Retired General Jack Keane, former Vice Chief of Staff of the U.S. Army and a long-standing voice on defense readiness, has joined the board of REalloys as the company brings online North America’s first industrial-scale heavy rare-earth processing and metallization platform dedicated to the defense supply chain.
For decades, the U.S. defense industry relied on Chinese processing to turn rare earths into finished metals and alloys that could be used in weapon systems.
A newly announced merger between Blackboxstocks Inc. (NASDAQ: BLBX) and REalloys brings that capability home to North America for the first time.
The deal enables industrial-scale production of rare-earth metals and alloys in finished, usable form for the U.S. defense supply chain. These materials underpin magnets, motors, guidance systems, radar, and electronics across multiple weapons platforms at once. In a war or supply shock, this stage determines whether production keeps pace with losses or falls behind.
That urgency has prompted emergency action, with the U.S. Export-Import Bank this month launching a $10-billion critical minerals initiative aimed squarely at rebuilding strategic supply chains. This means that policy is turning into capital at scale, and REalloys has already secured a letter of interest from EXIM for up to $200 million.
The REalloys-Blackboxstocks merger does more than consolidate assets. It moves rare-earth processing and metallization, the critical midstream and downstream steps missing in the North American rare earths game–into a public vehicle with access to capital, liquidity, and acquisition currency.
The industrial core of this effort is REalloys’ metallization facility in Euclid, Ohio. That is where rare-earth oxides are reduced into finished metals and alloys inside the United States, rather than shipped overseas for conversion.
Domestic metallization only works if a reliable stream of separated oxides feeds it.
Midstream, REalloys has locked in access to heavy rare earth output through its partnership with the Saskatchewan Research Council (SRC). Under a long-term arrangement, REalloys is positioned to secure 80% of SRC’s expanded annual production, which is projected to come online in early 2027, and includes roughly 45 tonnes of dysprosium and terbium oxide, and 400-600 tonnes of high-purity NdPr metal once operations scale.
SRC has secured feedstock for five years, and both parties are consolidating efforts to further lock down upstream supply as commercial operations scale. SRC’s vertically integrated processing platform is entirely free of Chinese-sourced components, incorporates proprietary AI-driven process controls, and includes advanced thorium and uranium removal and recycling capabilities. That fully non-Chinese supply chain positions SRC and REalloys as one of the only scalable, defense-compliant solutions currently aligned with the 2027 procurement restrictions on Chinese-origin rare earths for defense and high-performance magnet applications.
Upstream, the strategy piggybacks on SRC’s existing producer agreements while securing exposure to advanced heavy rare-earth developers in Brazil, Greenland, and Kazakhstan, with new diversified feedstock agreements and procurement strategies being worked on to supply the midstream and downstream platform.
St George Mining (ASX: SGQ) and REalloys have formed an alliance to advance rare-earth feedstock from the Araxá Project in Minas Gerais, Brazil. Under the non-binding agreement, REalloys has secured a commitment to receive up to 40% of Araxás rare-earth production.
Through a Letter of Intent tied to Critical Metal’s (NASDAQ: CRML) Tanbreez project in Greenland, REalloys has outlined a multi-year offtake covering up to 6.75 million metric tons of rare-earth concentrate, representing approximately 15% of projected output. Combined with prior allocations to U.S.-aligned processors, a quarter of Tanbreez production is earmarked for North American customers.
More recently, REalloys and AltynGroup have signed a series of non-binding agreements securing rare-earth feedstock from the Kokbulak project, a 127,000-square-kilometer concession in the Karaganda and Kostanay regions. The deal includes a 10-year offtake structure tied to rare-earth-bearing concentrate derived from iron tailings, including heavy rare earth elements such as terbium and dysprosium—the materials critical to high-performance magnets and advanced defense systems. Additional heavy rare earth offtakes from Kazakhstan-based feedstock are anticipated over the coming year.
Upstream optionality extends further. Mission Critical Materials and REalloys have announced a collaboration to extract heavy rare earth elements from mine waste and acid mine drainage (AMD), creating a new secondary feedstock stream for magnet-grade materials. The initiative targets critical elements such as terbium and dysprosium, strengthening a secure, non-China supply chain for defense and advanced industrial applications.
