{"meta":{"as_of":"2026-09-19","revision":6,"skeleton":false,"compiled_at":"2026-09-20T00:11:45.849215+00:00","extract_url":null,"extract_form":null,"authored_hash":"cc2d6f83564e265c7984c45494944a1b","extract_filed":null,"extract_source":"authored","generated_hash":"7add07536d401f75597286546d6ede0b","research_stage":"operating_scenarios","business_authored":true,"extract_accession":null,"research_reviewed_at":"2026-09-19"},"model":{"entity":"USA Rare Earth, Inc.","source":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","quarters":[{"cfo":{"value":-1210000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2025-11-06","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":141201.0,"provenance":{"form":"10-Q","class":"reported","filed":"2024-11-14","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001213900-24-098549","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":null,"net_income":{"value":-1869000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"NetIncomeLoss","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2024-09-30","eps_diluted":{"value":-0.03,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"EarningsPerShareDiluted","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2024Q3","gross_profit":null,"debt_long_term":null,"shares_diluted":{"value":59497000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-1959000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"OperatingIncomeLoss","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-3504000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":16761000.0,"provenance":{"form":"10-K","class":"reported","filed":"2026-03-30","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":null,"net_income":{"value":-6797000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"NetIncomeLoss","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2024-12-31","eps_diluted":null,"fiscal_label":"2024Q4","gross_profit":null,"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-5917000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"OperatingIncomeLoss","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-10329000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":{"value":-12340000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-05-14","concept":"NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"cash":{"value":23351000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-05-15","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001213900-25-043743","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":{"value":2011000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-05-15","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001213900-25-043743","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"revenue":{"value":0.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"Revenues","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"net_income":{"value":51832000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"NetIncomeLoss","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2025-03-31","eps_diluted":{"value":0.58,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"EarningsPerShareDiluted","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2025Q1","gross_profit":{"value":0.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"GrossProfit","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":83079000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-8718000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"OperatingIncomeLoss","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-7909000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-10","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":121791000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":0.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"Revenues","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"net_income":{"value":-142506000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"NetIncomeLoss","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2025-06-30","eps_diluted":{"value":-1.54,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"EarningsPerShareDiluted","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2025Q2","gross_profit":{"value":0.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"GrossProfit","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":92769000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-8804000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"OperatingIncomeLoss","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-2849000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2025-11-06","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":257609000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":null,"net_income":{"value":-156680000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"NetIncomeLoss","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2025-09-30","eps_diluted":{"value":-1.64,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"EarningsPerShareDiluted","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2025Q3","gross_profit":null,"debt_long_term":null,"shares_diluted":{"value":102589000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-15861000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-11-06","concept":"OperatingIncomeLoss","accession":"0001970622-25-000074","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-27898000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":359925000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":null,"net_income":{"value":-50205000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"NetIncomeLoss","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2025-12-31","eps_diluted":null,"fiscal_label":"2025Q4","gross_profit":null,"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-26120000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-03-30","concept":"OperatingIncomeLoss","accession":"0001970622-26-000021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-18456000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":1749644000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":5698000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"Revenues","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"net_income":{"value":-66989000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"NetIncomeLoss","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2026-03-31","eps_diluted":{"value":-0.34,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"EarningsPerShareDiluted","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2026Q1","gross_profit":{"value":106000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"GrossProfit","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":196479000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-36675000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-14","concept":"OperatingIncomeLoss","accession":"0001970622-26-000038","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}},{"cfo":{"value":-56868000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-10","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":1530147000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":5821000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"Revenues","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"net_income":{"value":-10333000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"NetIncomeLoss","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"period_end":"2026-06-30","eps_diluted":{"value":-0.05,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"EarningsPerShareDiluted","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":{"value":-1583000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"GrossProfit","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":230081000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}},"operating_income":{"value":-46314000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-10","concept":"OperatingIncomeLoss","accession":"0001970622-26-000057","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json","retrieved_at":"2026-09-20T00:11:45+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-20T00:11:45+00:00"},"notes":[],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-2.659,"p50":0.236,"p90":3.358,"p_up":0.537},"5d":{"p10":-6.258,"p50":-0.127,"p90":7.676,"p_up":0.487},"10d":{"p10":-8.968,"p50":-0.331,"p90":10.068,"p_up":0.477}},"state":"down/below/off/stuck/ordinary/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The completed acquisition changes the company from a largely downstream buildout into a broader operating platform. The key test is recognized external sales and cash economics after ramp costs, royalties and funding claims, not nameplate capacity alone.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track acquired-period revenue, inventory acceptance, closing cash/debt and milestone-qualified financing against the capital bill."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","title":"H1 actuals, government agreement and cash restrictions","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-1.htm","title":"September 3 completed Serra Verde acquisition and operating targets","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","title":"Furnished combined pro forma accounts and DFC extinguishment","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026055511/ea029029301ex99-3.htm","title":"Serra Verde historical royalty terms","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026080645/ea029900101ex99-1.htm","title":"Signed conditional Carester minority investment","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026092810/ea030292401ex99-1.htm","title":"Offtake counterparty financing and effectiveness conditions","retrieved":"2026-09-19"}],"business":{"drivers":["Post-close mine utilization, TREO realization and royalty burden","Qualified magnet shipments and legacy alloy margins","Capital investment, acquisition cash and conditional government funding"],"description":"USA Rare Earth is building a rare-earth mining, alloy and magnet platform. It owns legacy metal and service operations and closed the Serra Verde acquisition in September 2026, adding the Pela Ema mine in Brazil. Mine ramp, accepted magnet output and financing conditions determine the path from construction to commercial cash flow."},"earnings":{"source":"estimated from 10-Q filed 2026-08-10 plus 90 days","next_report_date":"2026-11-08"},"identity":{"cik":1970622,"sic":"1000","name":"USA Rare Earth, Inc.","symbol":"USAR","cluster":"Energy, materials & power","exchange":"Nasdaq"},"research":{"risks":["Production, product qualification and offtake commencement.","Rare-earth price and product-mix volatility.","Acquisition integration and provisional purchase accounting.","Capital cost, cash restrictions and milestone-conditioned financing.","Royalty minimums, DFC debt and substantial issued-share dilution."],"title":"The closed mine acquisition and the cash needed to scale","question":"Can mine ramp and qualified magnet shipments create an integrated business before cash requirements overwhelm funding flexibility?","economics":"USAR reported H1 revenue of $11.5M, operating loss $83.0M, CFO negative $75.3M and $108.4M cash capex/equipment deposits. June unrestricted cash was $1.530B with another $64.2M restricted. Serra Verde closed September 3 for $300M cash and 126.849M shares; Q3 therefore contains only acquired-period activity. The furnished Serra Verde H1 historical revenue was $0.588M. Target year-end annual TREO run rate is 4,000 tonnes, with a subsequent expansion toward 6,400 tonnes. Capacity is not yet recognized sales. June Serra Verde debt principal was $425M, including a $100M incremental DFC loan extinguished at closing; the remaining $325M reference still carries financing claims. Government commitments of up to $277M funding and $1.3B loans are milestone-dependent. The model shows business cash demand before assuming those facilities are drawn.","change_note":"Updated for completed Serra Verde acquisition with separate ramp, royalties, cash purchase and conditional funding.","checkpoints":[{"event":"Post-close reporting","watch":"Obtain closing cash/debt, purchase allocation and September-only acquired operations.","timing":"Q3 results; date unconfirmed","date_status":"estimated"},{"event":"Mine and magnet acceptance","watch":"Compare nameplate/run-rate claims with shipped external product and working capital.","timing":"Year-end 2026 run-rate target","date_status":"estimated"},{"event":"Conditional investment and funding","watch":"Verify Carester closing, actual government receipts and offtake effectiveness.","timing":"Next financing and transaction disclosures","date_status":"estimated"}],"countercase":"Mine and magnet capacity can grow faster than accepted sales. Low utilization, acquired debt, royalty minimums, working capital and transaction costs can absorb cash before integration produces economic returns.","limitations":["Serra Verde closed September 3 for $300M cash and 126,849,307 shares. H1 USAR history is not retrospectively replaced with combined pro forma history. Q3 uses a one-month acquired operating approximation; actual closing-date accounting will differ.","Year-end 4,000-ton annual TREO run rate and subsequent 6,400-ton annual-average capacity plan are operating targets, not shipment or revenue guidance. Desk utilization, sale timing and blended price are explicit; undisclosed offtake price floors are not invented.","Mine revenue is modeled as external sales with no duplicate intercompany sale to LCM or magnets. Accepted magnet tonnage is separate from installed/nameplate capacity; Round Top contributes no mined revenue in the horizon.","Serra Verde reported only $0.588M H1 revenue in the furnished pro forma historical column. Production commissioning, inventory, acceptance and offtake commencement can delay recognized sales despite large future capacity targets.","Royalty cash includes a 5.25% variable sensitivity and a separate minimum-payment top-up allowance. Actual contractual minimums and amortized-cost accounting may differ. The royalty liability is not deducted from cash in one lump sum.","The pro forma June balance sheet is illustrative, not a September cash balance. Acquired June cash of $162.4M is a reference; modeled closing cash uses a haircut and is explicitly unverified until purchase accounting is filed.","DFC June principal was $425M, of which the $100M incremental loan extinguished upon warrant exercise at close. Remaining $325M initial principal is a reference, not proof of September debt after any other draws. No automatic receipt of the $565M facility ceiling.","The U.S. government arrangement provides up to $277M federal funding and $1.3B loan capacity subject to milestones. Counterparty financing in the offtake arrangement is not USAR cash. No future government or counterparty proceeds are included in modeled burn.","Carester minority investment is signed, subject to closing conditions, and is not consolidated sales. A $32.4M cash scenario is included at different future dates; total expected consideration includes shares and FX exposure.","Purchase-price allocation, depreciation, transaction-fee settlement, royalty floors and working capital are sensitivities pending post-close financials. No complete parent/subsidiary cash waterfall, restricted-reserve transfer, debt maturity or ownership/EPS model."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":9200000.000000002},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":27500000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":40600000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":50700000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"revenue","value":11.519,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_legacy_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled.","label":"legacy revenue","value":11.519,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_mine_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled.","label":"mine revenue","value":0.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_magnet_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled.","label":"magnet revenue","value":0.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"operating income","value":-82.989,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"cfo","value":-75.324,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"capex","value":108.388,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_acquisition_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"acquisition cash","value":0.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_minority_investment","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"minority investment","value":0.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_reported_gross","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"reported gross","value":-1.477,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_da","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"da","value":4.292,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_sbc","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"sbc","value":11.003,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_treasury_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"treasury income","value":26.921,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"cash","value":1530.147,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"restricted","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"restricted","value":64.222,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"government_deferred_cost","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"government deferred cost","value":912.091,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"government_grant_capacity","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"government grant capacity","value":277.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"government_loan_capacity","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"government loan capacity","value":1300.