Instruments

Awards, loans, and procurements

Every government financial instrument in the chain — grants, loans, equity, price floors, offtakes, leases, and tax credits — with its current financial state. A conditional commitment is not financing.

InstrumentTypeAmountProgramFinancial stateLatest event
U.S. Army conditional Enhanced Use Lease award to REalloys at Tooele Army DepotLeaseArmy Enhanced Use Leases (critical minerals)Conditional commitmentJun 25, 2026
Office of Strategic Capital $725 million conditional loan commitment with Energy FuelsLoan$725MOffice of Strategic CapitalConditional commitmentJun 18, 2026
Office of Strategic Capital $500 million conditional loan commitment with Phoenix TailingsLoan$500MOffice of Strategic CapitalConditional commitmentJun 16, 2026
CHIPS incentives — USA Rare Earth (up to $277 million)Grant$277MCHIPS Program OfficeDefinitive agreementJun 3, 2026
CHIPS loan agreement — USA Rare Earth (up to $1.3 billion)Loan$1.3BCHIPS Program OfficeDefinitive agreementJun 3, 2026
DLA NdFeB magnet block delivery order to E-VAC Magnetics, May 2026Procurement contract$12.9MDLA Strategic MaterialsObligatedMay 26, 2026
DLA NdFeB magnet block delivery order to Noveon Magnetics, May 2026Procurement contract$12.89MDLA Strategic MaterialsObligatedMay 26, 2026
Export Finance Australia equity investment of approximately A$140 million in Arafura (Nolans project)EquityA$140MCritical Minerals Facility (Export Finance Australia)ObligatedMay 21, 2026
Export Finance Australia debt commitment of up to A$700 million to Arafura (Nolans project)LoanA$700MCritical Minerals Facility (Export Finance Australia)Conditional commitmentMay 21, 2026
DLA qualification contract to Advanced Magnet Lab, May 2026Procurement contract$2MDLA Strategic MaterialsObligatedMay 19, 2026
JOGMEC Critical Minerals Grant to Santoku (JFY2026, rare earth refining)Grant¥800MJOGMEC Critical Minerals Grant ProgramAnnouncedApr 1, 2026
JOGMEC Critical Minerals Grant to Shin-Etsu Chemical (JFY2026, rare earth refining)Grant¥17.5BJOGMEC Critical Minerals Grant ProgramAnnouncedApr 1, 2026
UK DRIVE35 GBP 12 million capital grant Offer in Principle to Ionic Technologies (Belfast commercial plant)Grant£12MDRIVE35Conditional commitmentJan 27, 2026
Canada Growth Fund US$25 million preferred equity investment in Cyclic MaterialsEquity$25MCanada Growth FundObligatedJan 20, 2026
Office of Strategic Capital $80 million direct loan to ReElement TechnologiesLoan$80MOffice of Strategic CapitalConditional commitmentNov 21, 2025
Office of Strategic Capital $620 million direct loan to Vulcan ElementsLoan$620MOffice of Strategic CapitalConditional commitmentNov 21, 2025
CHIPS incentives letter of intent — Vulcan Elements ($50 million)Grant$50MCHIPS Program OfficeAnnouncedNov 3, 2025
NRCan GPI and FedDev Ontario conditional approval for Ucore Kingston Sm/Gd refinery (up to $36.3 million)GrantC$36.3MGlobal Partnerships InitiativeConditional commitmentOct 31, 2025
EU Just Transition Fund EUR 14.5 million for Neo Performance Materials' Narva magnet plantGrant€14.5MEU Just Transition FundObligatedSep 19, 2025
DoD IBAS $2 million investment in ReElement TechnologiesGrant$2MIndustrial Base Analysis and Sustainment ProgramAnnouncedSep 3, 2025
DoD $400 Million Preferred Equity Investment in MP Materials (July 2025)Equity$400MDefense Production Act Title IIIDefinitive agreementJul 10, 2025
DoD 10-Year 100% Magnet Offtake Commitment for the MP Materials 10X Facility (July 2025)OfftakeDefense Production Act Title IIIDefinitive agreementJul 10, 2025
DoD $110/kg NdPr Price Floor Commitment for MP Materials (July 2025)Price floor$110/kg floorDefense Production Act Title IIIDefinitive agreementJul 10, 2025
Canada Infrastructure Bank CA$55 million enabling-infrastructure loan to Torngat MetalsLoanC$55MCanada Infrastructure BankDefinitive agreementJun 23, 2025
Export Development Canada CA$110 million bridge loan to Torngat MetalsLoanC$110MExport Development CanadaDefinitive agreementJun 17, 2025
DoD follow-on production award — Ucore ($18.4 million)Cooperative agreement$18.4MDefense Production Act Title IIIObligatedJun 2, 2025
