Member Info for teraferma

Worth a listen.

Podcast with Jeff Townsend (CMA) and Guy Winter (Fasken) discussing Project Vault and EXIM involvement in critical mineral stockpiling.

https://www.youtube.com/watch?v=DYnP16C5-go

From 7mins onwards especially prevalent.

Seems a lot of companies are very excited about EXIM/Project Vault meetings happening in Washington this week.

Looks like HyProMag are big winners in the DRIVE35 grants awarded tonight.

Startups and well-established firms including Nissan and Jaguar Land Rover have been awarded £90 million in DRIVE35 funding to ramp up innovative prototype and cutting-edge projects - strengthening firms’ technological capabilities and improving the affordability of EVs for customers.

Meanwhile, suppliers in the North East and West Midlands can also capitalise on £100 million worth of DRIVE35 grant funding to help transition towards EV manufacturing, which will strengthen supply chain resilience and put Britain on track to become a clean energy superpower.

Project winners of the DRIVE35 R&D competitions are as follows:

Collaborate: Grants fund projects where companies, and academic institutions, form a consortium to take a product or process to commercial readiness. Please note, these are the lead partners only – there are several partners in each consortium. 

HyProMag Limited 

Maeving Limited 

Jaguar Land Rover Limited 

Elm Mobility Limited 

Nissan Motor Manufacturing (UK) Limited  

https://www.gov.uk/government/news/business-secretary-champions-flagship-investment-in-uks-largest-gigafactory

Did anyone notice this footnote at the bottom of page 8 of the presentation, in reference to HyProMag GmbH

"Mkango Resources Limited effective stake will increase to 79.4% on conversion of a convertible loan note and buy-out of our German minority partner."

Suggests that they will buy out the remaining 10% once the loan conversion takes place and take full ownership.

Somewhat surprised by this as Carlo has been a key driver for Hyp GmbH (and it's various EU programmes SusMagPro) and the association with Pforzheim University.

Thoughts?

It's likely, (at least in the short term) that the PCBs will be sold on to the Royal Mint IMO.

https://www.royalmint.com/aboutus/press-centre/new-factory-extracting-gold-from-e-waste-unveiled-by-the-royal-mint/

SING are very interested in having your shares

Having supressed the rise this morning they are now bidding for 250K @7.51p

Question is who are they acquiring for?

7.9p to buy

Anyone keeping an eye on the delayed buys popping up after hours?

I make that in excess of 1M in the last few weeks.

Difference this time is that there is a buyer, matching the sells

SING have been sitting on the BID for a while now, bidding for 500K at around 6.18p

Just need to clear out the sellers.

Expecting a biggish delayed buy soon

Really interesting document on the tie up between defence and clean energy.

We know that HyProMag have been engaged with the defence industry and also clean energy through the RE-ReWind project

Some interesting suggestions, including creating regional magnet and alloy hubs.

Building a Sovereign UK Supply Chain for Defence & Clean Energy: Turning Waste into Strategic Advantage

How Government Levers Can Be Exploited:

1. Finance & Investment

£27.8bn National Wealth Fund + £4bn British Business Bank for FOAK (First Of A Kind) magnet recycling and REE separation plants.

UK Export Finance guarantees for allied offtake.

Great British Energy £1bn fund for clean-energy supply chains.

2. Procurement Power

MOD recycled-content mandates for magnets and alloys.

Circularity clauses in offshore wind and EV contracts.

3. Strategic Sites & Clusters

Co-locate magnet and alloy facilities in Tees Valley, West Midlands, and South Wales.

Use Strategic Sites Accelerator for grid and planning fast-tracks.

4. Innovation & Skills

Innovate UK grants for hydromet recovery and magnet recycling.

Technical Excellence Colleges for metallurgy and circular design.

5. Policy & Trade

Export-retention rules for CRM-bearing waste.

Ally-shoring agreements with Japan, US, and EU for feedstock swaps and co-investment.

Immediate Actions (Next 60 Days):

Designate 4–5 DCRM hubs for Strategic Sites Accelerator.

Launch two pilot procurements (magnets & superalloys) with recycled-content clauses.

Initiate joint NWF/BBB/UKEF call for FOAK proposals.

Stand up a national Material Flow Dashboard and Digital Product Passports.

The Big Picture:

By aligning Defence and Clean Energy priorities, the UK can turn strategic risk into competitive advantage. Circular supply chains for REE will:

Reduce reliance on overseas processing.

Create high-value jobs in regional clusters.

