{
  "commitment": {
    "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."
  },
  "event": {
    "id": "evt-us-osc-vulcan-reelement-2025",
    "date": "2025-11-21",
    "jurisdiction": "us",
    "titleEn": "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies"
  },
  "parents": [
    {
      "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\".",
      "commitment": {
        "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."
      }
    }
  ],
  "children": [
    {
      "id": "fin-us-osc-vulcan-reelement-2025-reelement-loan",
      "relationship": "part_of"
    },
    {
      "id": "fin-us-osc-vulcan-reelement-2025-vulcan-elements-loan",
      "relationship": "part_of"
    }
  ],
  "sources": [
    {
      "id": "src-osc-vulcan-reelement-2025",
      "title": "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies",
      "publisher": "U.S. Department of War (Office of Strategic Capital)",
      "url": "https://www.war.gov/News/Releases/Release/Article/4339788/office-of-strategic-capital-agrees-to-joint-700m-conditional-loan-commitment-wi/",
      "language": "en",
      "datePublished": "2025-11-21",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Read in full in a browser on 2026-09-23 (war.gov returns HTTP 403 to automated clients). Source of the joint $700 million conditional loan commitment ($620 million to Vulcan Elements, $80 million to ReElement Technologies), the OBBBA funding source, the warrants, the Commerce CHIPS Program Office's preliminary non-binding letter of intent for $50 million in proposed incentives, the $50 million of Vulcan equity Commerce will receive, and the statement that no OSC funds are disbursed until the conditions are met."
    }
  ]
}