20 April 2026: Vision Blue Resources is pleased to note the announcement by portfolio company Serra Verde Group (“Serra Verde” or “the Company”) that it has agreed a US$2.8 billion combination with USA Rare Earth, Inc. (“USAR”) to create the world’s premier geographically diversified and integrated mine to magnet producer of rare earth products outside China. In addition, Serra Verde has signed a 15-Year 100% offtake agreement with a Special Purpose Vehicle (“SPV”) capitalized by various U.S. Government Parties, as well as private capital sources, and including specific price floors for neodymium, praseodymium, dysprosium and terbium (“the Offtake Agreement”).

 Since Vision Blue’s investment in early 2023, Serra Verde has established a unique strategic leadership position in the global rare earth industry, due to its heavy rare earth element (“HREE”) rich product mix, advanced production status, compelling economic profile, and track record as a responsible operator with growth options extending beyond 20 years. The Company is uniquely positioned to support a diverse range of industries essential to economic and national security interests leveraging its proven capabilities as the only scale producer of these HREEs outside of Asia.

Serra Verde’s combination with USAR creates a globally unique player with active operating capabilities across the entire light and heavy rare earth supply chain, including mining, processing, separation, metallisation and magnet making in the USA, Brazil, France and the UK. The combined company represents the only fully integrated mine-to-magnet offering outside of China.

The Offtake Agreement includes price floors for Serra Verde’s rare earths, ensuring stable and predictable cash flows, reducing risks and providing access to shared upside.

Sir Mick Davis, Managing Partner of Vision Blue and Chairman of Serra Verde, commented:

“We initially identified Serra Verde’s unique strategic importance as the only near-term producing asset of critically important HREEs outside Asia five years ago and made our first investment in early 2023. Vision Blue has dedicated significant time, energy and resources since then in supporting Thras and his team to develop the business and build strategic optionality. Now, with Serra Verde in production and backed by the US Government through an almost US$600m financing as well as a 15 year offtake agreement with specific price floors, the operation has been substantially derisked and is poised to deliver significant value.

 The strategic rationale for Serra Verde’s combination with USAR is compelling, and is the logical next step. It creates the only fully integrated mine to magnet producer outside China, uniting two experienced management teams and combining Serra Verde’s unique HREE rich product with USAR’s industry leading separation, metallisation and magnet making IP and capabilities. I am very excited to support this next chapter of the journey as a director of the combined company.”

Thras Moraitis, CEO of Serra Verde, said:

“I am immensely proud of what the Serra Verde team has achieved since I became CEO in 2023. We have constructed, commissioned and are now optimising the world’s first ionic clay producing rare earth asset outside Asia while achieving an industry leading sustainability performance.

"The support of the US Government and the combination with USAR are significant endorsements of the importance of Serra Verde and its unique ability to enable new, independent rare earth value chains. This would not have been possible without the continued support of Vision Blue who have provided substantial financial, technical and strategic support that has supported our evolution into a leading global rare earth industry player and pioneer of Brazil’s critical minerals sector.” 

Ends

 Vision Blue Resources

Aura Financial

Michael Oke, Andy Mills

Tel: +44 207 321 0000

info@vision-blue.com