{
  "projectionVersion": "smpt-investigation-1",
  "projectId": "prj-us-mountain-pass-samarium",
  "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-mountain-pass-samarium",
    "name": "Mountain Pass heavy rare earth separation expansion (Samarium Project)",
    "sponsorOrgIds": [
      "org-mp-materials"
    ],
    "locations": [
      {
        "countryCode": "US",
        "subnational": "California",
        "asStated": "the Mountain Pass Rare Earth Mine and Processing Facility located near Mountain Pass, San Bernardino County, California"
      }
    ],
    "stages": [
      "separation"
    ],
    "materialIds": [
      "rare-earth-elements"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "evidence": [
      {
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "supports": [
          "name",
          "sponsors",
          "location",
          "stages",
          "materials"
        ],
        "evidence": "explicit",
        "locator": "Item 1.01, Transaction Agreement paragraphs",
        "note": "\"expand heavy rare earth elements (“HREE”) refining capacity at the Mountain Pass Rare Earth Mine and Processing Facility ... which ... will include separation of samarium oxide\""
      }
    ],
    "notes": "Samarium is a rare earth element; it has no material record of its own and is covered by the rare-earth-elements record."
  },
  "organizations": [
    {
      "id": "org-mp-materials",
      "name": "MP Materials Corp.",
      "nameOriginal": null,
      "aliases": [
        "MP Materials"
      ],
      "kind": "company",
      "roles": [
        {
          "role": "registered_sponsor",
          "recordId": "prj-us-mountain-pass-samarium"
        },
        {
          "role": "recipient",
          "recordId": "fin-us-dod-mp-2025-company-cash"
        },
        {
          "role": "recipient",
          "recordId": "fin-us-dod-mp-2025-samarium-loan"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "supports": [
            "name",
            "kind",
            "country"
          ],
          "evidence": "explicit",
          "locator": "Cover page",
          "note": "State of incorporation: Delaware; principal executive offices in Las Vegas, Nevada."
        }
      ]
    },
    {
      "id": "org-us-osc",
      "name": "Office of Strategic Capital (OSC)",
      "nameOriginal": null,
      "aliases": [
        "OSC"
      ],
      "kind": "government",
      "roles": [
        {
          "role": "provider",
          "recordId": "fin-us-dod-mp-2025-samarium-loan"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-dow-osc-about",
          "supports": [
            "name",
            "kind",
            "country",
            "actor",
            "parents"
          ],
          "evidence": "explicit",
          "locator": "History list: \"Secretary of Defense Establishes Office of Strategic Capital\"",
          "note": "\"SECDEF establishes the Office of Strategic Capital (OSC) as a finance organization within the Department of Defense\""
        }
      ]
    }
  ],
  "financialInstruments": [
    {
      "id": "fin-us-dod-mp-2025-samarium-loan",
      "eventId": "evt-us-dod-mp-2025",
      "instrument": "loan",
      "valueRole": "commitment",
      "capitalSource": "public",
      "projectRelationship": "directly_attributable",
      "projectId": "prj-us-mountain-pass-samarium",
      "associatedProjectIds": [],
      "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",
        "basisNote": null,
        "basisLabel": null
      },
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": "US Department of Defense, Office of Strategic Capital",
      "providerJurisdiction": "us",
      "providerOrgIds": [
        "org-us-osc"
      ],
      "recipient": "MP Materials Corp.",
      "recipientOrgIds": [
        "org-mp-materials"
      ],
      "programmeId": "prg-us-osc-critical-minerals-lending",
      "legalAuthority": "One Big Beautiful Bill Act (source of OSC's credit subsidy funding)",
      "facility": "Mountain Pass Rare Earth Mine and Processing Facility",
      "locations": [
        {
          "countryCode": "US",
          "subnational": "California",
          "asStated": "near Mountain Pass, San Bernardino County, California"
        }
      ],
      "materialIds": [
        "rare-earth-elements"
      ],
      "stages": [
        "separation"
      ],
      "currentFinancialStatus": "disbursed",
      "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."
