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United States

REalloys

A Nasdaq-listed US company that makes rare earth metals and alloys at pilot scale in Euclid, Ohio, and is paying for an upgrade of the Saskatchewan Research Council's processing facility in Saskatoon in return for most of its NdPr metal and dysprosium and terbium oxide output. It plans heavy rare earth metallization and, later, magnet production in the United States.

At a glance

Founded

2024 — Formed in Nevada on May 20, 2024 as Eagle Ridge Resources, later renamed REalloys. It bought the Hoidas Lake claims in Saskatchewan in May 2024 and PMT Critical Metals (Euclid, Ohio) in March 2025, and became listed on Nasdaq on February 25, 2026 through a reverse recapitalization with Blackboxstocks Inc., a trading-analytics software company.

Headquarters

Euclid, Ohio (operations). SEC filings give an executive office in Boca Raton, Florida.

Ownership

Public, Nasdaq: ALOY, with about 69.4 million common shares outstanding on September 2, 2026. Chief executive Leonard Sternheim holds all 1,634,999 Series A preferred shares, at 100 votes each, and controls a majority of the voting power; the company is a Nasdaq controlled company. Holders above 5% on Schedule 13G: entities of Andrew Sherman, who sold PMT Critical Metals to REalloys and controls the Euclid landlord (9.44%), BlackRock (6.2%) and Citadel (6.1%). Five Narrow Lane LP reported 9.99% at the February 2026 merger, under a contractual ownership cap.

Stage

• REalloys — Euclid, OH: Ramping. Sells rare earth metals and alloys made at R&D and pilot scale in Euclid (US$1.51 million of revenue in the first half of 2026) and plans to expand; no capacity or tonnage has been published.
• REalloys — Tooele Army Depot, UT: Early stage. A conditional US Army selection to negotiate a lease; no signed lease, capacity or cost published for Tooele as of October 2026.
• REalloys — Hoidas Lake: Early stage. Exploration stage: an S-K 1300 resource estimate (December 2024), but no reserve, economic study or 2026 field work.

Listing

Nasdaq: ALOY

Revenue

US$1.51M
Reported, H1 2026 (six months to June 30, 2026).
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

Narrative

REalloys was formed in Nevada in May 2024 and bought the Hoidas Lake rare earth claims in northern Saskatchewan that month. In March 2025 it acquired PMT Critical Metals, which holds the rare earth assets of Powdermet and Terves in Euclid, Ohio, where Terves had made small amounts of rare earth metal under Defense Logistics Agency and Department of Energy Critical Materials Institute projects. The Euclid site makes rare earth metals and alloys at R&D and pilot scale for the Defense Logistics Agency, Ames National Laboratory and other customers, and is the source of the company's revenue, US$1.51 million in the first half of 2026; no capacity or tonnage has been published. REalloys became listed on Nasdaq in February 2026 by merging into Blackboxstocks and raised about US$150 million in March and June 2026. Its plan rests on the Saskatchewan Research Council's provincially funded rare earth processing facility in Saskatoon: under agreements signed in November and December 2025, REalloys is paying for an upgrade and for pilot and commercial heavy rare earth metallization work, US$71.3 million committed in total, in return for most of the facility's NdPr metal and dysprosium and terbium oxides at cost plus a margin. It targets about 525 t/yr of NdPr metal and 45 t/yr of dysprosium and terbium oxides from the upgraded facility, with commercial intake from the third quarter of 2027; SRC's own schedule calls for commissioning by December 2026 and operation in 2027, and no production tonnage has been reported. REalloys' plan for dysprosium and terbium metal has moved: in March 2026 the equipment was to be built at SRC and moved to Euclid, with operation in 2027, and in August 2026 commissioning was guided for the first quarter of 2028, with no site given. In June 2026 the US Army conditionally selected REalloys to negotiate a lease at Tooele Army Depot, Utah, for dysprosium and terbium processing; no lease had been announced by mid-October. The company presents these plans against the defense sourcing rule DFARS 252.225-7052, which from January 1, 2027 bars magnet materials mined, refined or produced in China, Russia, North Korea or Iran from US defense deliveries. Further out, it describes a US magnet plant of 3,000 t/yr rising to 10,000 t/yr, a non-binding letter of intent with the Korean magnet maker JS Link, and a large processing and metallization complex in Saskatoon that SRC told the provincial legislature is at pre-feasibility with a 2031 to 2032 horizon. Its one definitive feedstock contract is a 15-year offtake for 15% of Phase 1 concentrate from Critical Metals' Tanbreez project in Greenland; its other supply arrangements, including one with Ramaco for mixed rare earth carbonate, are non-binding.

