REalloys Inc. announced a non-binding Letter of Intent (LOI) with U.S.-based rare earth developer Patriot Exploration & Mining. The agreement grants REalloys potential priority access to approximately 30% of rare earth products from Patriot's U.S. operations.
Patriot has access to a reported 2 billion metric tons of rare earth materials across more than 150 sites in the Appalachian Basin.
This move supports REalloys' strategy to build a diversified, domestic feedstock network for critical minerals. The strategy anticipates a January 2027 U.S. government prohibition on certain foreign-sourced materials for defense applications.
The LOI requires metallurgical testing and the negotiation of a definitive long-term offtake agreement.