K for 2025) and a revolving credit facility reduced it to nothing. Lifecycle review on 3 October 2026: the Q3 2025 filing still supports the letter's undrawn expiry; the Q2 2026 filing and 6 August results report construction at the linked 10X project. The subsequent equity offering and revolving credit facility are separate financing, not disbursements or repayment under this historical commitment.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-03", "implementationStatusCheckedAt": "2026-10-03" } }, { "id": "fin-us-dod-mp-2025-company-cash", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "unspecified", "valueRole": "recipient_own_funds", "capitalSource": "private", "amount": { "value": "600000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "The Company has also agreed to use up to $600,000,000 of its existing cash to fund the above projects.", "currencyBasis": "issuer_context" }, "provider": null, "providerJurisdiction": null, "providerOrgIds": [], "legalAuthority": null, "programmeId": null, "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": "10X Facility; Samarium Project; Mountain Pass Facility Improvements (HREE refining and hydrochloric acid facilities); Independence Facility capacity expansion", "projectId": null, "associatedProjectIds": [ "prj-us-mp-10x-facility", "prj-us-mountain-pass-samarium", "prj-us-mp-independence-expansion", "prj-us-mp-mountain-pass-hcl-facilities" ], "facility": null, "locations": [], "stages": [ "refining", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "An undertaking in the Transaction Agreement." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [ { "metric": "annual_capacity", "value": "3000", "qualifier": "exact", "unit": "tons of magnets annually", "targetDate": null, "asStated": "expand capacity at the Company's \"Independence\" magnet facility ... to a projected 3,000 tons of magnets annually", "statedBy": "recipient", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "A projection in the company's filing; a reasonable-best-efforts undertaking, not a government target." } ], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "recipient", "project", "stages", "materials", "status", "outcomes" ], "evidence": "explicit", "locator": "Item 1.01, Transaction Agreement", "note": null } ], "notes": "The recipient's own contribution, recorded so it is never counted as public support. The Transaction Agreement states that up to $600 million of existing cash supports the 10X Facility, Samarium Project and Facility Improvements, with no allocation among those uses. associatedProjectIds records those non-allocative links; the amount is not attributed to any project stack." }, { "id": "fin-us-dod-mp-2025-magnet-offtake", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "offtake", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "US Department of Defense", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": null, "programmeId": null, "recipient": "MP 10X Development, LLC (project company established to develop the 10X Facility)", "recipientOrgIds": [ "org-mp-10x-development" ], "project": "Second domestic magnet manufacturing facility", "projectId": "prj-us-mp-10x-facility", "facility": "10X Facility", "locations": [], "stages": [ "component_manufacturing" ], "stageAllocation": "single_stage", "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "Offtake Agreement dated 9 July 2025 (Exhibit 10.5)." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2025-07-10", "sourceId": "src-mp-dod-2025", "note": "The company \"will construct\" the facility \"at a soon-to-be-chosen location\"." }, { "status": "construction", "date": null, "sourceId": "src-mp-10q-2026-q2", "note": "\"In April 2026, the Company purchased a 120-acre site in Northlake, Texas, for approximately $80 million where construction of the 10X Facility is currently underway.\" Reported for the quarter to 30 June 2026; the start date of construction is not stated." } ], "terms": [ { "kind": "offtake_share", "value": "100", "qualifier": "exact", "currency": null, "unit": "% of magnet production", "asStated": "the Project Company will sell and deliver to the Department of Defense the entire amount of magnets produced at the 10X Facility", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The Project Company may syndicate up to 100% of production to commercial customers at DoD's request, or at its own request with DoD's consent." }, { "kind": "duration", "value": "10", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "a term of ten years following the Commercial Operation Date", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null }, { "kind": "other", "value": "140000000", "qualifier": "at_least", "currency": "USD", "unit": "EBITDA per year", "asStated": "the 10X Facility will generate at least $140,000,000 of EBITDA on an annual basis after reaching full production capacity, adjusted annually ... for inflation at a rate equal to 2%", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The Threshold EBITDA Amount." }, { "kind": "other", "value": "25", "qualifier": "exact", "currency": null, "unit": "% of the Threshold EBITDA Amount per quarter", "asStated": "quarterly \"magnet facilitation payments\" ... equal to 25% of the applicable Threshold EBITDA Amount each quarter", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null }, { "kind": "annual_reimbursement_cap", "value": "30000000", "qualifier": "up_to", "currency": "USD", "unit": "per calendar year", "asStated": "payments in respect of certain incremental costs ... capped at $30,000,000 in any calendar year", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null } ], "outcomes": [ { "metric": "target_date", "value": null, "qualifier": null, "unit": null, "targetDate": "2028", "asStated": "expected to begin commissioning in 2028", "statedBy": "recipient", "sourceId": "src-mp-dod-2025", "note": null }, { "metric": "annual_capacity", "value": "10000", "qualifier": "approximately", "unit": "metric tons", "targetDate": null, "asStated": "MP Materials' total U.S. rare earth magnet manufacturing capacity will reach an estimated 10,000 metric tons", "statedBy": "recipient", "sourceId": "src-mp-dod-2025", "note": "Company-wide magnet capacity once the facility is complete, not the 10X Facility alone." } ], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "project", "facility", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Item 1.01, Offtake Agreement", "note": null }, { "sourceId": "src-mp-dod-2025", "supports": [ "status", "outcomes" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": null }, { "sourceId": "src-mp-10q-2026-q2", "supports": [ "status" ], "evidence": "explicit", "locator": "Note 1; Note 6, Property, Plant and Equipment; Note 9, Operating Leases; Note 13, Other Current Assets; MD&A, DoW Offtake Agreement and Magnetics segment", "note": "Construction is underway and the filing continues to describe the executed DoW offtake. The $6.0 million contract liability and $3.892 million reimbursable-cost receivable are accounting balances, not a separately disclosed cumulative cash-disbursement amount for this offtake." }, { "sourceId": "src-mp-q2-results-20260806", "supports": [ "status" ], "evidence": "explicit", "locator": "CEO comments in second-quarter 2026 results", "note": "Reports accelerated construction at 10X. This corroborates the project's construction status; it does not date construction commencement or establish a financing draw." } ], "notes": "No amount is stated for the offtake itself: DoD buys at the Project Company's production cost and makes facilitation payments. The outcomes are the company's expectations. Lifecycle review on 3 October 2026 retains contracted status and construction with an unknown commencement date. The Q2 2026 filing recognizes pre-production reimbursable costs under the offtake but does not separately quantify cumulative cash paid under it; no disbursement status or total commitment amount is inferred from deferred balances or receivables. Price Protection Agreement receipts, Independence production and Apple prepayments concern separate instruments or facilities. Commissioning in 2028 remains a target.