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_pipe","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; government capacity and noncash deferred costs are not received cash.","label":"h1 pipe","value":1500.0,"period":"H1 / June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000197062226000057/usar-20260630.htm","source_date":"2026-08-10"},{"id":"h1_production_da_allocation","case":"shared","kind":"assumption","unit":"USD_millions","basis":"Desk allocation of reported total depreciation to production for analytical pre-D&A comparison; not a disclosed segment metric.","label":"H1 assumed production D&A allocation","value":1.579,"period":"H1 2026","formula":null,"source_url":null,"source_date":null},{"id":"h1_gross_contribution","case":"shared","kind":"derived","unit":"USD_millions","basis":"Analytical allocation, not reported EBITDA or segment gross profit.","label":"H1 gross contribution before assumed production D&A","value":0.10199999999999987,"period":"H1 2026","formula":{"op":"sum","refs":["h1_reported_gross","h1_production_da_allocation"]},"source_url":null,"source_date":null},{"id":"h1_fcf","case":"shared","kind":"derived","unit":"USD_millions","basis":"Equipment deposits remain cash investment.","label":"H1 CFO less capex","value":-183.712,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cfo","h1_capex"]},"source_url":null,"source_date":null},{"id":"h1_other_investments","case":"shared","kind":"derived","unit":"USD_millions","basis":"No Serra Verde acquisition in H1 reported history.","label":"H1 net acquisitions and minority investment","value":0.0,"period":"H1 2026","formula":{"op":"sum","refs":["h1_acquisition_cash","h1_minority_investment"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_investing","case":"shared","kind":"derived","unit":"USD_millions","basis":"Future acquisition cannot alter filed H1 USAR cash.","label":"H1 cash after business investing","value":-183.712,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_fcf","h1_other_investments"]},"source_url":null,"source_date":null},{"id":"acquisition_gross_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"acquisition gross cash","value":300.0,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"sv_june_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"sv june cash","value":162.413,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"sv_h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"sv h1 revenue","value":0.588,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"dfc_june_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"dfc june principal","value":425.0,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"dfc_extinguished","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"dfc extinguished","value":100.0,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"transaction_cost_reference","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"transaction cost reference","value":96.372,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"royalty_current","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"royalty current","value":19.429,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"royalty_proforma_long","case":"shared","kind":"reported","unit":"USD_millions","basis":"Furnished pro forma historical or transaction adjustment; not an actual September closing balance.","label":"royalty proforma long","value":207.429,"period":"Pro forma / closing reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-3.htm","source_date":"2026-09-04"},{"id":"dfc_remaining_reference","case":"shared","kind":"derived","unit":"USD_millions","basis":"Excludes any other post-June draws or repayments; not a complete acquisition-date debt balance.","label":"DFC initial principal after incremental extinguishment","value":325.0,"period":"Closing reference","formula":{"op":"subtract","refs":["dfc_june_principal","dfc_extinguished"]},"source_url":null,"source_date":null},{"id":"acquisition_shares","case":"shared","kind":"reported","unit":"shares_millions","basis":"Closing consideration in millions of shares; not the combined diluted denominator.","label":"USAR shares issued for Serra Verde","value":126.849307,"period":"2026-09-03","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-1.htm","source_date":"2026-09-04"},{"id":"royalty_rate","case":"shared","kind":"reported","unit":"ratio","basis":"Two royalty rates of 2.625% following October 2024 amendment; contractual minimum cash is separate.","label":"Combined variable royalty reference","value":0.0525,"period":"Contract reference","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026055511/ea029029301ex99-3.htm","source_date":"2026-04-20"},{"id":"yearend_runrate","case":"shared","kind":"management_guidance","unit":"ratio","basis":"Physical tonnes per year, encoded as a count; not shipped tonnage or revenue.","label":"Year-end annual TREO run-rate target","value":4000.0,"period":"2026 year end","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1970622/000121390026097399/ea030400101ex99-1.htm","source_date":"2026-09-04"},{"id":"downside_2026q3_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":6.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":2500.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.15,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":0.3333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":31.25,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_average_capacity","downside_2026q3_quarter_fraction","downside_2026q3_mine_utilization","downside_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":0.6875,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_recognized_tonnes","downside_2026q3_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_magnet_tonnes","downside_2026q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":6.6875,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_legacy_revenue","downside_2026q3_mine_revenue","downside_2026q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":0.546875,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_recognized_tonnes","downside_2026q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":4.583333333333333,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_mine_fixed_full","downside_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":5.130208333333333,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_mine_variable_cost","downside_2026q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.48,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_legacy_revenue","downside_2026q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-4.442708333333333,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_mine_revenue","downside_2026q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_magnet_revenue","downside_2026q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-3.962708333333333,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_legacy_gross","downside_2026q3_mine_gross","downside_2026q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.03609375,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":2.03609375,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_royalty_variable","downside_2026q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":5.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":8.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":80.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":50.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":145.03609375,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_overhead","downside_2026q3_royalty_cash","downside_2026q3_da","downside_2026q3_sbc","downside_2026q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-148.99880208333332,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_gross_contribution","downside_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.08333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":2.4375,"period":"2026Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2026q3_dfc_rate","downside_2026q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-125.99880208333332,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_operating_income","downside_2026q3_da","downside_2026q3_sbc","downside_2026q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":17.9375,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_dfc_interest","downside_2026q3_cash_tax","downside_2026q3_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-143.93630208333332,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cash_earnings","downside_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":110.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-253.93630208333332,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cfo","downside_2026q3_capex"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":130.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":170.0,"period":"2026Q3","formula":{"op":"subtract","refs":["acquisition_gross_cash","downside_2026q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":170.0,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_acquisition_cash","downside_2026q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-423.9363020833333,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_fcf","downside_2026q3_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":6.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":3500.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.35,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":306.25,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_average_capacity","downside_2026q4_quarter_fraction","downside_2026q4_mine_utilization","downside_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":6.7375,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_recognized_tonnes","downside_2026q4_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":10.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":0.52,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_magnet_tonnes","downside_2026q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":13.7575,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_legacy_revenue","downside_2026q4_mine_revenue","downside_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":5.359375000000001,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_recognized_tonnes","downside_2026q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":13.75,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_mine_fixed_full","downside_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":19.109375,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_mine_variable_cost","downside_2026q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.52,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_legacy_revenue","downside_2026q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-12.371875,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_mine_revenue","downside_2026q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.8125,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.4225,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_magnet_revenue","downside_2026q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-12.274375,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_legacy_gross","downside_2026q4_mine_gross","downside_2026q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.35371874999999997,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.35371875,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_royalty_variable","downside_2026q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":8.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":9.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":53.75,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":96.10371875,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_overhead","downside_2026q4_royalty_cash","downside_2026q4_da","downside_2026q4_sbc","downside_2026q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-108.37809375,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_gross_contribution","downside_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":7.3125,"period":"2026Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2026q4_dfc_rate","downside_2026q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-81.37809375,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_operating_income","downside_2026q4_da","downside_2026q4_sbc","downside_2026q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":27.8125,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_dfc_interest","downside_2026q4_cash_tax","downside_2026q4_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-109.19059375,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cash_earnings","downside_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":150.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-259.19059375,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cfo","downside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_new_acquisition","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_new_acquisition","downside_2026q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_acquisition_cash","downside_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-259.19059375,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_fcf","downside_2026q4_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":7.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":3800.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.45,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":427.5,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_average_capacity","downside_2027q1_quarter_fraction","downside_2027q1_mine_utilization","downside_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":9.405,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_recognized_tonnes","downside_2027q1_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":25.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":1.3,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_magnet_tonnes","downside_2027q1_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":17.705000000000002,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_legacy_revenue","downside_2027q1_mine_revenue","downside_2027q1_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":7.481250000000001,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_recognized_tonnes","downside_2027q1_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":13.75,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_mine_fixed_full","downside_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":21.231250000000003,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_mine_variable_cost","downside_2027q1_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.56,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_legacy_revenue","downside_2027q1_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-11.826250000000003,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_mine_revenue","downside_2027q1_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.625,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.8125,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_magnet_revenue","downside_2027q1_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-12.078750000000003,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_legacy_gross","downside_2027q1_mine_gross","downside_2027q1_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.49376249999999994,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.4937625,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_royalty_variable","downside_2027q1_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":11.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":10.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":57.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":83.9937625,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_overhead","downside_2027q1_royalty_cash","downside_2027q1_da","downside_2027q1_sbc","downside_2027q1_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-96.0725125,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_gross_contribution","downside_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":7.3125,"period":"2027Q1","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2027q1_dfc_rate","downside_2027q1_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":7.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-68.0725125,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q1_da","downside_2027q1_sbc","downside_2027q1_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":25.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":32.8125,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_dfc_interest","downside_2027q1_cash_tax","downside_2027q1_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-100.8850125,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cash_earnings","downside_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":160.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-260.8850125,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cfo","downside_2027q1_capex"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_new_acquisition","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_new_acquisition","downside_2027q1_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_acquisition_cash","downside_2027q1_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-260.8850125,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_fcf","downside_2027q1_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":7.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4000.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":500.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_average_capacity","downside_2027q2_quarter_fraction","downside_2027q2_mine_utilization","downside_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":11.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_recognized_tonnes","downside_2027q2_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":50.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":2.6,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_magnet_tonnes","downside_2027q2_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":21.1,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_legacy_revenue","downside_2027q2_mine_revenue","downside_2027q2_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":8.75,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_recognized_tonnes","downside_2027q2_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":13.75,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_mine_fixed_full","downside_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":22.5,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_mine_variable_cost","downside_2027q2_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.6,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_legacy_revenue","downside_2027q2_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-11.5,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_mine_revenue","downside_2027q2_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.4375000000000001,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-1.1375000000000004,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_magnet_revenue","downside_2027q2_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-12.037500000000001,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_legacy_gross","downside_2027q2_mine_gross","downside_2027q2_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.5775,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.5775,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_royalty_variable","downside_2027q2_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":14.