Blackboxstocks Inc. announced the successful closing of its merger with REalloys Inc. on February 24, 2026, with the combined company expected to begin trading on the Nasdaq Capital Market under the ticker symbol "ALOY" starting February 25, 2026. This transaction establishes a publicly traded, vertically integrated North American heavy rare earth platform designed to operate a zero-China nexus supply chain aligned with U.S. defense procurement priorities.
The merger positions REalloys to advance its strategic objective of becoming the largest producer of heavy rare earth oxides and metals outside of China by the first half of 2027. The company believes it possesses among the most advanced commercial-scale heavy rare earth separation and metallization assets outside of China, which supports its phased expansion plans with comparatively limited incremental capital requirements and reduced permitting risk relative to greenfield development projects.
REalloys enters public markets at a pivotal time as geopolitical considerations, critical mineral policy, and national security priorities increasingly converge around the need for dependable, China-independent heavy rare earth capability. The company's integrated mine-to-magnet strategy encompasses upstream resource development through its 100% owned Hoidas Lake rare earth asset in Saskatchewan, strategic partnerships including with U.S. government-backed Mission Critical Materials, and a diversified portfolio of allied upstream feedstock providers. More information about the company's operations is available at https://www.realloys.com.
The midstream component involves expansion of North American separation, refining, and metallization capabilities in partnership with the Saskatchewan Research Council. Downstream operations include 100% ownership of PMT Critical Metals, described as the only advanced heavy rare earth metallization facility in the continental United States. This facility serves federal logistics and procurement agencies supporting the U.S. Department of Defense, Department of Energy, and NASA, as well as the broader Defense Industrial Base, Nuclear Industrial Base, and Organic Industrial Base.
A key compliance advantage for REalloys is its positioning to operate a zero-China nexus supply chain aligned with anticipated 2027 U.S. defense procurement restrictions. The company is already servicing federal logistics and procurement channels supporting the Defense Industrial Base. Its feedstock diversification strategy is designed to be feedstock-agnostic, utilizing allied and domestic sources to mitigate supply concentration risk.
The integrated growth path includes collaboration efforts with Japan Organization for Metals and Energy Security (JOGMEC) to support high-performance magnet manufacturing for strategic markets. As part of the merger agreement, the Blackboxstocks board of directors authorized a dividend of one contingent value right for each share of common stock outstanding at 5:01 p.m. Central Time on February 23, 2026, payable immediately prior to the consummation of the merger. These CVRs represent rights to receive cash payments in connection with certain transactions involving assets owned by Blackbox.io Inc., a wholly owned subsidiary organized to conduct historical operations of Blackboxstocks.
This development represents a significant step toward establishing secure North American supply chains for critical minerals essential to defense systems, clean energy technologies, and advanced manufacturing. The creation of a publicly traded entity focused exclusively on this strategic objective provides investors with direct exposure to the growing demand for China-alternative rare earth production capacity while supporting U.S. national security interests through diversified sourcing and domestic processing capabilities.
