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Get filing alertsEvolution Metals orders rare earth production furnaces from ULVAC Korea, delivery by Nov 2026
Filed May 14, 2026 · Period ending May 13, 2026 · ~1 min read
Key Changes
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Subsidiary Evolution Metals LLC signed 8 equipment contracts with ULVAC Korea for vacuum induction melting furnaces (50kg and 600kg capacity) and continuous vacuum sintering furnaces to expand rare earth metal and permanent magnet production capacity.
Item 1.01 verify on EDGAR → -
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All equipment must be delivered to Republic of Korea by November 30, 2026, suggesting production capacity could be operational by year-end 2026, potentially impacting 2027 production volumes and revenue.
Item 1.01 verify on EDGAR → -
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Payment structured in four milestone-based installments starting May-July 2026, with final payment due 30 days after delivery. Total contract value not disclosed due to confidential terms redacted from public filing.
Item 1.01, Exhibits 10.1-10.8 verify on EDGAR → -
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ULVAC Korea must provide performance guarantee insurance within 24 hours of contract execution, and equipment shipment is conditional on successful Factory Acceptance Testing with one-year warranty from commissioning.
Item 1.01 verify on EDGAR →
Summary
Evolution Metals is making a significant capital investment in rare earth production capacity through eight equipment contracts with ULVAC Korea, a specialized supplier of vacuum furnace technology. The company is purchasing multiple melting and sintering furnaces for its rare earth metal and permanent magnet operations, with all equipment scheduled for delivery to South Korea by November 2026.
This suggests Evolution Metals is positioning for expanded production in the critical rare earth materials sector, which has strategic importance for electronics, defense, and clean energy applications. Retail investors should note that while the company disclosed the equipment types and delivery timeline, the actual purchase price remains confidential.
The milestone payment structure means cash outflows begin immediately and continue through year-end 2026. The six-month delivery window is aggressive for industrial equipment of this scale, though performance guarantees provide some protection against delays. Watch for follow-on disclosures about total capital expenditure, financing sources for these purchases, and any updates on production ramp timelines. If the company successfully brings this capacity online by early 2027, it could materially change the production profile and revenue potential of the business.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
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On May 13, 2026, Evolution Metals LLC, (“EM LLC”), a wholly owned subsidiary of Evolution Metals & Technologies Corp. (the “Company”), entered into eight separate equipment supply contracts (collectively, the “Contracts” and each a “Contract”) with ULVAC Korea, Ltd. (“ULVAC Korea”) for the purchase of vacuum induction melting furnaces and continuous vacuum sintering furnaces. The equipment is intended for use in the Company’s rare earth metal and rare earth permanent magnet production operations.
The company's subsidiary entered into eight contracts to purchase specialized furnaces for rare earth metal and permanent magnet production. The equipment includes multiple vacuum induction melting furnaces of varying capacities (50 kg and 600 kg) and continuous vacuum sintering furnaces. This represents a significant capital investment in production capacity for the company's rare earth operations.
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Each Contract provides for payment in four installments tied to project milestones: a first installment due in May or July 2026; a second installment due in July or August 2026; a third installment due within five (5) days of shipment ex Dalian; and a final installment due within thirty (30) days of arrival at destination.
The contracts require milestone-based payments starting immediately (May-July 2026) with final payment due 30 days after delivery. This payment structure will impact the company's cash flow over the next several months, though the total contract value is not disclosed in this filing.
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ULVAC Korea is required to procure, and to submit to EM LLC within twenty-four (24) hours after execution of each Contract, a performance guarantee insurance policy issued by Seoul Guarantee Insurance Co., Ltd. covering ULVAC Korea’s delivery obligations.
The supplier must provide performance guarantee insurance within 24 hours of contract execution, protecting the company against non-delivery. This risk mitigation measure is important given the scale of the equipment purchase and the tight delivery timeline.
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Shipment of the equipment is conditioned upon successful completion of a Factory Acceptance Test (FAT) in the presence of EM LLC and mutual agreement on the On-site Installation Inspection Test Plan (ITP). ULVAC Korea will deliver technical specifications, acceptance criteria, equipment drawings, testing reports and the ITP prior to or during the FAT. ULVAC Korea provides a one (1) year warranty on the equipment, running from completion of full commissioning and commencement of normal operation at the buyer’s site.
Equipment must pass factory acceptance testing before shipment and comes with a one-year warranty starting from commissioning. This provides quality assurance and post-installation support, reducing operational risk as the company brings this new production capacity online.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
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On May 14, 2026, the Company issued a press release announcing the Company’s entering into the Contracts with ULVAC Korea for the purchase of certain equipment as discussed above.
Evolution Metals disclosed that it has entered into contracts with ULVAC Korea to purchase certain equipment. The 8-K references these contracts as discussed 'above,' but the filing body does not provide additional details about the equipment type, purchase price, or strategic purpose. The press release (Exhibit 99.1) would contain more specifics but is not included in this excerpt.
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The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
The company is furnishing this information under Item 7.01 (Regulation FD Disclosure) rather than filing it, which means the disclosure is not subject to the same legal liability standards as formally filed documents. This is standard practice for press releases and voluntary disclosures, but investors should note that furnished information receives less stringent legal scrutiny than filed statements.
Event · Item 9.01 — Financial Statements and Exhibits
Evolution Metals disclosed eight equipment supply contracts with ULVAC Korea, Ltd., all dated May 13, 2026, with confidential terms redacted.
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Equipment Supply Contract No. W20260330-001-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.2# Equipment Supply Contract No. W20260330-003-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.3# Equipment Supply Contract No. W20260330-004-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.4# Equipment Supply Contract No. W20260330-005-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.5# Equipment Supply Contract No. W20260330-006-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.6# Equipment Supply Contract No. W20260330-007-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.7# Equipment Supply Contract No. W20260330-008-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026. 10.8# Equipment Supply Contract No. W20260330-009-01 by and between Evolution Metals LLC and ULVAC Korea, Ltd. dated May 13, 2026.
Evolution Metals LLC entered into eight separate equipment supply contracts with ULVAC Korea, Ltd., a supplier of vacuum and thin-film deposition equipment. All contracts are dated May 13, 2026, and contain confidential terms that have been redacted from the public filing. The volume of contracts suggests a significant capital equipment procurement program, likely related to manufacturing capacity expansion or facility buildout.
Added in current filing · verify on EDGAR →
#Certain confidential portions (indicated by brackets and asterisks) of this exhibit have been omitted
The company has redacted certain confidential portions of all eight equipment supply contracts. This is standard practice for material agreements where pricing, specifications, or other commercially sensitive terms could harm the company's competitive position if disclosed. Investors cannot assess the financial magnitude or specific obligations from the public filing alone.
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