REalloys rare earth company (Nasdaq: ALOY) secured a Defense Logistics Agency contract for samarium and gadolinium metals on March 2, 2026, and completed a $50 million public offering one week later — the most concrete sign yet that U.S. defence procurement is moving to lock in non-Chinese heavy rare earth supply ahead of a statutory 2027 deadline.
Company Overview
REalloys Inc. is headquartered in Boca Raton, Florida, and listed on Nasdaq under the ticker ALOY. The company describes its model as mine-to-magnet: sourcing rare earth feedstock through upstream project offtakes, processing it through metallization operations, and supplying finished metals and magnet materials to U.S. government and commercial customers.
The Euclid, Ohio facility — the operational core of REalloys — traces to Powdermet Inc., a metallurgical R&D firm with more than 25 years of history in advanced materials. REalloys acquired 100% of PMT Critical Metals Inc. (PMTCM), the entity holding the Euclid assets, on March 31, 2025, in a share exchange representing approximately 14% of outstanding common stock. The acquisition brought active government contracts and an established production track record rather than a greenfield build.
REalloys Rare Earth Operations at Euclid
The Euclid facility is, according to the company, the only heavy rare earth metallization operation in North America with a confirmed delivery record to U.S. government clients. Current active customers include the Defense Logistics Agency, the Department of Energy’s Ames National Laboratory, and NASA, per company statements. The DLA contract awarded March 2, 2026, covers samarium and gadolinium metals under topic DLA212-004 via Terves LLC, a REalloys subsidiary.
In March 2026, REalloys demonstrated a patent-pending hydrofluoric-acid-free (HF-free) fluorination process for producing metallization-grade rare earth fluorides. Independent laboratory analysis confirmed oxygen content of 0.34 wt% in the resulting material — a technically significant result, as conventional fluorination routes use hydrofluoric acid, which creates handling and environmental challenges at scale. The process is patent-pending; commercial deployment timelines have not been confirmed.
The Euclid facility currently operates at R&D and contract production scale for government clients rather than industrial-volume output. REalloys is pre-revenue at commercial scale.
Saskatchewan Partnership and Heavy Rare Earth Scale-Up
On March 11, 2026, REalloys announced a fully financed buildout of a Heavy Rare Earth Metallization Facility (HREMF) in partnership with the Saskatchewan Research Council (SRC). Under the arrangement, the HREMF will be constructed and commissioned in Saskatoon before being relocated to Ohio for defence supply. REalloys will own 100% of the HREMF. Estimated cost is approximately $40 million, funded from the $50 million offering proceeds.
REalloys holds an 80% offtake position on output from SRC’s Rare Earth Processing Facility (REPF). At full commercial scale, the HREMF is targeted to produce approximately 30 tonnes of dysprosium metal per year and approximately 15 tonnes of terbium metal per year. SRC’s REPF is separately targeted to produce 400–600 tonnes of NdPr metal per year, per a December 2025 announcement. These are company targets, not confirmed production figures; timelines remain subject to construction, commissioning, and regulatory factors.
The target date for initial HREMF operations is H1 2027, with full commercial scale targeted for mid-to-late 2027. The timing is not coincidental: DFARS clause 252.225-7052 under 10 U.S.C. §4872, which restricts Chinese-origin rare earth materials in U.S. defence procurement, takes full effect on January 1, 2027. REalloys is positioning HREMF output as DFARS-compliant supply for U.S. defence prime contractors. For context on why that regulatory trigger matters, see our overview of China rare earth export controls and the broader supply constraint environment.
Upstream Assets and Feedstock Strategy
REalloys’ upstream position spans multiple projects and offtake agreements. The company holds the Hoidas Lake rare earth project in Saskatchewan, which contains both light rare earth elements (Nd, Pr, Ce, La) and heavy rare earth elements (Dy, Tb, Gd, Er), and is positioned to support 3,000–5,000 tonnes per year of production, per company estimates.
Offtake agreements extend the feedstock base beyond Hoidas Lake. REalloys holds a 15% offtake from Critical Metals Corp. (Nasdaq: CRML) Tanbreez Project in Greenland, covering up to 6.75 million metric tonnes of REE concentrate, announced October 2025. A separate memorandum of understanding with U.S. Critical Materials Corp., announced April 1, 2026, covers a 10% offtake from a U.S. heavy rare earth-bearing deposit described by the company as America’s highest-grade. REalloys has also indicated feedstock relationships with sources in Kazakhstan and Brazil, though contractual details on those have not been disclosed.
