ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$USAR

USA Rare Earth, Inc. · Nasdaq · SIC 1000 · CIK 1970622 · revision 6 as of 2026-09-19

All companies · Free for people and agents · JSON · Download model CSV · Operating scenarios

Business

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.

Three 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

Thesis

Our 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.

What changes it

Track acquired-period revenue, inventory acceptance, closing cash/debt and milestone-qualified financing against the capital bill.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	—	—	0.0¹	0.0²	—	—	5.7¹	5.8²
Gross profit ($M)	—	—	0.0³	0.0⁴	—	—	0.1³	-1.6⁴
Operating income ($M)	-2.0⁵	-5.9†⁶	-8.7⁷	-8.8⁸	-15.9⁵	-26.1†⁶	-36.7⁷	-46.3⁸
Net income ($M)	-1.9⁹	-6.8†¹⁰	51.8¹¹	-142.5¹²	-156.7⁹	-50.2†¹⁰	-67.0¹¹	-10.3¹²
EPS, diluted ($)	-0.03¹³	—	0.58¹⁴	-1.54¹⁵	-1.64¹³	—	-0.34¹⁴	-0.05¹⁵
Diluted shares (M)	59.5¹⁶	—	83.1¹⁷	92.8¹⁸	102.6¹⁶	—	196.5¹⁷	230.1¹⁸
Cash ($M)	0.1¹⁹	16.8²⁰	23.4²¹	121.8²²	257.6²³	359.9²²	1,749.6²⁴	1,530.1²²
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	-1.2†²⁵	-3.5†²⁶	-10.3²⁷	-7.9†²⁸	-2.8†²⁵	-27.9†²⁶	-18.5²⁷	-56.9†²⁸
Capex ($M)	—	—	2.0²⁹	—	—	—	—	—
Free cash flow ($M)	—	—	-12.3†³⁰	—	—	—	—	—

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	9.2	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	27.5	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	40.6	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	50.7	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Closed Serra Verde acquisition, mine ramp and magnet funding cash

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

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.

Reported anchors and guidance

Measure	Period	Value	Basis
revenue	H1 / June 2026	11.52	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
cfo	H1 / June 2026	-75.32	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
capex	H1 / June 2026	108.39	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
H1 CFO less capex	H1 2026	-183.71	derived. Equipment deposits remain cash investment.
cash	H1 / June 2026	1,530.15	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
restricted	H1 / June 2026	64.22	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
acquisition gross cash	Pro forma / closing reference	300.00	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
USAR shares issued for Serra Verde	2026-09-03	126.85	reported. Closing consideration in millions of shares; not the combined diluted denominator. Source · 2026-09-04
sv june cash	Pro forma / closing reference	162.41	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
sv h1 revenue	Pro forma / closing reference	0.59	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
dfc june principal	Pro forma / closing reference	425.00	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
dfc extinguished	Pro forma / closing reference	100.00	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
DFC initial principal after incremental extinguishment	Closing reference	325.00	derived. Excludes any other post-June draws or repayments; not a complete acquisition-date debt balance.
transaction cost reference	Pro forma / closing reference	96.37	reported. Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Source · 2026-09-04
government grant capacity	H1 / June 2026	277.00	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
government loan capacity	H1 / June 2026	1,300.00	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
government deferred cost	H1 / June 2026	912.09	reported. USD millions; government capacity and noncash deferred costs are not received cash. Source · 2026-08-10
Year-end annual TREO run-rate target	2026 year end	400,000.0%	management guidance. Physical tonnes per year, encoded as a count; not shipped tonnage or revenue. Source · 2026-09-04

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex and equipment deposits ($M)	Consolidated revenue ($M)	Post-close mine revenue ($M)	Legacy alloy and service revenue ($M)	Accepted magnet sales ($M)	Net acquisition cash ($M)	Operating income proxy ($M)	Gross contribution before D&A ($M)	Minority investment cash ($M)	Cash after business investing ($M)
2026Q3	-143.94	-253.94	110.00	6.69	0.69	6.00	0.00	170.00	-149.00	-3.96	0.00	-423.94
2026Q4	-109.19	-259.19	150.00	13.76	6.74	6.50	0.52	0.00	-108.38	-12.27	0.00	-259.19
2027Q1	-100.89	-260.89	160.00	17.71	9.40	7.00	1.30	0.00	-96.07	-12.08	0.00	-260.89
2027Q2	-110.68	-290.68	180.00	21.10	11.00	7.50	2.60	0.00	-103.87	-12.04	32.40	-323.08
FY2026	-328.45	-696.84	368.39	31.96	7.42	24.02	0.52	170.00	-340.37	-16.14	0.00	-866.84
FY2027	-460.05	-1,220.05	760.00	93.81	49.56	31.00	13.26	0.00	-428.80	-45.70	32.40	-1,252.45

Base scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex and equipment deposits ($M)	Consolidated revenue ($M)	Post-close mine revenue ($M)	Legacy alloy and service revenue ($M)	Accepted magnet sales ($M)	Net acquisition cash ($M)	Operating income proxy ($M)	Gross contribution before D&A ($M)	Minority investment cash ($M)	Cash after business investing ($M)
2026Q3	-131.18	-231.18	100.00	9.20	2.40	6.50	0.30	160.00	-136.58	-1.46	0.00	-391.18
2026Q4	-86.68	-216.68	130.00	27.50	18.00	8.00	1.50	0.00	-86.88	-0.93	32.40	-249.08
2027Q1	-73.81	-223.81	150.00	40.60	27.00	10.00	3.60	0.00	-70.02	3.40	0.00	-223.81
2027Q2	-81.01	-251.01	170.00	50.70	31.50	12.00	7.20	0.00	-75.21	5.44	0.00	-251.01
FY2026	-293.18	-631.57	338.39	48.22	20.40	26.02	1.80	160.00	-306.45	-2.29	32.40	-823.97
FY2027	-336.31	-1,056.31	720.00	219.10	130.50	52.00	36.60	0.00	-309.12	27.73	0.00	-1,056.31

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex and equipment deposits ($M)	Consolidated revenue ($M)	Post-close mine revenue ($M)	Legacy alloy and service revenue ($M)	Accepted magnet sales ($M)	Net acquisition cash ($M)	Operating income proxy ($M)	Gross contribution before D&A ($M)	Minority investment cash ($M)	Cash after business investing ($M)
2026Q3	-126.98	-236.98	110.00	12.09	4.43	7.00	0.66	150.00	-132.59	0.65	0.00	-386.98
2026Q4	-72.80	-212.80	140.00	43.56	31.92	9.00	2.64	0.00	-73.61	10.92	32.40	-245.20
2027Q1	-60.99	-220.99	160.00	56.22	37.62	12.00	6.60	0.00	-57.81	13.87	0.00	-220.99
2027Q2	-64.79	-254.79	190.00	75.13	46.93	15.00	13.20	0.00	-59.60	19.42	0.00	-254.79
FY2026	-275.10	-633.49	358.39	67.17	36.35	27.52	3.30	150.00	-289.18	11.67	32.40	-815.89
FY2027	-262.61	-1,072.61	810.00	339.69	200.07	69.00	70.62	0.00	-237.86	92.55	0.00	-1,072.61

