Vulcan Elements + ReElement

Vulcan Elements manufactures sintered NdFeB permanent magnets for defense and commercial customers. ReElement Technologies runs a modular chromatography-based refining platform that separates recycled magnets, electronic waste and mined concentrates into high-purity rare earth and critical-mineral oxides. The alliance between them is publicly framed as linking domestic oxide supply directly to domestic magnet production.

At a glance

Founded

2023 — Vulcan Elements was incorporated in 2023. ReElement Technologies traces to a rare-earth refining subsidiary created by American Resources Corporation in 2020 and renamed in July 2022.

Headquarters

Vulcan Elements: Durham, North Carolina. ReElement Technologies: Fishers, Indiana, United States

Ownership

Vulcan Elements is private, with a $65 million Series A led by Altimeter Capital in August 2025; under a November 2025 partnership the U.S. Department of Commerce takes $50 million of equity. ReElement Technologies is private: it was distributed to American Resources Corporation shareholders in February 2025, its stock was never listed, and American Resources deconsolidated it in December 2025, retaining a minority interest. ReElement's co-founder publicly discussed a possible listing in the second half of 2026; if that happens this description will need rewriting.

Stage

Vulcan Elements + ReElement: Developing. Vulcan makes sintered NdFeB at pilot scale only; its commercial plant is a separate, federally financed build.
Vulcan Elements — Benson, NC: Developing. A 10,000 t/yr plant financed with a $620M federal loan and private capital; no production start date is published.

Listing

Private.

Revenue

Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

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

What	Figure	Status	As of
Vulcan Elements sintered NdFeB, Durham, North Carolina — pilot scale. This figure comes from NPR and Defense News reporting, not from the company, which has never published a capacity number.	approximately 10 t/yr	Pilot scale	Oct 2025
Vulcan Elements sintered NdFeB, Benson, Johnston County, North Carolina	10,000 t/yr	Announced	Nov 2025
ReElement separated rare earth oxides, Noblesville, Indiana	in excess of 200 t/yr	Operating	Sep 2025
ReElement refining campus, Marion, Indiana — Phase 1, of which the rare-earth-specific lines are two 7,000 t/yr feedstock streams; the first commercial-scale production column commissioned there processes germanium, not rare earths	more than 16,000 t/yr of separated high-purity oxide across all lines	Under construction	Aug 2026
ReElement separated oxide from recycled feedstock, Marion, Indiana — Phase 1	a line of up to 7,000 t/yr of separated oxide from recycled feedstocks, plus more than 2,000 t/yr from recycled thermal-barrier materials	Under construction	2026

Narrative

Vulcan Elements, incorporated in 2023 and based in Durham, North Carolina, makes sintered NdFeB magnets for defense and commercial customers; press reporting put pilot output at about ten metric tons a year in 2025, following a $65 million Series A. ReElement Technologies, an Indiana refiner separated from American Resources Corporation in early 2025, produces high-purity rare earth oxides at Noblesville and is building a larger campus at Marion. The two signed a commercial-scale oxide offtake agreement in August 2025, then in November 2025 announced a $1.4 billion partnership with the U.S. government including $620 million and $80 million conditional Office of Strategic Capital loans. Vulcan subsequently selected Benson, North Carolina for a 10,000-metric-ton magnet plant.

Where public sources disagree

Neither company publishes revenue. American Resources Corporation's SEC figures are its own and are not ReElement's; it deconsolidated ReElement on 26 December 2025.
ReElement's corporate status is the most misread fact here. It is not currently a subsidiary of a listed company: it was distributed to American Resources shareholders with a payment date of 14 February 2025, its stock was never registered or listed, and American Resources deconsolidated it on 26 December 2025, retaining a minority interest reported at roughly 19% by ION Analytics. ReElement's own website was still describing itself as a subsidiary after the separation completed.
The approximately 10 t/yr pilot figure comes from NPR and Defense News reporting, not from a Vulcan Elements statement. The company has never published a current capacity number.
The $1.4 billion headline is not all government money, and the distinction matters because the figure is widely repeated as a federal commitment. The Office of Strategic Capital's own announcement of 3 November 2025 describes two separate loans - $620 million to Vulcan Elements and $80 million to ReElement Technologies, $700 million in total - "matched by private capital," which is what brings the partnership to $1.4 billion. The OSC release further states that no funds are disbursed until due-diligence conditions are met, and no source confirms either loan has closed. The Department of War also receives warrants in ReElement Technologies.
ReElement's own website still described itself as a subsidiary of American Resources after the separation was complete.
The Marion Phase 1 figure of more than 16,000 t/yr covers all lines, several of which are not rare earths — germanium, gallium, antimony and tungsten among them. The rare-earth-specific portion is the two 7,000 t/yr streams.
The first commercial-scale production line commissioned at Marion, on 7 August 2026, processes germanium. It is not a rare-earth separation line; the two 7,000 t/yr rare-earth streams in the Phase 1 figure above have not been reported as commissioned. A Minor Source air permit covering all four planned Phase 1 lines (germanium, gallium, light rare earths, heavy rare earths) was received 19 August 2026.
A separate $25 million Department of War investment in the Marion campus was announced on 13 July 2026 by the department and on 14 July 2026 by the company, awarded through the Industrial Base Fund for refining equipment, production-line installation and working capital. It is distinct from the $700 million of Office of Strategic Capital conditional loans above, and from the $1.4 billion partnership figure those loans sit inside, and should not be added to either. Neither announcement states whether the $25 million has been disbursed.
On 31 August 2026 the North Carolina Utilities Commission waived publication-of-notice and hearing requirements to expedite a 1.31-mile, 230-kilovolt transmission line serving the Benson site, citing Defense Production Act priorities; press reporting put the line's cost at approximately $7.25 million, paid by Vulcan, with completion expected by the end of March 2027. Around the same time, Vulcan's own social media account described the Commission as having “unanimously approved, on a bipartisan basis, construction of the transmission line,” securing “100% of the power needed” for the 10,000-metric ton facility. No NCUC order, Duke Energy filing or company release distinct from the 31 August procedural waiver could be found confirming a separate construction approval. The confirmed public record is a waiver of process; the company's public characterization is an approval to construct. No groundbreaking has been announced at Benson under either account.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

