ReElement Technologies is advancing preparations for a potential public listing in the second half of 2026 as it accelerates the scale-up of its rare-earth refining platform, co-founder and Executive Director Mark LaVerghetta said.

The Fishers, Indiana-based company is progressing toward the public markets following the recent closing of a USD 200m strategic equity facility backed by Transition Equity Partners, LaVerghetta told this news service. The investment is structured as a milestone-based, tiered preferred equity facility and has already seen an initial drawdown, he said.

The funding provides capital to expand ReElement’s refining capacity while the company continues to finalize its listing plans. The precise timing will depend on market conditions and continued operational progress, he said.

Discussions with potential advisers are ongoing, and the company is yet to formally engage the syndicate around the offering, LaVerghetta said. Both Nasdaq and the New York Stock Exchange are under consideration as potential listing venues, although Nasdaq currently appears the more natural fit given the company’s links to Nasdaq-listed American Resources and its focus on technology-driven industrial processes.

ReElement was fully separated from American Resources at the end 2024, when the parent company distributed roughly 81% of its ownership to shareholders through a special dividend and retained about 19%, as reported by this news service.

ReElement’s public offering is expected to include a primary capital raise to support further industrial expansion and strategic positioning, LaVerghetta said.

The Transition Equity Partners facility highlights growing investor interest in the company’s position in Western critical-minerals supply chains, LaVerghetta said. Depending on drawdowns and milestone triggers, the facility implies valuation tiers that could range from approximately USD 900m to USD 1.35bn.

Chicago-based Transition Equity Partners could ultimately hold a stake of about 15% to 20% in ReElement depending on the level of capital deployed through the facility, he said.

ReElement does not anticipate bringing in additional private investors before a public listing, he said.

The company is building out governance structures in preparation for a public listing, including expanding its board and strengthening internal reporting processes consistent with public-company standards, LaVerghetta said.

This news service reported in November 2025 that ReElement was preparing a potential initial public offering for mid-2026.

Refining a rare-earth equity story

Operational expansion remains central to the company’s equity story ahead of a listing. ReElement is scaling its modular refining platform at its Noblesville and Marion facilities in Indiana, which will serve as the foundation for domestic production of magnet-grade and other high-purity rare-earth materials, LaVerghetta said.

Initial production lines are expected to be commissioned around mid-2026, with capacity ramping over time toward more than 10,000 metric tons per annum (mtpa) of refined material, he said. The modular architecture could allow the sites to expand further to roughly 15,000 mtpa depending on market demand.

Earlier plans estimated a smaller initial refining operation of approximately 3,000 to 5,000 mtpa, but rising demand and supply-chain considerations have pushed the project toward significantly larger industrial capacity, he said.

ReElement’s platform separates and purifies both light and heavy rare-earth elements as well as battery minerals including lithium, cobalt and nickel.

The company sees limited refining capacity, rather than mining, as the key bottleneck in Western rare-earth supply chains, dominated by Chinese midstream processing. “Our view has always been that the midstream processing segment is the predominant bottleneck,” LaVerghetta said. “Feedstock exists globally, but economically viable separation and purification capacity in the West has been limited.”

ReElement’s proprietary chromatographic separation technology is designed to process a wide range of feedstocks, including recycled permanent magnets, mined concentrates and industrial by-products, while producing high-purity oxides suitable for magnet, defense, and other advanced technology applications.

The company is working with downstream partners including Vulcan Elements and POSCO International to develop a fully domestic supply chain for neodymium-iron-boron magnets used in electric vehicles, wind turbines, and defense systems, LaVerghetta said.

ReElement is also expanding collaborations with POSCO and the South Korean government to integrate refining capacity into allied nations supply chains that support automotive manufacturers.

Demand for critical minerals continues to accelerate as technologies ranging from electric mobility to artificial intelligence infrastructure (AI) increase their reliance on specialized materials, LaVerghetta said. “When you look at electrification, AI infrastructure, advanced defense systems, renewable energy and defense tech, the demand profile for these materials is expanding quickly,” he said.

ReElement expects its refining platform to generate blended EBITDA margins exceeding 30% once operations reach scale, LaVerghetta said, arguing that the company’s technology-driven approach differentiates it from traditional mining or processing businesses.

The company is positioning itself as an industrial technology platform rather than a commodity producer, he said.

Beyond scaling its Indiana operations, ReElement could deploy additional refining units in other US locations and allied jurisdictions using its modular architecture, LaVerghetta said.

As additional partnerships mature and refining capacity ramps, the company believes the public markets could ultimately assign a significantly higher valuation to the business.

“How the market ultimately values a company building a Western critical-minerals ecosystem is something we will let investors and the market decide,” he said.