French government EUR 106 million support to Caremag (Lacq rare earth recycling and refining plant)Grant€106MFrance - National Rare Earths and Permanent Magnets PlanDefinitive agreementMar 17, 2025
JOGMEC and Iwatani investment of up to EUR 110 million in Caremag via Japan France Rare Earth CompanyEquity€110MJOGMEC Overseas InvestmentsDefinitive agreementMar 17, 2025
DPA Title III award to REEcycle, January 2025Cooperative agreement$5.1MDefense Production Act Title IIIObligatedJan 17, 2025
Export Finance Australia A$1.25 billion Critical Minerals Facility loan to Iluka Resources (Eneabba refinery)LoanA$1.25BCritical Minerals Facility (Export Finance Australia)AmendedDec 6, 2024
PrairiesCan contribution to SRC Rare Earth Processing Facility (bastnaesite acquisition and processing)GrantC$15.96MPrairies Economic Development CanadaObligatedAug 14, 2024
METI supply assurance plan 2024永久磁石第3号-1 (Santoku, waste-magnet rare earth recycling)Grant¥200MMETI Permanent Magnet Supply Assurance PlansDefinitive agreementJul 24, 2024
METI supply assurance plan 2024永久磁石第2号-1 (Daido Steel / Daido Electronics, magnet capacity expansion)Grant¥500MMETI Permanent Magnet Supply Assurance PlansDefinitive agreementApr 25, 2024
Section 48C tax credit allocation to e-VAC Magnetics, 2024Tax credit$111.9MQualifying Advanced Energy Project Credit (48C)ObligatedApr 9, 2024
METI supply assurance plan 2024永久磁石第1号-1 (Shin-Etsu Chemical, magnet capacity expansion)Grant¥13BMETI Permanent Magnet Supply Assurance PlansDefinitive agreementApr 9, 2024
NRCan CMRDD contribution to SRC Rare Earth Processing Facility (Dy/Tb separation)GrantC$4.99MCritical Minerals Research, Development and Demonstration ProgramObligatedFeb 16, 2024
NRCan CMRDD contribution to Ucore RapidSX demonstration (Kingston)GrantC$4.2MCritical Minerals Research, Development and Demonstration ProgramObligatedFeb 5, 2024
Northern Australia Infrastructure Facility loan of up to A$200 million to Arafura (Nolans project)LoanA$200MNorthern Australia Infrastructure FacilityConditional commitmentJan 1, 2024
DOE demonstration plant award — Rare Element Resources ($21.9 million)Grant$21.9MDOE Rare Earth Demonstration AwardsObligatedDec 21, 2023
DoD $94.1 million agreement with e-VAC Magnetics, 2023Grant$94.1MDefense Production Act Title IIIObligatedDec 13, 2023
METI supply assurance plan 2023永久磁石第1号-1 (Aichi Steel, rare-earth-saving magnets and capacity expansion)Grant¥1.1BMETI Permanent Magnet Supply Assurance PlansDefinitive agreementAug 25, 2023
DoD Heavy Rare Earth Separation Contract with Lynas USA (June 2022, Amended August 2023)Procurement contractIndustrial Base Analysis and Sustainment ProgramAmendedAug 1, 2023
DoD RapidSX demonstration award — Ucore ($4 million)Cooperative agreement$4MDefense Production Act Title IIIObligatedJun 2, 2023
NRCan CMRDD contribution to Geomega magnet recycling demonstration plantGrantC$3MCritical Minerals Research, Development and Demonstration ProgramObligatedMar 7, 2023
EXIM letter of interest — NioCorp Elk Creek (up to $800 million)Loan$800MEXIM Make More in America InitiativeAnnouncedMar 6, 2023
Northern Australia Infrastructure Facility increased loan approval of A$220 million to Hastings (Yangibana project)LoanA$220MNorthern Australia Infrastructure FacilityConditional commitmentJan 17, 2023
UK Automotive Transformation Fund backing for Pensana's Saltend rare earth processing hubGrant£5MAutomotive Transformation FundAnnouncedJul 22, 2022
DoD $35 Million Heavy Rare Earth Processing Contract with MP Materials (February 2022)Procurement contract$35MIndustrial Base Analysis and Sustainment ProgramObligatedFeb 22, 2022
DPA Title III Technology Investment Agreement with Lynas USA for Light Rare Earth Separation (February 2021)Cooperative agreement$30.4MDefense Production Act Title IIIObligatedFeb 1, 2021
DPA Title III Technology Investment Agreement with MP Materials for Light Rare Earth Separation (November 2020)Cooperative agreement$9.6MDefense Production Act Title IIIObligatedNov 17, 2020
DPA Title III award to Urban Mining Company (Noveon Magnetics), 2020Cooperative agreement$28.8MDefense Production Act Title IIIObligatedSep 11, 2020