        }
      ],
      "legacyPhysicalObservations": [],
      "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."
        }
      ],
      "statedOutcomes": [],
      "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."
        }
      ],
      "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."
    }
  ],
  "nonallocativeAssociations": [
    {
      "id": "fin-us-dod-mp-2025-company-cash",
      "eventId": "evt-us-dod-mp-2025",
      "instrument": "unspecified",
      "valueRole": "recipient_own_funds",
      "capitalSource": "private",
      "projectRelationship": "nonallocative_association",
      "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"
      ],
      "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",
        "basisNote": null,
        "basisLabel": null
      },
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": null,
      "providerJurisdiction": null,
      "providerOrgIds": [],
      "recipient": "MP Materials Corp.",
      "recipientOrgIds": [
        "org-mp-materials"
      ],
      "programmeId": null,
      "legalAuthority": null,
      "facility": null,
      "locations": [],
      "materialIds": [
        "rare-earth-elements",
        "ndfeb-magnets"
      ],
      "stages": [
        "refining",
        "component_manufacturing"
      ],
      "currentFinancialStatus": "decided",
      "financialStatusHistory": [
        {
          "status": "decided",
          "date": "2025-07-09",
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "note": "An undertaking in the Transaction Agreement."
        }
      ],
      "legacyPhysicalObservations": [],
      "terms": [],
      "statedOutcomes": [
        {
          "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."
        }
      ],
      "relationships": [],
      "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."
    }
  ],
  "designations": [],
  "nativeMilestones": [],
  "policyContexts": [
    {
      "id": "evt-us-dod-mp-2025",
      "relationship": "finance_or_designation_parent",
      "jurisdiction": "us",
      "issuingBody": "Department of Defense",
      "titleEn": "DoD–MP Materials public-private partnership for rare earth magnet supply",
      "titleOriginal": "DoD–MP Materials public-private partnership for rare earth magnet supply",
      "documentNumber": null,
      "date": "2025-07-10",
      "policyStatus": "active",
      "sourceIds": [
        "src-dod-mp-transaction-agreement-2025",
        "src-osc-mp-loan-2025",
        "src-mp-dod-2025",
        "src-fortune-dod-mp",
        "src-mp-10q-2025-q3",
        "src-mp-10k-2025",
        "src-mp-10q-2026-q2"
      ]
    }
  ],
  "coannouncedControls": [
    {
      "id": "ctl-us-dod-mp-2025-ownership-covenants",
      "eventId": "evt-us-dod-mp-2025",
      "relationship": "announcement_sibling_not_project_impact",
      "clause": "Transaction Agreement, Specified Period covenants",
      "measureType": "contractual_ownership_covenant",
      "legalBasisAsStated": null,
      "productScopeAsStated": "Without DoD's consent the Company may not consummate a Fundamental Event (a sale of 15% or more of its voting stock, or of material equity or assets of the Project Company) other than to persons from permitted jurisdictions, sell equity or material assets of the Project Company, sell assets or products DoD identifies as a national-security priority, knowingly issue more than 14.9% of its common stock to persons from non-permitted foreign jurisdictions, or consummate a CFIUS-jurisdiction Fundamental Event without CFIUS clearance; it will not nominate non-U.S. citizens to its Board.",
      "statusHistory": [
        {
          "status": "in_force",
          "date": "2025-07-09",
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "note": "The Transaction Documents were executed on the Effective Date. The covenants run for the Specified Period, while DoD holds more than 75% of its securities, the Offtake Agreement or PPA remains in place, or the Samarium loan is outstanding.",
          "until": null
        }
      ],
      "evidence": [
        {
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "supports": [
            "measure_type",
            "direction",
            "clause",
            "targets",
            "materials",
            "product_scope",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Item 1.01, Transaction Agreement",
