The project will be located at USSM’s 1,750-acre processing site near Fredericktown, Missouri, an area already permitted for multi-metallic production. Under the non-binding term sheet, the two companies will split ownership 50-50, with Ionic Rare Earths contributing its proprietary recycling technology through its Belfast-based subsidiary, Ionic Technologies. The facility is designed to process magnet scrap into rare earth oxides, while also exploring the recovery of heavy elements including europium, gadolinium, and holmium.

Funding for the initial phase is set at $100 million, with USSM providing $95 million and both partners contributing equally to an initial $5 million equity stake to finalize engineering designs. Management will be overseen by a five-member board, with Ionic USA holding primary responsibility for technical operations and feedstock procurement. This initiative aligns with the U.S.–Australia Framework for Securing of Supply, an agreement signed in late 2025 to bolster critical mineral cooperation. The companies expect to finalize definitive agreements by the end of 2026, pending successful negotiations and capital commitments.