5 Companies At the Center of America's Rare-Earth Revival

Rhea-AI Summary

Caterpillar (NYSE:CAT) appears in a market commentary highlighting five firms central to a U.S. rare‑earth revival across mining, metallization, magnet production and recycling. Key facts: USAR secured $3.1B combined funding; REalloys plans 600 tpa metallization and a 3,000–18,000 tpa magnet facility; CRML has a $1.5B JV and $120M EXIM support. The piece stresses supply risks ahead of 2027 U.S. procurement rules and growing circular recovery efforts from Apple and Microsoft.

AI-generated analysis. Not financial advice.

Positive

• USAR $3.1B combined government and private capital
• REalloys 600 tons/year metallization capacity planned
• REalloys 3,000 tpa initial magnet production, scalable to 18,000 tpa
• CRML $1.5B 50/50 JV and $120M EXIM funding
• Caterpillar $67.6B 2025 revenue and $10B cash
• Apple 99% recycled rare earths in device magnets

Negative

• U.S. defense inventories may cover only months of certain rare earths
• Metallization remains the least developed value‑chain stage outside China
• CRML first ore production targeted late 2028 (long lead time)

News Market Reaction – CAT

-1.13%

1 alert

-1.13% News Effect

On the day this news was published, CAT declined 1.13%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 revenue: $67.6 billion Enterprise cash: $10 billion Mining equipment growth: 39% +5 more

8 metrics

2025 revenue $67.6 billion Caterpillar 2025 revenues as cited in article

Enterprise cash $10 billion Caterpillar cash balance at end of 2025

Mining equipment growth 39% Projected mining equipment industry growth by 2035

Sector capex increase 50% Projected mining sector capex rise before 2030

USA Rare Earth capital $3.1 billion Combined government and private funding for USAR project

USAR government funding $1.6 billion Government funding agreement for USA Rare Earth in Jan 2026

USAR private capital $1.5 billion Concurrent private capital raise for USA Rare Earth

Recycled rare earth usage 99% Share of recycled rare earth elements in Apple magnets

Market Reality Check

Price: $887.45 Vol: Volume 1,923,276 is 0.71x...

normal vol

$887.45 Last Close

Volume Volume 1,923,276 is 0.71x its 20-day average of 2,710,841, indicating subdued trading ahead of this article. normal

Technical Shares at 688.15 trade above the 200-day MA of 532.27, reflecting a pre-existing uptrend before this rare-earth themed spotlight.

Peers on Argus

Caterpillar slipped 0.72% while key peers were mixed: DE +0.74%, CNH +0.80%, TEX...

Caterpillar slipped 0.72% while key peers were mixed: DE +0.74%, CNH +0.80%, TEX +0.77%, versus PCAR -1.37% and ALG -1.79%. With no peers in the momentum scanner and mixed moves, this rare-earth narrative appears more stock-specific thematically than part of a broad sector rotation.

Historical Context

5 past events · Latest: Mar 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 10	Power assets agreement	Positive	+1.7%	Framework with Atlas to secure ~1.4 GW Caterpillar power-generation assets.
Mar 04	Workforce initiative	Positive	+1.4%	Global technician/operator challenges and $25M innovation challenge for trades.
Mar 02	Tech showcase	Positive	+1.3%	Unveiled AI, autonomy, rental and engine offerings at CONEXPO-CON/AGG 2026.
Feb 24	Battery investment	Positive	+1.6%	Caterpillar VC backed ElevenEs’ 1 GWh LFP cell mega-factory project.
Feb 19	Investor appearance	Neutral	+1.1%	CEO and group president scheduled fireside chat at CONEXPO for investors.

Pattern Detected

Recent Caterpillar headlines have been followed by modestly positive one-day price reactions across technology, workforce, and strategic partnership news.