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-03", "implementationStatusCheckedAt": "2026-10-03" } }, { "id": "fin-us-dod-mp-2025-preferred-equity", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "equity", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "400000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$400 million equity investment", "currencyBasis": "issuer_context" }, "provider": "US Department of Defense", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III, 50 U.S.C. § 4531 et seq., \"as well as other authorities\"", "programmeId": null, "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "separation", "processing", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "Subscription Agreement entered into on the Effective Date; 400,000 shares of Series A Cumulative Perpetual Convertible Preferred Stock to be issued on the Closing Date, 11 July 2025." }, { "status": "disbursed", "date": null, "sourceId": "src-mp-10q-2026-q2", "note": "\"In July 2025, the Company issued 400,000 shares of newly designated Series A Cumulative Perpetual Convertible Preferred Stock ... to the DoW for cash consideration of $400.0 million.\" The day is not stated in this note; the Form 8-K put the Closing Date at 11 July 2025." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "7", "qualifier": "exact", "currency": null, "unit": "% per year", "asStated": "Shares of Series A Preferred Stock accrue cumulative dividends at a rate of 7.0% per year ... payable solely in-kind", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "Dividend rate on the preferred stock." }, { "kind": "other", "value": "30.03", "qualifier": "exact", "currency": "USD", "unit": "per share", "asStated": "a warrant ... for a period of 10 years from the Closing Date for up to 11,201,659 shares of Common Stock, at an initial exercise price of $30.03 per share", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The warrant issued to DoD alongside the preferred stock; the warrant carries no separate purchase amount." } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Introductory paragraph; Item 1.01, Series A Preferred Stock and Warrant", "note": null }, { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "legal_authority" ], "evidence": "ambiguous", "locator": "Item 8.01, risk factors", "note": "The company reports that it received assurances from DoD that it has authority under DPA Title III and other authorities; this is the recipient's account, not a government statement." }, { "sourceId": "src-mp-dod-2025", "supports": [ "stages" ], "evidence": "explicit", "locator": "Paragraph on use of proceeds", "note": "The recipient's stated intended use: \"to expand its existing rare earths separation and processing capabilities, as well as its magnet production capacity\"." }, { "sourceId": "src-mp-10q-2026-q2", "supports": [ "status" ], "evidence": "explicit", "locator": "Note 12, Redeemable Preferred Stock", "note": null } ], "notes": "DoD's convertible preferred stock and warrant together represent 15% of issued and outstanding common stock as of the Closing Date, on an as-converted and as-exercised basis (Form 8-K). Stage attribution is the recipient's stated intended use of proceeds." }, { "id": "fin-us-dod-mp-2025-price-floor", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "price_floor", "valueRole": "commitment", "capitalSource": "public", "amount": null, "provider": "US Department of Defense", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": null, "programmeId": null, "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "neodymium", "praseodymium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "NdPr price floor protection agreement (PPA) entered into on the Effective Date." } ], "implementationStatusHistory": [], "terms": [ { "kind": "price_floor", "value": "110", "qualifier": "exact", "currency": "USD", "unit": "per kg of NdPr", "asStated": "a quarterly payment per kilogram (kg) of Neodymium-Praseodymium (\"NdPr\") produced by the Company equal to the shortfall between $110 per kg and the Benchmark Quarterly Average Volume Weighted Price", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null }, { "kind": "duration", "value": "10", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "will continue for 10 years", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "From the first day of the first full calendar quarter following closing." }, { "kind": "other", "value": "30", "qualifier": "exact", "currency": null, "unit": "% of the NdPr sales price above $110 per kg", "asStated": "the Department of Defense will be entitled to receive 30% of the NdPr sales price which exceeds $110 per kg", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "Applies after the 10X Facility reaches full production capacity." } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "provider", "recipient", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Item 1.01, Price Protection Agreement", "note": null } ], "notes": "Applies to all of the Company's products that contain NdPr (concentrate, oxide and metal). No total value is stated: the cost depends on future prices, and none is estimated here. The agreement commenced on 1 October 2025. MP's 10-Q for the quarter to 30 June 2026 reports price protection agreement income of $59.9 million for the first half of 2026 (its right to receive cash from the DoW for the gap between $110 per kilogram of NdPr and the benchmark price) and a PPA income receivable of $17.6 million at 30 June 2026 ($51.0 million at 31 December 2025). It does not state cash received, so no payment status is recorded; these are the company's accounting figures, not a government statement." }, { "id": "fin-us-dod-mp-2025-samarium-loan", "eventId": "evt-us-dod-mp-2025", "relationships": [ { "commitmentId": "fin-us-osc-obbba-2025-lending-authority", "relationship": "drawn_from", "sourceId": "src-osc-mp-loan-2025", "locator": "Third paragraph", "note": "The release states the loan's funding comes from the One Big Beautiful Bill Act's OSC credit subsidy, which creates up to $100 billion in available loan funds." } ], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "150000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "a loan to the Company in the aggregate principal amount of $150,000,000 (the \"Samarium Project Loan\")", "currencyBasis": "issuer_context" }, "provider": "US Department of Defense, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": "One Big Beautiful Bill Act (source of OSC's credit subsidy funding)", "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": "MP Materials Corp.", "recipientOrgIds": [ "org-mp-materials" ], "project": "Samarium Project: expansion of heavy rare earth separation, including separation of samarium oxide", "projectId": "prj-us-mountain-pass-samarium", "facility": "Mountain Pass Rare Earth Mine and Processing Facility", "locations": [ { "countryCode": "US", "subnational": "California", "asStated": "near Mountain Pass, San Bernardino County, California" } ], "stages": [ "separation" ], "stageAllocation": "single_stage", "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-07-09", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": "The Transaction Agreement provides that DoD will extend the loan within 30 days of the Effective Date, subject to agreed extensions." }, { "status": "contracted", "date": null, "sourceId": "src-osc-mp-loan-2025", "note": "OSC announced on 10 August 2025 \"the recent execution of its first direct loan\"; the execution date is not stated." }, { "status": "disbursed", "date": null, "sourceId": "src-mp-10k-2025", "note": "\"in August 2025, we issued a $150.0 million unsecured promissory note to the DoW with a 12-year term, maturing on August 1, 2037\"; the filing reports funds received from the DoW Transactions. The day of funding is not stated." } ], "implementationStatusHistory": [], "terms": [ { "kind": "lending_rate", "value": "1", "qualifier": "exact", "currency": null, "unit": "percentage points above the 10-year U.S. Treasury constant maturity rate", "asStated": "Interest will accrue ... at a rate equal to the 10-year U.S. Treasury constant maturity rate ... plus 1.00%", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null }, { "kind": "duration", "value": "12", "qualifier": "exact", "currency": null, "unit": "years", "asStated": "maturing 12 years after issuance of the Promissory Note", "sourceId": "src-dod-mp-transaction-agreement-2025", "note": null }, { "kind": "lending_rate", "value": "5.38", "qualifier": "exact", "currency": null, "unit": "% per annum, fixed", "asStated": "bears interest at a fixed rate of 5.38% per annum, calculated as the 10-year U.S. Treasury constant maturity rate plus 1.00% at the time of