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
revenue h1_revenue	H1 / June 2026 / shared	11.52 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
legacy revenue h1_legacy_revenue	H1 / June 2026 / shared	11.52 USD_millions	reported: H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled. Primary source · 2026-08-10
mine revenue h1_mine_revenue	H1 / June 2026 / shared	0.00 USD_millions	reported: H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled. Primary source · 2026-08-10
magnet revenue h1_magnet_revenue	H1 / June 2026 / shared	0.00 USD_millions	reported: H1 revenue was all generated by Less Common Metals, per MD&A; no mine or magnet sales are backfilled. Primary source · 2026-08-10
operating income h1_operating_income	H1 / June 2026 / shared	-82.99 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
cfo h1_cfo	H1 / June 2026 / shared	-75.32 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
capex h1_capex	H1 / June 2026 / shared	108.39 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
acquisition cash h1_acquisition_cash	H1 / June 2026 / shared	0.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
minority investment h1_minority_investment	H1 / June 2026 / shared	0.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
reported gross h1_reported_gross	H1 / June 2026 / shared	-1.48 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
da h1_da	H1 / June 2026 / shared	4.29 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
sbc h1_sbc	H1 / June 2026 / shared	11.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
treasury income h1_treasury_income	H1 / June 2026 / shared	26.92 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
cash cash	H1 / June 2026 / shared	1,530.15 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
restricted restricted	H1 / June 2026 / shared	64.22 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
government deferred cost government_deferred_cost	H1 / June 2026 / shared	912.09 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
government grant capacity government_grant_capacity	H1 / June 2026 / shared	277.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
government loan capacity government_loan_capacity	H1 / June 2026 / shared	1,300.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
h1 pipe h1_pipe	H1 / June 2026 / shared	1,500.00 USD_millions	reported: USD millions; government capacity and noncash deferred costs are not received cash. Primary source · 2026-08-10
H1 assumed production D&A allocation h1_production_da_allocation	H1 2026 / shared	1.58 USD_millions	assumption: Desk allocation of reported total depreciation to production for analytical pre-D&A comparison; not a disclosed segment metric.
H1 gross contribution before assumed production D&A h1_gross_contribution	H1 2026 / shared	0.10 USD_millions	derived: Analytical allocation, not reported EBITDA or segment gross profit. Formula: sum(h1_reported_gross, h1_production_da_allocation).
H1 CFO less capex h1_fcf	H1 2026 / shared	-183.71 USD_millions	derived: Equipment deposits remain cash investment. Formula: subtract(h1_cfo, h1_capex).
H1 net acquisitions and minority investment h1_other_investments	H1 2026 / shared	0.00 USD_millions	derived: No Serra Verde acquisition in H1 reported history. Formula: sum(h1_acquisition_cash, h1_minority_investment).
H1 cash after business investing h1_cash_after_investing	H1 2026 / shared	-183.71 USD_millions	derived: Future acquisition cannot alter filed H1 USAR cash. Formula: subtract(h1_fcf, h1_other_investments).
acquisition gross cash acquisition_gross_cash	Pro forma / closing reference / shared	300.00 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
sv june cash sv_june_cash	Pro forma / closing reference / shared	162.41 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
sv h1 revenue sv_h1_revenue	Pro forma / closing reference / shared	0.59 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
dfc june principal dfc_june_principal	Pro forma / closing reference / shared	425.00 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
dfc extinguished dfc_extinguished	Pro forma / closing reference / shared	100.00 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
transaction cost reference transaction_cost_reference	Pro forma / closing reference / shared	96.37 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
royalty current royalty_current	Pro forma / closing reference / shared	19.43 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
royalty proforma long royalty_proforma_long	Pro forma / closing reference / shared	207.43 USD_millions	reported: Furnished pro forma historical or transaction adjustment; not an actual September closing balance. Primary source · 2026-09-04
DFC initial principal after incremental extinguishment dfc_remaining_reference	Closing reference / shared	325.00 USD_millions	derived: Excludes any other post-June draws or repayments; not a complete acquisition-date debt balance. Formula: subtract(dfc_june_principal, dfc_extinguished).
USAR shares issued for Serra Verde acquisition_shares	2026-09-03 / shared	126.85 shares_millions	reported: Closing consideration in millions of shares; not the combined diluted denominator. Primary source · 2026-09-04
Combined variable royalty reference royalty_rate	Contract reference / shared	5.2% ratio	reported: Two royalty rates of 2.625% following October 2024 amendment; contractual minimum cash is separate. Primary source · 2026-04-20
Year-end annual TREO run-rate target yearend_runrate	2026 year end / shared	400,000.0% ratio	management guidance: Physical tonnes per year, encoded as a count; not shipped tonnage or revenue. Primary source · 2026-09-04
Legacy alloy and services revenue downside_2026q3_legacy_revenue	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2026q3_average_capacity	2026Q3 / downside	250,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2026q3_quarter_fraction	2026Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2026q3_mine_utilization	2026Q3 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2026q3_ownership_fraction	2026Q3 / downside	33.3% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2026q3_recognized_tonnes	2026Q3 / downside	3,125.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2026q3_average_capacity, downside_2026q3_quarter_fraction, downside_2026q3_mine_utilization, downside_2026q3_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2026q3_treo_price	2026Q3 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2026q3_mine_revenue	2026Q3 / downside	0.69 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2026q3_recognized_tonnes, downside_2026q3_treo_price).
Accepted external magnet tonnes downside_2026q3_magnet_tonnes	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2026q3_magnet_price	2026Q3 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2026q3_magnet_revenue	2026Q3 / downside	0.00 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2026q3_magnet_tonnes, downside_2026q3_magnet_price).
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	6.69 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2026q3_legacy_revenue, downside_2026q3_mine_revenue, downside_2026q3_magnet_revenue).
Cash production cost in $M per tonne downside_2026q3_mine_unit_cost	2026Q3 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2026q3_mine_variable_cost	2026Q3 / downside	0.55 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2026q3_recognized_tonnes, downside_2026q3_mine_unit_cost).
Full-quarter mine fixed cost downside_2026q3_mine_fixed_full	2026Q3 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2026q3_mine_fixed_cost	2026Q3 / downside	4.58 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2026q3_mine_fixed_full, downside_2026q3_ownership_fraction).
Mine cash production cost downside_2026q3_mine_cash_cost	2026Q3 / downside	5.13 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2026q3_mine_variable_cost, downside_2026q3_mine_fixed_cost).
Legacy margin before D&A downside_2026q3_legacy_margin	2026Q3 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2026q3_legacy_gross	2026Q3 / downside	0.48 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2026q3_legacy_revenue, downside_2026q3_legacy_margin).
Mine revenue less cash production downside_2026q3_mine_gross	2026Q3 / downside	-4.44 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2026q3_mine_revenue, downside_2026q3_mine_cash_cost).
Magnet cash gross margin downside_2026q3_magnet_margin	2026Q3 / downside	-100.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2026q3_magnet_gross	2026Q3 / downside	0.00 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2026q3_magnet_revenue, downside_2026q3_magnet_margin).
Gross contribution before D&A and royalty downside_2026q3_gross_contribution	2026Q3 / downside	-3.96 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2026q3_legacy_gross, downside_2026q3_mine_gross, downside_2026q3_magnet_gross).
Variable mine royalty downside_2026q3_royalty_variable	2026Q3 / downside	0.04 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2026q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2026q3_royalty_topup	2026Q3 / downside	2.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2026q3_royalty_cash	2026Q3 / downside	2.04 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2026q3_royalty_variable, downside_2026q3_royalty_topup).
Consolidated operating D&A downside_2026q3_da	2026Q3 / downside	5.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2026q3_sbc	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2026q3_transaction_cost	2026Q3 / downside	80.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2026q3_cash_overhead	2026Q3 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2026q3_operating_costs	2026Q3 / downside	145.04 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2026q3_cash_overhead, downside_2026q3_royalty_cash, downside_2026q3_da, downside_2026q3_sbc, downside_2026q3_transaction_cost).
Operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-149.00 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2026q3_gross_contribution, downside_2026q3_operating_costs).
SOFR plus spread coupon assumption downside_2026q3_dfc_rate	2026Q3 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2026q3_interest_fraction	2026Q3 / downside	8.3% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2026q3_dfc_interest	2026Q3 / downside	2.44 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2026q3_dfc_rate, downside_2026q3_interest_fraction).
Cash treasury income downside_2026q3_treasury_income	2026Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2026q3_cash_earnings	2026Q3 / downside	-126.00 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2026q3_operating_income, downside_2026q3_da, downside_2026q3_sbc, downside_2026q3_treasury_income).
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2026q3_working_capital	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2026q3_operating_cash_uses	2026Q3 / downside	17.94 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2026q3_dfc_interest, downside_2026q3_cash_tax, downside_2026q3_working_capital).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-143.94 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2026q3_cash_earnings, downside_2026q3_operating_cash_uses).
Cash capex and equipment deposits downside_2026q3_capex	2026Q3 / downside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2026q3_fcf	2026Q3 / downside	-253.94 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Cash acquired at closing downside_2026q3_acquired_cash	2026Q3 / downside	130.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2026q3_acquisition_cash	2026Q3 / downside	170.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(acquisition_gross_cash, downside_2026q3_acquired_cash).
Carester minority investment cash downside_2026q3_minority_investment	2026Q3 / downside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2026q3_other_investing	2026Q3 / downside	170.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2026q3_acquisition_cash, downside_2026q3_minority_investment).
Cash after business investing downside_2026q3_cash_after_investing	2026Q3 / downside	-423.94 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2026q3_fcf, downside_2026q3_other_investing).
Legacy alloy and services revenue downside_2026q4_legacy_revenue	2026Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2026q4_average_capacity	2026Q4 / downside	350,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2026q4_quarter_fraction	2026Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2026q4_mine_utilization	2026Q4 / downside	35.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2026q4_ownership_fraction	2026Q4 / downside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2026q4_recognized_tonnes	2026Q4 / downside	30,625.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2026q4_average_capacity, downside_2026q4_quarter_fraction, downside_2026q4_mine_utilization, downside_2026q4_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2026q4_treo_price	2026Q4 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2026q4_mine_revenue	2026Q4 / downside	6.74 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2026q4_recognized_tonnes, downside_2026q4_treo_price).
Accepted external magnet tonnes downside_2026q4_magnet_tonnes	2026Q4 / downside	1,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2026q4_magnet_price	2026Q4 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2026q4_magnet_revenue	2026Q4 / downside	0.52 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2026q4_magnet_tonnes, downside_2026q4_magnet_price).
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	13.76 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2026q4_legacy_revenue, downside_2026q4_mine_revenue, downside_2026q4_magnet_revenue).
Cash production cost in $M per tonne downside_2026q4_mine_unit_cost	2026Q4 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2026q4_mine_variable_cost	2026Q4 / downside	5.36 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2026q4_recognized_tonnes, downside_2026q4_mine_unit_cost).
Full-quarter mine fixed cost downside_2026q4_mine_fixed_full	2026Q4 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2026q4_mine_fixed_cost	2026Q4 / downside	13.75 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2026q4_mine_fixed_full, downside_2026q4_ownership_fraction).
Mine cash production cost downside_2026q4_mine_cash_cost	2026Q4 / downside	19.11 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2026q4_mine_variable_cost, downside_2026q4_mine_fixed_cost).
Legacy margin before D&A downside_2026q4_legacy_margin	2026Q4 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2026q4_legacy_gross	2026Q4 / downside	0.52 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2026q4_legacy_revenue, downside_2026q4_legacy_margin).
Mine revenue less cash production downside_2026q4_mine_gross	2026Q4 / downside	-12.37 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2026q4_mine_revenue, downside_2026q4_mine_cash_cost).
Magnet cash gross margin downside_2026q4_magnet_margin	2026Q4 / downside	-81.2% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2026q4_magnet_gross	2026Q4 / downside	-0.42 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2026q4_magnet_revenue, downside_2026q4_magnet_margin).
Gross contribution before D&A and royalty downside_2026q4_gross_contribution	2026Q4 / downside	-12.27 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2026q4_legacy_gross, downside_2026q4_mine_gross, downside_2026q4_magnet_gross).
Variable mine royalty downside_2026q4_royalty_variable	2026Q4 / downside	0.35 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2026q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2026q4_royalty_topup	2026Q4 / downside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2026q4_royalty_cash	2026Q4 / downside	5.35 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2026q4_royalty_variable, downside_2026q4_royalty_topup).
Consolidated operating D&A downside_2026q4_da	2026Q4 / downside	8.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2026q4_sbc	2026Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2026q4_transaction_cost	2026Q4 / downside	20.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2026q4_cash_overhead	2026Q4 / downside	53.75 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2026q4_operating_costs	2026Q4 / downside	96.10 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2026q4_cash_overhead, downside_2026q4_royalty_cash, downside_2026q4_da, downside_2026q4_sbc, downside_2026q4_transaction_cost).
Operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-108.38 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2026q4_gross_contribution, downside_2026q4_operating_costs).
SOFR plus spread coupon assumption downside_2026q4_dfc_rate	2026Q4 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2026q4_interest_fraction	2026Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2026q4_dfc_interest	2026Q4 / downside	7.31 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2026q4_dfc_rate, downside_2026q4_interest_fraction).
Cash treasury income downside_2026q4_treasury_income	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2026q4_cash_earnings	2026Q4 / downside	-81.38 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2026q4_operating_income, downside_2026q4_da, downside_2026q4_sbc, downside_2026q4_treasury_income).
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2026q4_working_capital	2026Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2026q4_operating_cash_uses	2026Q4 / downside	27.81 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2026q4_dfc_interest, downside_2026q4_cash_tax, downside_2026q4_working_capital).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	-109.19 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2026q4_cash_earnings, downside_2026q4_operating_cash_uses).
Cash capex and equipment deposits downside_2026q4_capex	2026Q4 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2026q4_fcf	2026Q4 / downside	-259.19 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Other acquisition purchase cash downside_2026q4_new_acquisition	2026Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing downside_2026q4_acquired_cash	2026Q4 / downside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2026q4_acquisition_cash	2026Q4 / downside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(downside_2026q4_new_acquisition, downside_2026q4_acquired_cash).
Carester minority investment cash downside_2026q4_minority_investment	2026Q4 / downside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2026q4_other_investing	2026Q4 / downside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2026q4_acquisition_cash, downside_2026q4_minority_investment).
Cash after business investing downside_2026q4_cash_after_investing	2026Q4 / downside	-259.19 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2026q4_fcf, downside_2026q4_other_investing).
Legacy alloy and services revenue downside_2027q1_legacy_revenue	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2027q1_average_capacity	2027Q1 / downside	380,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2027q1_quarter_fraction	2027Q1 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2027q1_mine_utilization	2027Q1 / downside	45.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2027q1_ownership_fraction	2027Q1 / downside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2027q1_recognized_tonnes	2027Q1 / downside	42,750.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2027q1_average_capacity, downside_2027q1_quarter_fraction, downside_2027q1_mine_utilization, downside_2027q1_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2027q1_treo_price	2027Q1 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2027q1_mine_revenue	2027Q1 / downside	9.40 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2027q1_recognized_tonnes, downside_2027q1_treo_price).
Accepted external magnet tonnes downside_2027q1_magnet_tonnes	2027Q1 / downside	2,500.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2027q1_magnet_price	2027Q1 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2027q1_magnet_revenue	2027Q1 / downside	1.30 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2027q1_magnet_tonnes, downside_2027q1_magnet_price).
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	17.71 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2027q1_legacy_revenue, downside_2027q1_mine_revenue, downside_2027q1_magnet_revenue).
Cash production cost in $M per tonne downside_2027q1_mine_unit_cost	2027Q1 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2027q1_mine_variable_cost	2027Q1 / downside	7.48 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2027q1_recognized_tonnes, downside_2027q1_mine_unit_cost).
Full-quarter mine fixed cost downside_2027q1_mine_fixed_full	2027Q1 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2027q1_mine_fixed_cost	2027Q1 / downside	13.75 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2027q1_mine_fixed_full, downside_2027q1_ownership_fraction).
Mine cash production cost downside_2027q1_mine_cash_cost	2027Q1 / downside	21.23 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2027q1_mine_variable_cost, downside_2027q1_mine_fixed_cost).
Legacy margin before D&A downside_2027q1_legacy_margin	2027Q1 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2027q1_legacy_gross	2027Q1 / downside	0.56 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2027q1_legacy_revenue, downside_2027q1_legacy_margin).
Mine revenue less cash production downside_2027q1_mine_gross	2027Q1 / downside	-11.83 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2027q1_mine_revenue, downside_2027q1_mine_cash_cost).
Magnet cash gross margin downside_2027q1_magnet_margin	2027Q1 / downside	-62.5% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2027q1_magnet_gross	2027Q1 / downside	-0.81 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2027q1_magnet_revenue, downside_2027q1_magnet_margin).
Gross contribution before D&A and royalty downside_2027q1_gross_contribution	2027Q1 / downside	-12.08 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2027q1_legacy_gross, downside_2027q1_mine_gross, downside_2027q1_magnet_gross).
Variable mine royalty downside_2027q1_royalty_variable	2027Q1 / downside	0.49 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2027q1_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2027q1_royalty_topup	2027Q1 / downside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2027q1_royalty_cash	2027Q1 / downside	5.49 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2027q1_royalty_variable, downside_2027q1_royalty_topup).
Consolidated operating D&A downside_2027q1_da	2027Q1 / downside	11.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2027q1_sbc	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2027q1_transaction_cost	2027Q1 / downside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2027q1_cash_overhead	2027Q1 / downside	57.50 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2027q1_operating_costs	2027Q1 / downside	83.99 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2027q1_cash_overhead, downside_2027q1_royalty_cash, downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_transaction_cost).
Operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-96.07 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2027q1_gross_contribution, downside_2027q1_operating_costs).
