IMC Rare Earths’ ordinary shares on Wednesday commenced trading on NYSE American under the ticker symbol ‘IMC’. 

The stock recently closed its initial public offering at $5.00 per share, raising $20 million.  

IMC is advancing the Itarantim project, a large-scale ionic adsorption clay deposit in northeastern Brazil in the States of Bahia and Minas Gerais.  

The company said Itarantim is especially rich with dysprosium and terbium, two rare earth magnet elements with multiple applications, including in AI, robotics, advanced electronics and defense.  

The project, with an inferred mineral resource estimated at approximately 1.1 billion metric tons, is one of the largest high-grade dysprosium and terbium resources outside China and Myanmar, the company said.  

“This listing is an important milestone for IMC to help industry and government meet the surging demand for rare earths by creating a reliable supply beyond China,” IMC Rare Earths CEO Frank Scolaro said in a news release.  

“Our deposits can help secure the necessary supplies for fast-growing and rapidly-evolving advanced technology and defense industries in the Americas and Europe. Brazil has the geology, we have the expertise and track record, and NYSE American provides us with the platform to increase the profile of this important project and access growth capital.”