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":11.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":61.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":91.8275,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_overhead","downside_2027q2_royalty_cash","downside_2027q2_da","downside_2027q2_sbc","downside_2027q2_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-103.86500000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_gross_contribution","downside_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":7.3125,"period":"2027Q2","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2027q2_dfc_rate","downside_2027q2_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":6.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-72.86500000000001,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_operating_income","downside_2027q2_da","downside_2027q2_sbc","downside_2027q2_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":30.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":37.8125,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_dfc_interest","downside_2027q2_cash_tax","downside_2027q2_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-110.67750000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cash_earnings","downside_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":180.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-290.6775,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cfo","downside_2027q2_capex"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_new_acquisition","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_new_acquisition","downside_2027q2_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":32.4,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":32.4,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_acquisition_cash","downside_2027q2_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-323.0775,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_fcf","downside_2027q2_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":8.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4400.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.55,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":605.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_average_capacity","downside_2027q3_quarter_fraction","downside_2027q3_mine_utilization","downside_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":13.309999999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_recognized_tonnes","downside_2027q3_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":80.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":4.16,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_magnet_tonnes","downside_2027q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":25.47,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_legacy_revenue","downside_2027q3_mine_revenue","downside_2027q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":10.5875,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_recognized_tonnes","downside_2027q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":13.75,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_mine_fixed_full","downside_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":24.3375,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_mine_variable_cost","downside_2027q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.64,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_legacy_revenue","downside_2027q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-11.0275,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_mine_revenue","downside_2027q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.2500000000000001,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-1.0400000000000005,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_magnet_revenue","downside_2027q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-11.4275,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_legacy_gross","downside_2027q3_mine_gross","downside_2027q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.6987749999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.6987749999999995,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_royalty_variable","downside_2027q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":12.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":65.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":99.698775,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_overhead","downside_2027q3_royalty_cash","downside_2027q3_da","downside_2027q3_sbc","downside_2027q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-111.12627499999999,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_gross_contribution","downside_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":7.3125,"period":"2027Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2027q3_dfc_rate","downside_2027q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-77.12627499999999,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_operating_income","downside_2027q3_da","downside_2027q3_sbc","downside_2027q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":42.8125,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_dfc_interest","downside_2027q3_cash_tax","downside_2027q3_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-119.93877499999999,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cash_earnings","downside_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":200.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-319.93877499999996,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cfo","downside_2027q3_capex"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_new_acquisition","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_new_acquisition","downside_2027q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_acquisition_cash","downside_2027q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-319.93877499999996,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_fcf","downside_2027q3_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_legacy_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":8.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_average_capacity","case":"downside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4800.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.6,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_ownership_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_recognized_tonnes","case":"downside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":720.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_average_capacity","downside_2027q4_quarter_fraction","downside_2027q4_mine_utilization","downside_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_treo_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.022,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":15.84,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_recognized_tonnes","downside_2027q4_treo_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_magnet_tonnes","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":100.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_magnet_price","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.052,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":5.2,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_magnet_tonnes","downside_2027q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":29.54,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_legacy_revenue","downside_2027q4_mine_revenue","downside_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_unit_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0175,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_variable_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":12.600000000000001,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_recognized_tonnes","downside_2027q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_fixed_full","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":13.75,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_fixed_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":13.75,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_mine_fixed_full","downside_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_cash_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":26.35,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_mine_variable_cost","downside_2027q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_legacy_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.08,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":0.68,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_legacy_revenue","downside_2027q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_mine_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-10.510000000000002,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_mine_revenue","downside_2027q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_magnet_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.06250000000000006,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_magnet_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.3250000000000003,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_magnet_revenue","downside_2027q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-10.155000000000003,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_legacy_gross","downside_2027q4_mine_gross","downside_2027q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_royalty_variable","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.8316,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_royalty_topup","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_royalty_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.8316,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_royalty_variable","downside_2027q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":20.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":13.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_transaction_cost","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_overhead","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":68.75,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":107.5816,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_overhead","downside_2027q4_royalty_cash","downside_2027q4_da","downside_2027q4_sbc","downside_2027q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-117.7366,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_gross_contribution","downside_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_dfc_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.09,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_interest_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_dfc_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":7.3125,"period":"2027Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","downside_2027q4_dfc_rate","downside_2027q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_treasury_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":4.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-80.7366,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_operating_income","downside_2027q4_da","downside_2027q4_sbc","downside_2027q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_working_capital","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":40.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":47.8125,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_dfc_interest","downside_2027q4_cash_tax","downside_2027q4_working_capital"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-128.5491,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cash_earnings","downside_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":220.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-348.5491,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cfo","downside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_new_acquisition","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_acquired_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_new_acquisition","downside_2027q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_minority_investment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_other_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_acquisition_cash","downside_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-348.5491,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_fcf","downside_2027q4_other_investing"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":31.964,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","downside_2026q3_revenue","downside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_legacy_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":24.019,"period":"FY2026","formula":{"op":"sum","refs":["h1_legacy_revenue","downside_2026q3_legacy_revenue","downside_2026q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":7.425,"period":"FY2026","formula":{"op":"sum","refs":["h1_mine_revenue","downside_2026q3_mine_revenue","downside_2026q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":0.52,"period":"FY2026","formula":{"op":"sum","refs":["h1_magnet_revenue","downside_2026q3_magnet_revenue","downside_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":-16.135083333333334,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_contribution","downside_2026q3_gross_contribution","downside_2026q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-340.3658958333333,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","downside_2026q3_operating_income","downside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-328.45089583333333,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","downside_2026q3_cfo","downside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":368.38800000000003,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","downside_2026q3_capex","downside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-696.8388958333333,"period":"FY2026","formula":{"op":"sum","refs":["h1_fcf","downside_2026q3_fcf","downside_2026q4_fcf"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":170.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_acquisition_cash","downside_2026q3_acquisition_cash","downside_2026q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_minority_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":0.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_minority_investment","downside_2026q3_minority_investment","downside_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-866.8388958333333,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","downside_2026q3_cash_after_investing","downside_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":93.815,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_revenue","downside_2027q2_revenue","downside_2027q3_revenue","downside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_legacy_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":31.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_legacy_revenue","downside_2027q2_legacy_revenue","downside_2027q3_legacy_revenue","downside_2027q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_mine_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":49.55500000000001,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_mine_revenue","downside_2027q2_mine_revenue","downside_2027q3_mine_revenue","downside_2027q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_magnet_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":13.260000000000002,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_magnet_revenue","downside_2027q2_magnet_revenue","downside_2027q3_magnet_revenue","downside_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_gross_contribution","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":-45.698750000000004,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_gross_contribution","downside_2027q2_gross_contribution","downside_2027q3_gross_contribution","downside_2027q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-428.8003875,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q2_operating_income","downside_2027q3_operating_income","downside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-460.0503875,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cfo","downside_2027q2_cfo","downside_2027q3_cfo","downside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":760.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_capex","downside_2027q2_capex","downside_2027q3_capex","downside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_fcf","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-1220.0503875,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_fcf","downside_2027q2_fcf","downside_2027q3_fcf","downside_2027q4_fcf"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_acquisition_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_acquisition_cash","downside_2027q2_acquisition_cash","downside_2027q3_acquisition_cash","downside_2027q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_minority_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":32.4,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_minority_investment","downside_2027q2_minority_investment","downside_2027q3_minority_investment","downside_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-1252.4503875,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_investing","downside_2027q2_cash_after_investing","downside_2027q3_cash_after_investing","downside_2027q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"base_2026q3_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":6.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4000.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.24,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":0.3333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":80.