The U.S. Export-Import Bank has issued a $200 million letter of intent to support REalloys’ supply chain buildout. A letter of intent is not a committed credit facility; conversion to a formal financing arrangement would require further due diligence and EXIM Board approval.
REalloys is one of several non-Chinese companies attempting to build independent heavy rare earth supply chains — a group surveyed in our Top 10 Western rare earth supply chain projects. The defence angle is covered in more depth in our Top 10 rare earth defence applications analysis.
Governance
REalloys’ advisory board and board of directors include former U.S. and Canadian government and military figures. Joe Kasper, former Chief of Staff to the U.S. Secretary of Defense, was appointed Advisory Board Chair on March 30, 2026. The board includes retired four-star General Jack Keane, former Saskatchewan Premier Brad Wall, former Canadian Ambassador to the U.S. David MacNaughton, and Chairman Stephen S. DuMont, President of GM Defense. The company rang the Nasdaq closing bell on May 6, 2026.
Company Snapshot
| Field | Detail |
|---|---|
| Company | REalloys Inc. |
| Ticker | Nasdaq: ALOY |
| Headquarters | Boca Raton, Florida, USA |
| Primary operations | Euclid, Ohio (metallization); Saskatoon, Saskatchewan (HREMF, planned) |
| Company type | Mine-to-magnet / midstream processor / defence supplier |
| Key elements | Dysprosium, Terbium, Samarium, Gadolinium, NdPr |
| Flagship asset | Euclid, Ohio rare earth metallization facility; HREMF (Saskatchewan, planned) |
| Key customers | Defense Logistics Agency, DOE Ames National Laboratory, NASA (per company) |
| HREMF target output | ~30 t Dy/year, ~15 t Tb/year (full commercial scale, mid-to-late 2027, target) |
| EXIM LOI | $200 million (letter of intent — not a committed facility) |
| REalloys rare earth | Mine-to-magnet model — Euclid metallization + Saskatchewan HREMF + upstream offtakes |
This article is for informational purposes only and does not constitute investment advice. Forward-looking statements including production targets and timelines are company expectations and subject to change. Prices are subject to change without notice.
What does REalloys produce?
REalloys produces rare earth metals and NdFeB magnet materials from its Euclid, Ohio metallization facility, currently serving the U.S. Defense Logistics Agency, DOE Ames National Laboratory, and NASA under active contracts. The company’s planned Heavy Rare Earth Metallization Facility (HREMF) in Saskatchewan targets approximately 30 tonnes of dysprosium and 15 tonnes of terbium metal per year at full commercial scale.
Where does REalloys operate?
REalloys’ primary metallization operations are in Euclid, Ohio. The company is building a Heavy Rare Earth Metallization Facility (HREMF) with the Saskatchewan Research Council in Saskatoon, Canada, which is to be commissioned there before relocation to Ohio. REalloys also holds the Hoidas Lake rare earth project in Saskatchewan and multiple offtake agreements covering deposits in Greenland and the United States.
What government contracts does REalloys hold?
REalloys holds a Defense Logistics Agency contract for samarium and gadolinium metals, awarded March 2, 2026, under topic DLA212-004 via its Terves LLC subsidiary. The company also has active supply relationships with the DOE’s Ames National Laboratory and NASA, per company statements. The U.S. Export-Import Bank has issued a $200 million letter of intent to support REalloys’ broader supply chain buildout, though this is not a committed credit facility.
What is the REalloys Saskatchewan Research Council partnership?
REalloys announced on March 11, 2026, that it will co-develop a Heavy Rare Earth Metallization Facility (HREMF) with the Saskatchewan Research Council (SRC) in Saskatoon. REalloys will own 100% of the HREMF, which is estimated to cost approximately $40 million. In addition to the HREMF, REalloys holds an 80% offtake on output from SRC’s separate Rare Earth Processing Facility (REPF), which targets 400–600 tonnes of NdPr metal per year.
What is the 2027 DFARS deadline and how does it affect REalloys?
DFARS clause 252.225-7052 under 10 U.S.C. §4872 prohibits U.S. defence contractors from using Chinese-origin rare earth materials in certain applications from January 1, 2027. REalloys is building its HREMF to be operational ahead of that date, targeting initial production in H1 2027, with the aim of providing DFARS-compliant dysprosium and terbium supply to U.S. defence prime contractors.
