美国稀土独立的数十亿美元代价-

MhamGa

EquityResearch

EnergyandPowerTechnologies|Rare

Earth

Thisreportisintendedforenelson@.Unauthorizeddistributionprohibited.

October20,2025

IndustryReport

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RareEarthMinerals

PotentialforCriticalMineralSovereignFundandOther

Backing

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Pleaserefertoimportantdisclosuresonpages25-28.Analystcertificationisonpage25.

WilliamBlairoranaffiliatedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asa

result,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Thisreportisnotintendedtoprovidepersonalinvestmentadvice.Theopinionsandrecommendationshere-indonottakeintoaccountindividualclientcircumstances,objectives,orneedsandarenotintendedasrecommen-dationsofparticularsecurities,financialinstruments,orstrategiestoparticularclients.Therecipientofthisreportmustmakeitsownindependentdecisionsregardinganysecuritiesorfinancialinstrumentsmentionedherein.

WilliamBlair

Contents

Thesis 3

Summary 3

Introduction 4

RareEarths 5

KeyMinerals 8

CurrentGlobalProduction 16

GovernmentFundingDomesticRareEarthSupplyChain 21

Conclusion 23

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Thesis

Asglobaldemandforrareearthelementsrises,U.S.companieshavestartedtheprocesstore-ducerelianceonChinabyrapidlyexpandingdomesticproduction,processing,andrecycling.Fornationalandeconomicsecurity,theU.S.governmentincludingtheDepartmentofDefense(DOD)andtheDepartmentofEnergy(DOE)hassteppedin,strategicallyfundingrareearthsupplychainprojects.TheseinvestmentsareexpectedtodriveasurgeinU.S.mine-to-magnetcapacity,secur-ingcriticalminerals,strengtheningsupplychains,andsupportingbothnationalsecurityandtheclean-energytransition.

Summary

Whilemanyrareearthstockshavehitthecoverofftheballinrecentweeks,webelievethereisstillmaterialfutureupside.Continuedgeopoliticaldevelopmentsandrecentmajorfinancialin-stitutioninvestmentpledgeshaveincreasedthevaluationssignificantlyforallfiveofourcoveredcompanies—AmericanResourcesCorporation,RoyaltyManagementHoldingCorporation,UnitedStatesAntimonyCorporation,USARareEarth,andNioCorpDevelopments—alongwithotherrareearthequitycompanies.However,whileshort-termadjustmentsmayoccur,webelieveChina’sdominanceinthemineralsmarketwillnotsubsideanytimesoon,thoughprojectgreaterinvolve-mentfromthecurrentadministrationandsubstantialinvestmentsfromfinancialinstitutions.

Problem

Chinacurrentlycontrols70%ofthemining,90%ofseparation,and93%ofworldwiderareearthoxideandmagnateproduction.Thiscausesanunhealthyglobalreliance,especiallyformakingmagnets,whicharecriticalfordefense,electricvehicles(EVs),androbotics.Makingmattersworse,Chinarecentlyaddedfiveadditionalrareearthmineralstoitstraderestrictionslist,equivalenttoatotal12bannedmediumandheavyrareearths.China’snewexportrestrictionsonthesecriti-calmineralsrequirecompaniestoobtaingovernment-issuedexportlicensesnotonlyfortherawmaterialsthemselvesbutalsoforforeign-madeproductscontainingthosematerials.Thispolicyeffectivelytightenscontrolovertheentirerareearthsupplychain,impactingmining,smelting,re-fining,andmanufacturingacrossglobalindustries.Thismoveisastrategicdefensiveplay,allocat-inggreaterleveragetowardChinainsectorsincludingcleanenergy,electronics,anddefense,whileplacingadditionalpressureonothernationstodevelopandsecureindependentsupplysourcesfortheseessentialmaterials.Theprimaryissuehereisthattwooftheelements,terbiumanddys-prosium,areneededforhigh-termmagnets.

