Full-Time
Manufactures NdFeB magnets for defense, EVs
No salary listed
Research Triangle, Durham, NC, USA
In Person
Vulcan Elements makes high-performance NdFeB magnets in the United States to secure a domestic supply of magnetics. Its core product is sintered NdFeB magnets used in electric motors for electric vehicles, defense, aerospace, wind turbines, and other technologies. The company sources all materials and equipment from the U.S. or allied nations to ensure traceability and national security. Its goal is to scale from pilot production to hundreds, then thousands of metric tons per year, reshoring magnetics manufacturing in the U.S. to support energy transition and technological sovereignty.
Company Size
11-50
Company Stage
Debt Financing
Total Funding
$690.2M
Headquarters
Durham, North Carolina
Founded
2023
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Vulcan Elements, a Research Triangle Park startup, aims to build a $918.1 million rare earth magnets factory in Johnston County, North Carolina, capable of producing 10,000 metric tons annually. The company, led by 30-year-old CEO John Maslin, has secured backing from the Pentagon and US Department of Commerce, and claims to have grown to around 80 employees. However, the venture faces significant challenges. China dominates rare earth magnet production with lower costs and massive scale. The Pentagon's annual need for specialised magnets is only 3,000 to 4,000 tons, and Vulcan isn't the only domestic producer receiving federal funding. MP Materials is building a competing Texas facility with identical production targets. Industry consultant John Ormerod questioned whether Vulcan can secure enough customers despite its government connections and financing.
Energy Fuels notches first terbium rare earths output. Energy Fuels (NYSE: UUUU; TSX: EFR) has produced its first kilogram of terbium oxide from the White Mesa mill in Utah, marking another step in its domestic heavy rare earths production capacity as it looks to expand commercial production as soon as 2027. Shares rose. The pilot-scale output reached a purity of 99.9% terbium, meeting the specifications of permanent magnet manufacturers, Energy Fuels reported Wednesday. The milestone follows the company's production of 29 kg of 99.9% pure dysprosium oxide in December, another heavy rare earth that co-occurs with terbium. Both metals are subject to Chinese export controls. "This success proves we can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S.," Energy Fuels CEO Mark Chalmers said in a release. "North America will soon have a reliable and secure U.S. commercial source of these vital critical materials ensuring availability for high-performance magnet and defense technologies." Rare earths tailwinds. The terbium production adds to strong traction for Energy Fuels over the last few months, after its January announcement of a deal for rare earth metals producer Australian Strategic Materials (ASX: ASM). The acquisition would create the largest, fully-integrated rare earth elements producer outside China. In January, Energy Fuels also released a feasibility study showing the White Mesa mill could become one of the biggest producers of separated rare earths outside China. The mill, about 500 km southeast of Salt Lake City, is the only operating conventional uranium facility in the U.S. and the country's only plant capable of processing light and heavy rare earths. The 17 rare earth elements are key components in electronics and electric vehicle batteries. Shares gained 8% to C$26.95 apiece on Wednesday morning in Toronto, valuing the company at C$6.5 billion. The stock has traded in a 12-month range of C$4.59 to C$38.37. Energy Fuels also plans to expand its heavy rare earth element production capacity at White Mesa for commercial-scale recovery of dysprosium, terbium, samarium, europium and gadolinium. That expanded circuit could become operational as early as next year, at annual recoveries of up to 35 tonnes of dysprosium, 12 tonnes of terbium and potentially other heavy rare earths, and 850 to 1,000 tonnes of neodymium-praseodymium (NdPr). The company's terbium oxide and dysprosium oxide have been requested by several magnet manufacturers globally to start production validation, Energy Fuels said without specifying names. The terbium was sourced from monazite ore mined in the U.S. Ucore building RE chain. Meanwhile, in another boost for domestic rare earth supply chains, Ucore Rare Metals (TSXV: UCU; US-OTC: UURAF) this week signed a non-binding deal with private magnet manufacturer Vulcan Elements to supply separated NdPr and dysprosium oxides. Vulcan is building a 10,000-tonnes-per-year (tpa) neodymium-iron-boron magnet plant in Benson, N.C. backed by $1.4 billion in funding from the U.S. government and private sources. Once operational, the factory would be the largest magnet plant outside China. "[The deal] provides Ucore with another potential customer for its separated total rare earth oxides output from Louisiana, with plans to finalize a longer-term supply arrangement should testing yield positive results," Red Cloud Securities analyst Alina Islam said in a note on Wednesday. A future binding agreement would help build a fully domestic rare earth magnet supply chain where Ucore separates the elements at its Alexandria, La. plant and Vulcan makes them into magnets, she added. Ucore aims to produce its first high-purity rare earth oxides this year and ramp up output to about 7,500 tpa in 2028. Ucore also operates a demonstration facility in Kingston, Ont. White Mesa expansion. Energy Fuels is planning to further expand its NdPr, dysprosium and terbium production capacity to other rare earths through a Stage Two circuit expansion as soon as 2029, it said. The expansion would raise output to more than 6,000 tpa of NdPr oxide and about 80 tpa of terbium and 288 tpa of dysprosium. Energy Fuels has applied to the state of Utah for permits, which it expects by mid-2027, when construction could begin, President Ross Bhappu told The Northern Miner at the PDAC conference in March. Bhappu is due to take over as CEO in April when Chalmers retires.
