TETRA TECHNOLOGIES, INC. AND MAGRATHEA METALS, INC. ADVANCE JOINT VENTURE PLANS TO PRODUCE MAGNESIUM IN ARKANSAS

Rhea-AI Summary

TETRA Technologies (NYSE:TTI) signed a term sheet on Dec 2, 2025 to form a joint venture with Magrathea Metals to produce magnesium at TETRA's Evergreen Project in Southwest Arkansas. The Evergreen bromine plant is projected to produce 75 million lbs of bromine annually and target operations by end of 2027. TETRA expects to monetize lithium and magnesium from brines and is exploring Magrathea's electrolytic magnesium technology for on-site commercial Phase 1, which Magrathea has secured Defense Production Act Title III funding to support.

Positive

• Term sheet signed to form JV between TETRA and Magrathea (Dec 2, 2025)
• 75 million lbs annual bromine production planned at Evergreen
• Magrathea has Defense Production Act Title III funding for Commercial Phase 1
• On-site plan to produce magnesium and lithium from Evergreen brines

Negative

• Term sheet is non-binding; JV formation is not guaranteed
• Planned bromine operations by end of 2027 remain forward-looking and subject to delay

Insights

Critical Minerals Joint Venture Analyst

Term sheet for a magnesium joint venture with Defense Production Act funding advances TETRA's critical‑minerals plan.

The proposed joint venture pairs TETRA and Magrathea to produce magnesium at the Evergreen Project in Southwest Arkansas, leveraging Magrathea's electrolytic process and TETRA's planned bromine/brine operations. The plan cites a brownfield site at Evergreen and mentions TETRA's bromine plant target to begin operations by end of 2027, plus recovery plans for lithium and magnesium from the same brine resource.

Key dependencies and risks are explicit: the arrangement is at the term‑sheet stage and conditioned on forming a joint venture, integration of Magrathea's technology at a brownfield site, and potential further government support beyond the already secured Defense Production Act Title III funding for Magrathea's Commercial Phase 1. Operational timing, permitting, and realization of mineral production levels remain contingent on those steps.

Watch for a finalized JV agreement, permitting milestones, confirmation that Magrathea's electrolytic process scales on‑site, and updates tied to the bromine plant schedule; expect these items to materialize on the project timeline through end of 2027.

Critical mineral extraction represents another key step in ONE TETRA 2030 strategy

SPRING, Texas, Dec. 2, 2025 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) announced today that it has signed a term sheet outlining key parameters to form a joint venture with Magrathea Metals, Inc. (a private company developing innovative technology for producing clean, secure magnesium metal from seawater and brines) to rebuild America's magnesium metal defense industrial base at TETRA's Evergreen Project in Southwest Arkansas.

Magnesium is the "gateway metal" used across the defense industrial base and economy and is designated a critical mineral by the Department of Energy, Department of War, and Department of the Interior.

"We are thrilled to be working with a well-established global specialty chemicals and industrial minerals player like TETRA," said Alex Grant, CEO of Magrathea. "This joint venture will unlock the value created by our team over the past three years. We are now taking meaningful steps to evolve from a technology R&D lab to an industrial project co-developer."

TETRA is building a bromine production facility near Stamps, Arkansas, called the Evergreen Project. The plant is projected to produce 75 million lbs. of bromine annually and plans to begin operations by the end of 2027. Besides bromine, TETRA also plans to produce and monetize several critical minerals from the brine, including lithium and magnesium. Magrathea and TETRA are actively exploring ways to incorporate Magrathea's innovative electrolytic magnesium technology into the brownfield site.

"Our intention to work with Magrathea for the clean, high-quality domestic manufacturing and production of magnesium is another key step towards achieving our ONE TETRA 2030 strategy while supporting the U.S. initiative to develop a secure domestic supply of critical minerals," said Brady Murphy, President and CEO of TETRA. "Through our planned partnership, we would combine Magrathea's advanced process technology with TETRA's deep operational expertise and a world-class magnesium resource base from our Southwest Arkansas brine acreage. Magrathea has already secured Defense Production Act Title III funding from the Department of War to support its Commercial Phase 1, planned to be on-site at TETRA's Evergreen Plant. We are optimistic that further government support is possible for our future commercial plans."