Response

TheTrumpadministrationhasfocusedonreducingU.S.dependencyonChineserareearths,retali-atingagainstexportrestrictions,andexpandingthedomesticsupplychain.Theseefforts,buildoninitiativesstartedundertheBidenadministration,withthegoaltodiversifysupplysourcesandstrengthenaccesstocriticalminerals.Since2020,TheDODhasinvested$439milliondollarsintoU.S.rareearthprojects,includingmaterialdirectstakesinthreepublicrareearthcompanies:MPMaterials,LithiumAmericas,andTrilogyMetals.J.P.Morganrecentlystatedthatitwillinvestupto$10billionintocompaniescriticaltoU.S.nationalsecurityaspartofabroader$1.5trillion10-yearinitiativetofacilitate,finance,andinvestinindustriescentraltothegrowthoftheU.S.economy.Weanticipatethatotherinstitutionswillfollowsuitandbelievethereispotentialfortheadmin-istrationandU.S.financialinstitutionstoformasovereignrareearthfund,althoughthecurrentgovernmentshutdowncoulddelaytiming.

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NextMoveUp

Werecognizetherecentstockappreciationofrareearth-relatedcompanies.However,webelievethatsignificantnewfinancialbackinganddirectgovernmentstakesinrareearthcompaniescouldprovideasecondmeaningfullegupforseveralrareearthstocks.Weanticipategovernmentfund-inginthefivecompanieswehaveinitiatedon,excludingRoyaltyManagementHoldingCorporationasitisineligibleasaholdingcompany.OnOctober6,2025,thecurrentadministrationannouncedinvestmentsinMPMaterials,LithiumAmericas,andTrilogyMetals,leadingtomassivestockpriceincreases.Weexpectadditionalfundinginotherrareearthcompaniesintheneartermaspartoftheongoingdomesticsupplychainbuildoutinitiative.

Inconjunctionwiththisreport,weinitiatedonfivecompaniesthatwebelieveofferwaystoplaycontinuedrareearthupside:

•AmericanResources–auniquerareearthseparatorandrefiningrareearthcompany

•NioCorpDevelopments–arareearthcompanyinthedevelopmentstagesfortheElkCreekminingproject

•RoyaltyManagementHolding–anon-operatedaggregatorofrareearthminerals,technol-ogy,anddatacenterrevenuestreams

•USARareEarth–amine-to-magnetcompany,withmagnetproductionexpectedtocommencesoonandextractionlikelytotakeplaceinthenear-term

•UnitedStatesAntimony–afullyintegratedcompanywithcurrentantimonysalesandminingtargetedtobeginwithintheupcomingquarters

Introduction

Rareearthmineralsareessentialtomoderntechnologies,fromcleanenergytonationaldefense,andtheU.S.hasidentified54criticalmineralsasvitaltoeconomicandsecurityinterests.Today,Chinacontrols70%ofmining,90%ofseparation,and93%ofworldwiderareearthoxideandmagnateproduction,leadingtoanunhealthyglobalreliance—especiallyformakingmagnets,whicharecrucialforseveraldomesticindustries.TheU.S.governmentcodifiedalawin10U.S.C§4872,torequireU.S.defensecontractorstodisclosethesourceoftheirrareearthsorfacecon-tractualloss.ThislawwaswrittenwiththeintentiontoeliminatedependenceonChineserareearthsbyJanuary1,2027(whichseemsaggressivelytimed,inouropinion),andwillposemajorimplicationsfortrade,profitability,andtheglobalsupplychain.

Theexplorationandproduction(E&P)andrareearthsectorsareincreasinglyinterconnectedthroughsharedexposuretoresourceextraction,infrastructure,andU.S.governmentfundingini-tiativesthatarefocusedoncreatingcriticalmineralsupplychainsecurityandsustainableenergyinnovation.E&Pcompaniespossessgeologicalexpertise,subsurfacedata,andestablishedinfra-structurethatcanbeleveragedtoidentifyandextractrareearthelementsfromunconventionalsources,suchascoalmines,producedwater,andmineral-richbyproducts.OngoingDOEandU.S.GeologicalSurvey(USGS)programsprovidefundingandtechnicalsupportforprojectsthatre-coverrareearthelementsfromfossil-basedmaterials,creatingopportunitiesforE&Poperatorstorepurposeassetsandparticipateinthedomesticcriticalmineralssupplychain.