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_average_capacity","base_2026q3_quarter_fraction","base_2026q3_mine_utilization","base_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q3_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":2.4,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_recognized_tonnes","base_2026q3_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2026q3_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":5.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":0.3,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_magnet_tonnes","base_2026q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2026q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":9.200000000000001,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_legacy_revenue","base_2026q3_mine_revenue","base_2026q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q3_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":1.12,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_recognized_tonnes","base_2026q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":3.6666666666666665,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_mine_fixed_full","base_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q3_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":4.786666666666667,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_mine_variable_cost","base_2026q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":1.17,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_legacy_revenue","base_2026q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-2.386666666666667,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_mine_revenue","base_2026q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.8,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.24,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_magnet_revenue","base_2026q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-1.4566666666666672,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_legacy_gross","base_2026q3_mine_gross","base_2026q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2026q3_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.126,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2026q3_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":2.126,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_royalty_variable","base_2026q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2026q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":5.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":8.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":80.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":40.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":135.126,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_overhead","base_2026q3_royalty_cash","base_2026q3_da","base_2026q3_sbc","base_2026q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-136.58266666666668,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_gross_contribution","base_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2026q3_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.08333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":2.098958333333333,"period":"2026Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2026q3_dfc_rate","base_2026q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q3_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-113.58266666666668,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_operating_income","base_2026q3_da","base_2026q3_sbc","base_2026q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":17.598958333333332,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_dfc_interest","base_2026q3_cash_tax","base_2026q3_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-131.18162500000003,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cash_earnings","base_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":100.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-231.18162500000003,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cfo","base_2026q3_capex"]},"source_url":null,"source_date":null},{"id":"base_2026q3_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":140.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":160.0,"period":"2026Q3","formula":{"op":"subtract","refs":["acquisition_gross_cash","base_2026q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q3_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":160.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_acquisition_cash","base_2026q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-391.18162500000005,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_fcf","base_2026q3_other_investing"]},"source_url":null,"source_date":null},{"id":"base_2026q4_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":8.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4000.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.6,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":600.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_average_capacity","base_2026q4_quarter_fraction","base_2026q4_mine_utilization","base_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q4_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":18.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_recognized_tonnes","base_2026q4_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2026q4_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":25.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":1.5,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_magnet_tonnes","base_2026q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2026q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":27.5,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_legacy_revenue","base_2026q4_mine_revenue","base_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q4_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":8.4,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_recognized_tonnes","base_2026q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":11.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_mine_fixed_full","base_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q4_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":19.4,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_mine_variable_cost","base_2026q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":1.44,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_legacy_revenue","base_2026q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-1.3999999999999986,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_mine_revenue","base_2026q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.65,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.9750000000000001,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_magnet_revenue","base_2026q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":-0.9349999999999987,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_legacy_gross","base_2026q4_mine_gross","base_2026q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2026q4_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.945,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2026q4_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":5.945,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_royalty_variable","base_2026q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2026q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":8.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":9.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":43.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":85.945,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_overhead","base_2026q4_royalty_cash","base_2026q4_da","base_2026q4_sbc","base_2026q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-86.88,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_gross_contribution","base_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2026q4_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":6.296875,"period":"2026Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2026q4_dfc_rate","base_2026q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q4_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-59.879999999999995,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_operating_income","base_2026q4_da","base_2026q4_sbc","base_2026q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":26.796875,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_dfc_interest","base_2026q4_cash_tax","base_2026q4_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-86.676875,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cash_earnings","base_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":130.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-216.676875,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cfo","base_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"base_2026q4_new_acquisition","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_new_acquisition","base_2026q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q4_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":32.4,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":32.4,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_acquisition_cash","base_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-249.076875,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_fcf","base_2026q4_other_investing"]},"source_url":null,"source_date":null},{"id":"base_2027q1_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":10.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4000.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.9,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":900.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_average_capacity","base_2027q1_quarter_fraction","base_2027q1_mine_utilization","base_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q1_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":27.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_recognized_tonnes","base_2027q1_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2027q1_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":60.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":3.5999999999999996,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_magnet_tonnes","base_2027q1_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2027q1_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":40.6,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_legacy_revenue","base_2027q1_mine_revenue","base_2027q1_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q1_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":12.6,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_recognized_tonnes","base_2027q1_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":11.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_mine_fixed_full","base_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q1_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":23.6,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_mine_variable_cost","base_2027q1_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":1.7999999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_legacy_revenue","base_2027q1_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":3.3999999999999986,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_mine_revenue","base_2027q1_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-1.7999999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_magnet_revenue","base_2027q1_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":3.3999999999999986,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_legacy_gross","base_2027q1_mine_gross","base_2027q1_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q1_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.4175,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q1_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.4175,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_royalty_variable","base_2027q1_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2027q1_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":11.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":10.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":46.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":73.4175,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_overhead","base_2027q1_royalty_cash","base_2027q1_da","base_2027q1_sbc","base_2027q1_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-70.01750000000001,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_gross_contribution","base_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q1_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":6.296875,"period":"2027Q1","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2027q1_dfc_rate","base_2027q1_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q1_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":7.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-42.01750000000001,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q1_da","base_2027q1_sbc","base_2027q1_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":25.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":31.796875,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_dfc_interest","base_2027q1_cash_tax","base_2027q1_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-73.81437500000001,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cash_earnings","base_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q1_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":150.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-223.814375,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cfo","base_2027q1_capex"]},"source_url":null,"source_date":null},{"id":"base_2027q1_new_acquisition","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_new_acquisition","base_2027q1_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q1_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_acquisition_cash","base_2027q1_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-223.814375,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_fcf","base_2027q1_other_investing"]},"source_url":null,"source_date":null},{"id":"base_2027q2_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":12.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4800.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.875,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1050.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_average_capacity","base_2027q2_quarter_fraction","base_2027q2_mine_utilization","base_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q2_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":31.5,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_recognized_tonnes","base_2027q2_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2027q2_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":120.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":7.199999999999999,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_magnet_tonnes","base_2027q2_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2027q2_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":50.7,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_legacy_revenue","base_2027q2_mine_revenue","base_2027q2_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q2_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":14.700000000000001,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_recognized_tonnes","base_2027q2_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":11.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_mine_fixed_full","base_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q2_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":25.700000000000003,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_mine_variable_cost","base_2027q2_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":2.16,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_legacy_revenue","base_2027q2_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":5.799999999999997,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_mine_revenue","base_2027q2_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.3500000000000001,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-2.5200000000000005,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_magnet_revenue","base_2027q2_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":5.439999999999997,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_legacy_gross","base_2027q2_mine_gross","base_2027q2_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q2_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.6537499999999998,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q2_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.65375,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_royalty_variable","base_2027q2_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2027q2_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":14.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":11.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":49.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":80.65375,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_overhead","base_2027q2_royalty_cash","base_2027q2_da","base_2027q2_sbc","base_2027q2_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-75.21375,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_gross_contribution","base_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q2_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":6.296875,"period":"2027Q2","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2027q2_dfc_rate","base_2027q2_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q2_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":6.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-44.213750000000005,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_operating_income","base_2027q2_da","base_2027q2_sbc","base_2027q2_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":30.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":36.796875,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_dfc_interest","base_2027q2_cash_tax","base_2027q2_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-81.010625,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cash_earnings","base_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q2_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":170.