Recent Company History

Over the past month, Caterpillar’s news flow has focused on technology, power solutions, and workforce development. On Feb 19, leadership participation at CONEXPO was announced. Subsequent updates included backing a 1 GWh LFP battery plant (Feb 24), AI and autonomy launches at CONEXPO (Mar 2), skilled trades initiatives with a $25 million innovation challenge (Mar 4), and a framework to secure ~1.4 GW of power assets (Mar 10). Each was followed by a positive one-day price move.

Market Pulse Summary

This announcement places Caterpillar within a broader rare-earth and critical-minerals ecosystem, em...

Analysis

This announcement places Caterpillar within a broader rare-earth and critical-minerals ecosystem, emphasizing its role in enabling extraction and electrified mining rather than directly producing rare earths. With $67.6 billion in 2025 revenue and $10 billion in cash, it enters this narrative from a position of scale. Historically, technology and strategic-partnership news have coincided with modestly positive stock reactions, a pattern to monitor against future policy and capex developments.

Key Terms

metallization, permanent magnet, ndfeb magnets, offtake, +3 more

7 terms

metallization technical

"REalloys operates the only heavy rare-earth metallization capability in North America."

Metallization is the process of applying a thin layer of metal onto a surface—such as silicon chips, glass, or plastic—to create electrical connections, protective coatings, or reflective surfaces. For investors, metallization matters because it affects product performance, manufacturing cost, yield and durability: like adding wiring or a raincoat to an object, the metal layer can enable function, extend life and influence profit margins and competitive advantage.

permanent magnet technical

"feedstock for permanent magnet production. That step requires tightly controlled reactions"

A permanent magnet is a piece of material that produces a steady magnetic field without needing electricity or external power, like a fridge magnet that sticks on its own. Investors care because these magnets are key parts inside electric motors, generators, sensors and consumer electronics, so changes in demand, material costs (e.g., rare earths) or manufacturing capacity can affect companies’ costs, product performance and competitive position.

ndfeb magnets technical

"permanent magnet manufacturing facility designed to produce 3,000 tons of NdFeB magnets annually"

NdFeB magnets are powerful permanent magnets made from a mix of neodymium, iron and boron; they act like tiny, permanent engines that hold or move parts without needing electricity. Investors care because these magnets are essential components in electric motors, wind turbines and many electronics, so their supply, price and recycling affect costs and profit margins across industries much like a scarce fuel influences transportation and manufacturing costs.

offtake financial

"a 25% Tanbreez offtake. The company has also received $120 million in non-dilutive"

An offtake is a contract where a buyer commits in advance to purchase a company’s future output—such as raw materials, energy or finished goods—often at agreed volumes and prices. For investors, an offtake provides predictable revenue and lowers the risk that production will go unsold, similar to a long-term subscription or pre-order that helps a factory or mine secure funding and plan operations with greater confidence.

phantom stock units financial

"He received a grant of 428 phantom stock units under a non-qualified deferred"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

restricted stock units financial

"tax obligations arising from the vesting of restricted stock units originally granted"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

non-qualified deferred compensation plan financial

"under the company’s non-qualified deferred compensation plan, with 93 units priced"

An arrangement where an employer agrees to pay part of an employee’s salary or bonus at a later date, often to attract or keep key staff. Think of it as a company IOU or a delayed paycheck held on the company’s books rather than in a protected retirement account; investors care because these promises create future cash obligations that are typically unsecured and depend on the company’s financial health, affecting risk, liabilities, and cash-flow planning.

AI-generated analysis. Not financial advice.

FN Media Group Presents Oilprice.com Market Commentary

NEW YORK, March 20, 2026 /PRNewswire/ -- Six companies are quietly rebuilding one of the most strategically important supply chains in the modern economy — the rare-earth pipeline that feeds the magnets inside missiles, fighter jets, electric vehicles, and advanced manufacturing.  Companies mentioned in today's commentary includes:  Realloys Inc. (ALOY), USA Rare Earth, Inc. (NASDAQ: USAR), Critical Metals Corp. (NASDAQ: CRML), Caterpillar Inc. (NYSE: CAT), Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT).