SOFR plus spread coupon assumption downside_2027q1_dfc_rate	2027Q1 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2027q1_interest_fraction	2027Q1 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2027q1_dfc_interest	2027Q1 / downside	7.31 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2027q1_dfc_rate, downside_2027q1_interest_fraction).
Cash treasury income downside_2027q1_treasury_income	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2027q1_cash_earnings	2027Q1 / downside	-68.07 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2027q1_operating_income, downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_treasury_income).
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2027q1_working_capital	2027Q1 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2027q1_operating_cash_uses	2027Q1 / downside	32.81 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2027q1_dfc_interest, downside_2027q1_cash_tax, downside_2027q1_working_capital).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-100.89 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2027q1_cash_earnings, downside_2027q1_operating_cash_uses).
Cash capex and equipment deposits downside_2027q1_capex	2027Q1 / downside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2027q1_fcf	2027Q1 / downside	-260.89 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Other acquisition purchase cash downside_2027q1_new_acquisition	2027Q1 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing downside_2027q1_acquired_cash	2027Q1 / downside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2027q1_acquisition_cash	2027Q1 / downside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(downside_2027q1_new_acquisition, downside_2027q1_acquired_cash).
Carester minority investment cash downside_2027q1_minority_investment	2027Q1 / downside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2027q1_other_investing	2027Q1 / downside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q1_minority_investment).
Cash after business investing downside_2027q1_cash_after_investing	2027Q1 / downside	-260.89 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2027q1_fcf, downside_2027q1_other_investing).
Legacy alloy and services revenue downside_2027q2_legacy_revenue	2027Q2 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2027q2_average_capacity	2027Q2 / downside	400,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2027q2_quarter_fraction	2027Q2 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2027q2_mine_utilization	2027Q2 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2027q2_ownership_fraction	2027Q2 / downside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2027q2_recognized_tonnes	2027Q2 / downside	50,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2027q2_average_capacity, downside_2027q2_quarter_fraction, downside_2027q2_mine_utilization, downside_2027q2_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2027q2_treo_price	2027Q2 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2027q2_mine_revenue	2027Q2 / downside	11.00 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2027q2_recognized_tonnes, downside_2027q2_treo_price).
Accepted external magnet tonnes downside_2027q2_magnet_tonnes	2027Q2 / downside	5,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2027q2_magnet_price	2027Q2 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2027q2_magnet_revenue	2027Q2 / downside	2.60 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2027q2_magnet_tonnes, downside_2027q2_magnet_price).
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	21.10 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2027q2_legacy_revenue, downside_2027q2_mine_revenue, downside_2027q2_magnet_revenue).
Cash production cost in $M per tonne downside_2027q2_mine_unit_cost	2027Q2 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2027q2_mine_variable_cost	2027Q2 / downside	8.75 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2027q2_recognized_tonnes, downside_2027q2_mine_unit_cost).
Full-quarter mine fixed cost downside_2027q2_mine_fixed_full	2027Q2 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2027q2_mine_fixed_cost	2027Q2 / downside	13.75 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2027q2_mine_fixed_full, downside_2027q2_ownership_fraction).
Mine cash production cost downside_2027q2_mine_cash_cost	2027Q2 / downside	22.50 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2027q2_mine_variable_cost, downside_2027q2_mine_fixed_cost).
Legacy margin before D&A downside_2027q2_legacy_margin	2027Q2 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2027q2_legacy_gross	2027Q2 / downside	0.60 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2027q2_legacy_revenue, downside_2027q2_legacy_margin).
Mine revenue less cash production downside_2027q2_mine_gross	2027Q2 / downside	-11.50 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2027q2_mine_revenue, downside_2027q2_mine_cash_cost).
Magnet cash gross margin downside_2027q2_magnet_margin	2027Q2 / downside	-43.8% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2027q2_magnet_gross	2027Q2 / downside	-1.14 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2027q2_magnet_revenue, downside_2027q2_magnet_margin).
Gross contribution before D&A and royalty downside_2027q2_gross_contribution	2027Q2 / downside	-12.04 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2027q2_legacy_gross, downside_2027q2_mine_gross, downside_2027q2_magnet_gross).
Variable mine royalty downside_2027q2_royalty_variable	2027Q2 / downside	0.58 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2027q2_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2027q2_royalty_topup	2027Q2 / downside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2027q2_royalty_cash	2027Q2 / downside	5.58 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2027q2_royalty_variable, downside_2027q2_royalty_topup).
Consolidated operating D&A downside_2027q2_da	2027Q2 / downside	14.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2027q2_sbc	2027Q2 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2027q2_transaction_cost	2027Q2 / downside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2027q2_cash_overhead	2027Q2 / downside	61.25 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2027q2_operating_costs	2027Q2 / downside	91.83 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2027q2_cash_overhead, downside_2027q2_royalty_cash, downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_transaction_cost).
Operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-103.87 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2027q2_gross_contribution, downside_2027q2_operating_costs).
SOFR plus spread coupon assumption downside_2027q2_dfc_rate	2027Q2 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2027q2_interest_fraction	2027Q2 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2027q2_dfc_interest	2027Q2 / downside	7.31 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2027q2_dfc_rate, downside_2027q2_interest_fraction).
Cash treasury income downside_2027q2_treasury_income	2027Q2 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2027q2_cash_earnings	2027Q2 / downside	-72.87 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2027q2_operating_income, downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_treasury_income).
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2027q2_working_capital	2027Q2 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2027q2_operating_cash_uses	2027Q2 / downside	37.81 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2027q2_dfc_interest, downside_2027q2_cash_tax, downside_2027q2_working_capital).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-110.68 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2027q2_cash_earnings, downside_2027q2_operating_cash_uses).
Cash capex and equipment deposits downside_2027q2_capex	2027Q2 / downside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2027q2_fcf	2027Q2 / downside	-290.68 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Other acquisition purchase cash downside_2027q2_new_acquisition	2027Q2 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing downside_2027q2_acquired_cash	2027Q2 / downside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2027q2_acquisition_cash	2027Q2 / downside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(downside_2027q2_new_acquisition, downside_2027q2_acquired_cash).
Carester minority investment cash downside_2027q2_minority_investment	2027Q2 / downside	32.40 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2027q2_other_investing	2027Q2 / downside	32.40 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2027q2_acquisition_cash, downside_2027q2_minority_investment).
Cash after business investing downside_2027q2_cash_after_investing	2027Q2 / downside	-323.08 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2027q2_fcf, downside_2027q2_other_investing).
Legacy alloy and services revenue downside_2027q3_legacy_revenue	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2027q3_average_capacity	2027Q3 / downside	440,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2027q3_quarter_fraction	2027Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2027q3_mine_utilization	2027Q3 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2027q3_ownership_fraction	2027Q3 / downside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2027q3_recognized_tonnes	2027Q3 / downside	60,500.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2027q3_average_capacity, downside_2027q3_quarter_fraction, downside_2027q3_mine_utilization, downside_2027q3_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2027q3_treo_price	2027Q3 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2027q3_mine_revenue	2027Q3 / downside	13.31 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2027q3_recognized_tonnes, downside_2027q3_treo_price).
Accepted external magnet tonnes downside_2027q3_magnet_tonnes	2027Q3 / downside	8,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2027q3_magnet_price	2027Q3 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2027q3_magnet_revenue	2027Q3 / downside	4.16 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2027q3_magnet_tonnes, downside_2027q3_magnet_price).
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	25.47 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2027q3_legacy_revenue, downside_2027q3_mine_revenue, downside_2027q3_magnet_revenue).
Cash production cost in $M per tonne downside_2027q3_mine_unit_cost	2027Q3 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2027q3_mine_variable_cost	2027Q3 / downside	10.59 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2027q3_recognized_tonnes, downside_2027q3_mine_unit_cost).
Full-quarter mine fixed cost downside_2027q3_mine_fixed_full	2027Q3 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2027q3_mine_fixed_cost	2027Q3 / downside	13.75 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2027q3_mine_fixed_full, downside_2027q3_ownership_fraction).
Mine cash production cost downside_2027q3_mine_cash_cost	2027Q3 / downside	24.34 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2027q3_mine_variable_cost, downside_2027q3_mine_fixed_cost).
Legacy margin before D&A downside_2027q3_legacy_margin	2027Q3 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2027q3_legacy_gross	2027Q3 / downside	0.64 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2027q3_legacy_revenue, downside_2027q3_legacy_margin).
Mine revenue less cash production downside_2027q3_mine_gross	2027Q3 / downside	-11.03 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2027q3_mine_revenue, downside_2027q3_mine_cash_cost).
Magnet cash gross margin downside_2027q3_magnet_margin	2027Q3 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2027q3_magnet_gross	2027Q3 / downside	-1.04 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2027q3_magnet_revenue, downside_2027q3_magnet_margin).
Gross contribution before D&A and royalty downside_2027q3_gross_contribution	2027Q3 / downside	-11.43 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2027q3_legacy_gross, downside_2027q3_mine_gross, downside_2027q3_magnet_gross).
Variable mine royalty downside_2027q3_royalty_variable	2027Q3 / downside	0.70 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2027q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2027q3_royalty_topup	2027Q3 / downside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2027q3_royalty_cash	2027Q3 / downside	5.70 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2027q3_royalty_variable, downside_2027q3_royalty_topup).
Consolidated operating D&A downside_2027q3_da	2027Q3 / downside	17.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2027q3_sbc	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2027q3_transaction_cost	2027Q3 / downside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2027q3_cash_overhead	2027Q3 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2027q3_operating_costs	2027Q3 / downside	99.70 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2027q3_cash_overhead, downside_2027q3_royalty_cash, downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_transaction_cost).
Operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-111.13 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2027q3_gross_contribution, downside_2027q3_operating_costs).
SOFR plus spread coupon assumption downside_2027q3_dfc_rate	2027Q3 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2027q3_interest_fraction	2027Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2027q3_dfc_interest	2027Q3 / downside	7.31 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2027q3_dfc_rate, downside_2027q3_interest_fraction).
Cash treasury income downside_2027q3_treasury_income	2027Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2027q3_cash_earnings	2027Q3 / downside	-77.13 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2027q3_operating_income, downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_treasury_income).
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2027q3_working_capital	2027Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2027q3_operating_cash_uses	2027Q3 / downside	42.81 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2027q3_dfc_interest, downside_2027q3_cash_tax, downside_2027q3_working_capital).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-119.94 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2027q3_cash_earnings, downside_2027q3_operating_cash_uses).
Cash capex and equipment deposits downside_2027q3_capex	2027Q3 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2027q3_fcf	2027Q3 / downside	-319.94 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Other acquisition purchase cash downside_2027q3_new_acquisition	2027Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing downside_2027q3_acquired_cash	2027Q3 / downside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2027q3_acquisition_cash	2027Q3 / downside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(downside_2027q3_new_acquisition, downside_2027q3_acquired_cash).
Carester minority investment cash downside_2027q3_minority_investment	2027Q3 / downside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2027q3_other_investing	2027Q3 / downside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2027q3_acquisition_cash, downside_2027q3_minority_investment).
Cash after business investing downside_2027q3_cash_after_investing	2027Q3 / downside	-319.94 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2027q3_fcf, downside_2027q3_other_investing).
Legacy alloy and services revenue downside_2027q4_legacy_revenue	2027Q4 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity downside_2027q4_average_capacity	2027Q4 / downside	480,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction downside_2027q4_quarter_fraction	2027Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor downside_2027q4_mine_utilization	2027Q4 / downside	60.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter downside_2027q4_ownership_fraction	2027Q4 / downside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes downside_2027q4_recognized_tonnes	2027Q4 / downside	72,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(downside_2027q4_average_capacity, downside_2027q4_quarter_fraction, downside_2027q4_mine_utilization, downside_2027q4_ownership_fraction).
Realized blended TREO price in $M per tonne downside_2027q4_treo_price	2027Q4 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue downside_2027q4_mine_revenue	2027Q4 / downside	15.84 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(downside_2027q4_recognized_tonnes, downside_2027q4_treo_price).
Accepted external magnet tonnes downside_2027q4_magnet_tonnes	2027Q4 / downside	10,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne downside_2027q4_magnet_price	2027Q4 / downside	0.05 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales downside_2027q4_magnet_revenue	2027Q4 / downside	5.20 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(downside_2027q4_magnet_tonnes, downside_2027q4_magnet_price).
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	29.54 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(downside_2027q4_legacy_revenue, downside_2027q4_mine_revenue, downside_2027q4_magnet_revenue).
Cash production cost in $M per tonne downside_2027q4_mine_unit_cost	2027Q4 / downside	0.02 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost downside_2027q4_mine_variable_cost	2027Q4 / downside	12.60 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(downside_2027q4_recognized_tonnes, downside_2027q4_mine_unit_cost).
Full-quarter mine fixed cost downside_2027q4_mine_fixed_full	2027Q4 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost downside_2027q4_mine_fixed_cost	2027Q4 / downside	13.75 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(downside_2027q4_mine_fixed_full, downside_2027q4_ownership_fraction).
Mine cash production cost downside_2027q4_mine_cash_cost	2027Q4 / downside	26.35 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(downside_2027q4_mine_variable_cost, downside_2027q4_mine_fixed_cost).
Legacy margin before D&A downside_2027q4_legacy_margin	2027Q4 / downside	8.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution downside_2027q4_legacy_gross	2027Q4 / downside	0.68 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(downside_2027q4_legacy_revenue, downside_2027q4_legacy_margin).
Mine revenue less cash production downside_2027q4_mine_gross	2027Q4 / downside	-10.51 USD_millions	derived: Royalty below contribution. Formula: subtract(downside_2027q4_mine_revenue, downside_2027q4_mine_cash_cost).
Magnet cash gross margin downside_2027q4_magnet_margin	2027Q4 / downside	-6.3% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution downside_2027q4_magnet_gross	2027Q4 / downside	-0.33 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(downside_2027q4_magnet_revenue, downside_2027q4_magnet_margin).
Gross contribution before D&A and royalty downside_2027q4_gross_contribution	2027Q4 / downside	-10.16 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(downside_2027q4_legacy_gross, downside_2027q4_mine_gross, downside_2027q4_magnet_gross).
Variable mine royalty downside_2027q4_royalty_variable	2027Q4 / downside	0.83 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(downside_2027q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up downside_2027q4_royalty_topup	2027Q4 / downside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance downside_2027q4_royalty_cash	2027Q4 / downside	5.83 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(downside_2027q4_royalty_variable, downside_2027q4_royalty_topup).
Consolidated operating D&A downside_2027q4_da	2027Q4 / downside	20.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC downside_2027q4_sbc	2027Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy downside_2027q4_transaction_cost	2027Q4 / downside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development downside_2027q4_cash_overhead	2027Q4 / downside	68.75 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs downside_2027q4_operating_costs	2027Q4 / downside	107.58 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(downside_2027q4_cash_overhead, downside_2027q4_royalty_cash, downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_transaction_cost).
Operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-117.74 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(downside_2027q4_gross_contribution, downside_2027q4_operating_costs).
SOFR plus spread coupon assumption downside_2027q4_dfc_rate	2027Q4 / downside	9.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction downside_2027q4_interest_fraction	2027Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy downside_2027q4_dfc_interest	2027Q4 / downside	7.31 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, downside_2027q4_dfc_rate, downside_2027q4_interest_fraction).
Cash treasury income downside_2027q4_treasury_income	2027Q4 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income downside_2027q4_cash_earnings	2027Q4 / downside	-80.74 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(downside_2027q4_operating_income, downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_treasury_income).
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use downside_2027q4_working_capital	2027Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use downside_2027q4_operating_cash_uses	2027Q4 / downside	47.81 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(downside_2027q4_dfc_interest, downside_2027q4_cash_tax, downside_2027q4_working_capital).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-128.55 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(downside_2027q4_cash_earnings, downside_2027q4_operating_cash_uses).
Cash capex and equipment deposits downside_2027q4_capex	2027Q4 / downside	220.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment downside_2027q4_fcf	2027Q4 / downside	-348.55 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Other acquisition purchase cash downside_2027q4_new_acquisition	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing downside_2027q4_acquired_cash	2027Q4 / downside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash downside_2027q4_acquisition_cash	2027Q4 / downside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(downside_2027q4_new_acquisition, downside_2027q4_acquired_cash).
Carester minority investment cash downside_2027q4_minority_investment	2027Q4 / downside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash downside_2027q4_other_investing	2027Q4 / downside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(downside_2027q4_acquisition_cash, downside_2027q4_minority_investment).
Cash after business investing downside_2027q4_cash_after_investing	2027Q4 / downside	-348.55 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(downside_2027q4_fcf, downside_2027q4_other_investing).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	31.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Legacy alloy and service revenue ($M) downside_fy2026_legacy_revenue	FY2026 / downside	24.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy_revenue, downside_2026q3_legacy_revenue, downside_2026q4_legacy_revenue).
Post-close mine revenue ($M) downside_fy2026_mine_revenue	FY2026 / downside	7.42 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mine_revenue, downside_2026q3_mine_revenue, downside_2026q4_mine_revenue).