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-251.010625,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cfo","base_2027q2_capex"]},"source_url":null,"source_date":null},{"id":"base_2027q2_new_acquisition","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_new_acquisition","base_2027q2_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q2_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_acquisition_cash","base_2027q2_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-251.010625,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_fcf","base_2027q2_other_investing"]},"source_url":null,"source_date":null},{"id":"base_2027q3_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":14.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":5800.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.7931034482758621,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1150.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_average_capacity","base_2027q3_quarter_fraction","base_2027q3_mine_utilization","base_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q3_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":34.5,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_recognized_tonnes","base_2027q3_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2027q3_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":180.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":10.799999999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_magnet_tonnes","base_2027q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2027q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":59.3,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_legacy_revenue","base_2027q3_mine_revenue","base_2027q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q3_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":16.1,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_recognized_tonnes","base_2027q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":11.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_mine_fixed_full","base_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q3_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":27.1,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_mine_variable_cost","base_2027q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":2.52,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_legacy_revenue","base_2027q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":7.399999999999999,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_mine_revenue","base_2027q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.20000000000000007,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-2.1600000000000006,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_magnet_revenue","base_2027q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":7.759999999999998,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_legacy_gross","base_2027q3_mine_gross","base_2027q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q3_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.81125,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q3_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.81125,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_royalty_variable","base_2027q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2027q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":12.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":52.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":87.81125,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_overhead","base_2027q3_royalty_cash","base_2027q3_da","base_2027q3_sbc","base_2027q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-80.05125000000001,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_gross_contribution","base_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q3_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":6.296875,"period":"2027Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2027q3_dfc_rate","base_2027q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q3_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-46.05125000000001,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_operating_income","base_2027q3_da","base_2027q3_sbc","base_2027q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":41.796875,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_dfc_interest","base_2027q3_cash_tax","base_2027q3_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-87.84812500000001,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cash_earnings","base_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":190.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-277.848125,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cfo","base_2027q3_capex"]},"source_url":null,"source_date":null},{"id":"base_2027q3_new_acquisition","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_new_acquisition","base_2027q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q3_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_acquisition_cash","base_2027q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-277.848125,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_fcf","base_2027q3_other_investing"]},"source_url":null,"source_date":null},{"id":"base_2027q4_legacy_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":16.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_average_capacity","case":"base","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":6400.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_mine_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.78125,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_ownership_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_recognized_tonnes","case":"base","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1250.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_average_capacity","base_2027q4_quarter_fraction","base_2027q4_mine_utilization","base_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q4_treo_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.03,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":37.5,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_recognized_tonnes","base_2027q4_treo_price"]},"source_url":null,"source_date":null},{"id":"base_2027q4_magnet_tonnes","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":250.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_magnet_price","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.06,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":15.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_magnet_tonnes","base_2027q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"base_2027q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":68.5,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_legacy_revenue","base_2027q4_mine_revenue","base_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q4_mine_unit_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.014,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_mine_variable_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":17.5,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_recognized_tonnes","base_2027q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_mine_fixed_full","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":11.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_mine_fixed_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":11.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_mine_fixed_full","base_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q4_mine_cash_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":28.5,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_mine_variable_cost","base_2027q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_legacy_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.18,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":2.88,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_legacy_revenue","base_2027q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_mine_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":9.0,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_mine_revenue","base_2027q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_magnet_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.050000000000000044,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_magnet_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.7500000000000007,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_magnet_revenue","base_2027q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":11.129999999999999,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_legacy_gross","base_2027q4_mine_gross","base_2027q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q4_royalty_variable","case":"base","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.96875,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q4_royalty_topup","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_royalty_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.96875,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_royalty_variable","base_2027q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"base_2027q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":20.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":13.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_transaction_cost","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_overhead","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":55.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":94.96875,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_overhead","base_2027q4_royalty_cash","base_2027q4_da","base_2027q4_sbc","base_2027q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-83.83875,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_gross_contribution","base_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q4_dfc_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.0775,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_interest_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_dfc_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":6.296875,"period":"2027Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","base_2027q4_dfc_rate","base_2027q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q4_treasury_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":4.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-46.838750000000005,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_operating_income","base_2027q4_da","base_2027q4_sbc","base_2027q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_working_capital","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":40.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":46.796875,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_dfc_interest","base_2027q4_cash_tax","base_2027q4_working_capital"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-93.635625,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cash_earnings","base_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":210.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-303.635625,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cfo","base_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"base_2027q4_new_acquisition","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_acquired_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_new_acquisition","base_2027q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q4_minority_investment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_other_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_acquisition_cash","base_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-303.635625,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_fcf","base_2027q4_other_investing"]},"source_url":null,"source_date":null},{"id":"base_fy2026_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":48.219,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","base_2026q3_revenue","base_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_legacy_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":26.019,"period":"FY2026","formula":{"op":"sum","refs":["h1_legacy_revenue","base_2026q3_legacy_revenue","base_2026q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":20.4,"period":"FY2026","formula":{"op":"sum","refs":["h1_mine_revenue","base_2026q3_mine_revenue","base_2026q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":1.8,"period":"FY2026","formula":{"op":"sum","refs":["h1_magnet_revenue","base_2026q3_magnet_revenue","base_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":-2.2896666666666663,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_contribution","base_2026q3_gross_contribution","base_2026q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"base_fy2026_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-306.4516666666667,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","base_2026q3_operating_income","base_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-293.1825,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","base_2026q3_cfo","base_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2026_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":338.38800000000003,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","base_2026q3_capex","base_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2026_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-631.5705,"period":"FY2026","formula":{"op":"sum","refs":["h1_fcf","base_2026q3_fcf","base_2026q4_fcf"]},"source_url":null,"source_date":null},{"id":"base_fy2026_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":160.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_acquisition_cash","base_2026q3_acquisition_cash","base_2026q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"base_fy2026_minority_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":32.4,"period":"FY2026","formula":{"op":"sum","refs":["h1_minority_investment","base_2026q3_minority_investment","base_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-823.9705,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","base_2026q3_cash_after_investing","base_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"base_fy2027_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":219.10000000000002,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_revenue","base_2027q2_revenue","base_2027q3_revenue","base_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_legacy_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":52.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_legacy_revenue","base_2027q2_legacy_revenue","base_2027q3_legacy_revenue","base_2027q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_mine_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":130.5,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_mine_revenue","base_2027q2_mine_revenue","base_2027q3_mine_revenue","base_2027q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_magnet_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":36.599999999999994,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_magnet_revenue","base_2027q2_magnet_revenue","base_2027q3_magnet_revenue","base_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_gross_contribution","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":27.729999999999993,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_gross_contribution","base_2027q2_gross_contribution","base_2027q3_gross_contribution","base_2027q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"base_fy2027_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-309.12125000000003,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q2_operating_income","base_2027q3_operating_income","base_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-336.30875000000003,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cfo","base_2027q2_cfo","base_2027q3_cfo","base_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2027_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":720.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_capex","base_2027q2_capex","base_2027q3_capex","base_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2027_fcf","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-1056.3087500000001,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_fcf","base_2027q2_fcf","base_2027q3_fcf","base_2027q4_fcf"]},"source_url":null,"source_date":null},{"id":"base_fy2027_acquisition_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_acquisition_cash","base_2027q2_acquisition_cash","base_2027q3_acquisition_cash","base_2027q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"base_fy2027_minority_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_minority_investment","base_2027q2_minority_investment","base_2027q3_minority_investment","base_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-1056.3087500000001,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_investing","base_2027q2_cash_after_investing","base_2027q3_cash_after_investing","base_2027q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":7.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4000.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.35,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":0.3333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":116.66666666666666,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_average_capacity","upside_2026q3_quarter_fraction","upside_2026q3_mine_utilization","upside_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":4.433333333333333,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_recognized_tonnes","upside_2026q3_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":0.66,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_magnet_tonnes","upside_2026q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":12.093333333333334,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_legacy_revenue","upside_2026q3_mine_revenue","upside_2026q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":1.5516666666666665,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_recognized_tonnes","upside_2026q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":3.483333333333333,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_mine_fixed_full","upside_2026q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":5.034999999999999,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_mine_variable_cost","upside_2026q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":1.75,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_legacy_revenue","upside_2026q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":-0.6016666666666666,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_mine_revenue","upside_2026q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.76,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-0.5016,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_magnet_revenue","upside_2026q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":0.6467333333333334,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_legacy_gross","upside_2026q3_mine_gross","upside_2026q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":0.23274999999999996,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":2.23275,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_royalty_variable","upside_2026q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":5.