In Ohio, REalloys operates the only heavy rare-earth metallization capability in North America.  In Oklahoma and West Texas, USA Rare Earth is building a fully domestic mine-to-magnet supply chain backed by $3.1 billion in combined government and private capital.  In Greenland, Critical Metals Corp. is advancing one of the world's largest undeveloped rare-earth deposits toward production.

And across industrial and technology sectors, Caterpillar, Apple, and Microsoft are proving the rare-earth revival is not just a mining story — it's a manufacturing, engineering, and circular-economy story playing out across the entire American industrial base.

Beginning in 2027, U.S. procurement rules will prohibit defense systems from using magnets derived from Chinese rare-earth supply chains, forcing manufacturers to secure alternative sources across the entire value chain — from mining to metallization and magnet production.

"The establishment of heavy rare earth metal production on U.S. soil is a defining moment for North American industrial strategy," said Stephen duMont, Chairman of REalloys. "The Ohio facility will create the metallization capability that bridges Canadian oxide production with U.S. magnet manufacturing — a critical link that's never existed at scale in the West."

Reports indicate Washington may have only months of certain rare-earth inventories available for defense manufacturing if supply disruptions deepen. For decades, the industrial processes that convert rare-earth oxides into metals and magnet materials consolidated overwhelmingly in China — a concentration that now represents one of the most sensitive vulnerabilities in the Western defense industrial base.

#1 REalloys (ALOY):  Rebuilding the Precision Stage of the Supply Chain

If mining begins the rare-earth supply chain, and processing takes it further, metallization is where the materials finally become usable.

Rare-earth oxides — the powder produced after separation — cannot go directly into manufacturing. Before magnets can be produced, those oxides must be chemically reduced into pure metals and blended into precise alloys that serve as feedstock for permanent magnet production. That step requires tightly controlled reactions, high-temperature furnaces, and complex process control systems capable of maintaining stable yields and purity across multiple rare-earth elements.

For decades, that metallurgical conversion took place overwhelmingly inside China.

In Ohio, REalloys is rebuilding that capability. At its facility in Euclid, the company converts rare-earth oxides into finished metals and magnet alloys used by defense contractors and advanced manufacturers. It remains the only operating heavy rare-earth metallization capability in North America.

"Metallization is the least developed part of the value chain outside China," said REalloys co-founder Tim Johnston. "It requires deep operating expertise and process control systems capable of managing complex variables in continuous production."

Now the company is preparing to scale that capability significantly. REalloys has announced plans to construct what is expected to become the largest heavy rare-earth metallization platform outside China, capable of converting rare-earth oxides into roughly 600 tons per year of high-purity metals, including neodymium, praseodymium, dysprosium and terbium.

The expansion is being developed in partnership with the Saskatchewan Research Council, which is building North America's first fully integrated commercial rare-earth processing facility in Saskatoon. Under the agreement, REalloys will fund upgrades to the facility and secure the majority of its production, including high-purity neodymium-praseodymium metals as well as dysprosium and terbium oxides used to manufacture high-temperature defense magnets.

REalloys is also developing a large-scale permanent magnet manufacturing facility designed to produce 3,000 tons of NdFeB magnets annually in its first phase and eventually scale to roughly 18,000 tons per year. At full capacity, that output could supply magnets for 1.5 to 2 million electric vehicles annually, along with thousands of wind turbines, robotics systems and large volumes of industrial motors.

The strategic importance of rebuilding this capability has attracted attention well beyond the industrial sector. The company recently appointed retired U.S. Army four-star general Jack Keane, former Vice Chief of Staff of the Army, to its board — underscoring the growing national-security significance of rebuilding the rare-earth pipeline inside North America.

#2 USA Rare Earth (USAR): Building America's Mine-to-Magnet Chain

In Oklahoma and West Texas, USA Rare Earth is executing the most ambitious fully domestic rare-earth supply chain project in modern American history.