Accepted magnet sales ($M) downside_fy2026_magnet_revenue	FY2026 / downside	0.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_magnet_revenue, downside_2026q3_magnet_revenue, downside_2026q4_magnet_revenue).
Gross contribution before D&A ($M) downside_fy2026_gross_contribution	FY2026 / downside	-16.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_contribution, downside_2026q3_gross_contribution, downside_2026q4_gross_contribution).
Operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-340.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	-328.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash capex and equipment deposits ($M) downside_fy2026_capex	FY2026 / downside	368.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less capex ($M) downside_fy2026_fcf	FY2026 / downside	-696.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Net acquisition cash ($M) downside_fy2026_acquisition_cash	FY2026 / downside	170.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, downside_2026q3_acquisition_cash, downside_2026q4_acquisition_cash).
Minority investment cash ($M) downside_fy2026_minority_investment	FY2026 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_minority_investment, downside_2026q3_minority_investment, downside_2026q4_minority_investment).
Cash after business investing ($M) downside_fy2026_cash_after_investing	FY2026 / downside	-866.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, downside_2026q3_cash_after_investing, downside_2026q4_cash_after_investing).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	93.81 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Legacy alloy and service revenue ($M) downside_fy2027_legacy_revenue	FY2027 / downside	31.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_legacy_revenue, downside_2027q2_legacy_revenue, downside_2027q3_legacy_revenue, downside_2027q4_legacy_revenue).
Post-close mine revenue ($M) downside_fy2027_mine_revenue	FY2027 / downside	49.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_mine_revenue, downside_2027q2_mine_revenue, downside_2027q3_mine_revenue, downside_2027q4_mine_revenue).
Accepted magnet sales ($M) downside_fy2027_magnet_revenue	FY2027 / downside	13.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_magnet_revenue, downside_2027q2_magnet_revenue, downside_2027q3_magnet_revenue, downside_2027q4_magnet_revenue).
Gross contribution before D&A ($M) downside_fy2027_gross_contribution	FY2027 / downside	-45.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_contribution, downside_2027q2_gross_contribution, downside_2027q3_gross_contribution, downside_2027q4_gross_contribution).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-428.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-460.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash capex and equipment deposits ($M) downside_fy2027_capex	FY2027 / downside	760.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less capex ($M) downside_fy2027_fcf	FY2027 / downside	-1,220.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Net acquisition cash ($M) downside_fy2027_acquisition_cash	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q2_acquisition_cash, downside_2027q3_acquisition_cash, downside_2027q4_acquisition_cash).
Minority investment cash ($M) downside_fy2027_minority_investment	FY2027 / downside	32.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_minority_investment, downside_2027q2_minority_investment, downside_2027q3_minority_investment, downside_2027q4_minority_investment).
Cash after business investing ($M) downside_fy2027_cash_after_investing	FY2027 / downside	-1,252.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_investing, downside_2027q2_cash_after_investing, downside_2027q3_cash_after_investing, downside_2027q4_cash_after_investing).
Legacy alloy and services revenue base_2026q3_legacy_revenue	2026Q3 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2026q3_average_capacity	2026Q3 / base	400,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2026q3_quarter_fraction	2026Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2026q3_mine_utilization	2026Q3 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2026q3_ownership_fraction	2026Q3 / base	33.3% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2026q3_recognized_tonnes	2026Q3 / base	8,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2026q3_average_capacity, base_2026q3_quarter_fraction, base_2026q3_mine_utilization, base_2026q3_ownership_fraction).
Realized blended TREO price in $M per tonne base_2026q3_treo_price	2026Q3 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2026q3_mine_revenue	2026Q3 / base	2.40 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2026q3_recognized_tonnes, base_2026q3_treo_price).
Accepted external magnet tonnes base_2026q3_magnet_tonnes	2026Q3 / base	500.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2026q3_magnet_price	2026Q3 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2026q3_magnet_revenue	2026Q3 / base	0.30 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2026q3_magnet_tonnes, base_2026q3_magnet_price).
Consolidated revenue base_2026q3_revenue	2026Q3 / base	9.20 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2026q3_legacy_revenue, base_2026q3_mine_revenue, base_2026q3_magnet_revenue).
Cash production cost in $M per tonne base_2026q3_mine_unit_cost	2026Q3 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2026q3_mine_variable_cost	2026Q3 / base	1.12 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2026q3_recognized_tonnes, base_2026q3_mine_unit_cost).
Full-quarter mine fixed cost base_2026q3_mine_fixed_full	2026Q3 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2026q3_mine_fixed_cost	2026Q3 / base	3.67 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2026q3_mine_fixed_full, base_2026q3_ownership_fraction).
Mine cash production cost base_2026q3_mine_cash_cost	2026Q3 / base	4.79 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2026q3_mine_variable_cost, base_2026q3_mine_fixed_cost).
Legacy margin before D&A base_2026q3_legacy_margin	2026Q3 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2026q3_legacy_gross	2026Q3 / base	1.17 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2026q3_legacy_revenue, base_2026q3_legacy_margin).
Mine revenue less cash production base_2026q3_mine_gross	2026Q3 / base	-2.39 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2026q3_mine_revenue, base_2026q3_mine_cash_cost).
Magnet cash gross margin base_2026q3_magnet_margin	2026Q3 / base	-80.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2026q3_magnet_gross	2026Q3 / base	-0.24 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2026q3_magnet_revenue, base_2026q3_magnet_margin).
Gross contribution before D&A and royalty base_2026q3_gross_contribution	2026Q3 / base	-1.46 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2026q3_legacy_gross, base_2026q3_mine_gross, base_2026q3_magnet_gross).
Variable mine royalty base_2026q3_royalty_variable	2026Q3 / base	0.13 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2026q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2026q3_royalty_topup	2026Q3 / base	2.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2026q3_royalty_cash	2026Q3 / base	2.13 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2026q3_royalty_variable, base_2026q3_royalty_topup).
Consolidated operating D&A base_2026q3_da	2026Q3 / base	5.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2026q3_sbc	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2026q3_transaction_cost	2026Q3 / base	80.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2026q3_cash_overhead	2026Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2026q3_operating_costs	2026Q3 / base	135.13 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2026q3_cash_overhead, base_2026q3_royalty_cash, base_2026q3_da, base_2026q3_sbc, base_2026q3_transaction_cost).
Operating income proxy base_2026q3_operating_income	2026Q3 / base	-136.58 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2026q3_gross_contribution, base_2026q3_operating_costs).
SOFR plus spread coupon assumption base_2026q3_dfc_rate	2026Q3 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2026q3_interest_fraction	2026Q3 / base	8.3% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2026q3_dfc_interest	2026Q3 / base	2.10 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2026q3_dfc_rate, base_2026q3_interest_fraction).
Cash treasury income base_2026q3_treasury_income	2026Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2026q3_cash_earnings	2026Q3 / base	-113.58 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2026q3_operating_income, base_2026q3_da, base_2026q3_sbc, base_2026q3_treasury_income).
Cash taxes base_2026q3_cash_tax	2026Q3 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2026q3_working_capital	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2026q3_operating_cash_uses	2026Q3 / base	17.60 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2026q3_dfc_interest, base_2026q3_cash_tax, base_2026q3_working_capital).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	-131.18 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2026q3_cash_earnings, base_2026q3_operating_cash_uses).
Cash capex and equipment deposits base_2026q3_capex	2026Q3 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2026q3_fcf	2026Q3 / base	-231.18 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Cash acquired at closing base_2026q3_acquired_cash	2026Q3 / base	140.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2026q3_acquisition_cash	2026Q3 / base	160.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(acquisition_gross_cash, base_2026q3_acquired_cash).
Carester minority investment cash base_2026q3_minority_investment	2026Q3 / base	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2026q3_other_investing	2026Q3 / base	160.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2026q3_acquisition_cash, base_2026q3_minority_investment).
Cash after business investing base_2026q3_cash_after_investing	2026Q3 / base	-391.18 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2026q3_fcf, base_2026q3_other_investing).
Legacy alloy and services revenue base_2026q4_legacy_revenue	2026Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2026q4_average_capacity	2026Q4 / base	400,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2026q4_quarter_fraction	2026Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2026q4_mine_utilization	2026Q4 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2026q4_ownership_fraction	2026Q4 / base	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2026q4_recognized_tonnes	2026Q4 / base	60,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2026q4_average_capacity, base_2026q4_quarter_fraction, base_2026q4_mine_utilization, base_2026q4_ownership_fraction).
Realized blended TREO price in $M per tonne base_2026q4_treo_price	2026Q4 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2026q4_mine_revenue	2026Q4 / base	18.00 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2026q4_recognized_tonnes, base_2026q4_treo_price).
Accepted external magnet tonnes base_2026q4_magnet_tonnes	2026Q4 / base	2,500.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2026q4_magnet_price	2026Q4 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2026q4_magnet_revenue	2026Q4 / base	1.50 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2026q4_magnet_tonnes, base_2026q4_magnet_price).
Consolidated revenue base_2026q4_revenue	2026Q4 / base	27.50 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2026q4_legacy_revenue, base_2026q4_mine_revenue, base_2026q4_magnet_revenue).
Cash production cost in $M per tonne base_2026q4_mine_unit_cost	2026Q4 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2026q4_mine_variable_cost	2026Q4 / base	8.40 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2026q4_recognized_tonnes, base_2026q4_mine_unit_cost).
Full-quarter mine fixed cost base_2026q4_mine_fixed_full	2026Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2026q4_mine_fixed_cost	2026Q4 / base	11.00 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2026q4_mine_fixed_full, base_2026q4_ownership_fraction).
Mine cash production cost base_2026q4_mine_cash_cost	2026Q4 / base	19.40 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2026q4_mine_variable_cost, base_2026q4_mine_fixed_cost).
Legacy margin before D&A base_2026q4_legacy_margin	2026Q4 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2026q4_legacy_gross	2026Q4 / base	1.44 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2026q4_legacy_revenue, base_2026q4_legacy_margin).
Mine revenue less cash production base_2026q4_mine_gross	2026Q4 / base	-1.40 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2026q4_mine_revenue, base_2026q4_mine_cash_cost).
Magnet cash gross margin base_2026q4_magnet_margin	2026Q4 / base	-65.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2026q4_magnet_gross	2026Q4 / base	-0.98 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2026q4_magnet_revenue, base_2026q4_magnet_margin).
Gross contribution before D&A and royalty base_2026q4_gross_contribution	2026Q4 / base	-0.93 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2026q4_legacy_gross, base_2026q4_mine_gross, base_2026q4_magnet_gross).
Variable mine royalty base_2026q4_royalty_variable	2026Q4 / base	0.94 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2026q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2026q4_royalty_topup	2026Q4 / base	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2026q4_royalty_cash	2026Q4 / base	5.95 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2026q4_royalty_variable, base_2026q4_royalty_topup).
Consolidated operating D&A base_2026q4_da	2026Q4 / base	8.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2026q4_sbc	2026Q4 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2026q4_transaction_cost	2026Q4 / base	20.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2026q4_cash_overhead	2026Q4 / base	43.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2026q4_operating_costs	2026Q4 / base	85.94 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2026q4_cash_overhead, base_2026q4_royalty_cash, base_2026q4_da, base_2026q4_sbc, base_2026q4_transaction_cost).
Operating income proxy base_2026q4_operating_income	2026Q4 / base	-86.88 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2026q4_gross_contribution, base_2026q4_operating_costs).
SOFR plus spread coupon assumption base_2026q4_dfc_rate	2026Q4 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2026q4_interest_fraction	2026Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2026q4_dfc_interest	2026Q4 / base	6.30 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2026q4_dfc_rate, base_2026q4_interest_fraction).
Cash treasury income base_2026q4_treasury_income	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2026q4_cash_earnings	2026Q4 / base	-59.88 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2026q4_operating_income, base_2026q4_da, base_2026q4_sbc, base_2026q4_treasury_income).
Cash taxes base_2026q4_cash_tax	2026Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2026q4_working_capital	2026Q4 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2026q4_operating_cash_uses	2026Q4 / base	26.80 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2026q4_dfc_interest, base_2026q4_cash_tax, base_2026q4_working_capital).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	-86.68 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2026q4_cash_earnings, base_2026q4_operating_cash_uses).
Cash capex and equipment deposits base_2026q4_capex	2026Q4 / base	130.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2026q4_fcf	2026Q4 / base	-216.68 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Other acquisition purchase cash base_2026q4_new_acquisition	2026Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing base_2026q4_acquired_cash	2026Q4 / base	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2026q4_acquisition_cash	2026Q4 / base	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(base_2026q4_new_acquisition, base_2026q4_acquired_cash).
Carester minority investment cash base_2026q4_minority_investment	2026Q4 / base	32.40 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2026q4_other_investing	2026Q4 / base	32.40 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2026q4_acquisition_cash, base_2026q4_minority_investment).
Cash after business investing base_2026q4_cash_after_investing	2026Q4 / base	-249.08 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2026q4_fcf, base_2026q4_other_investing).
Legacy alloy and services revenue base_2027q1_legacy_revenue	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2027q1_average_capacity	2027Q1 / base	400,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2027q1_quarter_fraction	2027Q1 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2027q1_mine_utilization	2027Q1 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2027q1_ownership_fraction	2027Q1 / base	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2027q1_recognized_tonnes	2027Q1 / base	90,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2027q1_average_capacity, base_2027q1_quarter_fraction, base_2027q1_mine_utilization, base_2027q1_ownership_fraction).
Realized blended TREO price in $M per tonne base_2027q1_treo_price	2027Q1 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2027q1_mine_revenue	2027Q1 / base	27.00 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2027q1_recognized_tonnes, base_2027q1_treo_price).
Accepted external magnet tonnes base_2027q1_magnet_tonnes	2027Q1 / base	6,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2027q1_magnet_price	2027Q1 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2027q1_magnet_revenue	2027Q1 / base	3.60 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2027q1_magnet_tonnes, base_2027q1_magnet_price).
Consolidated revenue base_2027q1_revenue	2027Q1 / base	40.60 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2027q1_legacy_revenue, base_2027q1_mine_revenue, base_2027q1_magnet_revenue).
Cash production cost in $M per tonne base_2027q1_mine_unit_cost	2027Q1 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2027q1_mine_variable_cost	2027Q1 / base	12.60 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2027q1_recognized_tonnes, base_2027q1_mine_unit_cost).
Full-quarter mine fixed cost base_2027q1_mine_fixed_full	2027Q1 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2027q1_mine_fixed_cost	2027Q1 / base	11.00 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2027q1_mine_fixed_full, base_2027q1_ownership_fraction).
Mine cash production cost base_2027q1_mine_cash_cost	2027Q1 / base	23.60 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2027q1_mine_variable_cost, base_2027q1_mine_fixed_cost).
Legacy margin before D&A base_2027q1_legacy_margin	2027Q1 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2027q1_legacy_gross	2027Q1 / base	1.80 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2027q1_legacy_revenue, base_2027q1_legacy_margin).
Mine revenue less cash production base_2027q1_mine_gross	2027Q1 / base	3.40 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2027q1_mine_revenue, base_2027q1_mine_cash_cost).
Magnet cash gross margin base_2027q1_magnet_margin	2027Q1 / base	-50.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2027q1_magnet_gross	2027Q1 / base	-1.80 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2027q1_magnet_revenue, base_2027q1_magnet_margin).
Gross contribution before D&A and royalty base_2027q1_gross_contribution	2027Q1 / base	3.40 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2027q1_legacy_gross, base_2027q1_mine_gross, base_2027q1_magnet_gross).
Variable mine royalty base_2027q1_royalty_variable	2027Q1 / base	1.42 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2027q1_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2027q1_royalty_topup	2027Q1 / base	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2027q1_royalty_cash	2027Q1 / base	6.42 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2027q1_royalty_variable, base_2027q1_royalty_topup).
Consolidated operating D&A base_2027q1_da	2027Q1 / base	11.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2027q1_sbc	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2027q1_transaction_cost	2027Q1 / base	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2027q1_cash_overhead	2027Q1 / base	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2027q1_operating_costs	2027Q1 / base	73.42 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2027q1_cash_overhead, base_2027q1_royalty_cash, base_2027q1_da, base_2027q1_sbc, base_2027q1_transaction_cost).
Operating income proxy base_2027q1_operating_income	2027Q1 / base	-70.02 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2027q1_gross_contribution, base_2027q1_operating_costs).
SOFR plus spread coupon assumption base_2027q1_dfc_rate	2027Q1 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2027q1_interest_fraction	2027Q1 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2027q1_dfc_interest	2027Q1 / base	6.30 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2027q1_dfc_rate, base_2027q1_interest_fraction).
Cash treasury income base_2027q1_treasury_income	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2027q1_cash_earnings	2027Q1 / base	-42.02 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2027q1_operating_income, base_2027q1_da, base_2027q1_sbc, base_2027q1_treasury_income).
Cash taxes base_2027q1_cash_tax	2027Q1 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2027q1_working_capital	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2027q1_operating_cash_uses	2027Q1 / base	31.80 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2027q1_dfc_interest, base_2027q1_cash_tax, base_2027q1_working_capital).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	-73.81 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2027q1_cash_earnings, base_2027q1_operating_cash_uses).
Cash capex and equipment deposits base_2027q1_capex	2027Q1 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2027q1_fcf	2027Q1 / base	-223.81 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Other acquisition purchase cash base_2027q1_new_acquisition	2027Q1 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing base_2027q1_acquired_cash	2027Q1 / base	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2027q1_acquisition_cash	2027Q1 / base	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(base_2027q1_new_acquisition, base_2027q1_acquired_cash).
Carester minority investment cash base_2027q1_minority_investment	2027Q1 / base	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2027q1_other_investing	2027Q1 / base	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2027q1_acquisition_cash, base_2027q1_minority_investment).
Cash after business investing base_2027q1_cash_after_investing	2027Q1 / base	-223.81 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2027q1_fcf, base_2027q1_other_investing).