          "note": null
        }
      ]
    },
    {
      "id": "ctl-us-dod-mp-2025-restricted-buyers",
      "eventId": "evt-us-dod-mp-2025",
      "relationship": "announcement_sibling_not_project_impact",
      "clause": "PPA and Offtake Agreement, Restricted Buyers",
      "measureType": "end_use_restriction",
      "legalBasisAsStated": null,
      "productScopeAsStated": "NdPr products and magnets from the 10X Facility: \"subject to a prohibition on sales to certain Restricted Buyers\"",
      "statusHistory": [
        {
          "status": "in_force",
          "date": "2025-07-09",
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "note": null,
          "until": null
        }
      ],
      "evidence": [
        {
          "sourceId": "src-dod-mp-transaction-agreement-2025",
          "supports": [
            "measure_type",
            "direction",
            "clause",
            "targets",
            "materials",
            "product_scope",
            "status"
          ],
          "evidence": "explicit",
          "locator": "Item 1.01, Price Protection Agreement and Offtake Agreement",
          "note": null
        }
      ]
    }
  ],
  "financePackageReferences": [
    {
      "childFinanceId": "fin-us-dod-mp-2025-samarium-loan",
      "parentFinanceId": "fin-us-osc-obbba-2025-lending-authority",
      "relation": "drawn_from",
      "projectMoneyAllocation": "not_asserted",
      "evidence": [
        {
          "sourceId": "src-osc-mp-loan-2025",
          "locator": "Third paragraph"
        }
      ]
    }
  ],
  "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.",
    "Shared financing is not allocated among the named projects and is excluded from this project's stack and backers.",
    "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome."
  ],
  "sources": [
    {
      "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-osc-about",
      "title": "Office of Strategic Capital (OSC)",
      "publisher": "Office of the Under Secretary of War for Research and Engineering (OUSW(R&E))",
      "url": "https://www.cto.mil/osc/",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": null,
      "accessedOn": "2026-09-23"
    },
    {
      "id": "src-fortune-dod-mp",
      "title": "Rare earths magnets: MP Materials stock surge, landmark deals",
      "publisher": "Fortune",
      "url": "https://fortune.com/2025/08/12/rare-earths-magnets-mp-materials-stock-surge-landmark-deals-trump-apple/",
      "language": "en",
      "sourceType": "news",
      "confidence": "secondary",
      "publishedOn": "2025-08-12",
      "accessedOn": "2026-06-13"
    },
    {
      "id": "src-mp-10k-2025",
      "title": "MP Materials Corp. Form 10-K for the fiscal year ended December 31, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2026-02-26",
      "accessedOn": "2026-09-23"
    },
    {
      "id": "src-mp-10q-2025-q3",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended September 30, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136825000054/mp-20250930.htm",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2025-11-07",
      "accessedOn": "2026-10-03"
    },
    {
      "id": "src-mp-10q-2026-q2",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2026-08-07",
      "accessedOn": "2026-10-03"
    },
    {
      "id": "src-mp-dod-2025",
      "title": "MP Materials announces transformational public-private partnership with the Department of Defense",
      "publisher": "MP Materials",
      "url": "https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/",
      "language": "en",
      "sourceType": "other",
      "confidence": "primary",
      "publishedOn": "2025-07-10",
      "accessedOn": "2026-06-13"
    },
    {
      "id": "src-osc-mp-loan-2025",
      "title": "Office of Strategic Capital Announces First Loan Through DoD Agreement With MP Materials to Secure Critical Materials Supply Chain",
      "publisher": "U.S. Department of Defense, Office of Strategic Capital",
      "url": "https://www.war.gov/News/Releases/Release/Article/4270722/office-of-strategic-capital-announces-first-loan-through-dod-agreement-with-mp/",
      "language": "en",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2025-08-10",
      "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."
  ]
}