{ "projectionVersion": "smpt-investigation-1", "projectId": "prj-ee-neo-rare-earth-magnet-project", "corpus": { "revision": "2026-11-03", "legalStatusCutoff": "2026-11-03", "view": "current_corpus_revision", "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates." }, "project": { "id": "prj-ee-neo-rare-earth-magnet-project", "name": "Neo Performance's rare earths magnet project in Estonia", "sponsorOrgIds": [ "org-neo-performance" ], "locations": [ { "countryCode": "EE", "subnational": null, "asStated": "Estonia" } ], "stages": [ "component_manufacturing" ], "materialIds": [ "ndfeb-magnets" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "name", "sponsors", "location" ], "evidence": "explicit", "locator": "Section 2.1", "note": null }, { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "stages", "materials" ], "evidence": "ambiguous", "locator": "Section 2.1", "note": "\"Rare earths magnet project\": read as rare-earth permanent-magnet manufacturing; the Communication does not say which magnet type." } ], "notes": null }, "organizations": [ { "id": "org-neo-performance", "name": "Neo Performance", "nameOriginal": null, "aliases": [], "kind": "company", "roles": [ { "role": "registered_sponsor", "recordId": "prj-ee-neo-rare-earth-magnet-project" } ], "evidence": [ { "sourceId": "src-ec-resourceeu-com-945", "supports": [ "name", "kind" ], "evidence": "explicit", "locator": "Section 2.1", "note": "\"Neo Performance's Rare earths magnet project in Estonia\"; the name is recorded as the Communication gives it." } ] }, { "id": "org-npm-narva-ou", "name": "NPM Narva OÜ", "nameOriginal": "NPM Narva OÜ", "aliases": [], "kind": "company", "roles": [ { "role": "recipient", "recordId": "fin-eu-jtf-2025-neo-magnet-project" } ], "evidence": [ { "sourceId": "src-eis-npm-narva-jtf-project-grant", "supports": [ "name", "kind", "country" ], "evidence": "explicit", "locator": "EIS supported projects: Magnetitehas Narva; Toetuse saaja = NPM Narva OÜ; registrikood 16493223", "note": "Estonian funding authority directly names the grant beneficiary, registered company, and Narva project. A group sponsor must not be substituted for the legal beneficiary." }, { "sourceId": "src-estonia-finance-jtf-narva-audit-2025-11", "supports": [ "name", "kind", "country" ], "evidence": "explicit", "locator": "JTF-2/2025 final project audit, PDF p. 3 § 1.1 'Toetuse saaja ja partner(id)' and p. 7 footnote 8", "note": "Ministry confirms current grant beneficiary NPM Narva OÜ, original NPM Silmet OÜ, and transfer of 95% project activities/budget. Neither source proves direct shareholding or a simplistic one-hop corporate parent link." } ] } ], "financialInstruments": [ { "id": "fin-eu-jtf-2025-neo-magnet-project", "eventId": "evt-eu-resourceeu-2025", "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-ee-neo-rare-earth-magnet-project", "associatedProjectIds": [], "amount": { "value": "14800000", "currency": "EUR", "qualifier": "approximately", "amountAsStated": "grant amount of approximately €14.8 million", "currencyBasis": "stated", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "Just Transition Fund", "providerJurisdiction": "eu", "providerOrgIds": [], "recipient": "NPM Narva OÜ", "recipientOrgIds": [ "org-npm-narva-ou" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "EE", "subnational": null, "asStated": "Estonia" } ], "materialIds": [ "ndfeb-magnets" ], "stages": [ "component_manufacturing" ], "currentFinancialStatus": "partially_disbursed", "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." } ], "legacyPhysicalObservations": [ { "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": [], "statedOutcomes": [], "relationships": [], "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." } ], "nonallocativeAssociations": [], "designations": [], "nativeMilestones": [ { "id": "mil-ee-neo-narva-commercial-production-reported-2026", "projectId": "prj-ee-neo-rare-earth-magnet-project", "kind": "production_reported", "claimMode": "occurred", "evidenceCategory": "reviewed_project_native", "scope": "named_facility", "scopeAsStated": "initial commercial rare-earth sintered magnet production programs at Neo's European permanent magnet facility in Narva, Estonia", "occurredOn": null, "targetOn": null, "sourceId": "src-neo-commercial-production-2026", "locator": "Issuer announcement September 14, 2026; opening body paragraph", "statementOriginal": "its European permanent magnet manufacturing facility is in commercial production and shipping volumes of rare earth sintered magnets", "statementEn": "its European permanent magnet manufacturing facility is in commercial production and shipping volumes of rare earth sintered magnets", "statementEnSource": "na", "reviewedBy": "Benjamin Yang", "reviewedAt": "2026-10-17", "note": "Issuer reports initial commercial sintered-magnet program and shipments as of 2026-09-14, but does not state the first production-start day. Do not treat publication day as an occurredOn event; no observed 2,000-tonne output, Phase 1B/20,000-tonne achievement, JTF-caused production, or disbursement