narrower than claimed · Digest issue 009 · 18 October 2026

Thirteen machines in Pohang, and a starting point the annual report doesn’t carry

The claim — that 10,000 metric tons a year positions the company as the largest producer of rare earth permanent magnets outside China — is narrower than it reads, on 3 counts.
Today. The 10-K gives 660 metric tons a year, and no filing reports any magnet tonnage produced or shipped. Outside China the atlas carries larger sintered plants already operating: Noveon at San Marcos, e-VAC at Sumter and Neo Performance Materials at Narva, each about 2,000 metric tons a year nameplate, and Shin-Etsu at approximately 3,400 metric tons a year across Japan and Vietnam, as reported by Benchmark Mineral Intelligence rather than by the company.
At target. Of the 10,000, the sintered part is 6,000, and the atlas covers sintered magnets only. That is below 2 announced plans: MP Materials’ approximately 10,000 metric tons a year across Independence and the 10X campus, and Vulcan Elements’ 10,000 metric tons a year at Benson, North Carolina. Neither total is built yet either, so at target this is one plan against another. The claim compares a plan with producers.
Date. The release gives no commissioning date for the 10,000 metric tons, where earlier releases said the end of 2026.
narrower than claimed · Digest issue 006 · 28 September 2026

Competitively selected, jointly

Two claims in one release, and both are narrower than they read.
"Competitively selects" and "multiple-award, shared with Noveon" are not contradictory, but only one of them is in the announcement. A reader of Vulcan's release alone would take this as a sole selection; the structure is recoverable only from the contracting record, and Noveon is not named anywhere in the release. Noveon has published nothing at all — its newsroom carries no Army, SkyFoundry or drone-motor item — so the second awardee is silent about its own award. We attribute the structure to SOFX's reading rather than asserting it, and would rather print a correction than a claim we have not opened the file on.
And the release calls Benson "the largest rare earth magnet factory outside of China." From this atlas: Benson is 10,000 t/yr, announced, under construction, against a Durham pilot line of about 10 t/yr. Noveon — the other awardee — has carried 10,000 t/yr at San Marcos as a stated ambition since 2022, also announced, against roughly 2,000 t/yr of nameplate today. MP Materials' company magnet total lands at about the same figure and is also unbuilt. Three claims to one number, none of them producing. The superlative is a claim about a factory that does not yet exist, made in the same document that omits the award's structure.
narrower than claimed · Digest issue 003 · 7 September 2026

Mkango publishes a capacity map, and a cash balance that does not reach it

Largest ex-China recycling ambition, I said, hedged to magnet and alloy output. The hedge is doing more work than it should. ReElement's Marion line is on our atlas at up to 7,000 t/yr of separated oxide from recycled feedstock, under construction — more than twice Mkango's total, in a different unit.
Oxide is not magnet and the two are not interchangeable, so the claim survives as written. But a superlative that depends on the unit you chose is a weak superlative, and the honest statement is that Mkango has assembled the most sites, not the most tonnage.

Sources

$65 million Series A and first US magnet production — Vulcan Elements (2025-08-11)
Commercial-scale offtake agreement with ReElement — Vulcan Elements (2025-08-19)
$700M conditional loan commitment — U.S. Department of War, Office of Strategic Capital (2025-11)
Benson, Johnston County plant selection — North Carolina Department of Commerce (2025-11-18)
US works to secure rare earth supply chain — NPR (2025-10-14)
Marion refining campus progress update — ReElement Technologies via ACCESS Newswire (2026-06-22)
First commercial-scale production column commissioned at Marion (germanium) — ReElement Technologies via Investing News Network (2026-08-07)
Air permits received for all four planned Marion lines — ReElement Technologies via Investing News Network (2026-08-19)
$25 million Department of War investment in Marion refining equipment — ReElement Technologies via ACCESS Newswire (2026-07-14)
North Carolina fast-tracks power line for rare earth magnet factory — WRAL (2026-08-31)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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