Legacy alloy and services revenue base_2027q2_legacy_revenue	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2027q2_average_capacity	2027Q2 / base	480,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2027q2_quarter_fraction	2027Q2 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2027q2_mine_utilization	2027Q2 / base	87.5% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2027q2_ownership_fraction	2027Q2 / base	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2027q2_recognized_tonnes	2027Q2 / base	105,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2027q2_average_capacity, base_2027q2_quarter_fraction, base_2027q2_mine_utilization, base_2027q2_ownership_fraction).
Realized blended TREO price in $M per tonne base_2027q2_treo_price	2027Q2 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2027q2_mine_revenue	2027Q2 / base	31.50 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2027q2_recognized_tonnes, base_2027q2_treo_price).
Accepted external magnet tonnes base_2027q2_magnet_tonnes	2027Q2 / base	12,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2027q2_magnet_price	2027Q2 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2027q2_magnet_revenue	2027Q2 / base	7.20 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2027q2_magnet_tonnes, base_2027q2_magnet_price).
Consolidated revenue base_2027q2_revenue	2027Q2 / base	50.70 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2027q2_legacy_revenue, base_2027q2_mine_revenue, base_2027q2_magnet_revenue).
Cash production cost in $M per tonne base_2027q2_mine_unit_cost	2027Q2 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2027q2_mine_variable_cost	2027Q2 / base	14.70 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2027q2_recognized_tonnes, base_2027q2_mine_unit_cost).
Full-quarter mine fixed cost base_2027q2_mine_fixed_full	2027Q2 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2027q2_mine_fixed_cost	2027Q2 / base	11.00 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2027q2_mine_fixed_full, base_2027q2_ownership_fraction).
Mine cash production cost base_2027q2_mine_cash_cost	2027Q2 / base	25.70 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2027q2_mine_variable_cost, base_2027q2_mine_fixed_cost).
Legacy margin before D&A base_2027q2_legacy_margin	2027Q2 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2027q2_legacy_gross	2027Q2 / base	2.16 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2027q2_legacy_revenue, base_2027q2_legacy_margin).
Mine revenue less cash production base_2027q2_mine_gross	2027Q2 / base	5.80 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2027q2_mine_revenue, base_2027q2_mine_cash_cost).
Magnet cash gross margin base_2027q2_magnet_margin	2027Q2 / base	-35.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2027q2_magnet_gross	2027Q2 / base	-2.52 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2027q2_magnet_revenue, base_2027q2_magnet_margin).
Gross contribution before D&A and royalty base_2027q2_gross_contribution	2027Q2 / base	5.44 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2027q2_legacy_gross, base_2027q2_mine_gross, base_2027q2_magnet_gross).
Variable mine royalty base_2027q2_royalty_variable	2027Q2 / base	1.65 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2027q2_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2027q2_royalty_topup	2027Q2 / base	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2027q2_royalty_cash	2027Q2 / base	6.65 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2027q2_royalty_variable, base_2027q2_royalty_topup).
Consolidated operating D&A base_2027q2_da	2027Q2 / base	14.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2027q2_sbc	2027Q2 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2027q2_transaction_cost	2027Q2 / base	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2027q2_cash_overhead	2027Q2 / base	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2027q2_operating_costs	2027Q2 / base	80.65 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2027q2_cash_overhead, base_2027q2_royalty_cash, base_2027q2_da, base_2027q2_sbc, base_2027q2_transaction_cost).
Operating income proxy base_2027q2_operating_income	2027Q2 / base	-75.21 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2027q2_gross_contribution, base_2027q2_operating_costs).
SOFR plus spread coupon assumption base_2027q2_dfc_rate	2027Q2 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2027q2_interest_fraction	2027Q2 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2027q2_dfc_interest	2027Q2 / base	6.30 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2027q2_dfc_rate, base_2027q2_interest_fraction).
Cash treasury income base_2027q2_treasury_income	2027Q2 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2027q2_cash_earnings	2027Q2 / base	-44.21 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2027q2_operating_income, base_2027q2_da, base_2027q2_sbc, base_2027q2_treasury_income).
Cash taxes base_2027q2_cash_tax	2027Q2 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2027q2_working_capital	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2027q2_operating_cash_uses	2027Q2 / base	36.80 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2027q2_dfc_interest, base_2027q2_cash_tax, base_2027q2_working_capital).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	-81.01 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2027q2_cash_earnings, base_2027q2_operating_cash_uses).
Cash capex and equipment deposits base_2027q2_capex	2027Q2 / base	170.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2027q2_fcf	2027Q2 / base	-251.01 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Other acquisition purchase cash base_2027q2_new_acquisition	2027Q2 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing base_2027q2_acquired_cash	2027Q2 / base	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2027q2_acquisition_cash	2027Q2 / base	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(base_2027q2_new_acquisition, base_2027q2_acquired_cash).
Carester minority investment cash base_2027q2_minority_investment	2027Q2 / base	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2027q2_other_investing	2027Q2 / base	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2027q2_acquisition_cash, base_2027q2_minority_investment).
Cash after business investing base_2027q2_cash_after_investing	2027Q2 / base	-251.01 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2027q2_fcf, base_2027q2_other_investing).
Legacy alloy and services revenue base_2027q3_legacy_revenue	2027Q3 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2027q3_average_capacity	2027Q3 / base	580,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2027q3_quarter_fraction	2027Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2027q3_mine_utilization	2027Q3 / base	79.3% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2027q3_ownership_fraction	2027Q3 / base	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2027q3_recognized_tonnes	2027Q3 / base	115,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2027q3_average_capacity, base_2027q3_quarter_fraction, base_2027q3_mine_utilization, base_2027q3_ownership_fraction).
Realized blended TREO price in $M per tonne base_2027q3_treo_price	2027Q3 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2027q3_mine_revenue	2027Q3 / base	34.50 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2027q3_recognized_tonnes, base_2027q3_treo_price).
Accepted external magnet tonnes base_2027q3_magnet_tonnes	2027Q3 / base	18,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2027q3_magnet_price	2027Q3 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2027q3_magnet_revenue	2027Q3 / base	10.80 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2027q3_magnet_tonnes, base_2027q3_magnet_price).
Consolidated revenue base_2027q3_revenue	2027Q3 / base	59.30 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2027q3_legacy_revenue, base_2027q3_mine_revenue, base_2027q3_magnet_revenue).
Cash production cost in $M per tonne base_2027q3_mine_unit_cost	2027Q3 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2027q3_mine_variable_cost	2027Q3 / base	16.10 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2027q3_recognized_tonnes, base_2027q3_mine_unit_cost).
Full-quarter mine fixed cost base_2027q3_mine_fixed_full	2027Q3 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2027q3_mine_fixed_cost	2027Q3 / base	11.00 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2027q3_mine_fixed_full, base_2027q3_ownership_fraction).
Mine cash production cost base_2027q3_mine_cash_cost	2027Q3 / base	27.10 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2027q3_mine_variable_cost, base_2027q3_mine_fixed_cost).
Legacy margin before D&A base_2027q3_legacy_margin	2027Q3 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2027q3_legacy_gross	2027Q3 / base	2.52 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2027q3_legacy_revenue, base_2027q3_legacy_margin).
Mine revenue less cash production base_2027q3_mine_gross	2027Q3 / base	7.40 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2027q3_mine_revenue, base_2027q3_mine_cash_cost).
Magnet cash gross margin base_2027q3_magnet_margin	2027Q3 / base	-20.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2027q3_magnet_gross	2027Q3 / base	-2.16 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2027q3_magnet_revenue, base_2027q3_magnet_margin).
Gross contribution before D&A and royalty base_2027q3_gross_contribution	2027Q3 / base	7.76 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2027q3_legacy_gross, base_2027q3_mine_gross, base_2027q3_magnet_gross).
Variable mine royalty base_2027q3_royalty_variable	2027Q3 / base	1.81 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2027q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2027q3_royalty_topup	2027Q3 / base	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2027q3_royalty_cash	2027Q3 / base	6.81 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2027q3_royalty_variable, base_2027q3_royalty_topup).
Consolidated operating D&A base_2027q3_da	2027Q3 / base	17.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2027q3_sbc	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2027q3_transaction_cost	2027Q3 / base	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2027q3_cash_overhead	2027Q3 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2027q3_operating_costs	2027Q3 / base	87.81 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2027q3_cash_overhead, base_2027q3_royalty_cash, base_2027q3_da, base_2027q3_sbc, base_2027q3_transaction_cost).
Operating income proxy base_2027q3_operating_income	2027Q3 / base	-80.05 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2027q3_gross_contribution, base_2027q3_operating_costs).
SOFR plus spread coupon assumption base_2027q3_dfc_rate	2027Q3 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2027q3_interest_fraction	2027Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2027q3_dfc_interest	2027Q3 / base	6.30 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2027q3_dfc_rate, base_2027q3_interest_fraction).
Cash treasury income base_2027q3_treasury_income	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2027q3_cash_earnings	2027Q3 / base	-46.05 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2027q3_operating_income, base_2027q3_da, base_2027q3_sbc, base_2027q3_treasury_income).
Cash taxes base_2027q3_cash_tax	2027Q3 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2027q3_working_capital	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2027q3_operating_cash_uses	2027Q3 / base	41.80 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2027q3_dfc_interest, base_2027q3_cash_tax, base_2027q3_working_capital).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	-87.85 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2027q3_cash_earnings, base_2027q3_operating_cash_uses).
Cash capex and equipment deposits base_2027q3_capex	2027Q3 / base	190.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2027q3_fcf	2027Q3 / base	-277.85 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Other acquisition purchase cash base_2027q3_new_acquisition	2027Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing base_2027q3_acquired_cash	2027Q3 / base	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2027q3_acquisition_cash	2027Q3 / base	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(base_2027q3_new_acquisition, base_2027q3_acquired_cash).
Carester minority investment cash base_2027q3_minority_investment	2027Q3 / base	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2027q3_other_investing	2027Q3 / base	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2027q3_acquisition_cash, base_2027q3_minority_investment).
Cash after business investing base_2027q3_cash_after_investing	2027Q3 / base	-277.85 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2027q3_fcf, base_2027q3_other_investing).
Legacy alloy and services revenue base_2027q4_legacy_revenue	2027Q4 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity base_2027q4_average_capacity	2027Q4 / base	640,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction base_2027q4_quarter_fraction	2027Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor base_2027q4_mine_utilization	2027Q4 / base	78.1% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter base_2027q4_ownership_fraction	2027Q4 / base	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes base_2027q4_recognized_tonnes	2027Q4 / base	125,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(base_2027q4_average_capacity, base_2027q4_quarter_fraction, base_2027q4_mine_utilization, base_2027q4_ownership_fraction).
Realized blended TREO price in $M per tonne base_2027q4_treo_price	2027Q4 / base	0.03 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue base_2027q4_mine_revenue	2027Q4 / base	37.50 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(base_2027q4_recognized_tonnes, base_2027q4_treo_price).
Accepted external magnet tonnes base_2027q4_magnet_tonnes	2027Q4 / base	25,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne base_2027q4_magnet_price	2027Q4 / base	0.06 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales base_2027q4_magnet_revenue	2027Q4 / base	15.00 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(base_2027q4_magnet_tonnes, base_2027q4_magnet_price).
Consolidated revenue base_2027q4_revenue	2027Q4 / base	68.50 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(base_2027q4_legacy_revenue, base_2027q4_mine_revenue, base_2027q4_magnet_revenue).
Cash production cost in $M per tonne base_2027q4_mine_unit_cost	2027Q4 / base	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost base_2027q4_mine_variable_cost	2027Q4 / base	17.50 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(base_2027q4_recognized_tonnes, base_2027q4_mine_unit_cost).
Full-quarter mine fixed cost base_2027q4_mine_fixed_full	2027Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost base_2027q4_mine_fixed_cost	2027Q4 / base	11.00 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(base_2027q4_mine_fixed_full, base_2027q4_ownership_fraction).
Mine cash production cost base_2027q4_mine_cash_cost	2027Q4 / base	28.50 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(base_2027q4_mine_variable_cost, base_2027q4_mine_fixed_cost).
Legacy margin before D&A base_2027q4_legacy_margin	2027Q4 / base	18.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution base_2027q4_legacy_gross	2027Q4 / base	2.88 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(base_2027q4_legacy_revenue, base_2027q4_legacy_margin).
Mine revenue less cash production base_2027q4_mine_gross	2027Q4 / base	9.00 USD_millions	derived: Royalty below contribution. Formula: subtract(base_2027q4_mine_revenue, base_2027q4_mine_cash_cost).
Magnet cash gross margin base_2027q4_magnet_margin	2027Q4 / base	-5.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution base_2027q4_magnet_gross	2027Q4 / base	-0.75 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(base_2027q4_magnet_revenue, base_2027q4_magnet_margin).
Gross contribution before D&A and royalty base_2027q4_gross_contribution	2027Q4 / base	11.13 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(base_2027q4_legacy_gross, base_2027q4_mine_gross, base_2027q4_magnet_gross).
Variable mine royalty base_2027q4_royalty_variable	2027Q4 / base	1.97 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(base_2027q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up base_2027q4_royalty_topup	2027Q4 / base	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance base_2027q4_royalty_cash	2027Q4 / base	6.97 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(base_2027q4_royalty_variable, base_2027q4_royalty_topup).
Consolidated operating D&A base_2027q4_da	2027Q4 / base	20.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC base_2027q4_sbc	2027Q4 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy base_2027q4_transaction_cost	2027Q4 / base	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development base_2027q4_cash_overhead	2027Q4 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs base_2027q4_operating_costs	2027Q4 / base	94.97 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(base_2027q4_cash_overhead, base_2027q4_royalty_cash, base_2027q4_da, base_2027q4_sbc, base_2027q4_transaction_cost).
Operating income proxy base_2027q4_operating_income	2027Q4 / base	-83.84 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(base_2027q4_gross_contribution, base_2027q4_operating_costs).
SOFR plus spread coupon assumption base_2027q4_dfc_rate	2027Q4 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction base_2027q4_interest_fraction	2027Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy base_2027q4_dfc_interest	2027Q4 / base	6.30 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, base_2027q4_dfc_rate, base_2027q4_interest_fraction).
Cash treasury income base_2027q4_treasury_income	2027Q4 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income base_2027q4_cash_earnings	2027Q4 / base	-46.84 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(base_2027q4_operating_income, base_2027q4_da, base_2027q4_sbc, base_2027q4_treasury_income).
Cash taxes base_2027q4_cash_tax	2027Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use base_2027q4_working_capital	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use base_2027q4_operating_cash_uses	2027Q4 / base	46.80 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(base_2027q4_dfc_interest, base_2027q4_cash_tax, base_2027q4_working_capital).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	-93.64 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(base_2027q4_cash_earnings, base_2027q4_operating_cash_uses).
Cash capex and equipment deposits base_2027q4_capex	2027Q4 / base	210.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment base_2027q4_fcf	2027Q4 / base	-303.64 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Other acquisition purchase cash base_2027q4_new_acquisition	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing base_2027q4_acquired_cash	2027Q4 / base	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash base_2027q4_acquisition_cash	2027Q4 / base	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(base_2027q4_new_acquisition, base_2027q4_acquired_cash).
Carester minority investment cash base_2027q4_minority_investment	2027Q4 / base	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash base_2027q4_other_investing	2027Q4 / base	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(base_2027q4_acquisition_cash, base_2027q4_minority_investment).
Cash after business investing base_2027q4_cash_after_investing	2027Q4 / base	-303.64 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(base_2027q4_fcf, base_2027q4_other_investing).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	48.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Legacy alloy and service revenue ($M) base_fy2026_legacy_revenue	FY2026 / base	26.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy_revenue, base_2026q3_legacy_revenue, base_2026q4_legacy_revenue).
Post-close mine revenue ($M) base_fy2026_mine_revenue	FY2026 / base	20.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mine_revenue, base_2026q3_mine_revenue, base_2026q4_mine_revenue).
Accepted magnet sales ($M) base_fy2026_magnet_revenue	FY2026 / base	1.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_magnet_revenue, base_2026q3_magnet_revenue, base_2026q4_magnet_revenue).
Gross contribution before D&A ($M) base_fy2026_gross_contribution	FY2026 / base	-2.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_contribution, base_2026q3_gross_contribution, base_2026q4_gross_contribution).
Operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-306.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	-293.18 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash capex and equipment deposits ($M) base_fy2026_capex	FY2026 / base	338.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less capex ($M) base_fy2026_fcf	FY2026 / base	-631.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Net acquisition cash ($M) base_fy2026_acquisition_cash	FY2026 / base	160.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, base_2026q3_acquisition_cash, base_2026q4_acquisition_cash).
Minority investment cash ($M) base_fy2026_minority_investment	FY2026 / base	32.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_minority_investment, base_2026q3_minority_investment, base_2026q4_minority_investment).
Cash after business investing ($M) base_fy2026_cash_after_investing	FY2026 / base	-823.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, base_2026q3_cash_after_investing, base_2026q4_cash_after_investing).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	219.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Legacy alloy and service revenue ($M) base_fy2027_legacy_revenue	FY2027 / base	52.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_legacy_revenue, base_2027q2_legacy_revenue, base_2027q3_legacy_revenue, base_2027q4_legacy_revenue).
Post-close mine revenue ($M) base_fy2027_mine_revenue	FY2027 / base	130.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_mine_revenue, base_2027q2_mine_revenue, base_2027q3_mine_revenue, base_2027q4_mine_revenue).
Accepted magnet sales ($M) base_fy2027_magnet_revenue	FY2027 / base	36.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_magnet_revenue, base_2027q2_magnet_revenue, base_2027q3_magnet_revenue, base_2027q4_magnet_revenue).
Gross contribution before D&A ($M) base_fy2027_gross_contribution	FY2027 / base	27.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_contribution, base_2027q2_gross_contribution, base_2027q3_gross_contribution, base_2027q4_gross_contribution).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-309.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	-336.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash capex and equipment deposits ($M) base_fy2027_capex	FY2027 / base	720.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less capex ($M) base_fy2027_fcf	FY2027 / base	-1,056.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Net acquisition cash ($M) base_fy2027_acquisition_cash	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_acquisition_cash, base_2027q2_acquisition_cash, base_2027q3_acquisition_cash, base_2027q4_acquisition_cash).
Minority investment cash ($M) base_fy2027_minority_investment	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_minority_investment, base_2027q2_minority_investment, base_2027q3_minority_investment, base_2027q4_minority_investment).