funding", "sourceId": "src-mp-10q-2026-q2", "note": "The rate fixed at funding under the formula the Transaction Agreement set." } ], "outcomes": [], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Item 1.01, Transaction Agreement; Item 2.03", "note": null }, { "sourceId": "src-osc-mp-loan-2025", "supports": [ "instrument", "amount", "provider", "legal_authority", "relationships", "status", "programme" ], "evidence": "explicit", "locator": "First and third paragraphs", "note": "Read in full in a browser on 2026-09-23." }, { "sourceId": "src-mp-10k-2025", "supports": [ "status" ], "evidence": "explicit", "locator": "MD&A, DoW Transactions; Liquidity and Capital Resources", "note": null }, { "sourceId": "src-mp-10q-2026-q2", "supports": [ "terms" ], "evidence": "explicit", "locator": "Note 11, Debt Obligations: Samarium Project Loan", "note": null } ], "notes": "OSC describes this as its first direct loan. Unsecured promissory note; the company may repay at any time." }, { "id": "fin-us-dod-perpetua-stibnite-dpa", "eventId": "evt-us-dod-perpetua-dpa-2022", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "59200000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "$59.2 million", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of Defense, Air Force Research Laboratory", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "Perpetua Resources Idaho, Inc.", "recipientOrgIds": [ "org-perpetua-resources-idaho" ], "project": "Stibnite Gold Project", "projectId": "prj-us-stibnite", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Idaho", "asStated": "central Idaho" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2022-12-16", "sourceId": "src-perpetua-sec-dpa-2022", "note": "Perpetua Resources Idaho entered into the undefinitized Technology Investment Agreement effective 16 December 2022." }, { "status": "disbursed", "date": null, "sourceId": "src-perpetua-sec-2026-q2", "note": "The June 2026 Form 10-Q states that the TIA expired on 16 June 2025, all available funds had been disbursed, and no additional funds remained available." } ], "implementationStatusHistory": [ { "status": "construction", "date": null, "sourceId": "src-perpetua-stibnite-construction-2026", "note": "The company states that early-works construction began in October 2025 and additional critical-path construction began in May 2026; no single start date is used here." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-perpetua-sec-2024-q2", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "status" ], "evidence": "explicit", "locator": "DPA Grant / liquidity disclosures", "note": "The filing calls the TIA a grant, records the $34.4M modification and $59.2M total, and describes reimbursement under the agreement." }, { "sourceId": "src-dod-perpetua-dpa-2022", "supports": [ "provider", "recipient", "project", "location", "materials" ], "evidence": "explicit", "locator": "Opening paragraphs", "note": null }, { "sourceId": "src-perpetua-sec-2026-q2", "supports": [ "status" ], "evidence": "explicit", "locator": "Government Funding / DPA Grant", "note": null }, { "sourceId": "src-perpetua-sec-2026-q2", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Project financing and development discussion", "note": "The grant funded construction readiness for a project that includes mining and a processing plant; the agreement did not allocate dollars between those stages." }, { "sourceId": "src-perpetua-stibnite-construction-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Construction update", "note": null }, { "sourceId": "src-perpetua-sec-dpa-2022", "supports": [ "status" ], "evidence": "explicit", "locator": "Item 1.01", "note": "The filing states that the Technology Investment Agreement became effective on 16 December 2022." }, { "sourceId": "src-perpetua-sec-dpa-2022", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "Form 8-K Item 1.01 — effective December 16, 2022; original up-to-$24.8M TIA and temporary 75%-of-ceiling funding cap", "note": "Separates award face amount from only $18.6M initially accessible pending definitization." }, { "sourceId": "src-perpetua-sec-dpa-definitization-2023-07-26", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "Form 8-K Item 1.01 — July 25, 2023 definitization; full not-to-exceed $24,812,062", "note": "Definitization clarifies precise legal award ceiling and removes the temporary 75% availability limitation; this is not new financing." }, { "sourceId": "src-perpetua-sec-dpa-amendment-2024-05-02", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "Form 8-K Item 1.01 — entered May 2, 2024; $34,412,114 additional funding; $59,224,176 total", "note": "Definitive amendment to SAME agreement, distinct from earlier February 2024 conditional announcement; not a second financing award." } ], "notes": "One row represents the same DPA Technology Investment Agreement across amendments, avoiding double-counting the original $24.8M award and the later $34.4M addition. The agreement was definitized at $24.8M in July 2023, modified by an additional $34.4M in May 2024, and ultimately fully disbursed. F4-B2 reviewed history separates the December 16, 2022 up-to-$24.8M undefinitized TIA (temporary $18.6M funding-availability cap), July 25, 2023 definitization at $24,812,062 not-to-exceed, and the May 2, 2024 amendment increasing the exact ceiling to $59,224,176. The published amount stays rounded at up to $59.2M and is not cash paid; these are three versions of one agreement, not three separate awards.", "financialAmountHistory": [ { "amount": { "value": "24800000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "up to $24,800,000 under the undefinitized TIA", "currencyBasis": "stated" }, "effectiveNotBefore": "2022-12-16", "effectiveNoLaterThan": "2022-12-16", "sourceId": "src-perpetua-sec-dpa-2022", "locator": "Form 8-K Item 1.01; effective December 16, 2022 original TIA; up-to-$24.8M amount; availability initially limited to $18.6M", "effectiveNotBeforeEvidence": { "sourceId": "src-perpetua-sec-dpa-2022", "locator": "Form 8-K Item 1.01; effective December 16, 2022 original TIA; up-to-$24.8M amount; availability initially limited to $18.6M" }, "effectiveNoLaterThanEvidence": { "sourceId": "src-perpetua-sec-dpa-2022", "locator": "Form 8-K Item 1.01; effective December 16, 2022 original TIA; up-to-$24.8M amount; availability initially limited to $18.6M" }, "reason": "original", "note": "The $24.8M initial undefinitized award was a legal ceiling, not immediately reimbursable cash; until definitization actual funding availability was capped at $18.6M. Issuer says original TIA became effective December 16, 2022." }, { "amount": { "value": "24812062", "currency": "USD", "qualifier": "up_to", "amountAsStated": "full not-to-exceed amount of $24,812,062", "currencyBasis": "stated" }, "effectiveNotBefore": "2023-07-25", "effectiveNoLaterThan": "2023-07-25", "sourceId": "src-perpetua-sec-dpa-definitization-2023-07-26", "locator": "Form 8-K Item 1.01; definitized July 25, 2023 at full not-to-exceed $24,812,062", "effectiveNotBeforeEvidence": { "sourceId": "src-perpetua-sec-dpa-definitization-2023-07-26", "locator": "Form 8-K Item 1.01; definitized July 25, 2023 at full not-to-exceed $24,812,062" }, "effectiveNoLaterThanEvidence": { "sourceId": "src-perpetua-sec-dpa-definitization-2023-07-26", "locator": "Form 8-K Item 1.01; definitized July 25, 2023 at full not-to-exceed $24,812,062" }, "reason": "other", "note": "The previously undefinitized SAME TIA was definitized on July 25, 2023. $24,812,062 is the stated not-to-exceed ceiling, a more precise legal figure than the original $24.8M rounded disclosure; no additional independent grant or cash receipt." }, { "amount": { "value": "59200000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "$59.2 million", "currencyBasis": "issuer_context" }, "effectiveNotBefore": "2024-05-02", "effectiveNoLaterThan": "2024-05-02", "sourceId": "src-perpetua-sec-dpa-amendment-2024-05-02", "locator": "Form 8-K Item 1.01; May 2, 2024 executed amendment adding $34,412,114 and bringing exact legal ceiling to $59,224,176", "effectiveNotBeforeEvidence": { "sourceId": "src-perpetua-sec-dpa-amendment-2024-05-02", "locator": "Form 8-K Item 1.01; May 2, 2024 executed amendment adding $34,412,114 and bringing exact legal ceiling to $59,224,176" }, "effectiveNoLaterThanEvidence": { "sourceId": "src-perpetua-sec-dpa-amendment-2024-05-02", "locator": "Form 8-K Item 1.01; May 2, 2024 executed amendment adding $34,412,114 and bringing