Most Western rare-earth projects mine ore, but China dominates the critical midstream and downstream steps of converting that ore into oxides, metals and alloys.
That conversion stage determines whether a rare-earth material can become a usable industrial input. Without it, upstream supply still depends on foreign processing, and North America’s ability to scale industrial and defense production requires Chinese permission.
REalloys is building that processing, metals and alloy capacity inside North America, for the first time, concentrating on the segment of the chain that has remained outside Western control.
“The United States and our allies face a defining challenge: we must secure the strategic resources that power our defense systems and our economy,” Keane said in a press release announcing his Realloys board appointment. “Dependence on adversaries for these materials is a vulnerability we can no longer accept.”
Keane’s appointment is just the latest in a series of developments that suggest rare-earth metallization has now definitively entered the defense-planning arena. Keane has spent decades at the center of U.S. military strategy and force posture decisions. His decision to step into rare-earth metallization reflects how seriously this production gap is now being treated inside defense circles. When figures from the top tier of military leadership engage at this level, the issue is no longer industrial capacity alone. It becomes part of how the Pentagon thinks about staying power.
Other Companies to Watch in the Critical Minerals Race
MP Materials Corp. (NYSE: MP)
MP Materials operates the Mountain Pass mine in California, the only large-scale rare earth mining and processing facility in North America. The company is primarily focused on producing neodymium-praseodymium (NdPr), the critical input for high-strength permanent magnets used in electric vehicles, wind turbines, robotics, and advanced defense systems. As global rare earth supply remains heavily concentrated in China, Mountain Pass has become strategically indispensable to U.S. industrial and national security policy.
Over the past year, MP has accelerated its push toward full vertical integration. Its Fort Worth, Texas magnetics facility is ramping production of NdPr metal and is moving toward scaled magnet manufacturing, positioning the company to become the first fully integrated mine-to-magnet producer in the United States. The facility is supported by long-term commercial agreements, including a binding magnet supply deal with General Motors, which will use MP’s magnets in next-generation EV platforms.
In addition, MP continues to benefit from U.S. government backing, including Department of Defense funding aimed at securing domestic rare earth processing capacity. As Western governments prioritize supply chain resilience, MP Materials is transitioning from a simple mining story into a core pillar of America’s strategic industrial policy.
Albemarle Corporation (NYSE: ALB)
Albemarle remains the world’s largest lithium producer, operating across a diversified portfolio that includes hard rock mines in Australia, brine operations in Chile’s Atacama Desert, and the Silver Peak brine facility in Nevada — currently the only active lithium-producing site in the United States. Lithium remains foundational to EV batteries and grid-scale storage, placing Albemarle at the heart of the electrification economy.
However, the company has spent the past year navigating a sharp downturn in lithium prices after the 2022–2023 supercycle. In response, Albemarle has implemented cost reductions, moderated expansion plans, and focused on capital discipline. While some growth projects have been deferred, its long-term development strategy remains intact, including plans to potentially reopen the historic Kings Mountain lithium mine in North Carolina, which could significantly expand U.S. supply capacity.
At the same time, Albemarle continues investing in lithium conversion and processing capacity to move further downstream, strengthening its ability to supply battery-grade materials directly to automakers and battery manufacturers. Despite near-term volatility, Albemarle’s scale, geographic diversification, and processing expertise make it a central player in securing long-term Western lithium supply.
Freeport-McMoRan Inc. (NYSE: FCX)
Freeport-McMoRan is one of the world’s largest publicly traded copper producers, with world-class assets spanning the Grasberg complex in Indonesia and major operations across Arizona, New Mexico, and Peru. While the company also produces gold and molybdenum, copper is its defining asset — and copper remains the most critical metal for electrification.
Every EV contains roughly four times more copper than an internal combustion engine vehicle, while grid expansion, renewable energy infrastructure, and data center growth are driving structural demand growth. Freeport has positioned itself to capitalize on this by focusing capital on underground expansions at Grasberg and optimizing output from its U.S. assets. The transition from open pit to underground mining at Grasberg has significantly extended the life of one of the world’s richest deposits.
The company is also advancing innovative leaching technologies to extract copper from previously uneconomic ore, potentially unlocking substantial incremental production. With global copper supply growth lagging projected demand, Freeport’s long-life reserves and expansion pipeline give it outsized leverage to a tightening copper market.