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":8.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":80.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":38.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":133.23275,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_overhead","upside_2026q3_royalty_cash","upside_2026q3_da","upside_2026q3_sbc","upside_2026q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-132.58601666666667,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_gross_contribution","upside_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.08333333333333333,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":1.8958333333333335,"period":"2026Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2026q3_dfc_rate","upside_2026q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-109.58601666666667,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_operating_income","upside_2026q3_da","upside_2026q3_sbc","upside_2026q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":17.395833333333332,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_dfc_interest","upside_2026q3_cash_tax","upside_2026q3_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-126.98185,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cash_earnings","upside_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":110.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-236.98185,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cfo","upside_2026q3_capex"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":150.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":150.0,"period":"2026Q3","formula":{"op":"subtract","refs":["acquisition_gross_cash","upside_2026q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":150.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_acquisition_cash","upside_2026q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-386.98185,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_fcf","upside_2026q3_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":9.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4200.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.8,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":840.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_average_capacity","upside_2026q4_quarter_fraction","upside_2026q4_mine_utilization","upside_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":31.919999999999998,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_recognized_tonnes","upside_2026q4_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":40.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":2.64,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_magnet_tonnes","upside_2026q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":43.56,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_legacy_revenue","upside_2026q4_mine_revenue","upside_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":11.171999999999999,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_recognized_tonnes","upside_2026q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":10.45,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_mine_fixed_full","upside_2026q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":21.622,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_mine_variable_cost","upside_2026q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":2.25,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_legacy_revenue","upside_2026q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":10.297999999999998,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_mine_revenue","upside_2026q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.6174999999999999,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-1.6301999999999999,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_magnet_revenue","upside_2026q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":10.917799999999998,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_legacy_gross","upside_2026q4_mine_gross","upside_2026q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.6757999999999997,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.6758,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_royalty_variable","upside_2026q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":8.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":9.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":40.85,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":84.5258,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_overhead","upside_2026q4_royalty_cash","upside_2026q4_da","upside_2026q4_sbc","upside_2026q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-73.608,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_gross_contribution","upside_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":5.687500000000001,"period":"2026Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2026q4_dfc_rate","upside_2026q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":10.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-46.608000000000004,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_operating_income","upside_2026q4_da","upside_2026q4_sbc","upside_2026q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":20.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":26.1875,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_dfc_interest","upside_2026q4_cash_tax","upside_2026q4_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-72.7955,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cash_earnings","upside_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":140.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-212.7955,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cfo","upside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_new_acquisition","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_new_acquisition","upside_2026q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":32.4,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":32.4,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_acquisition_cash","upside_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-245.1955,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_fcf","upside_2026q4_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":12.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":4400.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.9,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":990.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_average_capacity","upside_2027q1_quarter_fraction","upside_2027q1_mine_utilization","upside_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":37.62,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_recognized_tonnes","upside_2027q1_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":100.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":6.6000000000000005,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_magnet_tonnes","upside_2027q1_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":56.22,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_legacy_revenue","upside_2027q1_mine_revenue","upside_2027q1_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":13.167,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_recognized_tonnes","upside_2027q1_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":10.45,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_mine_fixed_full","upside_2027q1_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":23.616999999999997,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_mine_variable_cost","upside_2027q1_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":3.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_legacy_revenue","upside_2027q1_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":14.003,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_mine_revenue","upside_2027q1_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.475,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-3.1350000000000002,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_magnet_revenue","upside_2027q1_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":13.868,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_legacy_gross","upside_2027q1_mine_gross","upside_2027q1_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":1.9750499999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":6.9750499999999995,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_royalty_variable","upside_2027q1_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":11.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":10.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":43.699999999999996,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":71.67505,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_overhead","upside_2027q1_royalty_cash","upside_2027q1_da","upside_2027q1_sbc","upside_2027q1_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-57.80705,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_gross_contribution","upside_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":5.687500000000001,"period":"2027Q1","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2027q1_dfc_rate","upside_2027q1_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":7.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-29.807049999999997,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q1_da","upside_2027q1_sbc","upside_2027q1_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":25.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":31.1875,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_dfc_interest","upside_2027q1_cash_tax","upside_2027q1_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-60.99455,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cash_earnings","upside_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":160.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-220.99455,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cfo","upside_2027q1_capex"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_new_acquisition","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_new_acquisition","upside_2027q1_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_acquisition_cash","upside_2027q1_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-220.99455,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_fcf","upside_2027q1_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":15.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":5200.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.95,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1235.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_average_capacity","upside_2027q2_quarter_fraction","upside_2027q2_mine_utilization","upside_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":46.93,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_recognized_tonnes","upside_2027q2_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":200.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":13.200000000000001,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_magnet_tonnes","upside_2027q2_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":75.13,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_legacy_revenue","upside_2027q2_mine_revenue","upside_2027q2_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":16.4255,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_recognized_tonnes","upside_2027q2_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":10.45,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_mine_fixed_full","upside_2027q2_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":26.8755,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_mine_variable_cost","upside_2027q2_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":3.75,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_legacy_revenue","upside_2027q2_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":20.0545,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_mine_revenue","upside_2027q2_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.3325000000000001,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-4.389000000000001,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_magnet_revenue","upside_2027q2_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":19.4155,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_legacy_gross","upside_2027q2_mine_gross","upside_2027q2_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":2.463825,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":7.463825,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_royalty_variable","upside_2027q2_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":14.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":11.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":46.55,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":79.013825,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_overhead","upside_2027q2_royalty_cash","upside_2027q2_da","upside_2027q2_sbc","upside_2027q2_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-59.598324999999996,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_gross_contribution","upside_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":5.687500000000001,"period":"2027Q2","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2027q2_dfc_rate","upside_2027q2_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":6.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-28.598324999999996,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_operating_income","upside_2027q2_da","upside_2027q2_sbc","upside_2027q2_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":30.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":36.1875,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_dfc_interest","upside_2027q2_cash_tax","upside_2027q2_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-64.78582499999999,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cash_earnings","upside_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":190.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-254.785825,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cfo","upside_2027q2_capex"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_new_acquisition","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_new_acquisition","upside_2027q2_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_acquisition_cash","upside_2027q2_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-254.785825,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_fcf","upside_2027q2_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":19.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":6400.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.95,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1520.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_average_capacity","upside_2027q3_quarter_fraction","upside_2027q3_mine_utilization","upside_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":57.76,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_recognized_tonnes","upside_2027q3_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":320.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":21.12,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_magnet_tonnes","upside_2027q3_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":97.88,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_legacy_revenue","upside_2027q3_mine_revenue","upside_2027q3_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":20.215999999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_recognized_tonnes","upside_2027q3_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":10.45,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_mine_fixed_full","upside_2027q3_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":30.665999999999997,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_mine_variable_cost","upside_2027q3_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":4.75,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_legacy_revenue","upside_2027q3_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":27.094,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_mine_revenue","upside_2027q3_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.19000000000000006,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-4.012800000000001,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_magnet_revenue","upside_2027q3_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":27.8312,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_legacy_gross","upside_2027q3_mine_gross","upside_2027q3_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":3.0324,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":8.032399999999999,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_royalty_variable","upside_2027q3_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":12.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":49.4,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":86.4324,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_overhead","upside_2027q3_royalty_cash","upside_2027q3_da","upside_2027q3_sbc","upside_2027q3_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-58.601200000000006,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_gross_contribution","upside_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":5.687500000000001,"period":"2027Q3","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2027q3_dfc_rate","upside_2027q3_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-24.601200000000006,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_operating_income","upside_2027q3_da","upside_2027q3_sbc","upside_2027q3_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":41.1875,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_dfc_interest","upside_2027q3_cash_tax","upside_2027q3_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-65.7887,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cash_earnings","upside_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":220.