Canadian rare earths company Neo Performance Materials said on Friday it would be undertaking a comprehensive strategic review, which could include a sale, divestiture, merger or other business combinations.
Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics.
"While the Board believes the company's valuation will, in time, reflect the true value of its business, a thorough review of strategic alternatives is a prudent step to enhance that process," the company said.
Toronto-based Neo also appointed John McGarva to its board after consulting with Australia-based Hastings Technology Metals, which is a significant shareholder of the company.
The company said McGarva is independent of the Australian firm, and that the strategic review process was not being undertaken at the request of Hastings.
Last year, Hastings had signed a deal with Neo to supply up to 25 000 tonnes per annum of rare earth concentrate for Neo's downstream processing facilities across Europe and Asia from the first quarter of 2025.