Deliver sustainability and resilience for decades to come.

https://www.linkedin.com/pulse/building-sovereign-uk-supply-chain-defence-clean-energy-turning-dzywc/

Rare Earth Exchanges take on the paper submitted by UOB

"From Scrap to Strategic Asset: New UK Study Shows How to “Upgrade” Recycled Rare Earth Magnets"

Highlights

-University of Birmingham team demonstrates viable ‘magnet-to-magnet’ short-loop recycling of NdFeB magnets from hard drives.

-Achieves coercivity up to 1466 kA/m—better than original scrap—by separating oxygen-rich grain boundaries after hydrogen processing.

-New spiral jet mill process splits HPMS powder into coarse (low-oxygen, high-performance) and fine (oxygen-rich waste) fractions.

-Enables recycled magnets with ~98–99% density and magnetic properties matching or exceeding virgin material.

-Breakthrough offers strategic alternative to China-dominated rare earth processing.

-Provides Europe and allies a credible pathway to circular NdFeB supply for EVs and wind turbines without traditional chemical refining routes.

https://rareearthexchanges.com/news/from-scrap-to-strategic-asset-new-uk-study-shows-how-to-upgrade-recycled-rare-earth-magnets/#:~:text=Today%2C%20less%20than%205%25%20of,back%20through%2C%20China's%20processing%20ecosystem

Also an interesting SAFE briefing today at 2.30pm

"Price Support Policies for Critical Minerals~

feat Tom Albanese who sits on the Cotec Board

https://realpicturelive.zoom.us/webinar/register/WN_Z3HeQlDzRLOh2qrjIdRl8w#/registration

As expected, it looks like plans are to double the capacity HyProMag GmbH to 750T pa NdfeB magnets.

Including 2 HPMS reactors instead of one.

"HyProMag GmbH- 3D fly through of the 750t NdFeB magnet recycling and manufacturing plant"

https://www.youtube.com/watch?v=HFAY3YImPg0

Will we hear news of this next week ?

The European Union must ramp up efforts to break its dependence on China for rare earths faced with export curbs that amount to a "racket" by Beijing, the bloc's industry chief Stephane Sejourne said Tuesday.

In next week's package of measures, Sejourne said the EU executive would push for the bloc to speed up the joint purchasing of critical raw materials including rare earths, accelerate production and recycling in Europe, work with reliable partners and conclude new partnerships.

https://www.yahoo.com/news/articles/eu-says-must-step-against-125156034.html

The Governments of Australia, Belgium, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States of America, and the European Commission convened the Minerals Security Partnership (MSP) Principals’ Meeting in Brussels, Belgium on November 18, 2025, on the margins of EU Raw Materials Week.

The Principals’ Meeting brought together senior officials to advance joint efforts to build secure, resilient, and sustainable critical minerals supply chains, which are essential for advanced industries, economic security, and fair and liquid markets. The meeting was followed by a Deep-Dive Session where MSP partners, together with financial institutions, off-takers, international organizations, provided a platform for mineral companies to present projects – including those in rare earth mining, refining and recycling, as well as a wide range of cobalt, copper, and lithium projects. Both the Principals’ Meeting and Deep-Dive were convened by the Republic of Korea as the Chair of the MSP.

https://gbr.mofa.go.kr/eng/brd/m_5674/view.do?seq=321204

Keir Starmer is due to unveil the UKs much awaited Critical Mineral strategy this weekend at the G20.

https://www.linkedin.com/posts/perran-moon_ahead-of-this-weekends-incredibly-important-activity-7396429422633017344-5VEx?utm_source=share&utm_medium=member_desktop&rcm=ACoAABvLUV8BHNCM_2brNWdzJVtyLl-lyAMg8gQ

I am expecting that Rare Earths will play a central role in the new strategy, with the UKs expertise in RE recycling to the fore.

Interesting that he has chosen to unveil at the G20, let's hope it's not another damp squib from this government.

Where Okon refer to recycling of magnets they mean the removal from EOL equipment.

They are then presumably sold on to long loop companies as feed stock.

The benefit that HyPromag can bring to metal recycling and scrap companies like are two fold:

They can pre process the scrap and remove embedded magnets in VCM, Rotors etc prior to shredding.

Avoiding the mess caused by shredding magnets

Then via HPMS then can break down the magnets into a powder but crucial demagnetise it.

They can then remove nearly all contaminants (coatings screws etc by sieving, making the process simpler and more cost effective.

I remember Rob Arnold saying that HyPromag are the perfect preprocessing partners for long loop companies.

It would appear that an agreement between OKON Recycling and HyProMag USA is very likely.