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-285.7887,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cfo","upside_2027q3_capex"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_new_acquisition","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_new_acquisition","upside_2027q3_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_acquisition_cash","upside_2027q3_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-285.7887,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_fcf","upside_2027q3_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_legacy_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Legacy alloy and services revenue","value":23.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_average_capacity","case":"upside","kind":"assumption","unit":"ratio","basis":"Count of annual tonnes; average in-service capacity rather than end-period nameplate.","label":"Average annualized operating TREO capacity","value":6400.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Annual-to-quarter fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Capacity to recognized sales factor","value":0.95,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_ownership_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.","label":"Consolidated fraction of quarter","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_recognized_tonnes","case":"upside","kind":"derived","unit":"ratio","basis":"Physical throughput, sale acceptance and consolidation timing jointly constrain revenue.","label":"Post-close sold TREO tonnes","value":1520.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_average_capacity","upside_2027q4_quarter_fraction","upside_2027q4_mine_utilization","upside_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_treo_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized blended TREO price in $M per tonne","value":0.038,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg.","label":"Post-close TREO revenue","value":57.76,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_recognized_tonnes","upside_2027q4_treo_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_magnet_tonnes","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted external magnet tonnes","value":450.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_magnet_price","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Realized magnet price in $M per tonne","value":0.066,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Only external accepted product; no revenue from installing equipment.","label":"Accepted magnet sales","value":29.700000000000003,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_magnet_tonnes","upside_2027q4_magnet_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales.","label":"Consolidated revenue","value":110.46,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_legacy_revenue","upside_2027q4_mine_revenue","upside_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_unit_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash production cost in $M per tonne","value":0.0133,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_variable_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Inventory timing is handled in working capital.","label":"Variable mine cash cost","value":20.215999999999998,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_recognized_tonnes","upside_2027q4_mine_unit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_fixed_full","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Full-quarter mine fixed cost","value":10.45,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_fixed_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Q3 includes acquired-period fraction only.","label":"Consolidated mine fixed operating cost","value":10.45,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_mine_fixed_full","upside_2027q4_ownership_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_cash_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes royalty and depreciation, shown separately.","label":"Mine cash production cost","value":30.665999999999997,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_mine_variable_cost","upside_2027q4_mine_fixed_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_legacy_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Legacy margin before D&A","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk cash contribution assumption.","label":"Legacy cash gross contribution","value":5.75,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_legacy_revenue","upside_2027q4_legacy_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_mine_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty below contribution.","label":"Mine revenue less cash production","value":27.094,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_mine_revenue","upside_2027q4_mine_cash_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_magnet_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Magnet cash gross margin","value":-0.04750000000000004,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_magnet_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Low utilization and qualification can keep early magnet economics negative.","label":"Magnet ramp cash contribution","value":-1.4107500000000013,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_magnet_revenue","upside_2027q4_magnet_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical measure, not reported gross profit or adjusted EBITDA.","label":"Gross contribution before D&A and royalty","value":31.43325,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_legacy_gross","upside_2027q4_mine_gross","upside_2027q4_magnet_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_royalty_variable","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reference contractual rate, applied to modeled external sales.","label":"Variable mine royalty","value":3.0324,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_mine_revenue","royalty_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_royalty_topup","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.","label":"Royalty minimum and timing cash top-up","value":5.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_royalty_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Economic cash charge; noncash liability remeasurement excluded.","label":"Variable royalty plus minimum allowance","value":8.032399999999999,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_royalty_variable","upside_2027q4_royalty_topup"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.","label":"Consolidated operating D&A","value":20.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating SBC","value":13.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_transaction_cost","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.","label":"Acquisition transaction expense/cash proxy","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_overhead","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash SG&A and development","value":52.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Includes acquisition costs; no underlying profit presented as GAAP.","label":"Corporate R&D royalty noncash and transaction costs","value":93.2824,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_overhead","upside_2027q4_royalty_cash","upside_2027q4_da","upside_2027q4_sbc","upside_2027q4_transaction_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided.","label":"Operating income proxy","value":-61.849149999999995,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_gross_contribution","upside_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_dfc_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"SOFR plus spread coupon assumption","value":0.07,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_interest_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter/consolidation interest fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_dfc_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Desk floating rate applied to remaining principal reference, not a cash payment calendar.","label":"DFC cash coupon proxy","value":5.687500000000001,"period":"2027Q4","formula":{"op":"multiply","refs":["dfc_remaining_reference","upside_2027q4_dfc_rate","upside_2027q4_interest_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_treasury_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash treasury income","value":4.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No government warrants or debt forgiveness treated as operating cash.","label":"Operating income plus noncash costs and treasury income","value":-24.849149999999995,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_operating_income","upside_2027q4_da","upside_2027q4_sbc","upside_2027q4_treasury_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash taxes","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_working_capital","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory receivable and other working-capital use","value":40.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Purchased opening working capital is in acquisition cash, not deducted again.","label":"Interest tax and working-capital use","value":46.1875,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_dfc_interest","upside_2027q4_cash_tax","upside_2027q4_working_capital"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Transaction cost already deducted; settlement differences remain an explicit limitation.","label":"Operating cash flow proxy","value":-71.03665,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cash_earnings","upside_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash capex and equipment deposits","value":240.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before acquisitions and minority investments.","label":"CFO less cash capital investment","value":-311.03665,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cfo","upside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_new_acquisition","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other acquisition purchase cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_acquired_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.","label":"Cash acquired at closing","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Gross purchase consideration is received by sellers; acquired cash enters consolidation once.","label":"Net acquisition cash","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_new_acquisition","upside_2027q4_acquired_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_minority_investment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.","label":"Carester minority investment cash","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_other_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"No automatic government draw to offset the cash demand.","label":"Acquisition and minority cash","value":0.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_acquisition_cash","upside_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash.","label":"Cash after business investing","value":-311.03665,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_fcf","upside_2027q4_other_investing"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":67.17233333333334,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","upside_2026q3_revenue","upside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_legacy_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":27.519,"period":"FY2026","formula":{"op":"sum","refs":["h1_legacy_revenue","upside_2026q3_legacy_revenue","upside_2026q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":36.35333333333333,"period":"FY2026","formula":{"op":"sum","refs":["h1_mine_revenue","upside_2026q3_mine_revenue","upside_2026q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":3.3000000000000003,"period":"FY2026","formula":{"op":"sum","refs":["h1_magnet_revenue","upside_2026q3_magnet_revenue","upside_2026q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":11.666533333333332,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_contribution","upside_2026q3_gross_contribution","upside_2026q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-289.1830166666667,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","upside_2026q3_operating_income","upside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-275.10135,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","upside_2026q3_cfo","upside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":358.38800000000003,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","upside_2026q3_capex","upside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-633.4893500000001,"period":"FY2026","formula":{"op":"sum","refs":["h1_fcf","upside_2026q3_fcf","upside_2026q4_fcf"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":150.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_acquisition_cash","upside_2026q3_acquisition_cash","upside_2026q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_minority_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":32.4,"period":"FY2026","formula":{"op":"sum","refs":["h1_minority_investment","upside_2026q3_minority_investment","upside_2026q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-815.88935,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","upside_2026q3_cash_after_investing","upside_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Consolidated revenue ($M)","value":339.69,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_revenue","upside_2027q2_revenue","upside_2027q3_revenue","upside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_legacy_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Legacy alloy and service revenue ($M)","value":69.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_legacy_revenue","upside_2027q2_legacy_revenue","upside_2027q3_legacy_revenue","upside_2027q4_legacy_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_mine_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Post-close mine revenue ($M)","value":200.07,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_mine_revenue","upside_2027q2_mine_revenue","upside_2027q3_mine_revenue","upside_2027q4_mine_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_magnet_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted magnet sales ($M)","value":70.62,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_magnet_revenue","upside_2027q2_magnet_revenue","upside_2027q3_magnet_revenue","upside_2027q4_magnet_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_gross_contribution","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross contribution before D&A ($M)","value":92.54795,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_gross_contribution","upside_2027q2_gross_contribution","upside_2027q3_gross_contribution","upside_2027q4_gross_contribution"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-237.855725,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q2_operating_income","upside_2027q3_operating_income","upside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-262.605725,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cfo","upside_2027q2_cfo","upside_2027q3_cfo","upside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash capex and equipment deposits ($M)","value":810.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_capex","upside_2027q2_capex","upside_2027q3_capex","upside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_fcf","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"CFO less capex ($M)","value":-1072.605725,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_fcf","upside_2027q2_fcf","upside_2027q3_fcf","upside_2027q4_fcf"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_acquisition_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net acquisition cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_acquisition_cash","upside_2027q2_acquisition_cash","upside_2027q3_acquisition_cash","upside_2027q4_acquisition_cash"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_minority_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Minority investment cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_minority_investment","upside_2027q2_minority_investment","upside_2027q3_minority_investment","upside_2027q4_minority_investment"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-1072.605725,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_investing","upside_2027q2_cash_after_investing","upside_2027q3_cash_after_investing","upside_2027q4_cash_after_investing"]},"source_url":null,"source_date":null}],"title":"Closed Serra Verde acquisition, mine ramp and magnet funding cash","method":"Preserve USAR reported H1 history and consolidate Serra Verde only from the September 3 close. Drive mine sales from average operating capacity, utilization, recognized-quarter fraction and realized TREO price; separately forecast legacy alloys/engineering and accepted magnet sales. Deduct cash production cost, project overhead, royalties and depreciation. Bridge operating profit to cash with treasury income, working capital and acquisition costs. Compare operating/capital burn with net acquisition and conditional minority-investment cash; do not assume undrawn government facilities are proceeds.","metrics":{"cfo":"Operating cash flow proxy ($M)","fcf":"CFO less capex ($M)","capex":"Cash capex and equipment deposits ($M)","revenue":"Consolidated revenue ($M)","mine_revenue":"Post-close mine revenue ($M)","legacy_revenue":"Legacy alloy and service revenue ($M)","magnet_revenue":"Accepted magnet sales ($M)","acquisition_cash":"Net acquisition cash ($M)","operating_income":"Operating income proxy ($M)","gross_contribution":"Gross contribution before D&A ($M)","minority_investment":"Minority investment cash ($M)","cash_after_investing":"Cash after business investing ($M)"},"outputs":[{"case":"downside","period":"2026Q3","values":{"cfo":-143.93630208333332,"fcf":-253.93630208333332,"capex":110.0,"revenue":6.6875,"mine_revenue":0.6875,"legacy_revenue":6.0,"magnet_revenue":0.0,"acquisition_cash":170.0,"operating_income":-148.99880208333332,"gross_contribution":-3.962708333333333,"minority_investment":0.0,"cash_after_investing":-423.9363020833333},"metrics":{"cfo":"downside_2026q3_cfo","fcf":"downside_2026q3_fcf","capex":"downside_2026q3_capex","revenue":"downside_2026q3_revenue","mine_revenue":"downside_2026q3_mine_revenue","legacy_revenue":"downside_2026q3_legacy_revenue","magnet_revenue":"downside_2026q3_magnet_revenue","acquisition_cash":"downside_2026q3_acquisition_cash","operating_income":"downside_2026q3_operating_income","gross_contribution":"downside_2026q3_gross_contribution","minority_investment":"downside_2026q3_minority_investment","cash_after_investing":"downside_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"downside","period":"2026Q4","values":{"cfo":-109.19059375,"fcf":-259.19059375,"capex":150.0,"revenue":13.7575,"mine_revenue":6.7375,"legacy_revenue":6.5,"magnet_revenue":0.52,"acquisition_cash":0.0,"operating_income":-108.37809375,"gross_contribution":-12.274375,"minority_investment":0.0,"cash_after_investing":-259.19059375},"metrics":{"cfo":"downside_2026q4_cfo","fcf":"downside_2026q4_fcf","capex":"downside_2026q4_capex","revenue":"downside_2026q4_revenue","mine_revenue":"downside_2026q4_mine_revenue","legacy_revenue":"downside_2026q4_legacy_revenue","magnet_revenue":"downside_2026q4_magnet_revenue","acquisition_cash":"downside_2026q4_acquisition_cash","operating_income":"downside_2026q4_operating_income","gross_contribution":"downside_2026q4_gross_contribution","minority_investment":"downside_2026q4_minority_investment","cash_after_investing":"downside_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"downside","period":"2027Q1","values":{"cfo":-100.8850125,"fcf":-260.8850125,"capex":160.0,"revenue":17.705000000000002,"mine_revenue":9.405,"legacy_revenue":7.0,"magnet_revenue":1.3,"acquisition_cash":0.0,"operating_income":-96.0725125,"gross_contribution":-12.078750000000003,"minority_investment":0.0,"cash_after_investing":-260.8850125},"metrics":{"cfo":"downside_2027q1_cfo","fcf":"downside_2027q1_fcf","capex":"downside_2027q1_capex","revenue":"downside_2027q1_revenue","mine_revenue":"downside_2027q1_mine_revenue","legacy_revenue":"downside_2027q1_legacy_revenue","magnet_revenue":"downside_2027q1_magnet_revenue","acquisition_cash":"downside_2027q1_acquisition_cash","operating_income":"downside_2027q1_operating_income","gross_contribution":"downside_2027q1_gross_contribution","minority_investment":"downside_2027q1_minority_investment","cash_after_investing":"downside_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"downside","period":"2027Q2","values":{"cfo":-110.67750000000001,"fcf":-290.6775,"capex":180.0,"revenue":21.1,"mine_revenue":11.0,"legacy_revenue":7.5,"magnet_revenue":2.6,"acquisition_cash":0.0,"operating_income":-103.86500000000001,"gross_contribution":-12.037500000000001,"minority_investment":32.4,"cash_after_investing":-323.0775},"metrics":{"cfo":"downside_2027q2_cfo","fcf":"downside_2027q2_fcf","capex":"downside_2027q2_capex","revenue":"downside_2027q2_revenue","mine_revenue":"downside_2027q2_mine_revenue","legacy_revenue":"downside_2027q2_legacy_revenue","magnet_revenue":"downside_2027q2_magnet_revenue","acquisition_cash":"downside_2027q2_acquisition_cash","operating_income":"downside_2027q2_operating_income","gross_contribution":"downside_2027q2_gross_contribution","minority_investment":"downside_2027q2_minority_investment","cash_after_investing":"downside_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"downside","period":"FY2026","values":{"cfo":-328.45089583333333,"fcf":-696.8388958333333,"capex":368.38800000000003,"revenue":31.964,"mine_revenue":7.425,"legacy_revenue":24.019,"magnet_revenue":0.52,"acquisition_cash":170.0,"operating_income":-340.3658958333333,"gross_contribution":-16.135083333333334,"minority_investment":0.0,"cash_after_investing":-866.8388958333333},"metrics":{"cfo":"downside_fy2026_cfo","fcf":"downside_fy2026_fcf","capex":"downside_fy2026_capex","revenue":"downside_fy2026_revenue","mine_revenue":"downside_fy2026_mine_revenue","legacy_revenue":"downside_fy2026_legacy_revenue","magnet_revenue":"downside_fy2026_magnet_revenue","acquisition_cash":"downside_fy2026_acquisition_cash","operating_income":"downside_fy2026_operating_income","gross_contribution":"downside_fy2026_gross_contribution","minority_investment":"downside_fy2026_minority_investment","cash_after_investing":"downside_fy2026_cash_after_investing"},"frequency":"year","period_end":"2026-12-31"},{"case":"downside","period":"FY2027","values":{"cfo":-460.0503875,"fcf":-1220.0503875,"capex":760.0,"revenue":93.815,"mine_revenue":49.55500000000001,"legacy_revenue":31.0,"magnet_revenue":13.260000000000002,"acquisition_cash":0.0,"operating_income":-428.8003875,"gross_contribution":-45.698750000000004,"minority_investment":32.4,"cash_after_investing":-1252.4503875},"metrics":{"cfo":"downside_fy2027_cfo","fcf":"downside_fy2027_fcf","capex":"downside_fy2027_capex","revenue":"downside_fy2027_revenue","mine_revenue":"downside_fy2027_mine_revenue","legacy_revenue":"downside_fy2027_legacy_revenue","magnet_revenue":"downside_fy2027_magnet_revenue","acquisition_cash":"downside_fy2027_acquisition_cash","operating_income":"downside_fy2027_operating_income","gross_contribution":"downside_fy2027_gross_contribution","minority_investment":"downside_fy2027_minority_investment","cash_after_investing":"downside_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"},{"case":"base","period":"2026Q3","values":{"cfo":-131.18162500000003,"fcf":-231.18162500000003,"capex":100.0,"revenue":9.200000000000001,"mine_revenue":2.4,"legacy_revenue":6.5,"magnet_revenue":0.3,"acquisition_cash":160.0,"operating_income":-136.58266666666668,"gross_contribution":-1.4566666666666672,"minority_investment":0.0,"cash_after_investing":-391.18162500000005},"metrics":{"cfo":"base_2026q3_cfo","fcf":"base_2026q3_fcf","capex":"base_2026q3_capex","revenue":"base_2026q3_revenue","mine_revenue":"base_2026q3_mine_revenue","legacy_revenue":"base_2026q3_legacy_revenue","magnet_revenue":"base_2026q3_magnet_revenue","acquisition_cash":"base_2026q3_acquisition_cash","operating_income":"base_2026q3_operating_income","gross_contribution":"base_2026q3_gross_contribution","minority_investment":"base_2026q3_minority_investment","cash_after_investing":"base_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"base","period":"2026Q4","values":{"cfo":-86.676875,"fcf":-216.676875,"capex":130.0,"revenue":27.5,"mine_revenue":18.0,"legacy_revenue":8.0,"magnet_revenue":1.5,"acquisition_cash":0.0,"operating_income":-86.88,"gross_contribution":-0.9349999999999987,"minority_investment":32.4,"cash_after_investing":-249.076875},"metrics":{"cfo":"base_2026q4_cfo","fcf":"base_2026q4_fcf","capex":"base_2026q4_capex","revenue":"base_2026q4_revenue","mine_revenue":"base_2026q4_mine_revenue","legacy_revenue":"base_2026q4_legacy_revenue","magnet_revenue":"base_2026q4_magnet_revenue","acquisition_cash":"base_2026q4_acquisition_cash","operating_income":"base_2026q4_operating_income","gross_contribution":"base_2026q4_gross_contribution","minority_investment":"base_2026q4_minority_investment","cash_after_investing":"base_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"base","period":"2027Q1","values":{"cfo":-73.81437500000001,"fcf":-223.814375,"capex":150.0,"revenue":40.6,"mine_revenue":27.0,"legacy_revenue":10.0,"magnet_revenue":3.5999999999999996,"acquisition_cash":0.0,"operating_income":-70.01750000000001,"gross_contribution":3.3999999999999986,"minority_investment":0.0,"cash_after_investing":-223.814375},"metrics":{"cfo":"base_2027q1_cfo","fcf":"base_2027q1_fcf","capex":"base_2027q1_capex","revenue":"base_2027q1_revenue","mine_revenue":"base_2027q1_mine_revenue","legacy_revenue":"base_2027q1_legacy_revenue","magnet_revenue":"base_2027q1_magnet_revenue","acquisition_cash":"base_2027q1_acquisition_cash","operating_income":"base_2027q1_operating_income","gross_contribution":"base_2027q1_gross_contribution","minority_investment":"base_2027q1_minority_investment","cash_after_investing":"base_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"base","period":"2027Q2","values":{"cfo":-81.010625,"fcf":-251.010625,"capex":170.0,"revenue":50.7,"mine_revenue":31.5,"legacy_revenue":12.0,"magnet_revenue":7.199999999999999,"acquisition_cash":0.0,"operating_income":-75.21375,"gross_contribution":5.439999999999997,"minority_investment":0.0,"cash_after_investing":-251.010625},"metrics":{"cfo":"base_2027q2_cfo","fcf":"base_2027q2_fcf","capex":"base_2027q2_capex","revenue":"base_2027q2_revenue","mine_revenue":"base_2027q2_mine_revenue","legacy_revenue":"base_2027q2_legacy_revenue","magnet_revenue":"base_2027q2_magnet_revenue","acquisition_cash":"base_2027q2_acquisition_cash","operating_income":"base_2027q2_operating_income","gross_contribution":"base_2027q2_gross_contribution","minority_investment":"base_2027q2_minority_investment","cash_after_investing":"base_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"base","period":"FY2026","values":{"cfo":-293.1825,"fcf":-631.5705,"capex":338.38800000000003,"revenue":48.219,"mine_revenue":20.4,"legacy_revenue":26.019,"magnet_revenue":1.8,"acquisition_cash":160.0,"operating_income":-306.4516666666667,"gross_contribution":-2.2896666666666663,"minority_investment":32.4,"cash_after_investing":-823.9705},"metrics":{"cfo":"base_fy2026_cfo","fcf":"base_fy2026_fcf","capex":"base_fy2026_capex","revenue":"base_fy2026_revenue","mine_revenue":"base_fy2026_mine_revenue","legacy_revenue":"base_fy2026_legacy_revenue","magnet_revenue":"base_fy2026_magnet_revenue","acquisition_cash":"base_fy2026_acquisition_cash","operating_income":"base_fy2026_operating_income","gross_contribution":"base_fy2026_gross_contribution","minority_investment":"base_fy2026_minority_investment","cash_after_investing":"base_fy2026_cash_after_investing"},"frequency":"year","period_end":"2026-12-31"},{"case":"base","period":"FY2027","values":{"cfo":-336.30875000000003,"fcf":-1056.3087500000001,"capex":720.0,"revenue":219.10000000000002,"mine_revenue":130.5,"legacy_revenue":52.0,"magnet_revenue":36.599999999999994,"acquisition_cash":0.0,"operating_income":-309.12125000000003,"gross_contribution":27.729999999999993,"minority_investment":0.0,"cash_after_investing":-1056.3087500000001},"metrics":{"cfo":"base_fy2027_cfo","fcf":"base_fy2027_fcf","capex":"base_fy2027_capex","revenue":"base_fy2027_revenue","mine_revenue":"base_fy2027_mine_revenue","legacy_revenue":"base_fy2027_legacy_revenue","magnet_revenue":"base_fy2027_magnet_revenue","acquisition_cash":"base_fy2027_acquisition_cash","operating_income":"base_fy2027_operating_income","gross_contribution":"base_fy2027_gross_contribution","minority_investment":"base_fy2027_minority_investment","cash_after_investing":"base_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"},{"case":"upside","period":"2026Q3","values":{"cfo":-126.98185,"fcf":-236.98185,"capex":110.0,"revenue":12.093333333333334,"mine_revenue":4.433333333333333,"legacy_revenue":7.0,"magnet_revenue":0.66,"acquisition_cash":150.0,"operating_income":-132.58601666666667,"gross_contribution":0.6467333333333334,"minority_investment":0.0,"cash_after_investing":-386.98185},"metrics":{"cfo":"upside_2026q3_cfo","fcf":"upside_2026q3_fcf","capex":"upside_2026q3_capex","revenue":"upside_2026q3_revenue","mine_revenue":"upside_2026q3_mine_revenue","legacy_revenue":"upside_2026q3_legacy_revenue","magnet_revenue":"upside_2026q3_magnet_revenue","acquisition_cash":"upside_2026q3_acquisition_cash","operating_income":"upside_2026q3_operating_income","gross_contribution":"upside_2026q3_gross_contribution","minority_investment":"upside_2026q3_minority_investment","cash_after_investing":"upside_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"upside","period":"2026Q4","values":{"cfo":-72.7955,"fcf":-212.7955,"capex":140.0,"revenue":43.56,"mine_revenue":31.919999999999998,"legacy_revenue":9.0,"magnet_revenue":2.64,"acquisition_cash":0.0,"operating_income":-73.608,"gross_contribution":10.917799999999998,"minority_investment":32.4,"cash_after_investing":-245.1955},"metrics":{"cfo":"upside_2026q4_cfo","fcf":"upside_2026q4_fcf","capex":"upside_2026q4_capex","revenue":"upside_2026q4_revenue","mine_revenue":"upside_2026q4_mine_revenue","legacy_revenue":"upside_2026q4_legacy_revenue","magnet_revenue":"upside_2026q4_magnet_revenue","acquisition_cash":"upside_2026q4_acquisition_cash","operating_income":"upside_2026q4_operating_income","gross_contribution":"upside_2026q4_gross_contribution","minority_investment":"upside_2026q4_minority_investment","cash_after_investing":"upside_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"upside","period":"2027Q1","values":{"cfo":-60.99455,"fcf":-220.99455,"capex":160.0,"revenue":56.22,"mine_revenue":37.62,"legacy_revenue":12.0,"magnet_revenue":6.6000000000000005,"acquisition_cash":0.0,"operating_income":-57.80705,"gross_contribution":13.868,"minority_investment":0.0,"cash_after_investing":-220.99455},"metrics":{"cfo":"upside_2027q1_cfo","fcf":"upside_2027q1_fcf","capex":"upside_2027q1_capex","revenue":"upside_2027q1_revenue","mine_revenue":"upside_2027q1_mine_revenue","legacy_revenue":"upside_2027q1_legacy_revenue","magnet_revenue":"upside_2027q1_magnet_revenue","acquisition_cash":"upside_2027q1_acquisition_cash","operating_income":"upside_2027q1_operating_income","gross_contribution":"upside_2027q1_gross_contribution","minority_investment":"upside_2027q1_minority_investment","cash_after_investing":"upside_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"upside","period":"2027Q2","values":{"cfo":-64.78582499999999,"fcf":-254.785825,"capex":190.0,"revenue":75.13,"mine_revenue":46.93,"legacy_revenue":15.0,"magnet_revenue":13.200000000000001,"acquisition_cash":0.0,"operating_income":-59.598324999999996,"gross_contribution":19.4155,"minority_investment":0.0,"cash_after_investing":-254.785825},"metrics":{"cfo":"upside_2027q2_cfo","fcf":"upside_2027q2_fcf","capex":"upside_2027q2_capex","revenue":"upside_2027q2_revenue","mine_revenue":"upside_2027q2_mine_revenue","legacy_revenue":"upside_2027q2_legacy_revenue","magnet_revenue":"upside_2027q2_magnet_revenue","acquisition_cash":"upside_2027q2_acquisition_cash","operating_income":"upside_2027q2_operating_income","gross_contribution":"upside_2027q2_gross_contribution","minority_investment":"upside_2027q2_minority_investment","cash_after_investing":"upside_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"upside","period":"FY2026","values":{"cfo":-275.10135,"fcf":-633.4893500000001,"capex":358.38800000000003,"revenue":67.17233333333334,"mine_revenue":36.35333333333333,"legacy_revenue":27.519,"magnet_revenue":3.3000000000000003,"acquisition_cash":150.0,"operating_income":-289.1830166666667,"gross_contribution":11.666533333333332,"minority_investment":32.4,"cash_after_investing":-815.88935},"metrics":{"cfo":"upside_fy2026_cfo","fcf":"upside_fy2026_fcf","capex":"upside_fy2026_capex","revenue":"upside_fy2026_revenue","mine_revenue":"upside_fy2026_mine_revenue","legacy_revenue":"upside_fy2026_legacy_revenue","magnet_revenue":"upside_fy2026_magnet_revenue","acquisition_cash":"upside_fy2026_acquisition_cash","operating_income":"upside_fy2026_operating_income","gross_contribution":"upside_fy2026_gross_contribution","minority_investment":"upside_fy2026_minority_investment","cash_after_investing":"upside_fy2026_cash_after_investing"},"frequency":"year","period_end":"2026-12-31"},{"case":"upside","period":"FY2027","values":{"cfo":-262.605725,"fcf":-1072.605725,"capex":810.0,"revenue":339.69,"mine_revenue":200.07,"legacy_revenue":69.0,"magnet_revenue":70.62,"acquisition_cash":0.0,"operating_income":-237.855725,"gross_contribution":92.54795,"minority_investment":0.0,"cash_after_investing":-1072.605725},"metrics":{"cfo":"upside_fy2027_cfo","fcf":"upside_fy2027_fcf","capex":"upside_fy2027_capex","revenue":"upside_fy2027_revenue","mine_revenue":"upside_fy2027_mine_revenue","legacy_revenue":"upside_fy2027_legacy_revenue","magnet_revenue":"upside_fy2027_magnet_revenue","acquisition_cash":"upside_fy2027_acquisition_cash","operating_income":"upside_fy2027_operating_income","gross_contribution":"upside_fy2027_gross_contribution","minority_investment":"upside_fy2027_minority_investment","cash_after_investing":"upside_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"}],"highlights":["h1_revenue","h1_cfo","h1_capex","h1_fcf","cash","restricted","acquisition_gross_cash","acquisition_shares","sv_june_cash","sv_h1_revenue","dfc_june_principal","dfc_extinguished","dfc_remaining_reference","transaction_cost_reference","government_grant_capacity","government_loan_capacity","government_deferred_cost","yearend_runrate"],"limitations":["Serra Verde closed September 3 for $300M cash and 126,849,307 shares. H1 USAR history is not retrospectively replaced with combined pro forma history. Q3 uses a one-month acquired operating approximation; actual closing-date accounting will differ.","Year-end 4,000-ton annual TREO run rate and subsequent 6,400-ton annual-average capacity plan are operating targets, not shipment or revenue guidance. Desk utilization, sale timing and blended price are explicit; undisclosed offtake price floors are not invented.","Mine revenue is modeled as external sales with no duplicate intercompany sale to LCM or magnets. Accepted magnet tonnage is separate from installed/nameplate capacity; Round Top contributes no mined revenue in the horizon.","Serra Verde reported only $0.588M H1 revenue in the furnished pro forma historical column. Production commissioning, inventory, acceptance and offtake commencement can delay recognized sales despite large future capacity targets.","Royalty cash includes a 5.25% variable sensitivity and a separate minimum-payment top-up allowance. Actual contractual minimums and amortized-cost accounting may differ. The royalty liability is not deducted from cash in one lump sum.","The pro forma June balance sheet is illustrative, not a September cash balance. Acquired June cash of $162.4M is a reference; modeled closing cash uses a haircut and is explicitly unverified until purchase accounting is filed.","DFC June principal was $425M, of which the $100M incremental loan extinguished upon warrant exercise at close. Remaining $325M initial principal is a reference, not proof of September debt after any other draws. No automatic receipt of the $565M facility ceiling.","The U.S. government arrangement provides up to $277M federal funding and $1.3B loan capacity subject to milestones. Counterparty financing in the offtake arrangement is not USAR cash. No future government or counterparty proceeds are included in modeled burn.","Carester minority investment is signed, subject to closing conditions, and is not consolidated sales. A $32.4M cash scenario is included at different future dates; total expected consideration includes shares and FX exposure.","Purchase-price allocation, depreciation, transaction-fee settlement, royalty floors and working capital are sensitivities pending post-close financials. No complete parent/subsidiary cash waterfall, restricted-reserve transfer, debt maturity or ownership/EPS model."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}