The company holds mining rights to the Round Top heavy rare-earth deposit near Sierra Blanca, Texas — one of the few undeveloped U.S. heavy rare-earth resources with the scale to matter at a national level, hosting neodymium, praseodymium, dysprosium, terbium, lithium, gallium, and 13 additional rare earths and critical minerals.

In January 2026, USAR secured a $1.6 billion government funding agreement alongside a concurrent $1.5 billion private capital raise — the largest financing round in the domestic rare-earth sector to date. The Department of Commerce took an equity stake, cementing USAR's status as a nationally strategic asset.

That capital is funding two priorities: scaling the Stillwater, Oklahoma magnet facility — which has already produced its first commercial magnets and is targeting 1,200 metric tons annually, expanding to ~5,000 tons in later phases — and advancing Round Top toward mine construction, with the timeline accelerated by two years.

The September 2025 acquisition of Less Common Metals (LCM), a UK rare-earth alloy specialist, added the metallurgical expertise needed to complete the mine-to-magnet chain — one of the most China-dependent stages of Western supply. Early offtake agreements for drone technology magnets and pipeline inspection systems signal that defense and industrial customers are already engaging.

#3 Critical Metals Corp. (CRML): The Greenland Deposit Bridging East and West

While most Western rare-earth efforts focus on reopening dormant mines, Critical Metals Corp. sits on something rarer: a genuinely world-scale undeveloped heavy rare-earth deposit outside Chinese territory.

CRML's flagship Tanbreez project in southern Greenland has returned 2025 drilling results showing a weighted average TREO+Y grade of 0.44% with a 24.1% heavy rare-earth component — a figure that matters because dysprosium and terbium are the most strategically sensitive materials in the magnet supply chain and the hardest to source outside China. Environmental approvals were secured in late 2025 and pilot plant construction has commenced.

In January 2026, CRML executed a term sheet for a $1.5 billion 50/50 joint venture with a Saudi industrial partner to build downstream rare-earth processing capacity, with a 25% Tanbreez offtake. The company has also received $120 million in non-dilutive U.S. EXIM Bank funding. First ore production is targeted for late 2028, with concentrate exports to follow.

#4 Caterpillar (CAT): Powering the Battery Belt from the Ground Up

Caterpillar doesn't mine rare earths. But without its equipment, rare-earth mining — and the lithium, graphite, and copper extraction that supports the entire battery supply chain — simply doesn't happen at scale.

With 2025 revenues of $67.6 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment — the backbone of every major critical minerals extraction operation from lithium brine fields in the American Southwest to rare-earth and graphite mines in Canada and Australia.

Its influence extends directly into the "Battery Belt" — the emerging corridor of lithium, graphite, and battery production stretching from the American Southeast through the Midwest. Through its investment in battery technology company Lithos Energy and the successful demonstration of its first battery-electric 793 large mining truck, Caterpillar is actively testing next-generation power systems with lithium and graphite developers — helping to define the electrified mine of the future.

CAT unveiled its next era of industrial AI and autonomy at CES 2026, positioning itself at the intersection of critical minerals, reliable power, and digital infrastructure. The company projects the mining equipment industry will grow 39% by 2035, with sector capex rising 50% before 2030 — a timeline that aligns directly with the ramp-up of domestic rare-earth extraction driven by defense policy. Caterpillar ended 2025 with $10 billion in enterprise cash and an A+ credit rating.

#5 Apple (AAPL): Building the Circular Economy for Rare Earths

Apple is not mining rare earths — but few organizations have done more to prove that a domestic rare-earth circular economy is technically and commercially viable.

