NioCorp Remains Upstream as REalloys Boosts Rare Earth Processing by 300%
NioCorp Developments is listed among companies in the U.S. rare earth supply chain while REalloys commits US$21 million to triple heavy rare earth processing capacity to 30 tonnes of dysprosium oxide and 15 tonnes of terbium oxide by early 2027. This underscores NioCorp’s continued upstream position without domestic downstream processing capability.
1. REalloys’ Processing Expansion
REalloys is investing US$21 million to increase its Euclid, Ohio facility throughput by approximately 300%, targeting 30 tonnes of dysprosium oxide, 15 tonnes of terbium oxide, and 400 tonnes of NdPr metal output by early 2027, scaling to 600 tonnes of NdPr thereafter.
2. NioCorp’s Upstream Position
NioCorp Developments remains focused on rare earth exploration and oxide separation without a domestic metal conversion facility, positioning it upstream of magnet-grade alloy production while competitors advance downstream capabilities.
3. Implications for NioCorp’s Valuation
The gap in U.S.–based processing capacity highlighted by REalloys’ expansion may pressure NioCorp to pursue downstream partnerships or investments to secure qualified heavy rare earth output and align with tightening U.S. sourcing rules.