Exhibit 4 · Nameplate vs Qualified
As of 2026-06-08
Western Magnet Capacity: Paper vs DoD-Deliverable
Six producers, six paths. Bar width = nameplate scaled to 10,000 mt/yr leader. Bar color = qualification status. Sub-pills carry chemistry & route.
Asymmetry
Nameplate ≠ qualified. MP, USAR, Lynas, Niron and Neo all own paper capacity, but DoD-qualified at the magnet level today is essentially only what MP delivers under the 10-year offtake.[11] Lynas and Energy Fuels separate oxides upstream of magnet make.[35][39] Neo’s HRE-free powder ships in trial volumes.[40] Niron bypasses NdFeB chemistry entirely. The 2027–2028 window separates announcement from delivery.
Source: ForcedAlpha Supply Chain Intelligence Graph. Claims 1–40 in casefile citations.json. Retrieved 2026-06-08.