exact legal ceiling to $59,224,176" }, "reason": "amendment", "note": "On May 2, 2024 the company explicitly states it entered the amendment to the SAME TIA. $34,412,114 is incremental within the resulting $59,224,176 ceiling and is not additive to the canonical $59.2M public amount. Retain canonical rounded reporting value and up-to qualifier; exact legal ceiling remains in the source/locator/note. February 2024 conditional announcement did not make this amount operative." } ] }, { "id": "fin-us-doe-rhyolite-ridge-guarantee-2025", "eventId": "evt-us-doe-rhyolite-ridge-2025", "relationships": [], "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "996000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$996 million loan guarantee ($968 million principal plus $28 million capitalized interest)", "currencyBasis": "stated" }, "provider": "U.S. Department of Energy, Advanced Technology Vehicles Manufacturing Loan Program", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-doe" ], "legalAuthority": "Energy Independence and Security Act of 2007, Section 136 — Advanced Technology Vehicles Manufacturing Loan Program", "programmeId": null, "recipient": "Ioneer Rhyolite Ridge LLC", "recipientOrgIds": [ "org-ioneer-rhyolite-ridge-llc" ], "project": "Rhyolite Ridge on-site lithium processing facility", "projectId": "prj-us-rhyolite-ridge-processing", "facility": "On-site lithium carbonate processing facility and associated infrastructure", "locations": [ { "countryCode": "US", "subnational": "Nevada", "asStated": "Esmeralda County, Nevada" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2025-01-17", "sourceId": "src-doe-ioneer-rhyolite-2025-close", "note": "DOE's 17 January 2025 announcement expressly reports closing the $996M ATVM loan guarantee to Ioneer Rhyolite Ridge LLC. Funding is subject to conditions precedent; no positive advance evidence in reviewed June–August 2026 issuer filings. The 2023 conditional loan is not a second count." } ], "implementationStatusHistory": [ { "status": "feasibility", "date": null, "sourceId": "src-sec-ioneer-rhyolite-q2-2026", "note": "The 30 July 2026 issuer report confirms June-quarter pre-construction engineering and feasibility studies with strategic partner, final investment decision and physical construction still pending. Stage is observed by this source date; no exact phase transition date is claimed." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-doe-ioneer-rhyolite-2025-close", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "facility", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "DOE closing release, 17 January 2025, paragraphs 1–2 and ATVM programme description", "note": "Federal agency establishes a closed $996M guarantee and borrower, not disbursement; amount splits $968M principal and $28M capitalized interest." }, { "sourceId": "src-sec-ioneer-rhyolite-close-2025", "supports": [ "instrument", "amount", "recipient", "status" ], "evidence": "explicit", "locator": "Issuer's 17 January 2025 loan-closing statement and conditional-loan comparison", "note": "Confirms closed instrument, amount and 2023 increase; earlier conditional commitment not additive." }, { "sourceId": "src-doe-rhyolite-nepa-0565", "supports": [ "project", "facility", "location", "stages", "materials" ], "evidence": "explicit", "locator": "DOE/EIS-0565 Summary, loan-only processing scope", "note": "Excludes development/operation of open-pit mine. NEPA references a different proposed borrower, so it does not support recipient organization assignment." }, { "sourceId": "src-sec-ioneer-rhyolite-20f-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "DOE Loan discussion; conditions precedent to first advance and FID financing requirements", "note": "Issuer says draw conditions include equity partner, additional capital and revised financial model; no first advance evidenced." }, { "sourceId": "src-sec-ioneer-rhyolite-q2-2026", "supports": [ "project", "stages", "materials", "status" ], "evidence": "explicit", "locator": "July 2026 Quarterly Activities Report, strategic partnering, timeline and ASX LR 5.3.2", "note": "FID awaited, future construction milestone; zero production/development activity in June 2026 quarter. A non-binding Korean partnership MOU is not a draw or construction." }, { "sourceId": "src-sec-ioneer-rhyolite-halfyear-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Note 10 unamortized loan fees; Note 9 pre-FID exploration/development classification; directors' compliance statement", "note": "Loan fees are not cash from DOE; amortization begins after first draw and financial statements still pre-FID. No guarantee disbursement affirmed." } ], "notes": "ONE closed ATVM loan guarantee: $996M total = $968M principal + $28M capitalized interest; neither component is a second amount. January 2023 conditional commitment was revised and replaced at closing, not additive. As of latest reviewed issuer disclosures (June-quarter activities July 30, half-year accounts August 13, 2026), no primary source positively establishes a first federal advance; preserve contracted, do not classify as partially disbursed or assert conclusively that no draw has ever happened. Reported $4.273M establishment fees are costs paid by Ioneer, NOT DOE disbursement. First draw conditions include strategic partner equity, additional funds and revised financial model. Sibanye-Stillwater did not proceed with proposed project equity in February 2025; 2026 KIND/Hyundai understandings remained nonbinding. DOE's early NEPA summary names proposed Rhyolite Ridge Holdings LLC but the 17 Jan 2025 closing names Ioneer Rhyolite Ridge LLC; these are not assumed equivalent. Processing facilities only: federal guarantee does not finance open-pit mine construction or separately fund the untracked boron co-product, and permits and feasibility are not physical construction.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-08", "implementationStatusCheckedAt": "2026-10-08" } }, { "id": "fin-us-doe-thacker-pass-atvm-2024", "eventId": "evt-us-doe-thacker-pass-loan-2024", "relationships": [], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "2230000000", "currency": "USD", "qualifier": "approximately", "amountAsStated": "$2.23 billion amended expected loan amount ($1.97 billion principal plus approximately $256 million capitalized interest)", "currencyBasis": "stated" }, "provider": "U.S. Department of Energy, ATVM Loan Program (Federal Financing Bank lending arrangements)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-doe" ], "legalAuthority": "Energy Independence and Security Act of 2007 — Advanced Technology Vehicles Manufacturing (ATVM) Loan Program", "programmeId": null, "recipient": "Lithium Nevada LLC (formerly Lithium Nevada Corp.)", "recipientOrgIds": [ "org-lithium-nevada-llc" ], "project": "Thacker Pass Phase 1 lithium carbonate processing facilities", "projectId": "prj-us-thacker-pass-phase1-processing", "facility": "Thacker Pass Phase 1 processing plant and associated infrastructure", "locations": [ { "countryCode": "US", "subnational": "Nevada", "asStated": "Thacker Pass, Humboldt County, Nevada" } ], "stages": [ "processing" ], "stageAllocation": "single_stage", "materialIds": [ "lithium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2024-10-28", "sourceId": "src-sec-lac-thacker-loan-agreement-2024", "note": "Executed ATVM Loan Arrangement and Reimbursement Agreement No. A1034 on 28 October 2024, originally naming Lithium Nevada Corp. Original approx. $2.26B face amount was later revised; no draw inferred from closing." }, { "status": "partially_disbursed", "date": "2025-10-20", "sourceId": "src-sec-lac-thacker-q2-2026", "note": "First $435M DOE-loan advance received on 20 October 2025. Issuer's 2026 Q2 filing confirms subsequent draws of $432M (24 February 2026) and $342M (3 June 2026), totaling $1.209B advanced by 30 June 2026. These are draws under the same facility, not additive commitments." } ], "implementationStatusHistory": [ { "status": "construction", "date": "2026-06-30", "sourceId": "src-sec-lac-thacker-q2-2026", "note": "Issuer's quarter-ended 30 June 2026 report confirms active major construction of Thacker Pass Phase 1 processing plant, $1.6217B cumulative Phase 1 construction costs within the technical-report capital-expenditure estimate and targeting late-2027 mechanical completion. No commissioning or operating output is evidenced." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-doe-thacker-pass-2024", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "facility", "location", "stages", "materials" ], "evidence": "explicit", "locator": "Project summary; Financial summary and Loan type", "note": "DOE October 2024 baseline is about $2.26B including capitalized interest. The bank project page has not been updated for the Oct 2025 amendment and is not used as the current amount." }, { "sourceId": "src-doe-thacker-pass-nepa-2024", "supports": [ "legal_authority", "project", "facility", "location", "stages", "materials" ], "evidence": "explicit", "locator": "DOE/EIS-0561 Summary; loan restricted to processing facilities and associated infrastructure, not open-pit mine", "note": "Constrains funded project and single-stage processing attribution." }, { "sourceId": "src-sec-lac-thacker-loan-agreement-2024", "supports": [ "instrument", "value_role", "capital_source", "provider", "legal_authority", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Cover, Preliminary Statements, and agreement parties; 28 October 2024", "note": "Legal contract names DOE and Lithium Nevada Corp. borrower. Contract scope is executed loan arrangement with Federal Financing Bank advance mechanics." }, { "sourceId": "src-sec-lac-thacker-amendment-2025", "supports": [ "provider", "recipient", "status" ], "evidence": "explicit", "locator": "Opening paragraph: Lithium Nevada LLC (formerly Lithium Nevada Corp.) as Borrower; 7 October 2025 OWCA", "note": "This is an amendment to the 2024 loan, not a separate second loan; corporate name continuity is express." }, { "sourceId": "src-sec-lac-thacker-q2-2026", "supports": [ "amount", "recipient", "project", "facility", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Note 4 — Department of Energy Loan Facility; MD&A pp. 23–28 and 'Borrowings under the DOE ATVM Loan Program'", "note": "Issuer states October 2025 amended expected facility $2.23B and the dates/amounts of all three advances; separately verifies ongoing Phase 1 processing-plant construction." }, { "sourceId": "src-sec-lac-doe-amendment-announcement-2025-10-07", "supports": [ "amount", "status" ], "evidence": "explicit", "locator": "Form 8-K Item 1.01 and Exhibit 99.1", "note": "Source establishes signed conditional amendment and approximately $2.23B proposed revised total, not October 7 effectiveness." } ], "notes": "Single DOE ATVM/FFB loan, No. A1034. The original 28 October 2024 closing was approximately $2.26B ($1.97B principal plus an estimated $289.6–$289.7M capitalized interest); the 7 October 2025 amendment reduced estimated interest to $256M, making the amended total approximately $2.23B. These are versions of the same facility, not two commitments; the current amount is approximate ($1.97B + $256M = $2.226B before rounding). The schema holds a current amount and financial-status history, not historically versioned amounts: an as-of 2024 report must not present $2.23B as the contemporaneous 2024 face amount. Cumulative advances were $435M on 2025-10-20, $867M after 2026-02-24, and $1.209B after 2026-06-03; the $1.209B is not additional finance and is different from the $988.018M accounting carrying value after deferred issuance costs/interest. Original legal borrower Lithium Nevada Corp. is now Lithium Nevada LLC, distinct from its Canadian-listed sponsor Lithium Americas Corp. DOE loan supports lithium-carbonate processing infrastructure (including a sulfuric-acid plant), not open-pit mine development. Q2 2026 supports construction only; no operational production. DOE's 2025 equity warrants, GM equity and private financing are not classified as draws or additional DOE commitments. F4-A amount-history pilot retains original ~$2.26B effective from 2024-10-28. The ~$2.23B amendment was signed on 2025-10-07 subject to conditions and is proven effective no later than first advance on 2025-10-20; the precise transition date within October 7–19 is not evidenced. This is not a draw-history or historical aggregate.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-08", "implementationStatusCheckedAt": "2026-10-08" }, "financialAmountHistory": [ { "amount": { "value": "2260000000", "currency": "USD", "qualifier": "approximately", "amountAsStated": "$2.26 billion at October 2024 loan closing, including $1.97 billion principal and $289.7 million estimated capitalized interest", "currencyBasis": "stated" }, "effectiveNotBefore": "2024-10-28", "effectiveNoLaterThan": "2024-10-28", "sourceId": "src-doe-thacker-pass-2024", "locator": "DOE project statistics, financial summary, loan amount and October 2024 update", "reason": "original", "note": "Executed direct loan initially totaled approximately $2.26 billion including capitalized interest, not a separate loan from later amendments.", "effectiveNotBeforeEvidence": { "sourceId": "src-sec-lac-thacker-loan-agreement-2024", "locator": "Executed loan agreement — October 28, 2024 agreement date" }, "effectiveNoLaterThanEvidence": { "sourceId": "src-sec-lac-thacker-loan-agreement-2024", "locator": "Executed loan agreement — October 28, 2024 agreement date" } }, { "amount": { "value": "2230000000", "currency": "USD", "qualifier": "approximately", "amountAsStated": "$2.23 billion amended expected loan amount ($1.97 billion principal plus approximately $256 million capitalized interest)", "currencyBasis": "stated" }, "effectiveNotBefore": "2025-10-07", "effectiveNoLaterThan": "2025-10-20", "sourceId": "src-sec-lac-doe-amendment-announcement-2025-10-07", "locator": "Form 8-K Item 1.01 and Exhibit 99.1; Q2 2026 Form 10-Q Note 4 for first draw October 20", "reason": "amendment", "note": "Signed October 7, 2025 subject to conditions precedent; exact effective day unverified. Initial October 20 advance establishes the amendment effective no later than then. Withhold historical amount selection for October 7–19.", "effectiveNotBeforeEvidence": { "sourceId": "src-sec-lac-doe-amendment-announcement-2025-10-07", "locator": "Form 8-K Item 1.01 — agreement entered October 7, 2025; conditions precedent to effectiveness" }, "effectiveNoLaterThanEvidence": { "sourceId": "src-sec-lac-thacker-q2-2026", "locator": "Form 10-Q Note 4 / MD&A — first DOE loan advance October 20, 2025" } } ] }, { "id": "fin-us-dow-5n-germanium-2025", "eventId": "evt-us-dow-5n-germanium-2025", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "18100000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$18.1 million", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "5N Plus Inc.", "recipientOrgIds": [ "org-5n-plus" ], "project": "St. George germanium recovery and refining expansion", "projectId": "prj-us-5n-st-george-germanium-refining", "facility": "St. George facility", "locations": [ { "countryCode": "US", "subnational": "Utah", "asStated": "St. George, Utah" } ], "stages": [ "recycling", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "germanium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-12-15", "sourceId": "src-dow-5n-germanium-2026", "note": "The Department states that the investment was made on 15 December 2025 and announced later because of the government shutdown. No execution or payment evidence is established in the reviewed sources: no definitive agreement or federal award record was found, USAspending lists no 2025 or later award to 5N Plus for this scope as of 4 October 2026 (an absence in one dataset, which can lag), and 5N+'s filings call it an award without stating execution. The row is not advanced to contracted." } ], "implementationStatusHistory": [ { "status": "announced", "date": "2026-01-29", "sourceId": "src-dow-5n-germanium-2026", "note": "The Department states that 5N+ will expand zone-refining capacity at its St. George facility. 5N+ describes a planned expansion over 48 months (30 January 2026 release) and, in its 2025 Sustainability Report, over the next four years. 