EV / contained MagREO

TREO is not payable. MagREO is not cash. This table uses company-reported or desk-estimated contained magnet rare earths (Nd+Pr+Dy+Tb) and market cap as a crude EV. Blank cells are information — the company has not split the basket.

Reference tape: $110/kg NdPr floor (DoD / JOGMEC 2026). Dy/Tb trade a multiple of that. In-ground value is not NAV.

PulseNameStageCapMagREO ktEV / ktNdPr tEV / t NdPr
76VLTA Volta Metalsstudies$28M90$0.3M70,000$400
30CCE Commerce Resourcesstudies$18M40$0.5M——
55ARR American Rare Earthsstudies$155M180$0.9M——
49TERA NeoTerra Groupstudies$12M12$1.0M——
49DEFN Defense Metalsstudies$55M28$2.0M——
30CRI Criticaresource$35M15$2.3M——
51NMI Namibia Critical Metalsstudies$22M8$2.8M——
43PRE Pensanadevelopment$90M30$3.0M——
43HAS Hastings Technology Metalsdevelopment$75M20$3.8M——
43VTM Victory Metalsresource$110M25$4.4M——
52LIN Lindian Resourcesdevelopment$190M40$4.8M——
39VMM Viridis Miningresource$95M20$4.8M——
35ABX ABx Groupresource$22M4$5.5M——
53MEI Meteoric Resourcesdevelopment$438M70$6.3M——
55RBW Rainbow Rare Earthsdevelopment$145M22$6.6M——
50NTU Northern Mineralsdevelopment$130M12$11M——
52BRE Brazilian Rare Earthsstudies$804M60$13M——
73ARU Arafura Rare Earthsdevelopment$937M55$17M44,000$21k
51REEMF Rare Element Resourcesstudies$720M35$21M——
76ARA Aclara Resourcesdevelopment$714M25$29M21,000$34k
71NB NioCorp Developmentsstudies$520M18$29M——
80USAR USA Rare Earthdevelopment$4.7B40$118M——
77LYC Lynas Rare Earthsproducer$12.0B80$150M10,500$1M
86MP MP Materialsproducer$11.0B25$440M20,000$550k
86UUUU Energy Fuelsprocessor$3.8B8$475M6,000$633k
65ILU Iluka Resourcesprocessor$2.2B——5,500$400k