They seem to be big fans of HyProMag, could be really game changer in terms of securing feedstock.

"Okon Recycling is North America’s largest recycler of rare earth neodymium permanent magnets and MRI machines. The company operates from a comprehensive 20-acre facility in Dallas, processing scrap magnets from various industrial sources. "

https://www.okonrecycling.com/magnet-recycling-and-applications/sustainability-and-magnets/high-value-magnet-recycling-dallas/

Best Regulatory Strategy Consultancy of the Year — CS Lifesciences

Sponsored by Zapyrus

💡 Congratulations to CS LifeSciences, recognized for excellence in regulatory strategy consultancy. With expertise across the UK, Ireland, and the USA, CS LifeSciences supports medical device and IVD companies through regulatory planning, quality management, clinical validation, and post-market surveillance.

https://www.linkedin.com/posts/mtw-medtech-world_medtechmalta2025-medtechworld-malta-activity-7395239430170775553-amzB?utm_source=share&utm_medium=member_ios&rcm=ACoAABvLUV8BHNCM_2brNWdzJVtyLl-lyAMg8gQ

Interesting IPO on the NASDAQ today

Evolution Global Acquisition Corp.

Cohen & Company Capital Markets served as book-running manager and lead underwriter for the offering.

Ashley Zumwalt-Forbes COO, former US Dept of Energy

Erez Ichilov director is also a director of Cotec

From their prospectus:

https://www.sec.gov/Archives/edgar/data/2077954/000121390025108902/ea0249505-09.htm

Rare earth elements (or REE), in particular, are foundational inputs into electric vehicles, wind turbines, drones, defense systems, and advanced manufacturing. China currently controls approximately 90% of REE refining capacity, making diversification an urgent national security imperative. Similarly, the United States is 100% import-reliant for natural graphite and fluorspar, both critical for electric vehicle batteries and semiconductors. These structural dependencies underscore the need for new, domestically controlled production and processing capacity.

We believe that companies operating in the exploration, processing, and recycling of these materials, especially those in friendly jurisdictions and backed by enabling technologies, are well-positioned to benefit from multi-decade structural tailwinds. Furthermore, high-value assets previously constrained by capital, permitting complexity, or geopolitical risk are now increasingly viable as government incentives align with investor interest.

In short, we believe a historic capital rotation is underway. The re-shoring of mineral supply chains, electrification of legacy industries, and reindustrialization of the United States are not just policy goals: we believe they are investment theses. We aim to partner with companies that are mission-critical to this transformation and poised to scale with the support of capital markets, federal policy, and global demand.

This really gets me too Muck.

TH just looks like CH's nodding dog, he doesn't seem to have the aptitude to elaborate on any question unless it's on script.

To refer to broker forecasts is beyond poor from a CTO.

I have also asked about theLTIP details, countless times, how can they not publish them?

Why would they not publish them if they are so "aligned with shareholders"

At least the moderator was better this time.

For all the potential here, I am beginning to lose my patience with my investment.

Further to my post on the TDI seminar "UK Magnet Supply Chain Collaboration Strengthens Circular Economy"

Some may have noted the Critical Mineral Association UK are holding their annual conference during the London mining week on 1st December.

Chris McDonald MP, UK Minister for Industry, will deliver the keynote address.

https://www.eventbrite.co.uk/e/critical-mineral-association-uk-5th-annual-conference-tickets-1465332903159?aff=oddtdtcreator

Two items on the agenda of note:

14:00 – 14:10 Presentation - UK Critical Minerals Strategy - Grace Humphries and Mrug Upadhyay, Department for Business and Trade

14:10 – 14:20 Presentation - UK Circular Economy Strategy - Professor Paul Ekins, Circular Economy Taskforce, Department for Energy Security and Net Zero

I am expecting the "long awaited" UK CM strategy to be released in conjunction with this conference.

It is also my expectation, that Rare Earths and in particular RE recycling will feature prominently in the new strategy.

Ionic, HyProMag and LCM are being seen and indeed promoted by UK Gov (see recent trips to Japan, Kazakhstan and Mongolia) as a tripartite covering all processes of downstream RE processing; recycling, alloy, metal and magnet making.

I would be very surprised for the UK Gov not to make a big deal of this announcement especially on the back of the news that they were no longer backing the Pensana processing plant.

We may even get more details on the possible expansion of Tyseley to 1000Tpa

Big shift in the book this afternoon, looks like they are happy to let this move now.

SCAP bidding for 100K @ 6.9p when you can buy at 6.85p

It would suggest someone/somebody hasn't finished accumulating yet.