HyProMag recycling play emerges as near-term U.S. REE supply pathway

Recycling less CAPEX than mining; EXIM backing, BMW/Siemens contracts. Potential IPO catalyst, $2B NPV for three plants. HyProMag USA fast-tracks Texas hub (HPMS recycling Q2 2028, 1,526t/yr). Trump DPA export restrictions on scrap boost domestic feed. New: Cyclic Materials 25,000t/yr AZ facility and 2028 SC hub; Trump EO on e-waste export bans official. Phoenix Tailings $500M Pentagon loan further validates recycling pathway.