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Rareearthcompaniesareconstantlyinnovatingenergysystemsinsupportofthecleanenergytransition.Thesefirmsplayakeyroleindevelopingmoresustainableextraction,separation,andprocessingtechnologiestosupplymaterialscriticaltoEVs,windturbines,andadvanceddefensesystems.Variouscompaniesarealsointegratingrecyclingandcircular-economyinitiativestore-duceenvironmentalimpactandimprovematerialefficiency.

China’sinitialrareearthdominancebeganintheearly2000s,implementedbyaggressivelylowpricingthatundercutmarketcompetitors.Inaddition,Chinaaddedexportrestrictionsthatpe-riodicallytightenedglobalsupply,causingmorepricevolatility.AlthoughcountriessuchastheUnitedStates,Australia,Canada,andRussiahavesignificantpotentialreserves,greenand/orbrownfieldprojectsaretimeconsumingandcapital-intensive.Theconcentrationofsupplywithinasinglecountryhascreatedvulnerabilitiesfortheglobaleconomy,especiallygivenChina’shistoryofstrategicallyincreasingorrestrictingantimonyandothermetalexportsandimportstoinflu-encepricingonaglobalscaleandmaintaincontroloverthesector.

TheU.S.governmenthastakenanactivestancetoaddressthisconcentrationriskthroughfund-inginitiativesenactedbytheDOD,DOE,andtheExport-ImportBankoftheU.S.,directlyinvest-ingindomesticmining,processing,andrecyclingoperationstobuildoutalong-termsupplychain.Thegovernmenthasengagedinaseriesofpublictoprivatecollaborativefundinginitia-tives,withthemajorityoffundingconsistingofequity-baseddeals.TheseinitiativeswillallowforreliableaccesstoU.S.criticalminerals,reducedependenceonforeignsuppliers,heightennationalsecurity,whilesettinguptopotentiallyreceivealargerreturnfromitsinvestmentsindomesticrareearthcompanies.

RareEarths

Rareearthelementsareagroupof17metallicmineralscategorizedintolightandheavyrareearths.Theyarecharacterizedbytheirmagnetic,luminescent,andelectrochemicalfeatures,mak-ingthemessentialinputsinawidearrayofmoderntechnologies.Suchusesincludesmartphones,harddrives,semiconductors,EVmotors,windturbines,aerospacesystems,andadvanceddefenseelectronics.Asdemandforsemiconductors,batteries,touchscreens,magnet-drivenmotors,andotherhigh-techproductsacceleratesoverthecomingdecade,pressureonrareearthsupplychainsintensifies.TheInternationalEnergyAgencyprojectsthatdemandforcriticalminerals,includingrareearths,couldnearlytripleby2030undernet-zeroemissionsscenarios.Thissurgeunder-scoreshowtheenergytransitionandelectrificationwavearedrivingexponentialgrowthintheneedforcriticalminerals,makingheavyrareearthsandsupplychainresiliencecentraltoU.S.economicandnationalsecuritystrategies.

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Exhibit1

2025Listof54CriticalMineralsintheUnitedStates

MineralCommoditiesNotProducedPredominatelyasByproduct

Aluminum

Copper

Manganese

Silicon

Zinc

Barite

Fluorspar

Nickel

Tantalum

Beryllium

Lead

Niobium

Tin

Cesium

Lithium

Platinum

Titanium

Chromium

Magnesium

Potash

Tungsten

MineralCommoditiesPredominatelyProducedasByproduct

MineralMainhostcommodities

AntimonyLead,gold,otherbaseandpreciousmetals.

BismuthLead,tungsten,copper,tin,molybdenum,fluorspar,zinc.

CeriumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

CobaltNickel,copper.

DysprosiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

ErbiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

EuropiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

GadoliniumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

GalliumBauxiteandzinc.

GermaniumZincandcoalflyash.

GraphiteNeedlecoke(forsyntheticgraphite).

HafniumZirconium.

HolmiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

IndiumZinc.

IridiumPlatinum,nickel.

LanthanumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

LutetiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

NeodymiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

PalladiumNickel,platinum.

PraseodymiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

RheniumMolybdenum,copper.

RhodiumNickel,platinum.

RubidiumCesium,lithium.

RutheniumNickel,platinum.

SamariumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

ScandiumCobalt,nickel,titanium,zirconium.

SilverZinc,lead,copper,gold.

TerbiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

ThuliumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

VanadiumSteelslagfromvanadiferousironore,spentcatalysts.

YtterbiumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

YttriumOtherrareearths,ironore,heavymineralsands(titanium,zirconium).

ZirconiumTitanium,tin.

Source:USGS,August26,2025

MineralsAreofU.S.EconomicImportance

CriticalmineralsaredefinedundertheEnergyActof2020asanymineral,element,substance,ormaterialdesignatedascriticalbytheSecretaryoftheInterior.WhilemostidentifiedmineralsareimportanttotheU.S.economy,themostimportantrareearthmineralsfortheU.S.GDParethoseessentialforhigh-techmanufacturing,including:

•neodymium,praseodymium,dysprosium,terbium,andsamariumformagnetsinEVsandwindturbines

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•ceriumforcatalyticconverters

•galliumforsemiconductors,LEDs,andhigh-frequencymilitaryelectronics

•berylliumforlightweight,high-stiffnessaerospaceanddefensealloys

•antimonyforflameretardants,specialtyalloys,anddefenseapplications

•niobiumandscandiumforhigh-strength,lightweightalloysinpipelines,aerospace,andspe-cialtyelectronics

•titaniumforcorrosion-resistant,high-strengthalloysinindustrial,medical,anddefenseuses.

Inaddition,metallurgicalcarbonisessentialforsteelmaking,whilepreciousmetalslikegoldandsilverservebothindustrialandmonetaryuses.

SupplyChainProcessforMinerals

Criticalmineralsupplychainshavefivekeystages:extraction,processing,components,end-usetechnologies,andrecycling.Extractionreferstominingmineralseitherasprimaryresources(likemonaziteorbastnaesiteforrareearths)orasbyproductsofotherminingoperations,aprocesstheUSGSnotesiscommonformanystrategicminerals.Processinginvolvesseparatingandrefiningmaterialstohigh-purityforms,suchasneodymiummetaloroxidesusedinmagnets,optics,andceramics.Theserefinedmaterialsarethentransformedintocomponents,likemagnetparts,whichfeedintoend-usetechnologies,suchasEVs,windturbines,anddefensesystems,withrecyclingtakingthefinalspotofthechain.TheDOEemphasizesthatsupplyrisksandopportunitiesexistateverystageofthischain,shapedbygeological,technical,environmental,political,andeconomicfactors.Inparticular,byproductrecoverycancomplicatepricingandavailability,asthesupplyofonemineralisoftentiedtodemandforanother.Understandingthisinterconnectedstructureises-sentialforbuildingresilientU.S.supplychainsandreducingvulnerabilitytoforeigndependence.

Exhibit2

RareEarthElementsSupplyChainProcessinChina

Import/ExportREEssupplychaininChina

Mining

Smelting

Manufacturing

WasteManagement

Tailing

Loss

Recycling

Source:WilliamBlairEquityResearch

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HeavyRareEarths

Heavyrareearthelements,suchasdysprosium,terbium,yttrium,andlutetium,arecriticaltoU.S.nationalsecurityandcleanenergysupplychains.TheirimportancehassurgedsinceChina’straderestrictionsandexportcontrols,whichhavetightenedsupplyanddrivenglobalpricespikes.Dysprosiumandterbiumareusedtostrengthenneodymium-iron-boron(NdFeB)magnets,allowingthemtoretainperformanceathightemperaturesforEVs,windturbines,andadvanceddefensesystems.Yttriumisusedinlasers,ceramics,phosphors,andradardisplays,servingbothcommercialelectronicsandmilitaryapplications,whilelutetium,thoughextremelyrare,isvitalinnuclearmedicine,PETscandetectors,andradiationsensors.WithChinacontrol-lingnearlyallrefiningcapacityforheavyrareearthelements,theU.S.facessignificantsupply-chainvulnerabilitiesjustasdemandaccelerates.WebelievethattheU.S.developmentprojects,suchasthoseledbyUSAntimonyandUSARareEarth,areindispensableforbuildingresilientproduction,expandingprocessingcapacity,reducingrelianceonChineseexports,andstabiliz-ingcostsforthesecriticaltechnologies.

