HyProMag recycling play emerges as near-term U.S. REE supply pathway with EXIM backing and potential IPO catalyst

HyProMag's recycling approach offers less CAPEX than mining, with EXIM backing and customer contracts (BMW, Siemens). Potential IPO catalyst and $2B NPV for three plants make CoTec an interesting small-cap play. Aligns with view that recycling is a near-term pathway for U.S. rare earth supply, though scale vs. DFARS deadlines remains a question. New: HyProMag USA fast-tracks Texas hub—HPMS recycling by Q2 2028, initial 1,526t/yr target, customer sampling underway; initial reliance on European NdFeB blocks tempers near-term independence.