11:54 AM EDT, 07/09/2025 (MT Newswires) -- (Updates shares.)

Neo Performance Materials ( NOPMF ) on Wednesday said it secured a contract to provide permanent rare-earth magnets to a European supplier of electric-vehicle traction motors, which counts a major original equipment manufacturer as a customer.

Neo said the magnets will be supplied by its new rare earth magnet facility in Narva, Estonia. It is estimated the commission will generate $50 million in cumulative revenues over the life of the project at current rare-earth market prices. The company expects to begin commercial delivery of the magnets in mid-2026.

Neo shares were last seen up $0.82 to $15.40 on the Toronto Stock Exchange, near their 52-week high of $15.50.

Price: 15.39, Change: +0.81, Percent Change: +5.56