Cash after business investing ($M) base_fy2027_cash_after_investing	FY2027 / base	-1,056.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_investing, base_2027q2_cash_after_investing, base_2027q3_cash_after_investing, base_2027q4_cash_after_investing).
Legacy alloy and services revenue upside_2026q3_legacy_revenue	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2026q3_average_capacity	2026Q3 / upside	400,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2026q3_quarter_fraction	2026Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2026q3_mine_utilization	2026Q3 / upside	35.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2026q3_ownership_fraction	2026Q3 / upside	33.3% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2026q3_recognized_tonnes	2026Q3 / upside	11,666.7% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2026q3_average_capacity, upside_2026q3_quarter_fraction, upside_2026q3_mine_utilization, upside_2026q3_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2026q3_treo_price	2026Q3 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2026q3_mine_revenue	2026Q3 / upside	4.43 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2026q3_recognized_tonnes, upside_2026q3_treo_price).
Accepted external magnet tonnes upside_2026q3_magnet_tonnes	2026Q3 / upside	1,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2026q3_magnet_price	2026Q3 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2026q3_magnet_revenue	2026Q3 / upside	0.66 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2026q3_magnet_tonnes, upside_2026q3_magnet_price).
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	12.09 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2026q3_legacy_revenue, upside_2026q3_mine_revenue, upside_2026q3_magnet_revenue).
Cash production cost in $M per tonne upside_2026q3_mine_unit_cost	2026Q3 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2026q3_mine_variable_cost	2026Q3 / upside	1.55 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2026q3_recognized_tonnes, upside_2026q3_mine_unit_cost).
Full-quarter mine fixed cost upside_2026q3_mine_fixed_full	2026Q3 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2026q3_mine_fixed_cost	2026Q3 / upside	3.48 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2026q3_mine_fixed_full, upside_2026q3_ownership_fraction).
Mine cash production cost upside_2026q3_mine_cash_cost	2026Q3 / upside	5.03 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2026q3_mine_variable_cost, upside_2026q3_mine_fixed_cost).
Legacy margin before D&A upside_2026q3_legacy_margin	2026Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2026q3_legacy_gross	2026Q3 / upside	1.75 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2026q3_legacy_revenue, upside_2026q3_legacy_margin).
Mine revenue less cash production upside_2026q3_mine_gross	2026Q3 / upside	-0.60 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2026q3_mine_revenue, upside_2026q3_mine_cash_cost).
Magnet cash gross margin upside_2026q3_magnet_margin	2026Q3 / upside	-76.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2026q3_magnet_gross	2026Q3 / upside	-0.50 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2026q3_magnet_revenue, upside_2026q3_magnet_margin).
Gross contribution before D&A and royalty upside_2026q3_gross_contribution	2026Q3 / upside	0.65 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2026q3_legacy_gross, upside_2026q3_mine_gross, upside_2026q3_magnet_gross).
Variable mine royalty upside_2026q3_royalty_variable	2026Q3 / upside	0.23 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2026q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2026q3_royalty_topup	2026Q3 / upside	2.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2026q3_royalty_cash	2026Q3 / upside	2.23 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2026q3_royalty_variable, upside_2026q3_royalty_topup).
Consolidated operating D&A upside_2026q3_da	2026Q3 / upside	5.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2026q3_sbc	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2026q3_transaction_cost	2026Q3 / upside	80.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2026q3_cash_overhead	2026Q3 / upside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2026q3_operating_costs	2026Q3 / upside	133.23 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2026q3_cash_overhead, upside_2026q3_royalty_cash, upside_2026q3_da, upside_2026q3_sbc, upside_2026q3_transaction_cost).
Operating income proxy upside_2026q3_operating_income	2026Q3 / upside	-132.59 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2026q3_gross_contribution, upside_2026q3_operating_costs).
SOFR plus spread coupon assumption upside_2026q3_dfc_rate	2026Q3 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2026q3_interest_fraction	2026Q3 / upside	8.3% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2026q3_dfc_interest	2026Q3 / upside	1.90 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2026q3_dfc_rate, upside_2026q3_interest_fraction).
Cash treasury income upside_2026q3_treasury_income	2026Q3 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2026q3_cash_earnings	2026Q3 / upside	-109.59 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2026q3_operating_income, upside_2026q3_da, upside_2026q3_sbc, upside_2026q3_treasury_income).
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2026q3_working_capital	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2026q3_operating_cash_uses	2026Q3 / upside	17.40 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2026q3_dfc_interest, upside_2026q3_cash_tax, upside_2026q3_working_capital).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	-126.98 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2026q3_cash_earnings, upside_2026q3_operating_cash_uses).
Cash capex and equipment deposits upside_2026q3_capex	2026Q3 / upside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2026q3_fcf	2026Q3 / upside	-236.98 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Cash acquired at closing upside_2026q3_acquired_cash	2026Q3 / upside	150.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2026q3_acquisition_cash	2026Q3 / upside	150.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(acquisition_gross_cash, upside_2026q3_acquired_cash).
Carester minority investment cash upside_2026q3_minority_investment	2026Q3 / upside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2026q3_other_investing	2026Q3 / upside	150.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2026q3_acquisition_cash, upside_2026q3_minority_investment).
Cash after business investing upside_2026q3_cash_after_investing	2026Q3 / upside	-386.98 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2026q3_fcf, upside_2026q3_other_investing).
Legacy alloy and services revenue upside_2026q4_legacy_revenue	2026Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2026q4_average_capacity	2026Q4 / upside	420,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2026q4_quarter_fraction	2026Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2026q4_mine_utilization	2026Q4 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2026q4_ownership_fraction	2026Q4 / upside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2026q4_recognized_tonnes	2026Q4 / upside	84,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2026q4_average_capacity, upside_2026q4_quarter_fraction, upside_2026q4_mine_utilization, upside_2026q4_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2026q4_treo_price	2026Q4 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2026q4_mine_revenue	2026Q4 / upside	31.92 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2026q4_recognized_tonnes, upside_2026q4_treo_price).
Accepted external magnet tonnes upside_2026q4_magnet_tonnes	2026Q4 / upside	4,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2026q4_magnet_price	2026Q4 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2026q4_magnet_revenue	2026Q4 / upside	2.64 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2026q4_magnet_tonnes, upside_2026q4_magnet_price).
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	43.56 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2026q4_legacy_revenue, upside_2026q4_mine_revenue, upside_2026q4_magnet_revenue).
Cash production cost in $M per tonne upside_2026q4_mine_unit_cost	2026Q4 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2026q4_mine_variable_cost	2026Q4 / upside	11.17 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2026q4_recognized_tonnes, upside_2026q4_mine_unit_cost).
Full-quarter mine fixed cost upside_2026q4_mine_fixed_full	2026Q4 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2026q4_mine_fixed_cost	2026Q4 / upside	10.45 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2026q4_mine_fixed_full, upside_2026q4_ownership_fraction).
Mine cash production cost upside_2026q4_mine_cash_cost	2026Q4 / upside	21.62 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2026q4_mine_variable_cost, upside_2026q4_mine_fixed_cost).
Legacy margin before D&A upside_2026q4_legacy_margin	2026Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2026q4_legacy_gross	2026Q4 / upside	2.25 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2026q4_legacy_revenue, upside_2026q4_legacy_margin).
Mine revenue less cash production upside_2026q4_mine_gross	2026Q4 / upside	10.30 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2026q4_mine_revenue, upside_2026q4_mine_cash_cost).
Magnet cash gross margin upside_2026q4_magnet_margin	2026Q4 / upside	-61.7% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2026q4_magnet_gross	2026Q4 / upside	-1.63 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2026q4_magnet_revenue, upside_2026q4_magnet_margin).
Gross contribution before D&A and royalty upside_2026q4_gross_contribution	2026Q4 / upside	10.92 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2026q4_legacy_gross, upside_2026q4_mine_gross, upside_2026q4_magnet_gross).
Variable mine royalty upside_2026q4_royalty_variable	2026Q4 / upside	1.68 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2026q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2026q4_royalty_topup	2026Q4 / upside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2026q4_royalty_cash	2026Q4 / upside	6.68 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2026q4_royalty_variable, upside_2026q4_royalty_topup).
Consolidated operating D&A upside_2026q4_da	2026Q4 / upside	8.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2026q4_sbc	2026Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2026q4_transaction_cost	2026Q4 / upside	20.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2026q4_cash_overhead	2026Q4 / upside	40.85 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2026q4_operating_costs	2026Q4 / upside	84.53 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2026q4_cash_overhead, upside_2026q4_royalty_cash, upside_2026q4_da, upside_2026q4_sbc, upside_2026q4_transaction_cost).
Operating income proxy upside_2026q4_operating_income	2026Q4 / upside	-73.61 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2026q4_gross_contribution, upside_2026q4_operating_costs).
SOFR plus spread coupon assumption upside_2026q4_dfc_rate	2026Q4 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2026q4_interest_fraction	2026Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2026q4_dfc_interest	2026Q4 / upside	5.69 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2026q4_dfc_rate, upside_2026q4_interest_fraction).
Cash treasury income upside_2026q4_treasury_income	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2026q4_cash_earnings	2026Q4 / upside	-46.61 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2026q4_operating_income, upside_2026q4_da, upside_2026q4_sbc, upside_2026q4_treasury_income).
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2026q4_working_capital	2026Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2026q4_operating_cash_uses	2026Q4 / upside	26.19 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2026q4_dfc_interest, upside_2026q4_cash_tax, upside_2026q4_working_capital).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	-72.80 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2026q4_cash_earnings, upside_2026q4_operating_cash_uses).
Cash capex and equipment deposits upside_2026q4_capex	2026Q4 / upside	140.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2026q4_fcf	2026Q4 / upside	-212.80 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Other acquisition purchase cash upside_2026q4_new_acquisition	2026Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing upside_2026q4_acquired_cash	2026Q4 / upside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2026q4_acquisition_cash	2026Q4 / upside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(upside_2026q4_new_acquisition, upside_2026q4_acquired_cash).
Carester minority investment cash upside_2026q4_minority_investment	2026Q4 / upside	32.40 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2026q4_other_investing	2026Q4 / upside	32.40 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2026q4_acquisition_cash, upside_2026q4_minority_investment).
Cash after business investing upside_2026q4_cash_after_investing	2026Q4 / upside	-245.20 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2026q4_fcf, upside_2026q4_other_investing).
Legacy alloy and services revenue upside_2027q1_legacy_revenue	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2027q1_average_capacity	2027Q1 / upside	440,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2027q1_quarter_fraction	2027Q1 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2027q1_mine_utilization	2027Q1 / upside	90.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2027q1_ownership_fraction	2027Q1 / upside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2027q1_recognized_tonnes	2027Q1 / upside	99,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2027q1_average_capacity, upside_2027q1_quarter_fraction, upside_2027q1_mine_utilization, upside_2027q1_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2027q1_treo_price	2027Q1 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2027q1_mine_revenue	2027Q1 / upside	37.62 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2027q1_recognized_tonnes, upside_2027q1_treo_price).
Accepted external magnet tonnes upside_2027q1_magnet_tonnes	2027Q1 / upside	10,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2027q1_magnet_price	2027Q1 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2027q1_magnet_revenue	2027Q1 / upside	6.60 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2027q1_magnet_tonnes, upside_2027q1_magnet_price).
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	56.22 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2027q1_legacy_revenue, upside_2027q1_mine_revenue, upside_2027q1_magnet_revenue).
Cash production cost in $M per tonne upside_2027q1_mine_unit_cost	2027Q1 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2027q1_mine_variable_cost	2027Q1 / upside	13.17 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2027q1_recognized_tonnes, upside_2027q1_mine_unit_cost).
Full-quarter mine fixed cost upside_2027q1_mine_fixed_full	2027Q1 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2027q1_mine_fixed_cost	2027Q1 / upside	10.45 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2027q1_mine_fixed_full, upside_2027q1_ownership_fraction).
Mine cash production cost upside_2027q1_mine_cash_cost	2027Q1 / upside	23.62 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2027q1_mine_variable_cost, upside_2027q1_mine_fixed_cost).
Legacy margin before D&A upside_2027q1_legacy_margin	2027Q1 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2027q1_legacy_gross	2027Q1 / upside	3.00 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2027q1_legacy_revenue, upside_2027q1_legacy_margin).
Mine revenue less cash production upside_2027q1_mine_gross	2027Q1 / upside	14.00 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2027q1_mine_revenue, upside_2027q1_mine_cash_cost).
Magnet cash gross margin upside_2027q1_magnet_margin	2027Q1 / upside	-47.5% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2027q1_magnet_gross	2027Q1 / upside	-3.14 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2027q1_magnet_revenue, upside_2027q1_magnet_margin).
Gross contribution before D&A and royalty upside_2027q1_gross_contribution	2027Q1 / upside	13.87 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2027q1_legacy_gross, upside_2027q1_mine_gross, upside_2027q1_magnet_gross).
Variable mine royalty upside_2027q1_royalty_variable	2027Q1 / upside	1.98 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2027q1_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2027q1_royalty_topup	2027Q1 / upside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2027q1_royalty_cash	2027Q1 / upside	6.98 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2027q1_royalty_variable, upside_2027q1_royalty_topup).
Consolidated operating D&A upside_2027q1_da	2027Q1 / upside	11.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2027q1_sbc	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2027q1_transaction_cost	2027Q1 / upside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2027q1_cash_overhead	2027Q1 / upside	43.70 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2027q1_operating_costs	2027Q1 / upside	71.68 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2027q1_cash_overhead, upside_2027q1_royalty_cash, upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_transaction_cost).
Operating income proxy upside_2027q1_operating_income	2027Q1 / upside	-57.81 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2027q1_gross_contribution, upside_2027q1_operating_costs).
SOFR plus spread coupon assumption upside_2027q1_dfc_rate	2027Q1 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2027q1_interest_fraction	2027Q1 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2027q1_dfc_interest	2027Q1 / upside	5.69 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2027q1_dfc_rate, upside_2027q1_interest_fraction).
Cash treasury income upside_2027q1_treasury_income	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2027q1_cash_earnings	2027Q1 / upside	-29.81 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2027q1_operating_income, upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_treasury_income).
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2027q1_working_capital	2027Q1 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2027q1_operating_cash_uses	2027Q1 / upside	31.19 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2027q1_dfc_interest, upside_2027q1_cash_tax, upside_2027q1_working_capital).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	-60.99 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2027q1_cash_earnings, upside_2027q1_operating_cash_uses).
Cash capex and equipment deposits upside_2027q1_capex	2027Q1 / upside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2027q1_fcf	2027Q1 / upside	-220.99 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Other acquisition purchase cash upside_2027q1_new_acquisition	2027Q1 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing upside_2027q1_acquired_cash	2027Q1 / upside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2027q1_acquisition_cash	2027Q1 / upside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(upside_2027q1_new_acquisition, upside_2027q1_acquired_cash).
Carester minority investment cash upside_2027q1_minority_investment	2027Q1 / upside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2027q1_other_investing	2027Q1 / upside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q1_minority_investment).
Cash after business investing upside_2027q1_cash_after_investing	2027Q1 / upside	-220.99 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2027q1_fcf, upside_2027q1_other_investing).
Legacy alloy and services revenue upside_2027q2_legacy_revenue	2027Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2027q2_average_capacity	2027Q2 / upside	520,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2027q2_quarter_fraction	2027Q2 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2027q2_mine_utilization	2027Q2 / upside	95.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2027q2_ownership_fraction	2027Q2 / upside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2027q2_recognized_tonnes	2027Q2 / upside	123,500.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2027q2_average_capacity, upside_2027q2_quarter_fraction, upside_2027q2_mine_utilization, upside_2027q2_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2027q2_treo_price	2027Q2 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2027q2_mine_revenue	2027Q2 / upside	46.93 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2027q2_recognized_tonnes, upside_2027q2_treo_price).
Accepted external magnet tonnes upside_2027q2_magnet_tonnes	2027Q2 / upside	20,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2027q2_magnet_price	2027Q2 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2027q2_magnet_revenue	2027Q2 / upside	13.20 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2027q2_magnet_tonnes, upside_2027q2_magnet_price).
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	75.13 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2027q2_legacy_revenue, upside_2027q2_mine_revenue, upside_2027q2_magnet_revenue).
Cash production cost in $M per tonne upside_2027q2_mine_unit_cost	2027Q2 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2027q2_mine_variable_cost	2027Q2 / upside	16.43 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2027q2_recognized_tonnes, upside_2027q2_mine_unit_cost).
Full-quarter mine fixed cost upside_2027q2_mine_fixed_full	2027Q2 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2027q2_mine_fixed_cost	2027Q2 / upside	10.45 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2027q2_mine_fixed_full, upside_2027q2_ownership_fraction).
Mine cash production cost upside_2027q2_mine_cash_cost	2027Q2 / upside	26.88 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2027q2_mine_variable_cost, upside_2027q2_mine_fixed_cost).
Legacy margin before D&A upside_2027q2_legacy_margin	2027Q2 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2027q2_legacy_gross	2027Q2 / upside	3.75 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2027q2_legacy_revenue, upside_2027q2_legacy_margin).
Mine revenue less cash production upside_2027q2_mine_gross	2027Q2 / upside	20.05 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2027q2_mine_revenue, upside_2027q2_mine_cash_cost).
Magnet cash gross margin upside_2027q2_magnet_margin	2027Q2 / upside	-33.3% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2027q2_magnet_gross	2027Q2 / upside	-4.39 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2027q2_magnet_revenue, upside_2027q2_magnet_margin).
Gross contribution before D&A and royalty upside_2027q2_gross_contribution	2027Q2 / upside	19.42 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2027q2_legacy_gross, upside_2027q2_mine_gross, upside_2027q2_magnet_gross).
Variable mine royalty upside_2027q2_royalty_variable	2027Q2 / upside	2.46 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2027q2_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2027q2_royalty_topup	2027Q2 / upside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2027q2_royalty_cash	2027Q2 / upside	7.46 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2027q2_royalty_variable, upside_2027q2_royalty_topup).
