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Phoenix Tailings has closed a $40.2 million B-3 funding round, totaling $116.6 million in Series B funding. This round included $30.2 million in equity and $10 million in venture debt from Nomura. The funds will enable the company to expand its production of rare earth metals, including samarium and yttrium.

New strategic partners include Eni Next and Geodesic Alliance Fund. The financing aims to support the U.S. in securing critical mineral supply chains necessary for energy and defense sectors. Existing investors also participated, underscoring the commitment to enhance domestic rare earth production capacity.