Ucore Rare Metals and Vulcan Elements have signed a memorandum of understanding to develop a domestic rare earth magnet supply chain for defence and commercial applications. Ucore will supply Vulcan with neodymium-praseodymium and dysprosium oxides from its Louisiana Strategic Metals Complex, with commercial deliveries beginning in 2027. Vulcan operates a magnet manufacturing facility in Durham, North Carolina, and is building a 10,000-tonne capacity plant in Benson through a $1.4 billion partnership with the US government. The facility will be the world's largest rare earth magnet factory outside China. Ucore received an $18.4 million award from the Department of War in May 2025 to develop its Louisiana processing capabilities. The partnership aims to reduce Chinese control of North America's rare earth supply chain.
Ucore Rare Metals and Vulcan Elements join forces to build domestic rare earth magnet supply chain for defense and commercial applications. Ucore highlights: * Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domestic, secure rare earth magnet supply chain for defense and commercial applications. * Ucore will provide initial NdPr and Dy oxide samples to Vulcan this year, leading to a long-term commercial supply agreement beginning in 2027. * Together, Ucore and Vulcan Elements are onshoring an integrated rare earth magnet supply chain. Ucore's Louisiana Strategic Metals Complex will directly feed Vulcan's North Carolina manufacturing facilities. * Vulcan announced a $1.4 billion partnership with the United States Government to build the largest rare earth magnet factory in the world outside of China, with 10,000 metric tonnes of magnet manufacturing capacity. Halifax, Nova Scotia-(Newsfile Corp. - March 24, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the execution of a Memorandum of Understanding dated March 16, 2026 with Vulcan Elements Inc. ("Vulcan") to collaborate on the development of a domestic rare earth magnet supply chain for defense and commercial applications. Under the agreement, the parties intend to finalize a full commercial supply partnership whereby Ucore would supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027. The collaboration aligns Ucore's demonstrated separation platform at its Commercial Demonstration Facility ("CDF") in Kingston, Ontario, and its planned Louisiana Strategic Metals Complex ("SMC") in Alexandria, Louisiana, with a leading American magnet manufacturer. Vulcan currently operates a commercial magnet manufacturing facility in Durham, North Carolina, and is expanding to a 10,000 tonne magnet manufacturing facility in Benson, North Carolina. The facility is enabled by a $1.4 billion partnership with the United States Government, including the Department of War and the Department of Commerce. In May 2025, Ucore announced an $18.4 million Award by the Department of War to develop its rare earth processing capabilities in Louisiana. Ucore intends to make a portion of its planned Louisiana SMC capacity available to Vulcan beginning in 2027. The collaboration would create a direct commercial bridge from Ucore's demonstration-scale separation work in Kingston to commercial-scale production in Louisiana, while supporting Vulcan's manufacturing in North Carolina. Pat Ryan, P.Eng., Chairman & Chief Executive Officer of Ucore, stated: "Vulcan is building exactly the kind of downstream magnet platform that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore's separation capability with an industry-leading U.S. manufacturer. Our collaboration will anchor a resilient allied rare earth magnet supply chain in the United States." John Maslin, Chief Executive Officer of Vulcan Elements, commented: "Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan's partnership with Ucore is a milestone for both companies, and for the United States of America. Together, we're rebuilding a core industry that is critical for economic growth and national security." This year, Ucore and Vulcan intend to advance initial production, testing protocols, purity targets, acceptance criteria, and other technical specifications in support of Vulcan's magnet manufacturing capability-leading to a longer-term commercial supply agreement. About Ucore Rare Metals Inc. Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan"). Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX(R) Best Market under the ticker symbol "UURAF." For further information, please visit www.ucore.com. About Vulcan Elements Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device-from AI data centers and semiconductor fabrication equipment to satellites, drones, robotics, electric motors, and virtually all military platforms. Vulcan remains committed to advancing technological innovations, galvanizing America's manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain. Forward-Looking Statements This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements. Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on May 18, 2025) (www.sedarplus.ca) as well as the risks described below. Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX(TM); RapidSX(TM) failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX(TM); adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions. Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release. Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 [email protected] Vulcan Elements: Plug into more green stock news. Tap into the pulse of emerging green sectors every morning. Top daily headlines from clean energy, cleantech, cannabis, and sustainable transport stocks:
