{ "projectionVersion": "smpt-investigation-1", "projectId": "prj-us-5n-st-george-germanium-refining", "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-us-5n-st-george-germanium-refining", "name": "St. George germanium recovery and refining expansion", "sponsorOrgIds": [ "org-5n-plus" ], "locations": [ { "countryCode": "US", "subnational": "Utah", "asStated": "St. George, Utah" } ], "stages": [ "recycling", "refining" ], "materialIds": [ "germanium" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "evidence": [ { "sourceId": "src-dow-5n-germanium-2026", "supports": [ "name", "location", "stages", "materials" ], "evidence": "explicit", "locator": "Opening and capacity paragraphs", "note": "The release describes expansion of germanium-metal zone refining and sourcing from underutilized domestic sources." }, { "sourceId": "src-5n-germanium-2026", "supports": [ "sponsors", "stages", "materials" ], "evidence": "explicit", "locator": "Opening and capacity paragraphs", "note": "5N+ describes recycling and refining germanium from industrial residues and mining by-products." }, { "sourceId": "src-5n-mda-q4-2025", "supports": [ "sponsors", "stages", "materials" ], "evidence": "explicit", "locator": "Page 4, sentence beginning 'In early 2026, the Company announced'", "note": "Recipient disclosure of the US$18.1M grant for germanium recycling and refining capacity. It does not name St. George." }, { "sourceId": "src-5n-sustainability-2025", "supports": [ "location", "stages", "materials" ], "evidence": "explicit", "locator": "Page 42, Waste Management, 'Driving Circularity Through Germanium Recovery'", "note": "Recipient publication describing a planned expansion of germanium recovery and recycling at St. George, supported by a U.S. government award, over the next four years. It states no stage beyond planned." } ], "notes": "A distinct DPA-funded scope from the 2024 substrate-capacity award, although both occur at the same St. George facility." }, "organizations": [ { "id": "org-5n-plus", "name": "5N Plus Inc.", "nameOriginal": null, "aliases": [ "5N+" ], "kind": "company", "roles": [ { "role": "registered_sponsor", "recordId": "prj-us-5n-st-george-germanium-refining" }, { "role": "recipient", "recordId": "fin-us-dow-5n-germanium-2025" } ], "evidence": [ { "sourceId": "src-5n-germanium-2026", "supports": [ "name", "kind", "country" ], "evidence": "explicit", "locator": "Opening paragraph", "note": "The company release identifies 5N Plus Inc. as a Canadian issuer headquartered in Montréal, Québec." } ] }, { "id": "org-us-dod", "name": "U.S. Department of Defense", "nameOriginal": null, "aliases": [ "U.S. Department of War", "Department of War", "DoD" ], "kind": "government", "roles": [ { "role": "provider", "recordId": "fin-us-dow-5n-germanium-2025" } ], "evidence": [ { "sourceId": "src-dod-mp-transaction-agreement-2025", "supports": [ "name", "kind", "country", "actor" ], "evidence": "explicit", "locator": "Item 1.01, first paragraph", "note": "\"the United States Department of Defense (“Department of Defense” or “DoD”)\"" }, { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "name" ], "evidence": "explicit", "locator": "Third paragraph", "note": "\"Following the Department of War's agreement earlier this year with MP Materials\": the agreement the Form 8-K records with the Department of Defense, so one department under two names." } ] } ], "financialInstruments": [ { "id": "fin-us-dow-5n-germanium-2025", "eventId": "evt-us-dow-5n-germanium-2025", "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-us-5n-st-george-germanium-refining", "associatedProjectIds": [], "amount": { "value": "18100000", "currency": "USD", "qualifier": "exact", "amountAsStated": "$18.1 million", "currencyBasis": "issuer_context", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "U.S. Department of War", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-dod" ], "recipient": "5N Plus Inc.", "recipientOrgIds": [ "org-5n-plus" ], "programmeId": null, "legalAuthority": "Defense Production Act Title III", "facility": "St. George facility", "locations": [ { "countryCode": "US", "subnational": "Utah", "asStated": "St. George, Utah" } ], "materialIds": [ "germanium" ], "stages": [ "recycling", "refining" ], "currentFinancialStatus": "decided", "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." } ], "legacyPhysicalObservations": [ { "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." } ], "statedOutcomes": [ { "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." } ], "relationships": [], "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." } ], "nonallocativeAssociations": [], "designations": [], "nativeMilestones": [], "policyContexts": [ { "id": "evt-us-dow-5n-germanium-2025", "relationship": "finance_or_designation_parent", "jurisdiction": "us", "issuingBody": "U.S. Department of War", "titleEn": "Department of War DPA investment in 5N+ germanium recovery and refining", "titleOriginal": "Department of War Invests $18.1M to Increase U.S. Refining Capacity for Germanium Metal", "documentNumber": null, "date": "2025-12-15", "policyStatus": "active", "sourceIds": [ "src-dow-5n-germanium-2026", "src-5n-germanium-2026", "src-5n-st-george-expansion-2026" ] } ], "coannouncedControls": [], "financePackageReferences": [], "unknowns": [ "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.", "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-5n-germanium-2026", "title": "5N+ Awarded US$18.1 Million by U.S. Government to Significantly Increase Germanium Production Capacity in St. George, Utah", "publisher": "5N Plus Inc.", "url": "https://www.5nplus.com/en/news/5n-awarded-us181-million/", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2026-01-30", "accessedOn": "2026-10-04" }, { "id": "src-5n-mda-q4-2025", "title": "5N Plus Inc. Management's Discussion and Analysis, year ended December 31, 2025", "publisher": "5N Plus Inc.", "url": "https://www.5nplus.com/media/uploads/documents/b2026-02-24_mda_q4_2025.pdf", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2026-02-24", "accessedOn": "2026-10-04" }, { "id": "src-5n-st-george-expansion-2026", "title": "5N+ to Expand St. George, Utah Production Facility by 50% to Support Future Growth", "publisher": "5N Plus Inc.", "url": "https://www.5nplus.com/en/news/5n-to-expand-st-george-utah-production-facility-by/", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2026-09-22", "accessedOn": "2026-10-04" }, { "id": "src-5n-sustainability-2025", "title": "5N+ 2025 Sustainability Report", "publisher": "5N Plus Inc.", "url": "https://www.5nplus.com/media/uploads/documents/b5n_sustainability_report_2025.pdf", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": null, "accessedOn": "2026-10-04" }, { "id": "src-dod-mp-transaction-agreement-2025", "title": "MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)", "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796d8k.htm", "language": "en", "sourceType": "other", "confidence": "primary", "publishedOn": "2025-07-10", "accessedOn": "2026-10-03" }, { "id": "src-dow-5n-germanium-2026", "title": "Department of War Invests $18.1M to Increase U.S. Refining Capacity for Germanium Metal", "publisher": "U.S. Department of War", "url": "https://www.war.gov/serve-from-netstorage/News/Releases/Release/Article/4393075/department-of-war-invests-181m-to-increase-us-refining-capacity-for-germanium-m/index.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-01-29", "accessedOn": "2026-10-04" }, { "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", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-11-21", "accessedOn": "2026-09-23" } ], "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." ] }