CMJ Daily Tape
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EARNINGS | RARE EARTHS
MP Materials reported third-quarter 2026 NdPr oxide production of 1,018 metric tons, up 41% year over year, and NdPr sales of 1,020 metric tons, up 94%, a figure that includes intercompany sales to its Magnetics Segment. Consolidated revenue was $147.7 million, plus $8.1 million of price protection agreement income. The company posted a net loss of $20.7 million and Adjusted EBITDA of $41.1 million. Revenue included a $31.6 million sale of SEG+ to a U.S. aerospace and defense customer. MP Materials said it completed magnet qualification with General Motors, with saleable deliveries and revenue starting in the fourth quarter. CEO James Litinsky called the milestone “an inflection point for our business and mission.”
Qualification opens the door; volume has to walk through it. MP sold 1,020 t of NdPr this quarter, but its Magnetics Segment revenue fell 15% to $18.6 million as precursor sales gave way to magnet start-up at Independence. GM deliveries begin in Q4. The number to watch is how much of that NdPr leaves Fort Worth as finished magnet rather than as oxide. Until magnet throughput and yield show up in segment revenue, MP is an oxide seller with one qualified magnet customer.
OFFTAKE | URANIUM
Uranium Energy Corp said its subsidiary UEC US Uranium LLC signed definitive long-term sales agreements with two U.S. nuclear utilities, which it did not name, for a total of 1.1 million pounds of U3O8 over six years. Deliveries are 100,000 pounds a year under each contract, from 2027 through 2032 under one and from 2028 through 2032 under the other. Each delivery is priced at prevailing spot prices, with no floors, ceilings, discounts or fixed pricing, the company said.
Utilities sign term contracts to buy certainty, and these two bought only delivery certainty. With no floor or ceiling, UEC keeps full price exposure on 200,000 lb a year from 2028, under 2% of the roughly 12 million lb a year of licensed capacity it cites. The test is the wellfield, not the price: a spot-priced contract still carries a fixed delivery schedule, and a short year in Wyoming or South Texas means covering the gap from inventory or the market.
OFFTAKE | RARE EARTHS
Viridis Mining and Minerals said it signed a binding long-term offtake agreement with Solvay to sell mixed rare earth carbonate (MREC) from its Colossus project in Brazil, Reuters reported. The term starts with first production, targeted for 2028, and runs through December 2034. Minimum volumes of neodymium, praseodymium, dysprosium and terbium equal nearly 64% of forecast output of those elements over the six-year take-or-pay period and support minimum revenue of $915 million, based on contractual price floors. Solvay will also license technology to Viridis to produce refined MREC in Brazil.
The floor matters more than the volume. Price floors on about 64% of Colossus's magnet-element output give Viridis a revenue line its lenders can underwrite, and Managing Director Rafael Moreno tied the deal to the company's senior debt process. The constraint sits downstream: the MREC still has to meet Solvay's feed specification, and the licensed refining step in Brazil adds a process Viridis has not yet run. Feed acceptance, not first production, sets the real start date.
GOVERNMENT FUNDING | BATTERY CATHODE
6K Inc. said the U.S. Department of War, through its Office of Strategic Capital, gave the company a conditional commitment for a loan of up to $250 million to support its PlusCAM cathode active material plant in Jackson, Tennessee. The plant uses 6K's UniMelt microwave plasma process, which the company says produces cathode material without traditional precursor (pCAM) steps. Final terms depend on government authorizations, available appropriations, due diligence and other conditions, according to the company.
A conditional commitment with no disclosed capacity is a financing option, not a supply number. Skipping pCAM removes the precursor step most U.S. cathode projects still source abroad, but it also means each cell maker has to qualify a cathode made by a process it has not run at volume. The loan pays for the plant; qualified offtake from cell makers is what turns Jackson into supply, and the release names no customer.