Ucore and Vulcan Elements join forces to build domestic rare earth magnet supply chain for defense and commercial applications. Ucore highlights: * Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domestic, secure rare earth magnet supply chain for defense and commercial applications. * Ucore will provide initial NdPr and Dy oxide samples to Vulcan this year, leading to a long-term commercial supply agreement beginning in 2027. * Together, Ucore and Vulcan Elements are onshoring an integrated rare earth magnet supply chain. Ucore's Louisiana Strategic Metals Complex will directly feed Vulcan's North Carolina manufacturing facilities. * Vulcan announced a $1.4 billion partnership with the United States Government to build the largest rare earth magnet factory in the world outside of China, with 10,000 metric tonnes of magnet manufacturing capacity. Halifax, Nova Scotia-(Newsfile Corp. - March 24, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the execution of a Memorandum of Understanding dated March 16, 2026 with Vulcan Elements Inc. ("Vulcan") to collaborate on the development of a domestic rare earth magnet supply chain for defense and commercial applications. Under the agreement, the parties intend to finalize a full commercial supply partnership whereby Ucore would supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027. The collaboration aligns Ucore's demonstrated separation platform at its Commercial Demonstration Facility ("CDF") in Kingston, Ontario, and its planned Louisiana Strategic Metals Complex ("SMC") in Alexandria, Louisiana, with a leading American magnet manufacturer. Vulcan currently operates a commercial magnet manufacturing facility in Durham, North Carolina, and is expanding to a 10,000 tonne magnet manufacturing facility in Benson, North Carolina. The facility is enabled by a $1.4 billion partnership with the United States Government, including the Department of War and the Department of Commerce. In May 2025, Ucore announced an $18.4 million Award by the Department of War to develop its rare earth processing capabilities in Louisiana. Ucore intends to make a portion of its planned Louisiana SMC capacity available to Vulcan beginning in 2027. The collaboration would create a direct commercial bridge from Ucore's demonstration-scale separation work in Kingston to commercial-scale production in Louisiana, while supporting Vulcan's manufacturing in North Carolina. Pat Ryan, P.Eng., Chairman & Chief Executive Officer of Ucore, stated: "Vulcan is building exactly the kind of downstream magnet platform that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore's separation capability with an industry-leading U.S. manufacturer. Our collaboration will anchor a resilient allied rare earth magnet supply chain in the United States." John Maslin, Chief Executive Officer of Vulcan Elements, commented: "Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan's partnership with Ucore is a milestone for both companies, and for the United States of America. Together, we're rebuilding a core industry that is critical for economic growth and national security." This year, Ucore and Vulcan intend to advance initial production, testing protocols, purity targets, acceptance criteria, and other technical specifications in support of Vulcan's magnet manufacturing capability-leading to a longer-term commercial supply agreement. About Ucore Rare Metals Inc. Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan"). Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX(R) Best Market under the ticker symbol "UURAF." For further information, please visit www.ucore.com. About Vulcan Elements Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device-from AI data centers and semiconductor fabrication equipment to satellites, drones, robotics, electric motors, and virtually all military platforms. Vulcan remains committed to advancing technological innovations, galvanizing America's manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain. Forward-Looking Statements This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements. Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on May 18, 2025) (www.sedarplus.ca) as well as the risks described below. Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX(TM); RapidSX(TM) failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX(TM); adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions. Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release. Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 [email protected] Vulcan Elements: Ready to announce with confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.