BHP Group (NYSE: BHP)
BHP has increasingly repositioned itself toward “future-facing commodities,” particularly copper and nickel, as it deemphasizes thermal coal and petroleum exposure. In 2024, BHP launched a high-profile bid to acquire Anglo American, largely driven by its desire to expand copper exposure. Although the takeover ultimately did not proceed, the move underscored BHP’s aggressive pivot toward energy-transition metals.
The company continues to invest heavily in Escondida, the world’s largest copper mine, and is working alongside Rio Tinto to advance the Resolution Copper project in Arizona — a deposit that could eventually supply up to 25% of U.S. copper demand if permitted. BHP is also optimizing its Nickel West operations in Australia, although it has temporarily scaled back some output amid softer near-term battery demand.
BHP’s strength lies in its scale, balance sheet resilience, and ability to fund multi-decade projects in stable jurisdictions. As supply deficits in copper loom later this decade, BHP is positioning itself as a cornerstone supplier to global decarbonization and electrification efforts.
Rio Tinto Group (NYSE: RIO)
Rio Tinto is transforming from a traditional iron ore powerhouse into a broader critical minerals supplier. In a major strategic move, the company recently completed its acquisition of Arcadium Lithium, significantly expanding its lithium footprint and diversifying beyond the politically stalled Jadar lithium project in Serbia.
Rio is also advancing the underground expansion at Oyu Tolgoi in Mongolia, one of the largest new copper mines globally. Once fully ramped, Oyu Tolgoi is expected to become a major source of incremental copper supply at a time when new projects are scarce. In North America, Rio continues to work with BHP on the Resolution Copper project in Arizona.
Beyond lithium and copper, Rio Tinto is exploring opportunities to recover additional critical minerals, including scandium and tellurium, from existing operations. The company’s strategy reflects a broader recognition that diversified exposure to battery metals will define long-term mining competitiveness.
Newmont Corporation (NYSE: NEM)
Newmont, the world’s largest gold producer, significantly expanded its copper exposure following its acquisition of Newcrest Mining. The deal added major copper-rich assets such as Cadia in Australia and Red Chris in Canada, increasing Newmont’s leverage to base metals tied to electrification.
Since completing the acquisition, Newmont has focused on streamlining its portfolio, divesting non-core assets and reducing debt to strengthen its balance sheet. While gold remains its primary revenue driver, copper now represents an increasingly important secondary growth pillar.
The company’s global asset base in stable jurisdictions provides steady, large-scale copper supply — a critical advantage as global demand accelerates. Newmont’s diversified metal exposure positions it to benefit from both safe-haven gold demand and structural copper growth tied to the energy transition.
Lithium Americas Corp. (NYSE: LAC)
Lithium Americas is advancing its flagship Thacker Pass project in Nevada, one of the largest known lithium resources in North America. The project has received a conditional multi-billion-dollar loan commitment from the U.S. Department of Energy and a major equity investment from General Motors, underscoring its strategic importance.
Following its corporate restructuring to separate its North American and Argentine assets, Lithium Americas is now fully focused on bringing Thacker Pass into production. Construction activities have begun, with first-phase production targeted later this decade.
If successfully developed, Thacker Pass could become a cornerstone of U.S. lithium supply, reducing dependence on foreign producers and directly supporting domestic EV and battery manufacturing expansion.
Critical Metals Corp. (NASDAQ: CRML)
Critical Metals Corp. is developing two strategically important assets: the Wolfsberg Lithium Project in Austria and the Tanbreez rare earth project in Greenland. Wolfsberg is among Europe’s most advanced lithium development projects and aligns directly with the European Union’s push for localized battery material supply.
Tanbreez, meanwhile, represents one of the largest rare earth deposits outside China, with a particularly valuable heavy rare earth profile. Heavy rare earth elements are essential for defense technologies, advanced electronics, and high-performance magnets, and are far more difficult to source outside Asia.
The company has secured financing initiatives, including private placements, and continues discussions with Western processors and strategic partners. As Europe and the United States intensify efforts to diversify rare earth supply chains, Critical Metals Corp. could emerge as an important upstream supplier.
By. Tom Kool
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