Neo Performance Materials, headquartered in Toronto, recently secured an additional contract to supply permanent rare earth magnets to a well-known European supplier of EV traction motors. While financial and volume details were not disclosed, the magnets will be supplied from Neo's new plant in Narva, Estonia. The plant has already commenced production and shipping of samples to fulfill its contractual obligations and is expected to begin commercial deliveries in mid-2026. This is Neo's first sintered magnet plant outside Asia, primarily serving the EV, industrial power tools, and offshore wind sectors in Europe and North America. The plant also plans to expand into non-traction motor applications to meet the growing demand for localized supply chains. The current production capacity is 2,000 mt/year, with plans to expand to 5,000 mt/year.