Exhibit3

CriticalMineralandRareEarthPrices(USD/kg)

Source:USARareEarthCompanyReport

KeyMinerals

Antimony

Antimony(Sb)isashiny,soft,greymetalloidfoundinover100differentminerals,particularlyinstibnite(Sb2S3),andiscommonlyfoundinAlgeria,Bolivia,China,Mexico,Peru,andSouthAfrica.Inaddition,antimonycanbesourcedbyoldbatteries,onemajoroperationconductedbyAmericanResources.In2020,overhalfoftheantimonyminedintheworldwasproducedinChina,withtheremainderfromRussiaandothercountries.

Whenantimonyisheatedtoarangeof500°Cto1,000°C,itentersitsgaseousphaseasantimonytrioxide,whichhasvariousend-productsessentialforthemilitaryanddefense,energy/transport,chemical,andtechnologyindustries,asshowninexhibit4.Specificproductswhereonecanfindantimonyincludeflameretardants,bullets,semiconductors,electricalcables,fiberglass,paintpig-ments,rubber,paints,lithium-ionbatteries,andasaphosphorescentagentusedinfluorescentlightbulbs.

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Exhibit4

AntimonyEnd-Products

11%

32%

15%

20%

22%

Military&DefenseEquipmentEnergy&Transport

FlameRetardantsChemicals

Sources:WSJandWilliamBlairEquityResearch

Exhibit5depictsantimonyingotswitha99.65%puritylevel,withcurrentpricesofaround$34,750permetricton,upfrom$27,750in2024.

Exhibit5

Price(USDperMetricTonne)

$40,000

$30,000

$20,000

$10,000

$-

AntimonyIngot99.65%PurityPriceChart(2015-2025)

2023

Year

Sources:Bloomberg,WilliamBlairEquityResearch

Dysprosium

Dysprosium(Dy)isabright,silverymetalwithextrememagneticstrengthandisanessentialcom-ponenttoproducepermanentmagnets.Dysprosiumisaddedtoneodymium-iron-boron(NdFeB)magnetstoboostcoercivity,ortheresistancetodemagnetization,attemperaturesupto200°C,es-sentialforEVmotorsandwindturbinegenerators.Exhibit6depictsdysprosiumoxidewitha99%puritylevel,withcurrentpricesofaround$240perkilogram,remainingrelativelyflatsince2024.

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Exhibit6

$600

$500

Price(USDperKilogram)

$400

$300

$200

$100

$0

DysprosiumOxide99%PurityPriceChart(2015-2025)

Year

Sources:Bloomberg,WilliamBlairEquityResearch

Neodymium

Neodymium(Nd)isahighlyreactive,silver-whitelightrareearthmetal,bestknownforproducingthestrongestcommercialpermanentmagnets.ItplaysacriticalroleincleanenergybypoweringEVmotorsandwindturbines;isusedinvariouselectronics,includingcomputerharddrivesandspeakers;andinthedefenseandaerospacetechnologysectorsisusedformissileguidanceandradarsystems,etc.

Exhibit7

RareEarthMagnetMarketbyIndustry

Semiconductors,2%

WindEnergy,2%Consumer,7%

Healthcare,9%

ElectricVehicles,30%

Industrial/Robotics,

26%

Defense&

Aerospace,24%

Sources:WSJandWilliamBlairEquityResearch

Neodymium-iron-boron(NdFeB)or“neo”magnetsarethestrongestpermanentmagnets,vitalforhigh-performanceapplicationssuchasEVmotors,windturbines,robotics,medicalimaging,anddefensesystems.Theircompactsize,strength,andefficiencymakethemessentialtocleanenergyandadvancedelectronics.Productioninvolvesalloyingneodymiumwithironandboron,andoftenaddingheavyrareearthslikedysprosiumorterbiumtoenhancehigh-temperatureperformance.