Consolidated operating D&A upside_2027q2_da	2027Q2 / upside	14.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2027q2_sbc	2027Q2 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2027q2_transaction_cost	2027Q2 / upside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2027q2_cash_overhead	2027Q2 / upside	46.55 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2027q2_operating_costs	2027Q2 / upside	79.01 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2027q2_cash_overhead, upside_2027q2_royalty_cash, upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_transaction_cost).
Operating income proxy upside_2027q2_operating_income	2027Q2 / upside	-59.60 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2027q2_gross_contribution, upside_2027q2_operating_costs).
SOFR plus spread coupon assumption upside_2027q2_dfc_rate	2027Q2 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2027q2_interest_fraction	2027Q2 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2027q2_dfc_interest	2027Q2 / upside	5.69 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2027q2_dfc_rate, upside_2027q2_interest_fraction).
Cash treasury income upside_2027q2_treasury_income	2027Q2 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2027q2_cash_earnings	2027Q2 / upside	-28.60 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2027q2_operating_income, upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_treasury_income).
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2027q2_working_capital	2027Q2 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2027q2_operating_cash_uses	2027Q2 / upside	36.19 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2027q2_dfc_interest, upside_2027q2_cash_tax, upside_2027q2_working_capital).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	-64.79 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2027q2_cash_earnings, upside_2027q2_operating_cash_uses).
Cash capex and equipment deposits upside_2027q2_capex	2027Q2 / upside	190.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2027q2_fcf	2027Q2 / upside	-254.79 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Other acquisition purchase cash upside_2027q2_new_acquisition	2027Q2 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing upside_2027q2_acquired_cash	2027Q2 / upside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2027q2_acquisition_cash	2027Q2 / upside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(upside_2027q2_new_acquisition, upside_2027q2_acquired_cash).
Carester minority investment cash upside_2027q2_minority_investment	2027Q2 / upside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2027q2_other_investing	2027Q2 / upside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2027q2_acquisition_cash, upside_2027q2_minority_investment).
Cash after business investing upside_2027q2_cash_after_investing	2027Q2 / upside	-254.79 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2027q2_fcf, upside_2027q2_other_investing).
Legacy alloy and services revenue upside_2027q3_legacy_revenue	2027Q3 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2027q3_average_capacity	2027Q3 / upside	640,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2027q3_quarter_fraction	2027Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2027q3_mine_utilization	2027Q3 / upside	95.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2027q3_ownership_fraction	2027Q3 / upside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2027q3_recognized_tonnes	2027Q3 / upside	152,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2027q3_average_capacity, upside_2027q3_quarter_fraction, upside_2027q3_mine_utilization, upside_2027q3_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2027q3_treo_price	2027Q3 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2027q3_mine_revenue	2027Q3 / upside	57.76 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2027q3_recognized_tonnes, upside_2027q3_treo_price).
Accepted external magnet tonnes upside_2027q3_magnet_tonnes	2027Q3 / upside	32,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2027q3_magnet_price	2027Q3 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2027q3_magnet_revenue	2027Q3 / upside	21.12 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2027q3_magnet_tonnes, upside_2027q3_magnet_price).
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	97.88 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2027q3_legacy_revenue, upside_2027q3_mine_revenue, upside_2027q3_magnet_revenue).
Cash production cost in $M per tonne upside_2027q3_mine_unit_cost	2027Q3 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2027q3_mine_variable_cost	2027Q3 / upside	20.22 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2027q3_recognized_tonnes, upside_2027q3_mine_unit_cost).
Full-quarter mine fixed cost upside_2027q3_mine_fixed_full	2027Q3 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2027q3_mine_fixed_cost	2027Q3 / upside	10.45 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2027q3_mine_fixed_full, upside_2027q3_ownership_fraction).
Mine cash production cost upside_2027q3_mine_cash_cost	2027Q3 / upside	30.67 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2027q3_mine_variable_cost, upside_2027q3_mine_fixed_cost).
Legacy margin before D&A upside_2027q3_legacy_margin	2027Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2027q3_legacy_gross	2027Q3 / upside	4.75 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2027q3_legacy_revenue, upside_2027q3_legacy_margin).
Mine revenue less cash production upside_2027q3_mine_gross	2027Q3 / upside	27.09 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2027q3_mine_revenue, upside_2027q3_mine_cash_cost).
Magnet cash gross margin upside_2027q3_magnet_margin	2027Q3 / upside	-19.0% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2027q3_magnet_gross	2027Q3 / upside	-4.01 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2027q3_magnet_revenue, upside_2027q3_magnet_margin).
Gross contribution before D&A and royalty upside_2027q3_gross_contribution	2027Q3 / upside	27.83 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2027q3_legacy_gross, upside_2027q3_mine_gross, upside_2027q3_magnet_gross).
Variable mine royalty upside_2027q3_royalty_variable	2027Q3 / upside	3.03 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2027q3_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2027q3_royalty_topup	2027Q3 / upside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2027q3_royalty_cash	2027Q3 / upside	8.03 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2027q3_royalty_variable, upside_2027q3_royalty_topup).
Consolidated operating D&A upside_2027q3_da	2027Q3 / upside	17.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2027q3_sbc	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2027q3_transaction_cost	2027Q3 / upside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2027q3_cash_overhead	2027Q3 / upside	49.40 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2027q3_operating_costs	2027Q3 / upside	86.43 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2027q3_cash_overhead, upside_2027q3_royalty_cash, upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_transaction_cost).
Operating income proxy upside_2027q3_operating_income	2027Q3 / upside	-58.60 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2027q3_gross_contribution, upside_2027q3_operating_costs).
SOFR plus spread coupon assumption upside_2027q3_dfc_rate	2027Q3 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2027q3_interest_fraction	2027Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2027q3_dfc_interest	2027Q3 / upside	5.69 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2027q3_dfc_rate, upside_2027q3_interest_fraction).
Cash treasury income upside_2027q3_treasury_income	2027Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2027q3_cash_earnings	2027Q3 / upside	-24.60 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2027q3_operating_income, upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_treasury_income).
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2027q3_working_capital	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2027q3_operating_cash_uses	2027Q3 / upside	41.19 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2027q3_dfc_interest, upside_2027q3_cash_tax, upside_2027q3_working_capital).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	-65.79 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2027q3_cash_earnings, upside_2027q3_operating_cash_uses).
Cash capex and equipment deposits upside_2027q3_capex	2027Q3 / upside	220.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2027q3_fcf	2027Q3 / upside	-285.79 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Other acquisition purchase cash upside_2027q3_new_acquisition	2027Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing upside_2027q3_acquired_cash	2027Q3 / upside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2027q3_acquisition_cash	2027Q3 / upside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(upside_2027q3_new_acquisition, upside_2027q3_acquired_cash).
Carester minority investment cash upside_2027q3_minority_investment	2027Q3 / upside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2027q3_other_investing	2027Q3 / upside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2027q3_acquisition_cash, upside_2027q3_minority_investment).
Cash after business investing upside_2027q3_cash_after_investing	2027Q3 / upside	-285.79 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2027q3_fcf, upside_2027q3_other_investing).
Legacy alloy and services revenue upside_2027q4_legacy_revenue	2027Q4 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Average annualized operating TREO capacity upside_2027q4_average_capacity	2027Q4 / upside	640,000.0% ratio	assumption: Count of annual tonnes; average in-service capacity rather than end-period nameplate.
Annual-to-quarter fraction upside_2027q4_quarter_fraction	2027Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Capacity to recognized sales factor upside_2027q4_mine_utilization	2027Q4 / upside	95.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated fraction of quarter upside_2027q4_ownership_fraction	2027Q4 / upside	100.0% ratio	assumption: September 3 close approximated as one month in Q3; not 100% of Q3 or retroactive H1.
Post-close sold TREO tonnes upside_2027q4_recognized_tonnes	2027Q4 / upside	152,000.0% ratio	derived: Physical throughput, sale acceptance and consolidation timing jointly constrain revenue. Formula: multiply(upside_2027q4_average_capacity, upside_2027q4_quarter_fraction, upside_2027q4_mine_utilization, upside_2027q4_ownership_fraction).
Realized blended TREO price in $M per tonne upside_2027q4_treo_price	2027Q4 / upside	0.04 USD_millions	assumption: Desk assumption; not company guidance.
Post-close TREO revenue upside_2027q4_mine_revenue	2027Q4 / upside	57.76 USD_millions	derived: Desk mixed-product price, not a disclosed contractual floor; .03 million/tonne equals $30/kg. Formula: multiply(upside_2027q4_recognized_tonnes, upside_2027q4_treo_price).
Accepted external magnet tonnes upside_2027q4_magnet_tonnes	2027Q4 / upside	45,000.0% ratio	assumption: Desk assumption; not company guidance.
Realized magnet price in $M per tonne upside_2027q4_magnet_price	2027Q4 / upside	0.07 USD_millions	assumption: Desk assumption; not company guidance.
Accepted magnet sales upside_2027q4_magnet_revenue	2027Q4 / upside	29.70 USD_millions	derived: Only external accepted product; no revenue from installing equipment. Formula: multiply(upside_2027q4_magnet_tonnes, upside_2027q4_magnet_price).
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	110.46 USD_millions	derived: No double-counted transfer of acquired mine output to company factories; no Carester or Round Top sales. Formula: sum(upside_2027q4_legacy_revenue, upside_2027q4_mine_revenue, upside_2027q4_magnet_revenue).
Cash production cost in $M per tonne upside_2027q4_mine_unit_cost	2027Q4 / upside	0.01 USD_millions	assumption: Desk assumption; not company guidance.
Variable mine cash cost upside_2027q4_mine_variable_cost	2027Q4 / upside	20.22 USD_millions	derived: Inventory timing is handled in working capital. Formula: multiply(upside_2027q4_recognized_tonnes, upside_2027q4_mine_unit_cost).
Full-quarter mine fixed cost upside_2027q4_mine_fixed_full	2027Q4 / upside	10.45 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated mine fixed operating cost upside_2027q4_mine_fixed_cost	2027Q4 / upside	10.45 USD_millions	derived: Q3 includes acquired-period fraction only. Formula: multiply(upside_2027q4_mine_fixed_full, upside_2027q4_ownership_fraction).
Mine cash production cost upside_2027q4_mine_cash_cost	2027Q4 / upside	30.67 USD_millions	derived: Excludes royalty and depreciation, shown separately. Formula: sum(upside_2027q4_mine_variable_cost, upside_2027q4_mine_fixed_cost).
Legacy margin before D&A upside_2027q4_legacy_margin	2027Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Legacy cash gross contribution upside_2027q4_legacy_gross	2027Q4 / upside	5.75 USD_millions	derived: Desk cash contribution assumption. Formula: multiply(upside_2027q4_legacy_revenue, upside_2027q4_legacy_margin).
Mine revenue less cash production upside_2027q4_mine_gross	2027Q4 / upside	27.09 USD_millions	derived: Royalty below contribution. Formula: subtract(upside_2027q4_mine_revenue, upside_2027q4_mine_cash_cost).
Magnet cash gross margin upside_2027q4_magnet_margin	2027Q4 / upside	-4.8% ratio	assumption: Desk assumption; not company guidance.
Magnet ramp cash contribution upside_2027q4_magnet_gross	2027Q4 / upside	-1.41 USD_millions	derived: Low utilization and qualification can keep early magnet economics negative. Formula: multiply(upside_2027q4_magnet_revenue, upside_2027q4_magnet_margin).
Gross contribution before D&A and royalty upside_2027q4_gross_contribution	2027Q4 / upside	31.43 USD_millions	derived: Analytical measure, not reported gross profit or adjusted EBITDA. Formula: sum(upside_2027q4_legacy_gross, upside_2027q4_mine_gross, upside_2027q4_magnet_gross).
Variable mine royalty upside_2027q4_royalty_variable	2027Q4 / upside	3.03 USD_millions	derived: Reference contractual rate, applied to modeled external sales. Formula: multiply(upside_2027q4_mine_revenue, royalty_rate).
Royalty minimum and timing cash top-up upside_2027q4_royalty_topup	2027Q4 / upside	5.00 USD_millions	assumption: Desk allowance beyond percentage royalty; actual minimum/timing requires post-close disclosure.
Variable royalty plus minimum allowance upside_2027q4_royalty_cash	2027Q4 / upside	8.03 USD_millions	derived: Economic cash charge; noncash liability remeasurement excluded. Formula: sum(upside_2027q4_royalty_variable, upside_2027q4_royalty_topup).
Consolidated operating D&A upside_2027q4_da	2027Q4 / upside	20.00 USD_millions	assumption: Desk in-service/PPA depreciation and amortization allowance; provisional fair values do not imply all assets depreciate immediately.
Operating SBC upside_2027q4_sbc	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquisition transaction expense/cash proxy upside_2027q4_transaction_cost	2027Q4 / upside	0.00 USD_millions	assumption: Desk cash settlement of fees; $96.372M pro forma reference is not confirmed paid at close.
Cash SG&A and development upside_2027q4_cash_overhead	2027Q4 / upside	52.25 USD_millions	assumption: Desk assumption; not company guidance.
Corporate R&D royalty noncash and transaction costs upside_2027q4_operating_costs	2027Q4 / upside	93.28 USD_millions	derived: Includes acquisition costs; no underlying profit presented as GAAP. Formula: sum(upside_2027q4_cash_overhead, upside_2027q4_royalty_cash, upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_transaction_cost).
Operating income proxy upside_2027q4_operating_income	2027Q4 / upside	-61.85 USD_millions	derived: Royalty cash approximates economic cost; full GAAP amortized-cost/fair-value bridge is not provided. Formula: subtract(upside_2027q4_gross_contribution, upside_2027q4_operating_costs).
SOFR plus spread coupon assumption upside_2027q4_dfc_rate	2027Q4 / upside	7.0% ratio	assumption: Desk assumption; not company guidance.
Quarter/consolidation interest fraction upside_2027q4_interest_fraction	2027Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
DFC cash coupon proxy upside_2027q4_dfc_interest	2027Q4 / upside	5.69 USD_millions	derived: Desk floating rate applied to remaining principal reference, not a cash payment calendar. Formula: multiply(dfc_remaining_reference, upside_2027q4_dfc_rate, upside_2027q4_interest_fraction).
Cash treasury income upside_2027q4_treasury_income	2027Q4 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus noncash costs and treasury income upside_2027q4_cash_earnings	2027Q4 / upside	-24.85 USD_millions	derived: No government warrants or debt forgiveness treated as operating cash. Formula: sum(upside_2027q4_operating_income, upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_treasury_income).
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Inventory receivable and other working-capital use upside_2027q4_working_capital	2027Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and working-capital use upside_2027q4_operating_cash_uses	2027Q4 / upside	46.19 USD_millions	derived: Purchased opening working capital is in acquisition cash, not deducted again. Formula: sum(upside_2027q4_dfc_interest, upside_2027q4_cash_tax, upside_2027q4_working_capital).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	-71.04 USD_millions	derived: Transaction cost already deducted; settlement differences remain an explicit limitation. Formula: subtract(upside_2027q4_cash_earnings, upside_2027q4_operating_cash_uses).
Cash capex and equipment deposits upside_2027q4_capex	2027Q4 / upside	240.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capital investment upside_2027q4_fcf	2027Q4 / upside	-311.04 USD_millions	derived: Before acquisitions and minority investments. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Other acquisition purchase cash upside_2027q4_new_acquisition	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash acquired at closing upside_2027q4_acquired_cash	2027Q4 / upside	0.00 USD_millions	assumption: Desk closing-cash estimate from June $162.413M reference; not confirmed September cash.
Net acquisition cash upside_2027q4_acquisition_cash	2027Q4 / upside	0.00 USD_millions	derived: Gross purchase consideration is received by sellers; acquired cash enters consolidation once. Formula: subtract(upside_2027q4_new_acquisition, upside_2027q4_acquired_cash).
Carester minority investment cash upside_2027q4_minority_investment	2027Q4 / upside	0.00 USD_millions	assumption: Conditional future closing assumption based on disclosed approximate USD cash consideration; no consolidation of Carester sales.
Acquisition and minority cash upside_2027q4_other_investing	2027Q4 / upside	0.00 USD_millions	derived: No automatic government draw to offset the cash demand. Formula: sum(upside_2027q4_acquisition_cash, upside_2027q4_minority_investment).
Cash after business investing upside_2027q4_cash_after_investing	2027Q4 / upside	-311.04 USD_millions	derived: Before external financing, debt/lease principal and other capital allocation; not ending unrestricted cash. Formula: subtract(upside_2027q4_fcf, upside_2027q4_other_investing).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	67.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Legacy alloy and service revenue ($M) upside_fy2026_legacy_revenue	FY2026 / upside	27.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy_revenue, upside_2026q3_legacy_revenue, upside_2026q4_legacy_revenue).
Post-close mine revenue ($M) upside_fy2026_mine_revenue	FY2026 / upside	36.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mine_revenue, upside_2026q3_mine_revenue, upside_2026q4_mine_revenue).
Accepted magnet sales ($M) upside_fy2026_magnet_revenue	FY2026 / upside	3.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_magnet_revenue, upside_2026q3_magnet_revenue, upside_2026q4_magnet_revenue).
Gross contribution before D&A ($M) upside_fy2026_gross_contribution	FY2026 / upside	11.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_contribution, upside_2026q3_gross_contribution, upside_2026q4_gross_contribution).
Operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	-289.18 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	-275.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash capex and equipment deposits ($M) upside_fy2026_capex	FY2026 / upside	358.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less capex ($M) upside_fy2026_fcf	FY2026 / upside	-633.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Net acquisition cash ($M) upside_fy2026_acquisition_cash	FY2026 / upside	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, upside_2026q3_acquisition_cash, upside_2026q4_acquisition_cash).
Minority investment cash ($M) upside_fy2026_minority_investment	FY2026 / upside	32.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_minority_investment, upside_2026q3_minority_investment, upside_2026q4_minority_investment).
Cash after business investing ($M) upside_fy2026_cash_after_investing	FY2026 / upside	-815.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, upside_2026q3_cash_after_investing, upside_2026q4_cash_after_investing).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	339.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Legacy alloy and service revenue ($M) upside_fy2027_legacy_revenue	FY2027 / upside	69.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_legacy_revenue, upside_2027q2_legacy_revenue, upside_2027q3_legacy_revenue, upside_2027q4_legacy_revenue).
Post-close mine revenue ($M) upside_fy2027_mine_revenue	FY2027 / upside	200.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_mine_revenue, upside_2027q2_mine_revenue, upside_2027q3_mine_revenue, upside_2027q4_mine_revenue).
Accepted magnet sales ($M) upside_fy2027_magnet_revenue	FY2027 / upside	70.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_magnet_revenue, upside_2027q2_magnet_revenue, upside_2027q3_magnet_revenue, upside_2027q4_magnet_revenue).
Gross contribution before D&A ($M) upside_fy2027_gross_contribution	FY2027 / upside	92.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_contribution, upside_2027q2_gross_contribution, upside_2027q3_gross_contribution, upside_2027q4_gross_contribution).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-237.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	-262.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash capex and equipment deposits ($M) upside_fy2027_capex	FY2027 / upside	810.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less capex ($M) upside_fy2027_fcf	FY2027 / upside	-1,072.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Net acquisition cash ($M) upside_fy2027_acquisition_cash	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q2_acquisition_cash, upside_2027q3_acquisition_cash, upside_2027q4_acquisition_cash).
Minority investment cash ($M) upside_fy2027_minority_investment	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_minority_investment, upside_2027q2_minority_investment, upside_2027q3_minority_investment, upside_2027q4_minority_investment).
Cash after business investing ($M) upside_fy2027_cash_after_investing	FY2027 / upside	-1,072.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_investing, upside_2027q2_cash_after_investing, upside_2027q3_cash_after_investing, upside_2027q4_cash_after_investing).

