Phoenix Tailings Secures $40.2 Million in Strategic Capital to Accelerate U.S. Rare Earth Metals Production

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$30.2 million in equity and $10 million in venture debt accelerate expansion of fully clean, domestic rare earth metals production. Investors include Eni Next, Geodesic Alliance Fund, and Traxys.

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EXETER, N.H. — Phoenix Tailings has closed a $40.2 million oversubscribed B-3 amplification round, bringing total Series B funding to $116.6 million. The round was offered exclusively to existing investors and select strategic partners and consisted of $30.2 million in equity and $10 million in venture debt from Nomura.

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Proceeds from the round will expand Phoenix Tailings’ capabilities beyond its current production of neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb) to include samarium (Sm), yttrium (Y), and other critical rare earth metals. The capital accelerates the buildout of a fully integrated domestic rare earth production platform capable of delivering the full spectrum of strategic materials required across energy, defense, and advanced manufacturing sectors.

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The round adds strategic partners including Traxys, Eni Next, and Geodesic Alliance Fund, reinforcing Phoenix’s role at the center of the global effort to secure rare earth supply chains, now a core priority for national and economic security. The financing also included participation from cutting edge deep tech VCs such as Aether VC, along with strong continued support from existing investors including Olive Tree Capital, Envisioning Partners, and MPower Partners, demonstrating aligned capital committed to rebuilding critical mineral capacity in the United States.

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“We made the deliberate decision to open a small amplification round available only to a select group of partners at a critical moment for our company,” said Nicholas Myers, Co-Founder and CEO of Phoenix Tailings. “As we prepare to massively scale production to meet surging global demand, we are bringing together powerhouses from around the world to accelerate execution and expand capacity. This round strengthens our ability to deliver the rare earth production the United States and its allies require.”

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Traxys, a global commodities trading and logistics firm with deep expertise across critical minerals markets, joins the round as a strategic partner.

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“Traxys is the premier trading house in the world for rare earths, with deep expertise operating across borders and navigating complex global markets,” Myers added. “Their understanding of critical mineral flows and customer demand is unmatched. With Traxys as a partner, we are closing supply chain gaps and building a fully integrated rare earth platform that delivers security, transparency, and reliability to global customers.”

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Eni Next, the corporate venture arm of Eni, also joined the round.

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Clara Andreoletti, CEO of Eni Next, said:

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“Critical metals are foundational to the future of global energy, from electrification to advanced mobility and next generation infrastructure. Phoenix Tailings is the leading rare earth production company, with differentiated technology and a clear path to scaled production that makes this global energy future possible. We are excited to support a team strengthening the resilience of the critical minerals value chain at such a pivotal moment.”

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Tom Gillespie, Head of the Geodesic Capital’s Alliance Fund, added:

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“The U.S.–Japan alliance is foundational to global security, economic resilience, and technological leadership. Strategic critical minerals like rare earths are core to that partnership, and Phoenix Tailings is building the industrial capability to secure those supply chains for both countries. By backing Phoenix, we are strengthening transpacific collaboration that will drive durable, allied production capacity and long-term economic advantage.”

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The additional funding was championed by Olive Tree Capital, Phoenix Tailings’ Series A lead investor.

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“I have had the privilege of watching Phoenix grow from an idea into one of the top rare earth producers in the world,” said Nichola Eliovits, Founder and CEO of Olive Tree Capital. “The leadership team built this company from nothing through technical rigor, relentless execution, and a clear vision for restoring industrial capacity in the United States. This round brings in the strategic partners needed to accelerate that momentum and scale production to meet global demand.”

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About Phoenix Tailings

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Phoenix Tailings is a U.S.-based rare earth metals production company building a stable, circular rare earth supply chain from tailings to metal. The company operates domestic refining facilities in Massachusetts and New Hampshire and produces finished rare earth metals and alloys for global customers.

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Phoenix has developed proprietary technology that enables the economic, safe, and emissions free processing of rare earth elements into final metals and alloys. The company is backed by leading investors and strategic partners including IQT, Builders Vision, Yamaha Motor Ventures, Techstars, Presidio Ventures of Sumitomo Corporation, Envisioning Partners, and others.

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