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Duetocomplexmanufacturingandlimitedrareearthsupply,NdFeBmagnetsaretechnologicallychallenging.TheDOEidentifiesthemasakeysupply-chainbottleneck,emphasizingtheneedfordomesticproduction,recycling,andglobalpartnershipstoreducedependenceonChina,whichdominatesmagnetmanufacturing.In2025,China’sexportrestrictionssparkedtheU.S.tobuildanindependent“mine-to-magnet”supplychainby2030.

Currentlyasof2025,neodymiumoxidewith99%purityispricedaround$97,250permetricton,upfrom$60,750permetrictonin2024,andcontinuestoriseamidongoingtraderestrictions.

Exhibit8

NeodymiumOxide99%PurityPriceChart(2015-2025)

Price(USDpermetricton)

$200,000

$180,000

$160,000

$140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

2022202320242025

Year

Sources:Bloomberg,WilliamBlairEquityResearch

Niobium

Niobium(Nb)isasoft,silvery-greyrefractorymetalvaluedforitscorrosionresistanceandsu-perconductingpropertiesatcryogenictemperaturesbelow-153°C.Over90%ofglobalniobiumconsumptioncomesfromitsuseasanalloyagentinhigh-strengthlow-alloy(HSLA)steelinoilandgaspipelines,bridges,buildings,andautomotiveframes;addinglessthan0.1%ferroniobiumsignificantlyincreasesstrengthandreducesoverallweight.Nb-TiandNb₃SnalloysarevitalforconductingmagnetsusedinMRImachinesandparticleaccelerators,andaerospacesuperalloysareusedforjetenginesandturbines.Additionalusesincludemedicalimplantsandelectronicca-pacitorsusingniobiumoxide.Ferroniobium(60%niobium)sellsforabout$25,000to$45,000permetrictonor$25to$45perkg,whileniobiumoxidecosts$45to$65perkgduetoitshighernio-biumpurity.Brazilhasthelargestniobiummarket,holdingapproximately90%ofglobalreservestotaling14.2milliontonnesofcapacityin2023,andcontrols85%ofproduction,withCompanhiaBrasileiradeMetalurgiaeMineração(CBMM)producing80%fromitsAraxámine.Canada’sNio-becmineistheonlyotherglobalproducer,supplying8%-10%ofglobaloutput.TheU.S.,EU,andChinaare100%import-dependentforthismineral,creatingastrategicsupplyrisk.Demandisprojectedtogrow4.5%annuallythrough2030,drivenbyNb-enhancedbatteriesandadvancedsuperconductingapplications.

Exhibit9depictsniobiumwitha98%purity,currentlypricedataround$93.96perkilogramandexpectedtocontinuetoriseduetotheongoingshortageandmajorityconcentrationinBrazil.

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Exhibit9

Niobium98%PurityPriceChart(2019-2025)

Price(USDperKilogram)

$105

$100

$95

$90

$85

$80

$75

$70

201?22D20210222023

Year

Sources:Bloomberg,WilliamBlairEquityResearch

Praseodymium

Praseodymium(Pr)isalightrareearthelement,characterizedbyitssoft,silvery,malleable,andductilemetalstructure.Italsohasgreaterresistancetocorrosioninair,asopposedtootherrareearthslikeneodymiumorlanthanum,thoughtheelementwilldevelopagreenish-yellowoxidecoatingwhenexposedtooxygen.

Themajorityofdemandforpraseodymiumisforitscombinationwithneodymiuminneodymium-iron-boron(NdFeB)permanentmagnets,whereitenhancesmagneticstrengthandthermalstabilityforEVmotors,windturbines,andelectronics.Itisalsousedinmagnesium-basedaerospacealloysforlightweight,high-temperatureperformance,andincoloringagentsandspecialtyglassforceramics,enamels,andprotectiveeyewear.Currently,Chinahasnotim-posedexportrestrictionsonpraseodymiumorneodymium-praseodymium(NdPr),partlyduetothedevelopmentofalternativenon-Chinasources,suchastheU.S.MountainPassmine.Pra-seodymiummetal