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.
| Pulse | Name | Stage | Cap | MagREO kt | EV / kt | NdPr t | EV / t NdPr |
|---|---|---|---|---|---|---|---|
| 76 | VLTA Volta Metals | studies | $28M | 90 | $0.3M | 70,000 | $400 |
| 30 | CCE Commerce Resources | studies | $18M | 40 | $0.5M | — | — |
| 55 | ARR American Rare Earths | studies | $155M | 180 | $0.9M | — | — |
| 49 | TERA NeoTerra Group | studies | $12M | 12 | $1.0M | — | — |
| 49 | DEFN Defense Metals | studies | $55M | 28 | $2.0M | — | — |
| 30 | CRI Critica | resource | $35M | 15 | $2.3M | — | — |
| 51 | NMI Namibia Critical Metals | studies | $22M | 8 | $2.8M | — | — |
| 43 | PRE Pensana | development | $90M | 30 | $3.0M | — | — |
| 43 | HAS Hastings Technology Metals | development | $75M | 20 | $3.8M | — | — |
| 43 | VTM Victory Metals | resource | $110M | 25 | $4.4M | — | — |
| 52 | LIN Lindian Resources | development | $190M | 40 | $4.8M | — | — |
| 39 | VMM Viridis Mining | resource | $95M | 20 | $4.8M | — | — |
| 35 | ABX ABx Group | resource | $22M | 4 | $5.5M | — | — |
| 53 | MEI Meteoric Resources | development | $438M | 70 | $6.3M | — | — |
| 55 | RBW Rainbow Rare Earths | development | $145M | 22 | $6.6M | — | — |
| 50 | NTU Northern Minerals | development | $130M | 12 | $11M | — | — |
| 52 | BRE Brazilian Rare Earths | studies | $804M | 60 | $13M | — | — |
| 73 | ARU Arafura Rare Earths | development | $937M | 55 | $17M | 44,000 | $21k |
| 51 | REEMF Rare Element Resources | studies | $720M | 35 | $21M | — | — |
| 76 | ARA Aclara Resources | development | $714M | 25 | $29M | 21,000 | $34k |
| 71 | NB NioCorp Developments | studies | $520M | 18 | $29M | — | — |
| 80 | USAR USA Rare Earth | development | $4.7B | 40 | $118M | — | — |
| 77 | LYC Lynas Rare Earths | producer | $12.0B | 80 | $150M | 10,500 | $1M |
| 86 | MP MP Materials | producer | $11.0B | 25 | $440M | 20,000 | $550k |
| 86 | UUUU Energy Fuels | processor | $3.8B | 8 | $475M | 6,000 | $633k |
| 65 | ILU Iluka Resources | processor | $2.2B | — | — | 5,500 | $400k |