Nasdaq-listed rare earths refiner REalloys has signed a non-binding letter of intent (LoI) with US-based rare earths miner Patriot Exploration & Mining for REalloys to secure up to 30% of Patriot's rare earths production.

The companies will conduct metallurgical testwork on Patriot's rare earth materials and complete bench-scale and pilot-scale validation to confirm compatibility with REalloys' processing platform.

Patriot currently has access to two-billion tons of above-ground rare earth element-bearing material across more than 150 tested sites spanning the Appalachian basin from Alabama to Pennsylvania.

REalloys affirms that Patriot's feedstock includes the priority magnet metals that are central to REalloys' midstream platform - neodymium, praseodymium, dysprosium and terbium.

The LoI establishes a framework under which REalloys could have priority access and preferential allocation rights for about 30% of the rare earth products produced from Patriot's US operations, which is still subject to the negotiation and signing of a definitive long-term offtake agreement.

In alignment with REalloys' strategy to build a diversified, allied feedstock network to supply North America's most advanced defence-grade rare earth midstream platform, Patriot's above-ground, fully domestic brownfield resource base aims to deliver on the required material that REalloys' processing infrastructure is designed to separate, refine, and metallise.

REalloys' LoI with Patriot marks the latest in a series of upstream supply relationships REalloys has established. The company's growing allied supply portfolio currently spans multiple geographies and resource types, including in the US, Brazil, Kazakhstan and Greenland. For example, REalloys partnered with Mission Critical Materials in January to recover heavy and light rare earths from acid mine drainage.

REalloys' foundational asset is the Hoidas Lake operation in Saskatchewan, Canada.

Each agreement that the company has signed adds a distinct, non-overlapping source of optionality for REalloys to secure domestic feedstock for its single integrated US processing, metallisation and magnet-manufacturing solution.