IMC Rare Earths is a pre-revenue mineral exploration and development company focused on its sole asset, the Itarantim Project in Brazil. The project is an ionic adsorption clay deposit containing rare earth elements, specifically magnet rare earth elements such as neodymium/praseodymium and dysprosium/terbium used in electric vehicle motors and wind turbines. IMC is currently in the exploration stage and has not yet generated revenue or established mineral reserves. The company’s resource base consists of 1.1B MT of inferred mineral resources. IMC’s business model involves spending capital on drilling, sampling, and metallurgical testing to upgrade resource classifications and support a future mine development decision. The company aims to sell rare earth carbonate or separated oxides to downstream processors and magnet manufacturers in the U.S. and Europe. IMC argues its production costs will be lower than conventional hard-rock projects because the near-surface deposit allows for low-cost salt leaching rather than intensive crushing and milling. While focused on mining, IMC has long-term aspirations for vertical integration into oxide separation and magnet manufacturing. The company has a related-party offtake agreement with Havilah, an entity controlled by the CEO, which grants Havilah the right to purchase between 50% and 75% of all future production at market prices.