Less Common Metals (LCM)
Project information
As at 31 December 2025
Description
As at 31 December 2025
Rare earth metal and alloy maker in the United Kingdom acquired on November 18, 2025 through the purchase of Indian Ocean Rare Metals Pte. Ltd. (IORM), LCM's parent, via the Company's Laconia subsidiary. LCM links processing/separation feedstock to magnet production, supplying critical rare earth metals and alloys used in magnet making and supporting circular-economy recycling of rare earth materials. It is the Company's only revenue-generating operation in 2025 (partial period from the acquisition date), with the majority of sales into Europe. Current annual capacity is approximately 2,500 MTPA of rare earth and critical-mineral metal and alloy, with planned expansion across the U.S., U.K. and France, including an announced 3,750 MTPA metal-making plant in Lacq, France supported by the French government.
Processing facilities
As at 31 December 2025
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