'Announced' records this stated plan, not construction. The St. George site itself operates; no later physical stage of the funded scope is evidenced in the sources read, and 5N+'s 22 September 2026 facility-expansion release does not attribute that expansion to this award." } ], "terms": [ { "kind": "duration", "value": "48", "qualifier": "exact", "currency": null, "unit": "months", "asStated": "over the course of the next 48 months", "sourceId": "src-5n-germanium-2026", "note": "Company description of the capacity-expansion period." } ], "outcomes": [ { "metric": "annual_capacity", "value": "20", "qualifier": "up_to", "unit": "metric tons of high-purity germanium per year", "targetDate": null, "asStated": "valorize up to 20 metric tons of high-purity germanium per year", "statedBy": "recipient", "sourceId": "src-5n-germanium-2026", "note": "The company describes recovery/refining capability; the Department separately describes zone-refining capacity as more than 20 metric tons annually, so the two statements are not merged." } ], "evidence": [ { "sourceId": "src-dow-5n-germanium-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "facility", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening through capacity paragraphs", "note": "The release says the investment was made on 15 December 2025; it does not say an agreement was executed or any amount paid." }, { "sourceId": "src-5n-germanium-2026", "supports": [ "instrument", "amount", "recipient", "project", "facility", "location", "stages", "materials", "terms", "outcomes" ], "evidence": "explicit", "locator": "Opening through capacity paragraphs", "note": "Recipient release: 5N+ says it 'has been awarded' the grant and describes future-tense capacity growth ('will enable', 'gradually', 'In time') over 48 months. It states no execution, condition or payment." }, { "sourceId": "src-5n-mda-q4-2025", "supports": [ "instrument", "amount", "recipient", "stages", "materials" ], "evidence": "explicit", "locator": "Page 4, Specialty Semiconductors discussion, sentence beginning 'In early 2026, the Company announced'", "note": "Recipient securities disclosure: the grant is described as awarded, without naming St. George, stating execution, conditions or payment. The FY2025 financial statements carry only a general government-grants accounting policy and no award-specific receivable or deferred amount." }, { "sourceId": "src-5n-sustainability-2025", "supports": [ "facility", "location" ], "evidence": "explicit", "locator": "Page 42, Waste Management, 'Driving Circularity Through Germanium Recovery'", "note": "Recipient publication (not a securities filing): 5N+ describes a 'planned expansion' of germanium recovery and recycling at St. George 'supported by a significant financial award from the U.S. government', to increase recovery 'over the next four years'. It states no execution, payment or stage. It dates the announcement to 2025, whereas the Department and the company's release date it to January 2026, and it also attaches space-qualified solar-cell capacity to this award, which is the 2024 award's subject; neither point is coded here." } ], "notes": "A separate DPA-funded scope from the 2024 germanium-substrate award. Recycling and refining are both named, but the $18.1M is not divided by stage. Reviewed 4 October 2026: no execution or payment evidence established in the reviewed sources (no executed-agreement document, federal award record, payment or payment date was found). The physical stage supported for the funded scope is announced only, which records the stated plan and not construction (recipient wording is future-tense, including its 2025 Sustainability Report, which is undated). 5N+'s 22 September 2026 release about a roughly 50% St. George facility expansion says it is funded from existing capex plans and customer support and does not attribute it to this award.", "lifecycleReview": { "financialStatusCheckedAt": "2026-10-04", "implementationStatusCheckedAt": "2026-10-04" } }, { "id": "fin-us-dow-arr-antimony-2025", "eventId": "evt-us-dow-arr-antimony-2025", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "43400000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$43.4 million", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "Alaska Range Resources, LLC", "recipientOrgIds": [ "org-alaska-range-resources" ], "project": "Estelle Gold and Critical Minerals Project — integrated antimony supply chain", "projectId": "prj-us-estelle-antimony", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Alaska", "asStated": "Estelle Project in Alaska" }, { "countryCode": "US", "subnational": "Alaska", "asStated": "Port MacKenzie" } ], "stages": [ "mining", "processing", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-09-30", "sourceId": "src-dow-arr-antimony-2025", "note": "The Department announced the DPA Title III award on 30 September 2025." }, { "status": "contracted", "date": "2025-10-01", "sourceId": "src-nova-arr-h1-2026", "note": "Nova's filed half-year report describes a 24-month firm-fixed-price project sub-agreement awarded on 1 October 2025." } ], "implementationStatusHistory": [], "terms": [ { "kind": "duration", "value": "24", "qualifier": "exact", "currency": null, "unit": "months", "asStated": "24-month firm-fixed price project sub-agreement", "sourceId": "src-nova-arr-h1-2026", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-dow-arr-antimony-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening and award-scope paragraphs", "note": null }, { "sourceId": "src-nova-arr-h1-2026", "supports": [ "recipient", "project", "location", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "U.S. Department of War Grant; Refinery & Equipment Procurement", "note": "The filing supplies the contract form, duration and Port MacKenzie refinery context." } ], "notes": "The $43.4M award spans extraction, concentration and refining; no source allocates the amount by stage, so the full figure is never assigned separately to any one stage." }, { "id": "fin-us-dow-usac-antimony-2026", "eventId": "evt-us-dow-usac-antimony-2026", "relationships": [], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "27000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$27 million", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "United States Antimony Corporation", "recipientOrgIds": [ "org-us-antimony" ], "project": "Thompson Falls facility expansion and related Alaska antimony mining integration", "projectId": null, "facility": null, "locations": [ { "countryCode": "US", "subnational": "Montana", "asStated": "Thompson Falls, Montana" }, { "countryCode": "US", "subnational": "Alaska", "asStated": "Alaska" } ], "stages": [ "mining", "processing", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "contracted", "date": "2026-02-24", "sourceId": "src-dow-usac-antimony-2026", "note": "The official release dates the Department's investment to 24 February 2026; the subsequent Form 10-Q describes the award as a milestone-based firm fixed-price arrangement." }, { "status": "partially_disbursed", "date": null, "sourceId": "src-usac-2026-q2-10q", "note": "The company received $12.8M in April 2026 after formal acceptance of three milestones; the filing does not state the day of receipt." } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": "16200000", "qualifier": "exact", "currency": "USD", "unit": null, "asStated": "$16.2 million representing currently obligated funding", "sourceId": "src-usac-2026-q2-10q", "note": "Currently obligated portion of the $27M award as of 30 June 2026." }, { "kind": "other", "value": "10800000", "qualifier": "exact", "currency": "USD", "unit": null, "asStated": "the remaining $10.8 million related to future phases subject to additional authorization", "sourceId": "src-usac-2026-q2-10q", "note": "Not treated as already disbursed or separately committed." }, { "kind": "other", "value": null, "qualifier": null, "currency": null, "unit": null, "asStated": "The period of performance under the agreement extends through January 4, 2028.", "sourceId": "src-usac-2026-q2-10q", "note": null } ], "outcomes": [], "evidence": [ { "sourceId": "src-dow-usac-antimony-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening and award-scope paragraphs", "note": null }, { "sourceId": "src-usac-2026-q2-10q", "supports": [ "recipient", "project", "location", "stages", "materials", "status", "terms" ], "evidence": "explicit", "locator": "Note 9 — Government Grant; Property, Plant and Equipment", "note": "The filing records the obligation split, milestone payment and Thompson Falls expansion status." } ], "notes": "The single $27M DPA Title III award is the parent of the company's disclosed $20M Thompson Falls and $7M Alaska allocations. The parent preserves the $16.2M currently obligated / $10.8M subject to future authorization distinction and $12.8M milestone receipt in April 2026. The child amounts must not be added to the parent or described as fully disbursed." }, { "id": "fin-us-dow-usac-antimony-2026-alaska", "eventId": "evt-us-dow-usac-antimony-2026", "relationships": [ { "commitmentId": "fin-us-dow-usac-antimony-2026", "relationship": "part_of", "sourceId": "src-usac-2026-q1-call-sec-exhibit", "locator": "Q&A: CEO response on the $27M DPA award split", "note": "This geographic allocation is part of the parent $27M award, not incremental funds." } ], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "7000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$7 million for Alaska", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "United States Antimony Corporation", "recipientOrgIds": [ "org-us-antimony" ], "project": "Alaska antimony mining and feedstock development", "projectId": "prj-us-usac-alaska-antimony-feedstock", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Alaska", "asStated": "Alaska" } ], "stages": [ "mining" ], "stageAllocation": "single_stage", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2026-02-24", "sourceId": "src-dow-usac-antimony-2026", "note": "This portion belongs to the February 24 award. The later $7M allocation is known, but no separately binding obligation or receipt is established for Alaska." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-dow-usac-antimony-2026", "supports": [ "instrument", "value_role", "capital_source", "provider", "legal_authority", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening and award-scope paragraphs", "note": "Government names two work streams under one $27M DPA award; it does not state their individual amounts." }, { "sourceId": "src-usac-2026-q1-call-sec-exhibit", "supports": [ "amount", "relationships", "project", "location" ], "evidence": "explicit", "locator": "May 2026 SEC-furnished transcript: CEO answer to Jonathan Miller's funding allocation question", "note": "Company explicitly identifies the $20M Thompson Falls and $7M Alaska split. Does not establish separate obligations or disbursement." } ], "notes": "The company's CEO identifies $7M for Alaska; a prospective payment expectation in the May call is not evidence of disbursement. No specific named Alaska mine is attributed to the grant." }, { "id": "fin-us-dow-usac-antimony-2026-thompson-falls", "eventId": "evt-us-dow-usac-antimony-2026", "relationships": [ { "commitmentId": "fin-us-dow-usac-antimony-2026", "relationship": "part_of", "sourceId": "src-usac-2026-q1-call-sec-exhibit", "locator": "Q&A: CEO response on the $27M DPA award split", "note": "This geographic allocation is part of the parent $27M award, not incremental funds." } ], "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "20000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$20 million for Thompson Falls", "currencyBasis": "issuer_context" }, "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "legalAuthority": "Defense Production Act Title III", "programmeId": null, "recipient": "United States Antimony Corporation", "recipientOrgIds": [ "org-us-antimony" ], "project": "Thompson Falls antimony processing and refining expansion", "projectId": "prj-us-usac-thompson-falls-expansion", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Montana", "asStated": "Thompson Falls, Montana" } ], "stages": [ "processing", "refining" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2026-02-24", "sourceId": "src-dow-usac-antimony-2026", "note": "Part of the $27M award announced for February 24; its precise $20M allocation is disclosed later by the company." }, { "status": "partially_disbursed", "date": null, "sourceId": "src-usac-2026-q2-10q", "note": "The filing states $12.8M received in April 2026 for accepted milestones, recognized against Thompson Falls construction in progress; no exact day is given." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-dow-usac-antimony-2026", "supports": [ "instrument", "value_role", "capital_source", "provider", "legal_authority", "recipient", "project", "location", "stages", "materials", "status" ], "evidence": "explicit", "locator": "Opening and award-scope paragraphs", "note": "Government names two work streams under one $27M DPA award; it does not state their individual amounts." }, { "sourceId": "src-usac-2026-q1-call-sec-exhibit", "supports": [ "amount", "relationships", "project", "location" ], "evidence": "explicit", "locator": "May 2026 SEC-furnished transcript: CEO answer to Jonathan Miller's funding allocation question", "note": "Company explicitly identifies the $20M Thompson Falls and $7M Alaska split. Does not establish separate obligations or disbursement." }, { "sourceId": "src-usac-2026-q2-10q", "supports": [ "status", "project", "location" ], "evidence": "explicit", "locator": "Note 9 — Government Grant and Property, Plant and Equipment", "note": "Confirms payment of $12.8M in April 2026, not the entire Thompson Falls $20M allocation." } ], "notes": "The recipient's SEC-furnished earnings-call transcript allocates $20M to Thompson Falls. Its Form 10-Q reports $12.8M of accepted milestones received in April 2026 and recorded against Thompson Falls construction in progress. Neither amount is incremental to the parent $27M award." }, { "id": "fin-us-exim-perpetua-stibnite-2026", "eventId": "evt-us-exim-stibnite-2026", "relationships": [], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "2906000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "2,906 [US$ millions]", "currencyBasis": "stated" }, "provider": "Export-Import Bank of the United States", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-exim" ], "legalAuthority": "Make More in America Initiative", "programmeId": null, "recipient": "Perpetua Resources Idaho, Inc.", "recipientOrgIds": [ "org-perpetua-resources-idaho" ], "project": "Stibnite Gold Project", "projectId": "prj-us-stibnite", "facility": null, "locations": [ { "countryCode": "US", "subnational": "Idaho", "asStated": "Idaho" } ], "stages": [ "mining", "processing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "antimony" ], "materialAttribution": "includes_untracked", "untrackedMaterialsAsStated": [ "gold" ], "financialStatusHistory": [ { "status": "decided", "date": "2026-05-21", "sourceId": "src-exim-stibnite-board-2026", "note": "EXIM's board gave final approval. The bank's transaction table labels the transaction 'Authorized'; SMPT maps this to decided because definitive loan documentation had not yet been executed." } ], "implementationStatusHistory": [ { "status": "construction", "date": null, "sourceId": "src-perpetua-stibnite-construction-2026", "note": "Early works were underway before EXIM's final approval and additional critical-path construction began in May 2026." } ], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-exim-stibnite-transactions-2026", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "project", "location", "materials", "status" ], "evidence": "explicit", "locator": "2026 Perpetua Resources Corp. transaction row", "note": "The table lists US$2.906B, U.S. mining sector, and status Authorized." }, { "sourceId": "src-exim-stibnite-board-2026", "supports": [ "instrument", "provider", "recipient", "project", "materials", "status" ], "evidence": "explicit", "locator": "Transaction AP768324XX", "note": "The minutes identify a direct loan for Gold and Antimony and record final approval." }, { "sourceId": "src-perpetua-sec-2026-q2", "supports": [ "status", "legal_authority" ], "evidence": "explicit", "locator": "Project Financing from U.S. EXIM", "note": "The filing states that the board-approved loan remained subject to definitive documentation and conditions precedent and identifies the Make More in America Initiative." }, { "sourceId": "src-perpetua-sec-2026-q2", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Project financing and development discussion", "note": "The loan finances the Stibnite development, which includes mine development and a processing plant; no amount is allocated by stage." }, { "sourceId": "src-perpetua-stibnite-construction-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Construction update", "note": null }, { "sourceId": "src-exim-stibnite-board-2026", "supports": [ "provider" ], "evidence": "explicit", "locator": "Structured & Project Finance Division, Board transaction AP768324XX; U.S. Export-Import Bank direct loan", "note": "The bank is provider/authorizing lender, not an outside guarantor. Board approval is not evidence of execution or disbursement." } ], "notes": "EXIM's official transaction table uses 'Authorized', but the commitment remains non-binding in SMPT's lifecycle until definitive loan documents are executed. The June 2026 filing