USA Rare Earth, LLC (USARE) announced that it signed a multi-year supply agreement with Australian Strategic Materials Ltd. This agreement secures rare earth metals that will be used as USARE ramps up production of high-performance rare earth magnets. Rare earth magnets are required for technologies ranging from cell phones and medical devices to EVs and numerous defense applications. USA Rare Earth is working to bring the production of these high-performance magnets back to America, supporting the future state of energy, mobility, and national security.

Both companies are focused on scaling up their respective operations with no reliance on China. This supply agreement will secure the majority of USARE's metal and alloy requirements for magnet production until it begins using materials from its Round Top reserve in Sierra Blanca, Texas.