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Less Common Metals (LCM) is a UK rare-earth metal and alloy producer based at Hooton Park, Ellesmere Port, Cheshire. Since 18 November 2025 it has been a wholly-owned subsidiary of USA Rare Earth, Inc. (Nasdaq: USAR), acquired from prior parent Indian Ocean Rare Metals Pte. Ltd.
Acquired by USA Rare Earth, Inc. (Nasdaq: USAR), closed 2025-11-18 per USAR press release (GlobeNewswire); LCM is now a wholly-owned subsidiary supporting the USAR Stillwater, Oklahoma magnet facility as part of its integrated mine-to-magnet strategy. Prior parent per USAR SEC 10-Q on the Share Purchase Agreement (not re-fetched; SEC blocks automated fetch) was Indian Ocean Rare Metals Pte. Ltd. (IORM), Singapore. Parent dossier: usa-rare-earth.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 supplier. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Rainbow Rare Earths to supply LCM with separated rare-earth oxides (NdPr, dysprosium, terbium) from its Phalaborwa project (South Africa); framework agreement announced 2023-09-11, a binding offtake agreement to be negotiated under it. Corroborates the four-element exposure list (Nd/Pr/Dy/Tb) already carried in material_exposures.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
Dossier discloses a dysprosium, terbium or samarium material exposure directly — A61 §1(2) names Dy/Tb-containing NdFeB and SmCo magnets by element.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a buyer, policy pressure across its consumed materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.