Critical Minerals Factbook
Federal instrument · Loan

Office of Strategic Capital $620 million direct loan to Vulcan Elements

A $620 million Office of Strategic Capital direct loan to Vulcan Elements, the larger share of a joint $700 million OSC conditional loan commitment with ReElement Technologies. Vulcan announced the financing on November 3, 2025 as part of a $1.4 billion public-private package to scale to 10,000 metric tonnes of annual NdFeB magnet production; the Department of War's November 21, 2025 release describes the instrument as a conditional loan commitment, with no OSC funds disbursed until conditions for disbursement are met.

Facts on this page last re-verified Aug 11, 2026 — the oldest verification date among its current claims. How we verify.

Financial state: Conditional commitment

Program: Office of Strategic Capital · U.S. Department of Defense / Department of War

Terms

Principal$620M (direct loan principal to Vulcan Elements within the joint $700 million OSC conditional loan commitment with ReElement Technologies)

Immutable financial events

  1. Nov 3, 2025 · Announced
  2. Nov 21, 2025 · Conditional commitment

Operational milestones are displayed on the linked facility line, not duplicated in this ledger.

Sources