inference." } ], "policyContexts": [ { "id": "evt-eu-resourceeu-2025", "relationship": "finance_or_designation_parent", "jurisdiction": "eu", "issuingBody": "European Commission", "titleEn": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality", "titleOriginal": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality", "documentNumber": "COM(2025) 945 final", "date": "2025-12-03", "policyStatus": "active", "sourceIds": [ "src-ec-resourceeu-com-945", "src-ec-ip-25-2891" ] } ], "coannouncedControls": [], "financePackageReferences": [], "unknowns": [ "Reviewed observations establish only their stated scope. They do not by themselves establish sustained construction, capacity achieved, commercial output or a financing payout.", "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.", "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome." ], "sources": [ { "id": "src-ec-estonia-neo-narva-jtf-147", "title": "European Commission Representation in Estonia — Neo Narva magnet factory JTF support", "publisher": "European Commission, Representation in Estonia", "url": "https://estonia.representation.ec.europa.eu/strateegia-ja-prioriteedid/eli-eelarve-eesti-jaoks/elu-edeneb-euroopa-liidu-eelarve-toel/neo-perfomance-materials-magnetitehase-rajamine_et", "language": "et", "sourceType": "other", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-09" }, { "id": "src-ec-ip-25-2891", "title": "Commission adopts RESourceEU to secure raw materials, reduce dependencies and boost competitiveness (IP/25/2891)", "publisher": "European Commission", "url": "https://ec.europa.eu/commission/presscorner/detail/en/ip_25_2891", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-12-03", "accessedOn": "2026-09-23" }, { "id": "src-ec-resourceeu-com-945", "title": "RESourceEU Action Plan: Accelerating our critical raw materials strategy to adapt to a new reality (COM(2025) 945 final)", "publisher": "European Commission", "url": "https://single-market-economy.ec.europa.eu/document/download/01c448d6-dc93-40d7-9afe-4c2af448d00c_en", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-12-03", "accessedOn": "2026-09-23" }, { "id": "src-eis-npm-narva-jtf-project-grant", "title": "Estonian Business and Innovation Agency (EIS) — supported projects: Magnetitehas Narva (NPM Narva OÜ)", "publisher": "Ettevõtluse ja Innovatsiooni Sihtasutus (Estonian Business and Innovation Agency)", "url": "https://eis.ee/toetatud-projektid/?grant_size_from=0&grant_size_to=30000000&recipient=&s%5Bprogram%5D=ida-viru-ettev-tluse-investeeringute-toetus&s%5Byear%5D=all&sort=project_recipient%3Aasc", "language": "et", "sourceType": "other", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-09" }, { "id": "src-estonia-finance-jtf-narva-audit-2025-11", "title": "Estonian Ministry of Finance — JTF project audit JTF-2/2025, Magnetitehas Narva", "publisher": "Rahandusministeerium (Estonian Ministry of Finance), Financial Control Department", "url": "https://www.fin.ee/sites/default/files/documents/2025-11/A1-1_Auditi_l6pparuanne.pdf", "language": "et", "sourceType": "other", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-09" }, { "id": "src-neo-aif-2025-jtf-nov2024-amendment", "title": "Neo Performance Materials — 2024 Annual Information Form, Narva JTF amendment (reported March 2025)", "publisher": "Neo Performance Materials Inc.", "url": "https://www.neomaterials.com/wp-content/uploads/2025/03/Neo-AIF-2025-vF.pdf", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2025-03-18", "accessedOn": "2026-10-09" }, { "id": "src-neo-aif-2026", "title": "Annual Information Form for the year ended December 31, 2025", "publisher": "Neo Performance Materials Inc.", "url": "https://www.neomaterials.com/wp-content/uploads/2026/03/NPM-AIF-2026.pdf", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2026-03-19", "accessedOn": "2026-10-02" }, { "id": "src-neo-commercial-production-2026", "title": "Neo Advances to Commercial Production at European Facility", "publisher": "Neo Performance Materials", "url": "https://www.neomaterials.com/neo-advances-commercial-production-magnet-facility/", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-09-14", "accessedOn": "2026-10-02" }, { "id": "src-neo-jtf-award-2022", "title": "Neo Performance Materials to Receive First-Ever Grant Under Europe’s Just Transition Fund for Neo’s Planned Sintered Rare Earth Magnet Manufacturing Plant in Estonia", "publisher": "Neo Performance Materials", "url": "https://www.neomaterials.com/neo-performance-materials-european-grant/", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2022-11-09", "accessedOn": "2026-10-02" } ], "limitations": [ "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.", "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.", "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.", "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.", "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.", "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.", "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.", "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct." ] }