Torngat Metals and Carester sign landmark agreement to advance responsible rare earth production and strengthen supply chain

MONTREAL, Oct. 31, 2025 /CNW/ - Torngat Metals, a Quebec-based rare earth development company, and Carester, a European leader in separation and recycling technologies, have signed a ten-year offtake agreement under which Torngat Metals will supply Carester's subsidiary Caremag, which operates a rare earth recycling and separation plant currently being built in Lacq, Pyrénées-Atlantiques, France.

Under the agreement, once operational, Torngat Metals will deliver a stream of partially separated heavy rare earths, specifically containing dysprosium and terbium, to Caremag. This strategic supply will support Carester's production goals while enabling Torngat Metals to optimize its related separation processes at the beginning of its operation phase.

The offtake agreement between Torngat Metals and Carester forms the cornerstone of a broader, long-term partnership aimed at ensuring shared production while contributing to a robust, responsible, and secure, reliable rare-earth supply chain.

Since 2023, Carester has provided specialized services, technical expertise and proprietary knowledge with a view to advancing Torngat Metals' rare earth separation processes and detailed plant design. Carester will continue to support Torngat Metals in the areas of training, construction and plant commissioning.

"We're proud to announce the signing of this first off-take agreement and to strengthen our collaboration with a long-term partner who shares our commitment to securing a reliable supply of rare earth elements--materials essential to our economy and the energy transition. Together, we are building a more responsible industry," said Yves Leduc, CEO of Torngat Metals.

"This agreement with Torngat Metals marks a major step toward securing high-quality feedstock for Caremag while advancing our mission to make rare earth separation more efficient and environmentally responsible. By combining our expertise, we are helping shape a resilient supply chain for Europe and beyond," said Frédéric Carencotte, president and founder of Carester.

"Canada is pleased to see Torngat Metals and Carester's partnership to advance critical mineral development. Through the Critical Minerals Production Alliance, we are working with trusted partners to deploy sovereign tools, mobilize investments and financing, and secure offtake arrangements to accelerate the development of secure, resilient critical minerals supply chains. These minerals will position Canada as a trusted supplier to our allies," said Tim Hodgson, Canada's Minister of Energy and Natural Resources.

"Canada's endorsement of Torngat Metals and Carester's collaboration reflects our commitment to responsible resource development and international collaboration. By advancing projects that align with the goals of the Critical Minerals Production Alliance, we are helping to build resilient supply chains, drive innovation, and bolster Canada's position as a trusted global partner in the continued development of more clean energy and advanced manufacturing," added Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources.

This agreement covers Torngat Metals' first announced offtake, which is unique as part of its long-term partnership with Carester. Discussions are also underway with potential customers for offtake agreements for the company's suite of separated rare earths essential for permanent magnets, namely dysprosium, terbium and neodymium/praseodymium oxides.

About Torngat Metals Ltd.
Torngat Metals is a privately held Canadian company working to develop the Strange Lake project and supply responsibly produced rare earth elements used in high-technology and low-carbon-emission solutions. With operations in Quebec and Newfoundland and Labrador, the company aims to become an internationally recognized source of light rare earths and a world leader in resolving the heavy rare earths supply crisis, particularly dysprosium and terbium. Seeking to build solid partnerships with First Nations, Inuit and local communities, complemented by state-of-the-art engineering and new approaches to minimizing environmental impacts, Torngat Metals aims to play a key role in the global transition to clean energy.  Learn more at www.torngatmetals.com.

About Carester 
Founded in 2019 by Frédéric Carencotte and a team of international experts, Carester is a French company specializing in the refining of rare earth elements, critical materials for the energy transition and cutting-edge technologies. With unique expertise and more than 250 years of combined industrial experience, Carester supports mining companies in optimizing their processes and developing innovative solutions to secure Europe's rare earth supply.

About Caremag 
Founded in November 2020 by Carester and its employees, Caremag is spearheading Carester's industrial project, driven by the belief that recycling will play a key role in the rare earth ecosystem. A pioneer in long-loop recycling, the plant will process end-of-life magnets and mining concentrates while adhering to the best environmental and digital standards.

SOURCE Torngat Metals -Métaux Torngat

Media Contact: Torngat Metals, 514-605-3416, [email protected]