states that availability depends on completion of definitive documentation and satisfaction of conditions precedent. EXIM's May 21, 2026 board record names Perpetua Resources Idaho Inc. as prospective borrower/PSOR and the Canadian-incorporated Perpetua Resources Corp. as proposed guarantor; this classification does not imply execution of a loan or guarantee." }, { "id": "fin-us-osc-obbba-2025-credit-subsidy", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "loan", "valueRole": "budget_appropriation", "capitalSource": "public", "amount": { "value": "500000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$500 million of credit subsidy funding", "currencyBasis": "issuer_context" }, "provider": "US Department of Defense, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": "One Big Beautiful Bill Act", "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "authorized", "date": "2025-07-04", "sourceId": "src-osc-mp-loan-2025", "note": "The release says the President signed the Act into law on 4 July 2025." } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-osc-mp-loan-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "status", "programme" ], "evidence": "explicit", "locator": "Third paragraph", "note": null } ], "notes": "Recorded because the OSC release names it as the source of the MP loan. A credit subsidy covers the budget cost of lending, not loan principal, so it is never added to the lending authority or to any loan." }, { "id": "fin-us-osc-obbba-2025-lending-authority", "eventId": "evt-us-dod-mp-2025", "relationships": [], "instrument": "loan", "valueRole": "lending_authority", "capitalSource": "public", "amount": { "value": "100000000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "creating up to $100 billion in available loan funds specifically for critical minerals production and related industries and projects", "currencyBasis": "issuer_context" }, "provider": "US Department of Defense, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": "One Big Beautiful Bill Act", "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": null, "recipientOrgIds": [], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [], "materialAttribution": "not_stated", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "authorized", "date": "2025-07-04", "sourceId": "src-osc-mp-loan-2025", "note": null } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-osc-mp-loan-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "status", "programme" ], "evidence": "explicit", "locator": "Third paragraph", "note": null } ], "notes": "A lending ceiling created by the $500 million credit subsidy, as the OSC release describes it. A ceiling on what may be lent, not money lent; awards drawn from it are recorded separately and never added to it." }, { "id": "fin-us-osc-vulcan-reelement-2025-joint-commitment", "eventId": "evt-us-osc-vulcan-reelement-2025", "relationships": [ { "commitmentId": "fin-us-osc-obbba-2025-lending-authority", "relationship": "drawn_from", "sourceId": "src-osc-vulcan-reelement-2025", "locator": "Fourth paragraph", "note": "\"The funding for OSC's conditional loans comes from the One Big Beautiful Bill Act ... The Act provides up to $100 billion in total OSC lending authority\"." } ], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "700000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "a joint $700 million conditional loan commitment", "currencyBasis": "issuer_context" }, "provider": "US Department of War, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": "One Big Beautiful Bill Act (OSC lending authority)", "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": "Vulcan Elements and ReElement Technologies", "recipientOrgIds": [ "org-reelement-technologies", "org-vulcan-elements" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [ "separation", "refining", "component_manufacturing" ], "stageAllocation": "multi_stage_unallocated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-11-21", "sourceId": "src-osc-vulcan-reelement-2025", "note": "A conditional commitment: \"No OSC funds are disbursed until all parties have completed or met the conditions for disbursement as specified in the loan commitment.\"" } ], "implementationStatusHistory": [], "terms": [ { "kind": "other", "value": null, "qualifier": null, "currency": null, "unit": null, "asStated": "The Department of War will also receive warrants from Vulcan and ReElement as part of the joint commitment.", "sourceId": "src-osc-vulcan-reelement-2025", "note": null } ], "outcomes": [ { "metric": "other", "value": "10000", "qualifier": "up_to", "unit": "metric tons of NdFeB magnet material", "targetDate": null, "asStated": "Vulcan and ReElement anticipate collectively producing up to 10,000 metric tons of NdFeB magnet material in the next several years", "statedBy": "recipient", "sourceId": "src-osc-vulcan-reelement-2025", "note": "The companies' expectation as the OSC release reports it; no period or annual rate is stated." } ], "evidence": [ { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "legal_authority", "recipient", "relationships", "materials", "status", "terms", "outcomes", "programme" ], "evidence": "explicit", "locator": "First to fourth paragraphs", "note": null }, { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "stages" ], "evidence": "explicit", "locator": "Second paragraph", "note": "\"advanced rare earth element separation, metallization, and magnet manufacturing capabilities\"; metallization is recorded as refining." } ], "notes": "The joint commitment; its two loans are recorded as parts of it. Stages are stated for the joint commitment, not per company." }, { "id": "fin-us-osc-vulcan-reelement-2025-reelement-loan", "eventId": "evt-us-osc-vulcan-reelement-2025", "relationships": [ { "commitmentId": "fin-us-osc-vulcan-reelement-2025-joint-commitment", "relationship": "part_of", "sourceId": "src-osc-vulcan-reelement-2025", "locator": "Second paragraph", "note": null } ], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "80000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "one to ReElement for $80 million", "currencyBasis": "issuer_context" }, "provider": "US Department of War, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": null, "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": "ReElement Technologies", "recipientOrgIds": [ "org-reelement-technologies" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-11-21", "sourceId": "src-osc-vulcan-reelement-2025", "note": "A conditional commitment: \"No OSC funds are disbursed until all parties have completed or met the conditions for disbursement as specified in the loan commitment.\"" } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "relationships", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Second paragraph", "note": null } ], "notes": null }, { "id": "fin-us-osc-vulcan-reelement-2025-vulcan-elements-loan", "eventId": "evt-us-osc-vulcan-reelement-2025", "relationships": [ { "commitmentId": "fin-us-osc-vulcan-reelement-2025-joint-commitment", "relationship": "part_of", "sourceId": "src-osc-vulcan-reelement-2025", "locator": "Second paragraph", "note": null } ], "instrument": "loan", "valueRole": "commitment", "capitalSource": "public", "amount": { "value": "620000000", "currency": "USD", "qualifier": "exact", "amountAsStated": "one to Vulcan for $620 million", "currencyBasis": "issuer_context" }, "provider": "US Department of War, Office of Strategic Capital", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-osc" ], "legalAuthority": null, "programmeId": "prg-us-osc-critical-minerals-lending", "recipient": "Vulcan Elements", "recipientOrgIds": [ "org-vulcan-elements" ], "project": null, "projectId": null, "facility": null, "locations": [], "stages": [], "stageAllocation": "not_stated", "materialIds": [ "rare-earth-elements", "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "financialStatusHistory": [ { "status": "decided", "date": "2025-11-21", "sourceId": "src-osc-vulcan-reelement-2025", "note": "A conditional commitment: \"No OSC funds are disbursed until all parties have completed or met the conditions for disbursement as specified in the loan commitment.\"" } ], "implementationStatusHistory": [], "terms": [], "outcomes": [], "evidence": [ { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "relationships", "materials", "status", "programme" ], "evidence": "explicit", "locator": "Second paragraph", "note": null } ], "notes": null } ]