"This proposed new venture proves what Arkansans have always known - our people and communities can compete with anyone in the world," said Governor Sarah Huckabee Sanders. "Magrathea and TETRA's investment builds on Arkansas' defense industry and ensures our nation's future is powered by American innovation."

Investor Contact
For further information, please contact Elijio Serrano, CFO, TETRA Technologies, Inc. at (281) 367-1983 or via email at eserrano@onetetra.com or Kurt Hallead, Treasurer and Vice President of Investor Relations at (281) 367-1983 or via email at khallead@onetetra.com.

About TETRA Technologies
TETRA Technologies, Inc. is an energy services and solutions company focused on developing environmentally conscious services and solutions that help make people's lives better. With operations on six continents, the Company's portfolio consists of Energy Services, Industrial Chemicals, and Critical Minerals. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. Visit the Company's website at www.onetetra.com for more information or connect with us on LinkedIn. See also the cautionary note concerning estimates of Mineral Resources and Reserves as well as the full S-K 1300 Report dated September 22, 2025, available on TETRA's website under the Investors section at the Presentations link at www.onetetra.com.

About Magrathea Metals, Inc.
Magrathea is a technology company based in California that has developed a new generation of electrolytic process for making clean, secure magnesium metal from seawater and brines. Magnesium supply underpins trillions of dollars of trade and national security is impossible without it and Magrathea is the category leader in re-building ex-China supply of the critical material. 

Cautionary Statement Regarding Forward-Looking Statements
This press release includes certain statements that are deemed to be forward-looking statements that TETRA intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning the possible formation of a joint venture between Magrathea and TETRA to build a magnesium metal defense industrial supply base at TETRA's Evergreen Project site in Southwest Arkansas, the completion of TETRA's bromine production plant near Stamps, Arkansas, production levels of bromine, lithium and magnesium at the Evergreen Project site, potential markets, industries or uses for magnesium, TETRA's ONE TETRA 2030 strategy, possible government support for TETRA's future commercial plans and the amount of investment or number of jobs to be created by the Evergreen Project and joint venture.  These forward-looking statements are based on certain assumptions and analyses made by TETRA in light of its experience and its perception of historical trends, current conditions, expected future developments, statements made by Magrathea and other third parties and other factors it believes are appropriate in the circumstances. Such statements are subject to numerous risks and uncertainties, many of which are beyond the control of TETRA. Factors which may cause actual results to differ materially from current expectations include the factors described in the section titled "Risk Factors" contained in TETRA's most recent Annual Report on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed or furnished with the Securities and Exchange Commission. Investors should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and TETRA undertakes no obligation to update or revise any forward-looking statements, except as may be required by law.

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SOURCE TETRA Technologies, Inc.

FAQ

What did TETRA (TTI) announce on December 2, 2025 about a magnesium joint venture?

TETRA announced a term sheet to form a joint venture with Magrathea Metals to produce magnesium at the Evergreen Project in Southwest Arkansas.

How much bromine will TETRA's Evergreen Project (TTI) produce and when is it expected to start?

The Evergreen Project is projected to produce 75 million lbs of bromine annually and plans to begin operations by end of 2027.

Does Magrathea have government support for its planned magnesium work at TETRA's site (TTI)?

Yes; Magrathea secured Defense Production Act Title III funding to support its Commercial Phase 1 planned to be on-site at Evergreen.

Will TETRA (TTI) produce other critical minerals at Evergreen besides magnesium?

TETRA plans to produce and monetize other critical minerals from the brine, including lithium and magnesium.

Is the TETRA–Magrathea joint venture agreement finalized for TTI investors?

No; the companies signed a term sheet outlining key parameters, but a binding joint venture agreement has not been announced.