Critical Materials

• 2025-07 - US Department of Defense takes $400M preferred-equity stake + sets $150M/t NdPr price floor; largest sovereign-equity intervention in a US miner in decades.
• 2025-07 - $AAPL commits $500M prepayment for US-recycled magnets from Fort Worth facility (multi-year offtake).
• 2022 - $GM long-term supply agreement for NdFeB magnets and NdPr alloy, anchor offtake for the Fort Worth Stage III plant.
• 2024 - Saudi Ma'aden JV framework for rare-earth processing optionality outside the US.
• Ongoing - Pentagon Defense Production Act Title III awards funding separation + heavy rare-earth processing expansion at Mountain Pass.

Near-monopoly on production-grade T-Glass - a genuine critical-material chokepoint for AI accelerator supply chains.

• 2023-H2 - T-Glass lines running at full capacity; multi-quarter delivery waits for substrate / PCB customers
• 2025 - ¥150B Fukushima plant expansion to ~triple production-grade T-Glass capacity (mass production targeted by end-2026)
• 2025-11 - Capacity partnership with Nan Ya (Taiwan); Nan Ya to handle ~20% of glass-fiber output by 2027 amid the AI surge
• 2026 - Top-tier T-Glass priced $80-100/kg; end-demand pulled by NVIDIA, Microsoft, Google, Amazon; reportedly courted by Apple
• FY26 (reported) - Net income ¥41.8B (+225% YoY, ~¥37B one-off); revenue ¥118.2B (+8.4%)
• 2026-08-05 - Q1 FY3/2027 print: beat-and-raise, full-year profit forecast lifted (~+15%) to a record high; stock fell -18.68% the next session (sell-the-news)
• Snapshot 2026-08-06: price ¥2,912 (~56% below ¥6,580 June high), mcap ~¥530B (~$3.36B), trailing P/E ~12.7x, fwd P/E ~9.8x (consensus), net margin ~35%, ROE ~27%, div yield ~0.8%
• Setup tension: the print confirmed the T-Glass demand thesis, but a crowded, parabolic name de-rated on the raise; durable bear is supply un-bottlenecking (Fukushima triple + Nan Ya) by 2027-28

Energy Fuels: separates NdPr oxide at the White Mesa Mill in Utah, is building a heavy rare earth (Dy, Tb) circuit, bought Australian Strategic Materials (2026-08) and has agreed to buy Vacuumschmelze, a German magnet maker: a non-Chinese chain from mineral sands to magnets.

• 2022-2025: Multi-year uranium sales contracts with undisclosed US nuclear utilities at above-spot fixed prices; contract book provides revenue visibility through 2030
• 2023: US Department of Energy Uranium Reserve purchase - UUUU among initial domestic suppliers selected for strategic stockpile
• 2023-2024: Rare-earth carbonate supply agreement with Neo Performance Materials for processing of White Mesa REE product
• 2024: Expanded REE processing at White Mesa following receipt of monazite sand feed from third-party sources (Chemours, Donald rare-earth project)
• 2025 : $700M of 0.75% Convertible Senior Notes due 2031-11-01 (49.1672 shares per $1,000, about $20.34 a share)
• 2026-01-21 : agreement to acquire Australian Strategic Materials (0.053 Energy Fuels share plus A$0.13 cash per ASM share)
• 2026-06-23 : agreement to acquire Vacuumschmelze (Germany, magnets) for about $718.0M cash plus 65.85M new shares, about $1.9B implied equity value; closing expected as early as Q1 2027, subject to regulatory and exchange approvals
• Q2 2026 (to 2026-06-30) : revenue $25.1M (Q2 2025: $4.2M); 310,000 lb of uranium sold at an average $80.48/lb; costs applicable to revenue $10.7M; net loss $33.6M including $10.7M of transaction and integration costs; cash $58.4M plus $903.2M of marketable securities; working capital about $996M (10-Q filed 2026-08-05)
• 2026 guidance : uranium sales of 1.5M to 2.0M lb
• 2026-08-28 : ASM acquisition completed, about $243.4M ($217.2M in shares, $26.2M in cash); 14,808,572 new shares issued (8-K filed 2026-08-28)
• Projects (2026-06-30) : Donald (Australia) JV interest 12.7%, fully permitted, no final investment decision; Vara Mada (Madagascar) and Bahia (Brazil) in permitting or exploration
• Share count : 249,965,000 shares on the 10-Q cover (2026-07-31), plus 14,808,572 issued for ASM