Model boundaries

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.

The closed mine acquisition and the cash needed to scale

Research reviewed 2026-09-19

Can mine ramp and qualified magnet shipments create an integrated business before cash requirements overwhelm funding flexibility?

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.

The competing explanation

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.

Risks to track

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.

Next checkpoints

Post-close reporting · Q3 results; date unconfirmed (estimated). Obtain closing cash/debt, purchase allocation and September-only acquired operations.
Mine and magnet acceptance · Year-end 2026 run-rate target (estimated). Compare nameplate/run-rate claims with shipped external product and working capital.
Conditional investment and funding · Next financing and transaction disclosures (estimated). Verify Carester closing, actual government receipts and offtake effectiveness.

Data coverage and open work

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.

This review: Updated for completed Serra Verde acquisition with separate ramp, royalties, cash purchase and conditional funding.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.7	+0.2	+3.4	54%
5 sessions	-6.3	-0.1	+7.7	49%
10 sessions	-9.0	-0.3	+10.1	48%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-08 (source: estimated from 10-Q filed 2026-08-10 plus 90 days)

Provenance

[1] reported: Revenues, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[2] reported: Revenues, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[3] reported: GrossProfit, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[4] reported: GrossProfit, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[5] reported: OperatingIncomeLoss, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[6] derived: OperatingIncomeLoss, accession 0001970622-26-000021, 10-K filed 2026-03-30; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[7] reported: OperatingIncomeLoss, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[8] reported: OperatingIncomeLoss, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[9] reported: NetIncomeLoss, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[10] derived: NetIncomeLoss, accession 0001970622-26-000021, 10-K filed 2026-03-30; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[11] reported: NetIncomeLoss, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[12] reported: NetIncomeLoss, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[13] reported: EarningsPerShareDiluted, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[14] reported: EarningsPerShareDiluted, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[15] reported: EarningsPerShareDiluted, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001213900-24-098549, 10-Q filed 2024-11-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001970622-26-000021, 10-K filed 2026-03-30; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001213900-25-043743, 10-Q filed 2025-05-15; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[25] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001970622-25-000074, 10-Q filed 2025-11-06; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[26] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001970622-26-000021, 10-K filed 2026-03-30; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[27] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001970622-26-000057, 10-Q filed 2026-08-10; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[29] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001213900-25-043743, 10-Q filed 2025-05-15; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json
[30] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001970622-26-000038, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:11:45+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001970622.json

What the author read

H1 actuals, government agreement and cash restrictions · retrieved 2026-09-19
September 3 completed Serra Verde acquisition and operating targets · retrieved 2026-09-19
Furnished combined pro forma accounts and DFC extinguishment · retrieved 2026-09-19
Serra Verde historical royalty terms · retrieved 2026-09-19
Signed conditional Carester minority investment · retrieved 2026-09-19
Offtake counterparty financing and effectiveness conditions · retrieved 2026-09-19

Compiled 2026-09-20T00:11:45.849215+00:00 · authored cc2d6f83564e · generated 7add07536d40 · JSON

Daily notes · Scorecard