MAGNETIC POWER SUPPLIES

As a leading manufacturer in the magnetic power supply industry, we are delighted to announce the construction of our groundbreaking rare earth metal, alloy, and magnet manufacturing facility in Fort Worth, Texas. This facility marks a significant milestone in our commitment to restoring a fully integrated U.S. supply chain for magnetic materials. In line with our dedication to environmental sustainability and recycling, this facility will play a pivotal role in supporting the energy transition and driving the adoption of electric vehicles (EVs) and other cutting-edge technologies.

Our magnetic power supply manufacturing facility will cover 200,000 square feet and will house cutting-edge technology and processes to produce NdFeB (Neodymium-Iron-Boron) magnets, which are essential components for electric motors and generators used in EVs, robots, wind turbines, drones, defense systems, and more. The facility is expected to commence gradual production ramp in 2023 and will have the capacity to manufacture approximately 1,000 tonnes of finished NdFeB magnets annually, with the potential to power approximately 500,000 EV motors each year.

To further bolster the U.S. supply chain, we have entered into a binding, long-term agreement with General Motors (GM) to supply U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for more than a dozen models using GM's Ultium Platform. This collaboration is a testament to our commitment to reshoring the American supply chain and supporting the growing demand for EVs and advanced technologies.

The facility's strategic location in the AllianceTexas development, owned and operated by Hillwood, will foster the creation of over 100 skilled jobs, contributing to the growth of the local community and the broader U.S. economy.

Environmental sustainability is at the core of our operations. Mountain Pass, California, will serve as the source of materials for our Fort Worth facility. Mountain Pass is a closed-loop, zero-discharge rare earth production facility with leading environmental capabilities, ensuring certainty of provenance and sustainability throughout our operations. Our vertically integrated approach allows us to optimize recycling pathways, contributing to a circular economy by recycling waste generated during the alloy and magnet production process.

At this momentous occasion, we are proud to be at the forefront of the restoration of the U.S. rare earth magnetics supply chain. As a responsible manufacturer, we strive to make a significant impact in the industry and support the global transition towards a sustainable, electrified future.

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