At its Material Recovery Lab in Austin, Texas, Apple's Daisy robot disassembles up to 1.2 million iPhones per year with surgical precision — not by shredding them, but by separating individual components at a quality that makes rare-earth recovery economically viable for the first time in consumer electronics. Daisy freezes each battery at -80°C before separating it in roughly 11 seconds. Apple's Dave robot then recovers rare-earth magnets and tungsten from Taptic Engines, while Taz separates magnets from audio modules — recovering materials that traditional bulk recycling loses entirely.

The results are significant. Apple now uses 99% recycled rare earth elements in its magnets — essentially zero just a few years ago. In 2025, Apple and MP Materials signed a landmark agreement to process magnets from retired Apple devices, turning the trade-in program into a domestic rare-earth supply chain asset.

Apple has offered to license Daisy's patents free of charge to other manufacturers — an unusual move designed to catalyze industrywide adoption of precision disassembly and grow the volume of recoverable rare-earth material in the domestic secondary market. The company has set targets for 100% recycled rare earth elements in all device magnets — a commitment that, if widely replicated, could materially reshape supply chain economics away from Chinese primary production.

Bonus: Microsoft (MSFT): Recycling at Scale, From Server Rooms to Supply Chains

Microsoft's role in the rare-earth supply chain is counterintuitive but increasingly undeniable. The company operates millions of servers across more than 60 data center regions — and is transforming the decommissioning of that hardware into a rare-earth recovery operation at industrial scale.

In April 2025, Microsoft completed a landmark pilot program with Western Digital, Critical Materials Recycling, and PedalPoint Recycling — processing approximately 50,000 pounds of decommissioned hard disk drives using acid-free dissolution technology to recover neodymium, praseodymium, dysprosium, gold, and copper. The process delivered a 90% high-yield recovery rate with an estimated 95% reduction in emissions compared to conventional mining.

Microsoft has achieved a 90.9% reuse and recycling rate for data center servers and components in 2024 — surpassing its 2025 target a year early, keeping 3.2 million components in circulation. Its expanding Circular Centers network — operating across the U.S., Netherlands, Ireland, and Singapore, with new sites planned for Cardiff, New South Wales, and San Antonio — handles the routing of decommissioned hardware back into active use or rare-earth recovery streams.

Through its Climate Innovation Fund, Microsoft has also invested in Cyclic Materials, which operates North America's first facility producing recycled Mixed Rare Earth Oxide from magnetic materials. New Surface Copilot+ PCs now feature 100% recycled rare earth metals in their magnets — closing the loop from data center recovery to product manufacturing.

By. Charles Kennedy

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FAQ

What does Caterpillar (CAT) exposure to critical minerals mean for investors in 2026?

CAT benefits from rising mining and battery capex, supporting equipment demand and services. The company reported $67.6B revenue in 2025 and $10B cash, positioning it to capture growth in electrified mining and Battery Belt infrastructure.

How material is USA Rare Earth's (NASDAQ:USAR) $3.1 billion financing for shareholders?

The $3.1B package combines a $1.6B government agreement and $1.5B private raise. According to USAR, funding accelerates Round Top mine progress and scales magnet production toward 1,200–5,000 metric tons annually.

What investor risks does the 2027 U.S. procurement rule pose for rare‑earth supply chains and CAT?

The 2027 rule will restrict Chinese‑sourced magnets for defense, tightening near‑term supply. Reports warn Washington may have only months of certain inventories, creating procurement and production timing risks for manufacturers and equipment providers.

How significant is REalloys' planned metallization and magnet capacity for U.S. supply (symbol ALOY)?

REalloys targets ~600 tpa metallization and a 3,000 tpa first‑phase magnet plant, scalable to 18,000 tpa. According to REalloys, this fills a key Western metallization gap and could supply magnets for millions of EVs at full scale.

What recycling progress have Apple (AAPL) and Microsoft (MSFT) reported relevant to rare‑earth supply?

Apple now uses 99% recycled rare earths in its magnets; Microsoft reported a 90.9% server reuse/recycling rate in 2024. Both firms are scaling precision recovery to boost domestic secondary rare‑earth supply and lower raw‑material dependence.