Where public sources disagree

• Share of SRC output: REalloys' releases from December 2025 to August 2026 and its 10-Q give 80%, and its May and June 2026 releases call the rights exclusive; SRC's chief executive told the Saskatchewan legislature on April 15, 2026 that the offtake is at a 70% level rising to 80% after the expansion; the provincial government describes a five-year offtake for the vast majority of output, with the rest available to other customers and a portion held for the federal government; REalloys' September 29, 2026 release says the majority.
• SRC NdPr metal capacity: 400 t/yr rising to 600 t/yr (SRC and the Government of Saskatchewan, December 2025); about 525 t/yr (REalloys, May and August 2026); about 150 t/yr of NdPr metallization capacity with commissioning in Q1 2027 (REalloys, September 29, 2026).
• Dysprosium and terbium metallization: about 30 t/yr Dy metal and 15 t/yr Tb metal, built at SRC and moved to Euclid, operating in 2027 (REalloys, March 2026); Dy and Tb metal by Q4 2027 (May 2026); about 50 t/yr of Dy and Tb oxide feed with commissioning in Q1 2028 and no site stated (Q2 2026 release); Mining Weekly (August 14, 2026) places the plant at Tooele Army Depot.
• SRC facility status: REalloys' facilities page describes the SRC facility as operating and its May 2025 release said commercial-scale metal processing began in July 2024; SRC's 2025-26 annual report says the facility was on the cusp of completing construction, and SRC told the legislature in December 2025 that about 20 t of metal had been made to date by toll-smelting clients' oxides, on 40 t/yr of furnace capacity.
• Hoidas Lake resource: REalloys' May and October 2025 releases cite 2,153,000 tons of total rare earth oxides in the Measured and Indicated categories; the Saskatchewan Mineral Deposit Index lists historical Measured and Indicated estimates of about 2.6 to 2.8 Mt of mineralized material grading about 2% rare earths.
• Tooele: the June 25, 2026 release headline calls it a landmark partnership agreement with the US Army; its body text, the Army and the Tooele Transcript Bulletin describe a conditional selection to negotiate a lease.

Latest reports

Across these reports

Revenue from the Euclid metals business rose to US$0.8M a quarter while cash rose to US$122.4M on two 2026 equity raises; losses were mostly stock-based compensation. Dysprosium and terbium metal moved from 2027 to commissioning in Q1 2028, SRC commercial intake moved to Q3 2027, and the Tooele lease, due by mid-September 2026, had not been announced by mid-October.

Stated dates

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Sources

1. Form 10-Q, quarter to June 30, 2026 — REalloys (SEC) (2026-08-13)
2. Second quarter 2026 results (8-K exhibit) — REalloys (SEC) (2026-08-13)
3. Army conditional lease awards for critical mineral processing — U.S. Army (2026-06-25)
4. Tooele Army Depot conditional selection — REalloys (2026-06-25)
5. SRC partnership and offtake agreements — REalloys (2025-12-08)
6. SRC and REalloys partnership agreements — Government of Saskatchewan (2025-12-08)
7. Rare Earth Processing Facility status — Saskatchewan Research Council (2026-10-14)
8. Annual Report 2025-26 — Saskatchewan Research Council (2026-10-14)
9. Standing Committee on the Economy, Apr 15, 2026 — Legislative Assembly of Saskatchewan (2026-04-15)
10. Standing Committee on the Economy, Dec 1, 2025 — Legislative Assembly of Saskatchewan (2025-12-01)
11. Heavy rare earth metallization facility announcement — REalloys (2026-03-11)
12. Progress on SRC agreements — REalloys (2026-05-26)
13. Update on COO appointment and SRC targets — REalloys (GlobeNewswire) (2026-09-29)
14. Acquisition of PMT Critical Metals — REalloys (2025-04-09)
15. Defense Logistics Agency samarium and gadolinium contract — REalloys (2026-03-02)
16. Facilities — REalloys (2026-10-14)
17. Rare earths company REalloys receives Pentagon funding — Reuters (via WHBL) (2026-03-02)
18. Definitive offtake with Critical Metals (Tanbreez) — REalloys (2026-05-20)
19. Non-binding MOU with Ramaco Resources — REalloys (2026-05-28)
20. Non-binding letter of intent with JS Link — REalloys (2026-07-07)
21. Schedule 13G/A, Five Narrow Lane LP (filing summary) — Stock Titan (2026-02-25)
22. Merger with Blackboxstocks closes (8-K) — REalloys (SEC) (2026-02-25)
23. Series A preferred transfer (8-K) — REalloys (SEC) (2026-05-05)
24. Audited 2025 financial statements (8-K/A exhibit) — REalloys (SEC) (2026-05-11)
25. Hoidas Lake S-K 1300 technical report summary (Micon) — REalloys (SEC) (2024-12-06)
26. Hoidas Lake, deposit record 1612 — Saskatchewan Mineral Deposit Index (2026-10-14)
27. CMI Hub project on US rare earth metal production — Ames National Laboratory (2023-10-18)
28. Private placement of about $100 million — REalloys (2026-06-24)
29. EXIM letter of interest — REalloys (2025-10-29)
30. Non-binding MOU with Mission Critical Materials — REalloys (2026-01-06)
31. REalloys fully funded for SRC upgrade and metallization plant — Mining Weekly (2026-08-14)
32. Tooele Army Depot selected as site for rare earth processing — Tooele Transcript Bulletin (2026-07-15)
33. REalloys has the capital; now SRC must prove the process — Rare Earth Exchanges (2026-07-18)

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