Deals & Capital Intelligence
Offtakes, M&A, government grants, and equity deals driving REE supply chain acceleration
Total Capital Tracked
$20.0B
USD equivalent, known value, 2020 - 2026
Sovereign vs. Private Split
71%
Sovereign
29%
Private
Deal Pace
+175%
2026 annualised vs 2025
Deal Acceleration (2020 - 2026)
Total capital committed per year - green = deployed (completed), blue = pending (active/binding/MOU) - deal count as line
| Date | Type | Parties | Value | Status | |
|---|---|---|---|---|---|
| Apr 2026 | M&A | Critical Metals Corp (Nasdaq: CRML) European Lithium Ltd | $835M (Share Consideration) | LOI | |
| Apr 2026 | M&A | USA Rare Earth Serra Verde | $2.8B | Binding | |
| Mar 2026 | Asset Acquisition / JV | Hastings Technology Metals (ASX: HAS) Enuo Holding Pte Ltd | $15M | Binding | |
| Mar 2026 | JV / Metal | Lynas Rare Earths LS Eco Energy | N/A | Active | |
| Mar 2026 | Government Grant/Loan | US EXIM Bank / EFA Australia Multi-Project Facility | $3.5B (A$5B) | Active | |
| Mar 2026 | Offtake | Lynas Rare Earths US Government (Dept of War) | ~US$96M | LOI | |
| Mar 2026 | Government Grant/Loan | US International Development Finance Corp (DFC) Serra Verde | $565M | Active | |
| Jan 2026 | Government Grant / Infrastructure | French Government (France 2030) USA Rare Earth (LCM Europe) | $152M (€130M) | Active | |
| Jan 2026 | Government Grant/Loan | Australian Government Critical Minerals Strategic Reserve | $1.2B (A$1.8B) | Active | |
| Nov 2025 | Equity / Series A | L-Acoustics / EIT RawMaterials MagREEsource | $25M (€23M) | Completed | |
| Oct 2025 | Offtake / Import Commencement | Sojitz / JOGMEC Lynas Rare Earths | Undisclosed | Completed | |
| Jul 2025 | Offtake | Australian Strategic Materials (ASM) Neo Performance Materials | Undisclosed | Binding | |
| Jul 2025 | Offtake | Apple MP Materials | $500M | Completed | |
| Jul 2025 | Debt/Equity | JPMorgan Chase / Goldman Sachs MP Materials | $1B | Completed | |
| Jul 2025 | Debt/Equity | US Government (DoD) MP Materials | $400M | Completed | |
| Mar 2025 | Joint Venture / Public Grant | Japan France Rare Earth Co (JOGMEC/Iwatani) Carester (Caremag) | $245M (€216M) | Completed | |
| Feb 2025 | Government Grant/Loan | South Korean Government (MOTIE) Supply Chain Stabilization Committee | $7.4B (₩10 Trillion) | Active | |
| Apr 2024 | Debt/Equity | Hancock Prospecting (Gina Rinehart) MP Materials / Lynas Rare Earths | Undisclosed | Completed | |
| Jan 2024 | Government Grant/Loan | Northern Australia Infrastructure Facility (NAIF) Arafura Rare Earths | A$200M | Completed | |
| Dec 2023 | Government Funding Option | US DFC / TechMet Rainbow Rare Earths | $50M | Active | |
| Aug 2023 | Government Grant/Loan | US Department of Defense Lynas USA | $138M | Completed | |
| Jun 2023 | Government Grant/Loan | Australian Government Lynas Rare Earths | A$20M | Completed | |
| Feb 2023 | Offtake | MP Materials Sumitomo Corporation | Undisclosed | Active | |
| Nov 2022 | Offtake | Arafura Rare Earths Hyundai Motor & Kia | Undisclosed | Binding | |
| Jun 2022 | Government Grant/Loan | US Department of Defense Lynas USA | $120M | Completed | |
| Apr 2022 | Government Grant/Loan | Export Finance Australia (EFA) Iluka Resources | A$1.25B | Completed | |
| Feb 2022 | Government Grant/Loan | US Department of Defense MP Materials | $35M | Completed | |
| Dec 2021 | Offtake | General Motors MP Materials | Undisclosed | Active | |
| Jul 2021 | JV / Metal | Energy Fuels Neo Performance Materials | Undisclosed | Active | |
| Jul 2021 | Government Grant/Loan | Australian Government Lynas Rare Earths | A$14.8M | Completed | |
| Feb 2021 | Government Grant/Loan | US Department of Defense Lynas USA | $30.4M | Completed | |
| Dec 2020 | Offtake | Energy Fuels Chemours | Undisclosed | Active | |
| Nov 2020 | Government Grant/Loan | US Department of Defense MP Materials | $9.6M | Completed |
Notes
Dates: Where possible the date shown is the signing date, however this is not always possible as some deals are ongoing or contingent upon milestones and/or project phases. In cases where there is no clear signing date, the date the deal was first announced has been used.
Currency: Currency conversions are approximate and performed at the date of the deal.
Disclaimer: This data is provided for informational and research purposes only. It does not constitute financial, investment, or legal advice. Always seek independent professional advice before making any investment or business decisions.